Ironworkers Local 11 Welfare Fund
Nonprofit profile at a glance
- EIN
- 226041517
- IRS 990 coverage
- 2009–2024
- Forms available
- Form 990 2024
- Location
- Springfield, NJ, USA
- Phone
- 9733767230
- Rating
- 35
- Verdict
- REVIEW
- Rating confidence
- Moderate
Reported finances
- Revenue
- $45,343,891
- Expenses
- $51,990,122
- Assets
- $57,736,011
- Liabilities
- $8,203,057
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
12 people listed
Highest reported compensation
- RICHARD MALCOLM (UNION TRUSTEE): $390,508 total reported compensation
- JOHN WADE JR (UNION TRUSTEE): $389,191 total reported compensation
- MICHAEL LESLIE (UNION TRUSTEE): $385,709 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To provide health benefits to participants.
What it reported doing in 2024
Contributions to the fund are made by all employers to the fund by use of a voucher system subject to a collective bargaining agreement with iron workers local union no. 11.
Operating model
- Revenue model
- Earned-program. 96% 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 revenue has grown recently. 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: 57
- Sustainability: 32
- Growth: 60
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; 62nd 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: 70%; rating input score 70; 12th percentile among comparable filings
- Governance controls: 3 of 9 controls in place; rating input score 38
- Conflict-of-interest policy: Fail
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: Limited
- Other executive compensation review process: Fail
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -14.7%; rating input score 7; 7th percentile among comparable filings
- Total-asset coverage ratio: 1.11; rating input score 40; 40th percentile among comparable filings
- Liabilities to assets ratio: 0.14; rating input score 67; 67th percentile among comparable filings
- Officer compensation ratio: 2.2%; rating input score 75; 75th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 1.8% per year; rating input score 100; 16th percentile among comparable filings
- Asset growth: 5.8% per year; rating input score 100; 41st percentile among comparable filings
Details
- Where the money goes: 0% of revenue deployed · 0% of spending went to programs
- Governance: 7 of 10 board members independent · 3 of 9 filing controls reported
- Programs: 1 filed program accomplishment
- Leadership: top reported pay $391K · 12 people listed · 0 of 6 pay-setting controls reported
- Consistency: 13 of 32 current checks pass · 19 findings to review
- Schedules: 4 filed schedules · includes executive pay
- Filing history: 16 filing years from 2009 to 2024
- Contacts: How to reach this organization
- Money network: 2 filed money-flow records
- Related organizations: 4 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.
- Moderate — Accountability: Governance controls: 5 of 8 not reported.
- High — Sustainability: Operating margin scored 7/100.
- Moderate — Sustainability: Total-asset coverage ratio scored 40/100.
- Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
- Moderate — Transparency & Controls: Part IX AllOtherExpenses column 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 CompCurrentOfficersDirectors column sum did not reconcile in the filed values.
- Moderate — Transparency & Controls: Part IX ConferencesMeetings 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 FeesForServicesInvstMgmntFees 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 FeesForServicesOther column sum did not reconcile in the filed values.
- Moderate — Transparency & Controls: Part IX InformationTechnology 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 Occupancy column sum did not reconcile in the filed values.
- Moderate — Transparency & Controls: Part IX OfficeExpenses column sum did not reconcile in the filed values.
- Moderate — Transparency & Controls: Part IX OtherEmployeeBenefits column sum did not reconcile in the filed values.
- Moderate — Transparency & Controls: Part IX OtherSalariesAndWages column sum did not reconcile in the filed values.
- Moderate — Transparency & Controls: Part IX PayrollTaxes column sum did not reconcile in the filed values.
- Moderate — Transparency & Controls: Part IX PensionPlanContributions column sum did not reconcile in the filed values.
- Moderate — Transparency & Controls: Part IX Travel column sum did not reconcile in the filed values.