FINISHING TRADES INSTITUTE OF SOUTHERN NEW ENGLAND INC

EIN: 061530354 501(c)(3) Education

MIDDLETOWN, CT

Total Revenue
$2,736,556
Total Expenses
$2,583,033
Total Assets
$2,762,075
Net Assets
$2,749,309
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
1998
Legal Domicile
CT
Principal Officer
JASON WERTHMAN
Phone
8606130700
Tax Period
2024-01-01 to 2024-12-31

FINISHING TRADES INSTITUTE OF SOUTHERN NEW ENGLAND INC, founded in 1998, is a community nonprofit in the Education sector that reported $2.7M in total revenue in fiscal year 2024. Revenue grew 8% year-over-year, indicating healthy expansion. Expenses of $2.6M left a modest 6% surplus.

Mission

MAINTENANCE OF A JOINT APPRENTICE TRAINING PROGRAM IN CONNECTICUT AND RHODE ISLAND FOR ELIGIBLE MEMBERS OF DISTRICT COUNCIL 11, PROVIDING EDUCATIONAL PROGRAMS, ON-SITE TRAINING, CONTINUED SKILLS DEVELOPMENT, AND SAFETY TRAINING.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $438,000
Program Service Revenue $2,276,930
Investment Income $23,685
Other Revenue $-2,059
TOTAL REVENUE $2,736,556

Expense Breakdown

Grants Paid $0
Salaries & Benefits $1,697,134
Fundraising Expenses $0
Program Expenses $1,778,637
Other Expenses $885,899
TOTAL EXPENSES $2,583,033

Year-over-Year Comparison

2024 2023 Change
Revenue $2,736,556 $2,523,843 +0.1%
Expenses $2,583,033 $2,110,171 +0.2%
Net Income $153,523 $413,672 -0.6%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
10
Independent Members
10
Employees
34
Volunteers
N/A

Governance Policies

✗ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
0
$0
Total Directors
10
$0
Key Employees
0
$0
Highest Compensated
4
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ANDY MELE MANAGEMENT TRUSTEE 2.00
Director
$0 $0 $0
JASON WERTHMAN CO-CHAIRMAN - LABOR 2.00
Director
$0 $0 $0
JOSEPH FAZZINO LABOR TRUSTEE 2.00
Director
$0 $0 $0
MARK VERITY LABOR TRUSTEE 2.00
Director
$0 $0 $0
RICHARD RIVERA LABOR TRUSTEE 2.00
Director
$0 $0 $0
ROBERT MASSEY JR CO-CHAIRMAN - MANAGEMENT 2.00
Director
$0 $0 $0
TODD DAVENPORT MANAGEMENT TRUSTEE 2.00
Director
$0 $0 $0
WILFREDO VEGA LABOR TRUSTEE 2.00
Director
$0 $0 $0
WILLAM IANNIELLO MANAGEMENT TRUSTEE 2.00
Director
$0 $0 $0
RYAN SIMONS MANAGEMENT TRUSTEE 2.00
Director
$0 $0 $0
MIKE KOMAROMI DIRECTOR OF TRAINING 40.00
Highest
$159,535 $58,216 $217,751
JONATHAN PLYMPTON INSTRUCTOR 40.00
Highest
$141,248 $55,747 $196,995
PETER VOCCIO INSTRUCTOR 40.00
Highest
$102,152 $50,470 $152,622
ANGELA GALLOZA INSTRUCTOR 40.00
Highest
$141,248 $55,747 $196,995
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $2,736,556 $2,583,033 $2,762,075 $153,523
2023 $2,523,843 $2,110,171 $2,603,954 $413,672
2022 $2,278,157 $1,552,762 $2,192,383 $725,395
2021 $1,568,444 $1,874,235 $1,709,819 $-305,791
2020 $1,603,658 $1,869,970 $1,927,055 $-266,312
2019 $2,018,556 $1,741,704 $2,069,528 $276,852
2018 $1,825,065 $1,544,430 $1,793,972 $280,635
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