Plumbers Local 98 Insurance Fund

Nonprofit profile at a glance

EIN
386447251
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Troy, MI, USA
Phone
2488139800
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$17,036,087
Expenses
$15,822,403
Assets
$28,516,879
Liabilities
$7,543,511

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

Leadership & pay

6 people listed

Highest reported compensation

  • RUFUS HAMILTON (TRUSTEE): $114,638 total reported compensation
  • GARY GLASER (SECRETARY): $114,238 total reported compensation
  • DAN NIXON (TRUSTEE): $113,138 total reported compensation

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

Overview

Mission

The plumbers local no. 98 insurance fund is crafted for the purpose of providing hospital, medical, prescription, dental, life, vision, hearing, disability and other supplemental benefits under a collectively bargained agreement, on behalf of the plumbers local no. 98, in compliance with the taft-hartly act.

Operating model

Revenue model
Earned-program. 97% 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. Some filing-based governance responses are negative or unanswered and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 90
  • Accountability: 40
  • Sustainability: 51
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 82.8%; rating input score 83
  • Program expense ratio: 91.6%; rating input score 92
  • 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: 50%; rating input score 50; 8th percentile among comparable filings
  • Governance controls: 2 of 9 controls in place; rating input score 25
    • 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: Missing
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 7.1%; rating input score 60; 60th percentile among comparable filings
  • Total-asset coverage ratio: 1.8; rating input score 58; 58th percentile among comparable filings
  • Liabilities to assets ratio: 0.26; rating input score 50; 50th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: -1.6% per year; rating input score 0; 7th percentile among comparable filings
  • Revenue growth: 1% per year; rating input score 100; 12th percentile among comparable filings
  • Asset growth: 2.8% per year; rating input score 100; 21st percentile among comparable filings

Details

  • Where the money goes: 82.8% of revenue deployed · 91.6% of spending went to programs
  • Governance: 3 of 6 board members independent · 2 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $115K · 6 people listed
  • Highest-paid contractors: 3 contractors listed · $810K reported
  • Consistency: 24 of 24 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • 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 — Accountability: Governance controls: 5 of 7 not reported.
  • Review — Accountability: Independent voting board scored 50/100.
  • High — Growth: Program expense growth scored 0/100.
  • Review — Sustainability: Total-asset coverage ratio scored 58/100.
  • Review — Sustainability: Liabilities to assets ratio scored 50/100.