Local 262 Health & Welfare Fund RWDSU UFCW

Nonprofit profile at a glance

EIN
221460010
IRS 990 coverage
2012–2014
Forms available
Form 990 2014
Location
Kenilworth, NJ, USA
Phone
9082988824
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Single Organization Support

Reported finances

Revenue
$4,610,781
Expenses
$4,926,437
Assets
$1,783,460
Liabilities
$366,467

Source: IRS Form 990. Selected filing: tax year 2014. Amounts in USD.

Leadership & pay

4 people listed

Executive titles in this filing

  • Tom Walsh (President)

Highest reported compensation

  • Tom Walsh (President): $85,907 total reported compensation
  • DANIEL RIGHETTI (Trustee): $85,841 total reported compensation
  • Jasmine Petrillo (Admin/Bookkeeper): $49,283 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2014. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Collectively bargained multi-employer welfare plan created to provide health and welfare benefits to its union members and their families.

What it reported doing in 2014

Successfully negotiated modest increases for union welfare benefits and reduced prescription costs.

Operating model

Revenue model
Earned-program. 99% of the money available for current operations came from fees and other program revenue.
Distribution model
Member-benefit provider. The nonprofit used 100% 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 some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 70
  • Accountability: 57
  • Sustainability: 28
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 99.7%; rating input score 100
  • Program expense ratio: 93.4%; rating input score 93
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • 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; 8th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -6.8%; rating input score 14; 14th percentile among comparable filings
  • Total-asset coverage ratio: 0.36; rating input score 17; 17th percentile among comparable filings
  • Liabilities to assets ratio: 0.21; rating input score 52; 52nd percentile among comparable filings
  • Officer compensation ratio: 0.3%; rating input score 85; 85th percentile among comparable filings

Growth

  • Program expense growth: 1.4% per year; rating input score 100; 38th percentile among comparable filings
  • Revenue growth: -5.9% per year; rating input score 0; 10th percentile among comparable filings
  • Asset growth: -1.8% per year; rating input score 0; 23rd percentile among comparable filings

Details

  • Where the money goes: 99.7% of revenue deployed · 93.4% of spending went to programs
  • Governance: 2 of 4 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $4.6M in reported program spending
  • Leadership: top reported pay $86K · 4 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 26 of 26 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 3 filing years from 2012 to 2014
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 1 filed related-organization link
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • Review — Accountability: Independent voting board scored 50/100.
  • Review — Accountability: Governance controls: 3 of 9 not reported.
  • High — Sustainability: Operating margin scored 14/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 17/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Liabilities to assets ratio scored 52/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.