Plumbers Local 24 Welfare Fund

Nonprofit profile at a glance

EIN
226044230
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
West Caldwell, NJ, USA
Phone
9735217058
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$23,564,115
Expenses
$22,677,318
Assets
$43,181,194
Liabilities
$3,501,356

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

Leadership & pay

10 people listed

Highest reported compensation

  • ROSHAN WHITE (Trustee): $308,165 total reported compensation
  • PATRICK KELLEHER (Trustee): $301,109 total reported compensation
  • KERMIT HARTMAN (Trustee): $298,707 total reported compensation

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

Overview

Mission

Provide medical benefits to eligible participants

Operating model

Revenue model
Earned-program. 91% 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. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 83
  • Transparency & Controls: 60
  • Accountability: 76
  • Sustainability: 58
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 91.4%; rating input score 91
  • Program expense ratio: 96.5%; rating input score 96
  • 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: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 3 of 9 controls in place; rating input score 43
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 3.8%; rating input score 49; 49th percentile among comparable filings
  • Total-asset coverage ratio: 1.9; rating input score 60; 60th percentile among comparable filings
  • Liabilities to assets ratio: 0.08; rating input score 77; 77th percentile among comparable filings
  • Officer compensation ratio: 2.7%; rating input score 71; 71st percentile among comparable filings

Growth

  • Program expense growth: 6.2% per year; rating input score 100; 51st percentile among comparable filings
  • Revenue growth: 4.5% per year; rating input score 100; 39th percentile among comparable filings
  • Asset growth: 7.9% per year; rating input score 100; 54th percentile among comparable filings

Details

  • Where the money goes: 91.4% of revenue deployed · 96.5% of spending went to programs
  • Governance: 10 of 10 board members independent · 3 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $21.9M in reported program spending
  • Leadership: top reported pay $308K · 10 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $745K reported
  • Consistency: 24 of 24 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 15 filing years from 2010 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Accountability: Governance controls: 4 of 7 not reported.
  • Moderate — Sustainability: Operating margin scored 49/100.