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Sheet Metal 10 Safe Plan Tr FY2020 filing

Not tax-deductible

Maplewood, MNMutual-benefit / member-servingSince 2002Mutual/MembershipEIN 03-0482434Revenue $3.3M in FY2020

On file with the IRSsmw.org1681 Cope Ave E Ste B, 55109-2638 · Maplewood, MNTax-exempt since Jul 2004

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To provide benefits during financial emergencies.

Mission: Form 990 Part I, line 1

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 6
filings with a surplus
Average surplus $835K a year · 22% of revenue · last 6 filings
Fine: a surplus in 4 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Cash reserves
2 mo
of spending, in cash
Fine: 2.3 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$16K
0.08% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
2
of 8 voting members
Worth a look: 2 of 8 voting members are independent, under half.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$3.3M
Spent
$2.4M
Net assets
$19.7M
By yearFY2020–FY2025
Revenue
$3.3M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$3.3M
FY2021$3.1M
FY2022$3.4M
FY2023$2.8M
FY2024$4.2M
FY2025$6.2M
Expenses
$2.4M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$2.4M
FY2021$3.6M
FY2022$2.7M
FY2023$3.1M
FY2024$3.0M
FY2025$3.1M
Net assets
$19.7M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$19.7M
FY2021$21.7M
FY2022$19.5M
FY2023$20.0M
FY2024$21.4M
FY2025$22.9M

From the FY2020 Form 990 (year ending June 2020) · figures checked against the IRS filing · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jul 2004.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

10 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
James Bigham
Trustee - Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
John Quarnstrom
Trustee - Alternate
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Mike Mitchell
Trustee - Chairman
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Sheet Metal 10 Safe Plan Tr executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Offers financial aid during unexpected emergencies.

Questions for Sheet Metal 10 Safe Plan Tr

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Provided by the organization

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1 program · in their own filed words · FY2019
01

To provide eligible participants with unemployment, disability, severance, beneficiary and self-pay health benefits as described in the plan of benefits.

Pt IX · col B

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$3.3M
Ln 12
Fees for servicesLn 2g$2.6M
Investment incomeLn 3$746K
Money outPt IX
$2.4M
Ln 25
Owns and owesPt X
$19.7M
net assets · Ln 32
Cash and savingsLn 1–2$463K
Total assetsLn 16$19.8M
LiabilitiesLn 26$16K
PeoplePt VI, VII
10
listed · VII A
PaidVII A0
Voting boardVI 1a8
IndependentVI 1b2
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$2.6M
Investment incomeLn 3$746K
Gains on assetsLn 7$3K
Total revenueLn 12$3.3M
Assets in detailPt X, end of year
CashLn 1$38K
SavingsLn 2$424K
Cash and savings togetherLn 1–2$463K
InvestmentsLn 11–13$19.1M
Total assetsLn 16$19.8M
LiabilitiesLn 26$16K
Net assetsLn 32$19.7M
OperationsPt I, VI
EmployeesI 50
VolunteersI 610
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$379K$463K
InvestmentsLn 11–13$19.4M$19.1M
Total assetsLn 16$20.1M$19.8M
LiabilitiesLn 26$16K$16K
Net assetsLn 32$20.1M$19.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Benefits paid to or for membersLn 4$2.2M
Management feesLn 11a$142K
Legal feesLn 11b$2K
Accounting feesLn 11c$11K
Investment management feesLn 11f$17K
Office expensesLn 13$3K
InsuranceLn 23$8K
Total functional expensesLn 25$2.4M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $6.2M$3.1M$3.1M$22.9M 990 PDF
FY2024 $4.2M$3.0M$1.1M$21.4M 990 PDF
FY2023 $2.8M$3.1M−$298K$20.0M 990 PDF
FY2022 $3.4M$2.7M$622K$19.5M 990 PDF
FY2021 $3.1M$3.6M−$495K$21.7M 990 PDF
FY2020 Viewing $3.3M$2.4M$892K$19.7M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2020 990 (6 parts)
Part I · Summary $3,317,870 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $2,706,088$2,571,658
I-10 Investment incomePrior year $642,118$746,212
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $3,348,206$3,317,870
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $2,595,847$2,243,142
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $171,393$182,883
I-18 Total expensesPrior year $2,767,240$2,426,025
I-19 Revenue less expensesPrior year $580,966$891,845
Part VI · Governance 2 of 8 board members independent, 1 to look at
VI-1a Voting members of the governing body8
VI-1b Independent voting members2
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $3,317,870 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $2,571,658$2,571,658
VIII-3 Investment incomeExcluded from tax $743,193$743,193
VIII-7 Net gain or loss on sales of assetsExcluded from tax $3,019$3,019
VIII-12 Total revenueRelated to mission $2,571,658 · Unrelated business $0 · Excluded from tax $746,212$3,317,870
Part IX · Statement of functional expenses $2,426,025 across 7 lines filed
IX-4 Benefits paid to or for members$2,243,142
IX-11a Management fees$142,056
IX-11b Legal fees$1,902
IX-11c Accounting fees$10,700
IX-11f Investment management fees$17,053
IX-13 Office expenses$3,059
IX-23 Insurance$8,113
IX-25 Total functional expenses$2,426,025
Part X · Balance sheet $19,760,378 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $90,745$38,459
X-2 Savings and temporary cash investmentsStart of year $288,698$424,477
X-4 Accounts receivableStart of year $266,329$199,994
X-9 Prepaid expenses and deferred chargesStart of year $2,831$2,389
X-11 Publicly traded securitiesStart of year $19,439,432$19,095,059
X-16 Total assetsStart of year $20,088,035$19,760,378
X-17 Accounts payable and accrued expensesStart of year $3,750$3,675
X-25 Other liabilitiesStart of year $11,948$12,335
X-26 Total liabilitiesStart of year $15,698$16,010
X-32 Total net assets or fund balancesStart of year $20,072,337$19,744,368
X-33 Total liabilities and net assetsStart of year $20,088,035$19,760,378
Part XI · Reconciliation of net assets $19,744,368 net assets at year end
XI-1 Total revenue$3,317,870
XI-2 Total expenses$2,426,025
XI-3 Revenue less expenses$891,845
XI-4 Net assets at start of year$20,072,337
XI-5 Net unrealized gains (losses) on investments−$1,219,814
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$19,744,368

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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