Teamsters Local 348 Health & Welfare Fund

Nonprofit profile at a glance

EIN
346564615
IRS 990 coverage
2017–2024
Forms available
Form 990 2024
Location
Akron, OH, USA
Phone
3304343729
Rating
82
Verdict
STRONG
Rating confidence
Moderate

Reported finances

Revenue
$10,001,727
Expenses
$7,843,608
Assets
$14,933,769
Liabilities
$2,982

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

Leadership & pay

4 people listed

People named in this filing

  • RICHARD BROPHY (EMPLOYER TRU)
  • PATRICK DARROW (UNION TRUSTE)
  • MIKE TRAMONTE (EMPLOYER TRU)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

To provide health & insurance benefits for the active and retired members of local 348 and their families

What it reported doing in 2024

To provide hospitalization, dental, life insurance, accidental death and dismemberment, sick and accident benefits for approximately 430 participants.

Operating model

Revenue model
Earned-program. 96% of the money available for current operations came from fees and other program revenue.
Distribution model
Member-benefit provider. The nonprofit used 97% 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.

Rating breakdown

  • Financial Efficiency: 76
  • Transparency & Controls: 90
  • Accountability: 80
  • Sustainability: 79
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 75.9%; rating input score 76
  • Program expense ratio: 100%; rating input score 100
  • 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: 75%; rating input score 75; 14th percentile among comparable filings
  • Governance controls: 6 of 7 controls in place; rating input score 86
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • 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: 21.6%; rating input score 83; 83rd percentile among comparable filings
  • Total-asset coverage ratio: 1.9; rating input score 60; 60th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 97; 97th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 96; 96th percentile among comparable filings

Growth

  • Program expense growth: 1.9% per year; rating input score 100; 19th percentile among comparable filings
  • Revenue growth: 4.6% per year; rating input score 100; 40th percentile among comparable filings
  • Asset growth: 23.6% per year; rating input score 100; 93rd percentile among comparable filings

Details

  • Where the money goes: 75.9% of revenue deployed · 100% of spending went to programs
  • Governance: 3 of 4 board members independent · 6 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $7.8M in reported program spending
  • Leadership: top reported pay $0 · 4 people listed
  • Consistency: 25 of 25 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 7 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.