Iron Workers Locals 549 & 550 Medical & Benefit Fund

Nonprofit profile at a glance

EIN
510168650
IRS 990 coverage
2013–2024
Forms available
Form 990 2024
Location
ONA, WV, USA
Phone
3043999010
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Fraternal Societies

Reported finances

Revenue
$12,689,971
Expenses
$10,585,272
Assets
$17,203,695
Liabilities
$1,759,590

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

15 people listed

People named in this filing

  • ERIC STARKOWICZ (EMPLOYER TRUSTEE)
  • GEOFF NICELY (EMPLOYER TRUSTEE)
  • JIM CHAPMAN (EMPLOYER TRUSTEE)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The trust is created, established and maintained, (and the trustees agree to receive, hold, and administer), to provide benefits for members and their beneficiaries in accordance with the plan document.

What it reported doing in 2024

To provide benefits for members and their beneficiaries in accordance with the plan document.

Operating model

Revenue model
Earned-program. 95% of the money available for current operations came from fees and other program revenue.
Distribution model
Member-benefit provider. The nonprofit used 91% of its reported program spending for member benefits.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 90
  • Accountability: 69
  • Sustainability: 72
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 83.9%; rating input score 84
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 46.7%; rating input score 47; 8th percentile among comparable filings
  • Governance controls: 7 of 7 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 16.6%; rating input score 78; 78th percentile among comparable filings
  • Total-asset coverage ratio: 1.63; rating input score 54; 54th percentile among comparable filings
  • Liabilities to assets ratio: 0.1; rating input score 73; 73rd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 96; 96th percentile among comparable filings

Growth

  • Program expense growth: -8.3% per year; rating input score 0; 2nd percentile among comparable filings
  • Revenue growth: 4.4% per year; rating input score 100; 39th percentile among comparable filings
  • Asset growth: 1.9% per year; rating input score 100; 17th percentile among comparable filings

Details

  • Where the money goes: 83.9% of revenue deployed · 100% of spending went to programs
  • Governance: 7 of 15 board members independent · 7 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $10.6M in reported program spending
  • Leadership: top reported pay $0 · 15 people listed
  • Consistency: 21 of 21 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 12 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Related organizations: Filed and resolved organization relationships.
  • 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.

  • Moderate — Accountability: Independent voting board scored 47/100.
  • High — Growth: Program expense growth scored 0/100.
  • Review — Sustainability: Total-asset coverage ratio scored 54/100.