Civic Intelligence

Sheet Metal Workers Local 24 Supplemental Unemployment Fund

990 • Fiscal year 2023 • EIN 31-1383887

Jun 01, 2022 to May 31, 2023 • Filed on Mar 08, 2024

2035 Reading RoadCincinnati, OH 45202-1415

(513) 872-7500

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

59th percentile

0.02x

Higher debt load relative to assets than 59% of similar nonprofits.

2023 filings • 501(c)9 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

75th percentile

0.11x

Higher debt load relative to revenue than 75% of similar nonprofits.

2023 filings • 501(c)9 • $1M-$5M nonprofits • Source year 2023

Net Margin

88th percentile

52%

Higher net margin than 88% of similar nonprofits.

2023 filings • 501(c)9 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

55th percentile

$660

Higher top officer pay than 55% of similar nonprofits.

Top officer pay equals 0.1% of source-year revenue.

2023 filings • 501(c)9 • $1M-$5M nonprofits • Source year 2023

Asset Growth

43rd percentile

3.5%

Faster asset growth than 43% of similar nonprofits.

2023 filings • 501(c)9 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

72nd percentile

18%

Faster revenue growth than 72% of similar nonprofits.

2023 filings • 501(c)9 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Assets

Up

$3,346,684

Up $111,752 (+3.5%) from 2022

Net Assets

Up

$3,294,775

Up $101,358 (+3.2%) from 2022

Liabilities

Up

$51,909

Up $10,394 (+25%) from 2022

Revenue

Up

$458,986

Up $69,676 (+18%) from 2022

Expenses

Down

$222,359

Down $46,238 (-17%) from 2022

Net Income

Up

$236,627

Up $115,914 (+96%) from 2022

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$4.0M$3.0M$2.0M$1.0M$0Assets 2012: $2,782,645Liabilities 2012: $12,321Net Assets 2012: $2,770,3242012Assets 2013: $2,581,232Liabilities 2013: $13,195Net Assets 2013: $2,568,0372013Assets 2015: $2,594,390Liabilities 2015: $21,339Net Assets 2015: $2,573,0512015Assets 2017: $2,889,571Liabilities 2017: $29,150Net Assets 2017: $2,860,4212017Assets 2019: $3,102,636Liabilities 2019: $28,855Net Assets 2019: $3,073,7812019Assets 2020: $3,361,674Liabilities 2020: $33,362Net Assets 2020: $3,328,3122020Assets 2021: $3,354,886Liabilities 2021: $33,652Net Assets 2021: $3,321,2342021Assets 2022: $3,234,932Liabilities 2022: $41,515Net Assets 2022: $3,193,4172022Assets 2023: $3,346,684Liabilities 2023: $51,909Net Assets 2023: $3,294,7752023

Highlighted filing

2023

Assets$3,346,684
Liabilities$51,909
Net Assets$3,294,775

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$600K$400K$200K$0-$200KExpenses 2012: $357,1212012Expenses 2013: $492,0362013Revenue 2015: $298,040Expenses 2015: $231,527Net Income 2015: $66,5132015Revenue 2017: $383,031Expenses 2017: $165,991Net Income 2017: $217,0402017Revenue 2019: $340,642Expenses 2019: $214,404Net Income 2019: $126,2382019Revenue 2020: $369,625Expenses 2020: $197,965Net Income 2020: $171,6602020Revenue 2021: $288,728Expenses 2021: $394,150Net Income 2021: -$105,4222021Revenue 2022: $389,310Expenses 2022: $268,597Net Income 2022: $120,7132022Revenue 2023: $458,986Expenses 2023: $222,359Net Income 2023: $236,6272023

Highlighted filing

2023

Revenue$458,986
Expenses$222,359
Net Income$236,627
Jump To
Filing Snapshot
Filing Period
Jun 1, 2022 to May 31, 2023
Signed
Mar 8, 2024
Return Version
2022v5.0
Gross Receipts
$458,986
Mission and Program Overview

Mission

To provide supplemental unemployment benefits for eligible members of sheet metal workers local 24 including unemployment compensation, health and welfare premium payments, death benefits, disability benefits, and separation benefits.

Provide supplemental unemployment benefits for members of sheet metal workers local 24

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$3,193,417$3,294,775▲ $101,358
Investments Other Securities$3,032,541$3,052,608▲ $20,067
Cash and Non-Interest-Bearing Accounts$90,464$184,266▲ $93,802
Accounts Receivable$111,927$109,810▼ $2,117
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$3,234,932$3,346,684▲ $111,752
Liabilities
Accounts Payable and Accrued Expenses$41,515$51,909▲ $10,394
Total Liabilities$41,515$51,909▲ $10,394
Net Assets / Fund Balance
Total Net Assets Fund Balance$3,193,417$3,294,775▲ $101,358
Total Liabilities and Net Assets / Fund Balance$3,234,932$3,346,684▲ $111,752

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$2,191,210--
Compensation and Service Providers

Employees

NameTitleBaseTotal
Ivan PenningtonTrustee$660$660

Board Members and Trustees

NameTitle
John Kuempel JrChairman
Jack McdonaldTrustee
Jeff MuellerTrustee
Greg JohnsonSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$370,583
Investment Income
$88,403
Other Revenue
$0
Change in Net Assets
$236,627

Audited Revenue Reconciliation

Revenue per Audited Statements
$451,414
Revenue Not Reported on Financial Statements
$7,572
Revenue Not Reported on Form 990
$-135,269
Total Revenue per Audited Statements
$316,145
Total Revenue per Form 990
$458,986
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$66,737
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$155,622
Fees for Services Management---$34,731
Fees for Services Legal---$9,931
Fees for Service Investment Mgmnt Fees---$7,572
Fees for Services Accounting---$7,050
Conferences and Meetings---$2,052
Other Expenses---$362
Insurance---$359
Total Functional Expenses$0$0$0$222,359

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$222,359
Expenses per Audited Statements$214,787
Total Expenses per Audited Statements$214,787
Expenses Not Reported on Financial Statements$7,572
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 7A

The contractors association appoints management trustees. The local union appoints labor trustees, either through direct election by the membership or by virtue of position held within the local union.

Form 990, Part VI, Section B, Line 11B

The administrator reviews the form 990 and then provides it to the board of trustees prior to its filing.

Form 990, Part VI, Section B, Line 12C

The plan regularly monitors compliance with its conflict of interest policy. The trustees are also required to comply with the requirements of the employee retirement income security act of 1974 (erisa), as well as the internal revenue code (irc), and the attendant regulations adopted by both erisa and irc, with respect to the non-exempt prohibited transactions. A member of the plan's legal counsel attends each meeting of the trustees and monitors on an "as needed" basis for any activity that might give rise to potential conflicts of interest.

Form 990, Part VI, Section C, Line 19

The plan will provide the form 990 upon written request. Governing documents are not provided to the public.

Filing and Contact Details

Filer

Filer Name
Sheet Metal Workers Local 24
EIN
31-1383887
Phone
5138727500
Address
2035 READING ROAD, CINCINNATI, OH 45202-1415

Signing Officer

Name
Thomas Macey
Title
Administrator
Phone
5138727500
Signed
2024-03-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Thomas Macey
Formed
1993
Legal Domicile
Oh
Voting Board Members
5
Independent Board Members
5
Employees
36
Volunteers
5

Preparer

Firm
Clark Schaefer Hackett & Co
Address
10100 INNOVATION DRIVE, DAYTON, OH 45342
Preparer
Jane E Pfeifer
Phone
9372260070
Supplemental Narrative

Additional Explanations

FORM 990, PART I, LINE 5 & PART V, LINE 2A:

W-2 issued by the organization are for benefits paid to member participants. There are no paid employees of the fund.

FORM 990, PART XII, LINE 2C:

The board of trustees is responsible for oversight of the independent audit. This process is consistent with the prior year.

Financial Statement Notes

PART X, LINE 2:

The internal revenue service (irs) has determined and informed the plan by a letter dated december 7, 1994, that the plan is tax-exempt under the provisions of section 501(c)(9) of the internal revenue code (irc). No federal or state income taxes have been recorded in 2023 or 2022 for unrelated business taxable income. The plan has been amended and restated since receiving the determination letter. However, the plan's administrator and the plan's tax counsel believe that the plan is designed and is currently being operated in compliance with the applicable provisions of the irc and, therefore, believe that the plan is qualified, and the related trust is tax-exempt.

Raw XML Appendix364 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE INTERNAL REVENUE SERVICE (IRS) HAS DETERMINED AND INFORMED THE PLAN BY A LETTER DATED DECEMBER 7, 1994, THAT THE PLAN IS TAX-EXEMPT UNDER THE PROVISIONS OF SECTION 501(C)(9) OF THE INTERNAL REVENUE CODE (IRC). NO FEDERAL OR STATE INCOME TAXES HAVE BEEN RECORDED IN 2023 OR 2022 FOR UNRELATED BUSINESS TAXABLE INCOME. THE PLAN HAS BEEN AMENDED AND RESTATED SINCE RECEIVING THE DETERMINATION LETTER. HOWEVER, THE PLAN'S ADMINISTRATOR AND THE PLAN'S TAX COUNSEL BELIEVE THAT THE PLAN IS DESIGNED AND IS CURRENTLY BEING OPERATED IN COMPLIANCE WITH THE APPLICABLE PROVISIONS OF THE IRC AND, THEREFORE, BELIEVE THAT THE PLAN IS QUALIFIED, AND THE RELATED TRUST IS TAX-EXEMPT.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0W-2 ISSUED BY THE ORGANIZATION ARE FOR BENEFITS PAID TO MEMBER PARTICIPANTS. THERE ARE NO PAID EMPLOYEES OF THE FUND.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE CONTRACTORS ASSOCIATION APPOINTS MANAGEMENT TRUSTEES. THE LOCAL UNION APPOINTS LABOR TRUSTEES, EITHER THROUGH DIRECT ELECTION BY THE MEMBERSHIP OR BY VIRTUE OF POSITION HELD WITHIN THE LOCAL UNION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ADMINISTRATOR REVIEWS THE FORM 990 AND THEN PROVIDES IT TO THE BOARD OF TRUSTEES PRIOR TO ITS FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE PLAN REGULARLY MONITORS COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY. THE TRUSTEES ARE ALSO REQUIRED TO COMPLY WITH THE REQUIREMENTS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 (ERISA), AS WELL AS THE INTERNAL REVENUE CODE (IRC), AND THE ATTENDANT REGULATIONS ADOPTED BY BOTH ERISA AND IRC, WITH RESPECT TO THE NON-EXEMPT PROHIBITED TRANSACTIONS. A MEMBER OF THE PLAN'S LEGAL COUNSEL ATTENDS EACH MEETING OF THE TRUSTEES AND MONITORS ON AN "AS NEEDED" BASIS FOR ANY ACTIVITY THAT MIGHT GIVE RISE TO POTENTIAL CONFLICTS OF INTEREST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE PLAN WILL PROVIDE THE FORM 990 UPON WRITTEN REQUEST. GOVERNING DOCUMENTS ARE NOT PROVIDED TO THE PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE BOARD OF TRUSTEES IS RESPONSIBLE FOR OVERSIGHT OF THE INDEPENDENT AUDIT. THIS PROCESS IS CONSISTENT WITH THE PRIOR YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART I, LINE 5 & PART V, LINE 2A:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XII, LINE 2C:
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt3DALTON ROOFING CO
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt6GEILER CO
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt7IMBUS ROOFING COMPANY INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt8JSMS INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt9KAHOE AIR BALANCE CO
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt10LANGDON INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt11NORTHERN KENTUCKY HEATING & COOLING
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt12PECK-HANNAFORD & BRIGGS INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt13SPRING GROVE SHEET METAL CO
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt14TOP NOTCH SHEET METAL LLC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt15WM KRAMER & SON INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt16ALLOYD INSULATION CO
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt17DEBRA-KUEMPEL INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt18POYNTER SHEET METAL INC
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ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0THOMAS MACEY
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ReturnHeader/BusinessOfficerGrp/SignatureDt02024-03-08
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt010100 INNOVATION DRIVE
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd045342
ReturnHeader/PreparerPersonGrp/PhoneNum09372260070
ReturnHeader/PreparerPersonGrp/PreparationDt02024-03-08
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JANE E PFEIFER
ReturnHeader/ReturnTs02024-03-11T10:17:26-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0THOMAS
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0MACEY
ReturnHeader/TaxPeriodBeginDt02022-06-01
ReturnHeader/TaxPeriodEndDt02023-05-31
ReturnHeader/TaxYr02022

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