The Iam Local 2848 Ford Retirees Veba Trust

Nonprofit profile at a glance

EIN
270937295
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Brunswick, OH, USA
Phone
3302204340
Rating
85
Verdict
STRONG
Rating confidence
Moderate
Sector
Voluntary Employees Beneficiary Associations (Non-Government)

Reported finances

Revenue
$680,202
Expenses
$827,033
Assets
$18,708,997
Liabilities
$0

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

Leadership & pay

8 people listed

Highest reported compensation

  • LARRY W SHEPHERD (TRUSTEE): $5,150 total reported compensation
  • GEORGE BRITNELL (TRUSTEE): $4,850 total reported compensation
  • JARRY M TRACZ (TRUSTEE): $4,675 total reported compensation

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

Overview

Mission

Group benefit plan (veba) under irc section 501(c)(9) and applicable dol regulations.

What it reported doing in 2024

The trust is an employee benefit plan organized under section 501(c)(9). It provides medical insurance benefits to the retirees of the international association of machinists local 2848 formerly employed by ford motor company.

Operating model

Revenue model
Investment-supported. 98% of the money available for current operations came from recurring investment income.
Distribution model
Member-benefit provider. The nonprofit used 81% 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. Expenses are high relative to revenue and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 90
  • Accountability: 100
  • Sustainability: 50
  • Growth: 0

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; 63rd 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: 8 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Limited
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -21.6%; rating input score 9; 9th percentile among comparable filings
  • Total-asset coverage ratio: 22.62; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
  • Officer compensation ratio: 3.4%; rating input score 56; 56th percentile among comparable filings

Growth

  • Program expense growth: -8.8% per year; rating input score 0; 5th percentile among comparable filings
  • Revenue growth: -8.6% per year; rating input score 0; 3rd percentile among comparable filings
  • Asset growth: -0.4% per year; rating input score 0; 16th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 7 of 7 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $827K in reported program spending
  • Leadership: top reported pay $5K · 8 people listed
  • Consistency: 21 of 21 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 13 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 8 filed money-flow records
  • 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 — Sustainability: Operating margin scored 9/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Officer compensation ratio scored 56/100.