Local 68 Engineers Union Welfare Fund

Nonprofit profile at a glance

EIN
221550500
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
West Caldwell, NJ, USA
Phone
9732276426
Rating
37
Verdict
REVIEW
Rating confidence
Moderate

Official website

Reported finances

Revenue
$57,558,700
Expenses
$57,036,699
Assets
$101,378,677
Liabilities
$1,095,211

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

Leadership & pay

10 people listed

Highest reported compensation

  • THOMAS P GIBLIN (ADMINISTRATIVE MANAGER): $361,239 total reported compensation
  • CHARLES MCDONALD (TRUSTEE): $313,690 total reported compensation
  • THOMAS MEISTER (TRUSTEE): $259,946 total reported compensation

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

Overview

Mission

Welfare benefit plan

What it reported doing in 2024

Welfare fund for the purpose of providing health, prescription, dental, vision, life insurance and supplemental unemployment and disability for eligible plan participants pursuant to a collective bargaining agreement.

Operating model

Revenue model
Earned-program. 94% 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: 66
  • Accountability: 57
  • Sustainability: 55
  • 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; 68th 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: 66.7%; rating input score 67; 19th percentile among comparable filings
  • Governance controls: 4 of 9 controls in place; rating input score 44
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • 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: 0.9%; rating input score 37; 37th percentile among comparable filings
  • Total-asset coverage ratio: 1.78; rating input score 59; 59th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 95; 95th percentile among comparable filings
  • Officer compensation ratio: 0.9%; rating input score 76; 76th percentile among comparable filings

Growth

  • Program expense growth: -23.3% per year; rating input score 0; 1st percentile among comparable filings
  • Revenue growth: 4.7% per year; rating input score 100; 40th percentile among comparable filings
  • Asset growth: 7.9% per year; rating input score 100; 58th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 4 of 6 board members independent · 4 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $57M in reported program spending
  • Leadership: top reported pay $361K · 10 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $730K reported
  • Consistency: 11 of 12 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 11 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • 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.
  • Moderate — Accountability: Governance controls: 5 of 9 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • Moderate — Sustainability: Operating margin scored 37/100.
  • Review — Sustainability: Total-asset coverage ratio scored 59/100.