Iron Workers Local 401 Vacation Fund

Nonprofit profile at a glance

EIN
237649329
IRS 990 coverage
2011–2022
Forms available
Form 990 2022
Location
Philadelphia, PA, USA
Phone
2156763000
Rating
34
Verdict
REVIEW
Rating confidence
Moderate

Reported finances

Revenue
$904,767
Expenses
$933,916
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

6 people listed

Highest reported compensation

  • Kevin Boyle (Union Trustee): $303,885 total reported compensation
  • Jamal Coles (Union Trustee): $291,845 total reported compensation
  • Henry Berk (Union Trustee): $217,045 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Provide vacation benefits to members.

What it reported doing in 2022

Iron Workers Local 401 Vacation Fund provides for vacation income to individual members working in job classifications covered by collective bargaining agreement.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

REVIEW - The filed numbers largely add up and most filed governance safeguards are in place. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 64
  • Accountability: 71
  • Sustainability: 14
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 50%; rating input score 50; 11th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Limited
    • Other executive compensation review process: Limited
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -3.2%; rating input score 29; 29th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 0; 0th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 38.7%; rating input score 4; 4th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -3.4% per year; rating input score 0; 9th percentile among comparable filings
  • Asset growth: -10% per year; rating input score 0; 4th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 3 of 6 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $304K · 6 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 11 of 18 current checks pass · 7 findings to review
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 12 filing years from 2011 to 2022
  • Contacts: How to reach this organization
  • Related organizations: 3 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Independent voting board scored 50/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 29/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 0/100.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX BenefitsToMembers column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX DepreciationDepletion column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX FeesForServicesAccounting column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX FeesForServicesLegal column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX Insurance column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX OfficeExpenses column sum did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 4/100.