Snap-on Incorporated Amended and Restated Benefit Tr Fo Col Bar Emp

Nonprofit profile at a glance

EIN
116629080
IRS 990 coverage
2020–2024
Forms available
Form 990 2024
Location
Kenosha, WI, USA
Phone
2626565200
Rating
83
Verdict
STRONG
Rating confidence
Moderate
Sector
Voluntary Employees Beneficiary Associations (Non-Government)

Reported finances

Revenue
$465,334
Expenses
$652,980
Assets
$11,646,862
Liabilities
$0

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

Leadership & pay

1 person listed

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

Overview

Mission

The trust provides funding for health benefits for union retirees. Benefits include medical, hospital, surgical, major medical, retiree reimbursement accounts and Medicare Part B premiums.

What it reported doing in 2024

Compensation of current officers, directors, trustees, and key employees

Operating model

Revenue model
Investment-supported. 100% of the money available for current operations came from recurring investment income.
Distribution model
Member-benefit provider. The nonprofit used 95% of its reported program spending for member benefits.

The verdict

STRONG - 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 expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 90
  • Accountability: 82
  • Sustainability: 45
  • Growth: 40

Detailed rating inputs

Financial Efficiency

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

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 4 of 9 controls in place; rating input score 57
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Limited
    • Other executive compensation review process: Limited
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -40.3%; rating input score 7; 7th percentile among comparable filings
  • Total-asset coverage ratio: 17.84; rating input score 94; 94th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 1.7%; rating input score 36; 36th percentile among comparable filings

Growth

  • Program expense growth: -20% per year; rating input score 0; 6th percentile among comparable filings
  • Revenue growth: 20.1% per year; rating input score 100; 88th percentile among comparable filings
  • Asset growth: -3.6% per year; rating input score 0; 13th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 1 of 1 board members independent · 4 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $653K in reported program spending
  • Leadership: top reported pay $11K · 1 people listed
  • Consistency: 39 of 39 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 4 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Sustainability: Operating margin scored 7/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 36/100.