Sheet Metal Workers Local 292 Health Fund

Nonprofit profile at a glance

EIN
381433000
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Troy, MI, USA
Phone
2488139800
Rating
68
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$9,052,598
Expenses
$10,060,970
Assets
$16,369,482
Liabilities
$3,336,558

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

Leadership & pay

6 people listed

Highest reported compensation

  • Paul Gualdoni (Chairman): $271,613 total reported compensation
  • Antonio Silvestri (Trustee): $262,507 total reported compensation

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

Overview

Mission

See Schedule O

What it reported doing in 2024

To provide hospitalization, medical and other health care benefits to eligible plan participants.

Operating model

Revenue model
Earned-program. 94% 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 a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 64
  • Accountability: 34
  • Sustainability: 36
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 95.6%; rating input score 96
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: 16.7%; rating input score 17; 6th percentile among comparable filings
  • Governance controls: 4 of 8 controls in place; rating input score 57
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Limited
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -11.1%; rating input score 12; 12th percentile among comparable filings
  • Total-asset coverage ratio: 1.63; rating input score 55; 55th percentile among comparable filings
  • Liabilities to assets ratio: 0.2; rating input score 43; 43rd percentile among comparable filings
  • Officer compensation ratio: 1.9%; rating input score 76; 76th percentile among comparable filings

Growth

  • Program expense growth: 30.8% per year; rating input score 100; 93rd percentile among comparable filings
  • Revenue growth: 4.1% per year; rating input score 100; 35th percentile among comparable filings
  • Asset growth: 13.2% per year; rating input score 100; 69th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 95.6% of spending went to programs
  • Governance: 1 of 6 board members independent · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $9.6M in reported program spending
  • Leadership: top reported pay $272K · 6 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $224K reported
  • Consistency: 22 of 22 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: Filed and resolved organization relationships.
  • 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.
  • High — Accountability: Independent voting board scored 17/100.
  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Sustainability: Operating margin scored 12/100.
  • Review — Sustainability: Total-asset coverage ratio scored 55/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 43/100.