IRON WORKERS' LOC 15 & 424 APP TR FUND

EIN: 066087354 501(c)(3) Education

CROMWELL, CT

Total Revenue
$1,156,514
Total Expenses
$1,097,977
Total Assets
$558,336
Net Assets
$435,781
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1967
Legal Domicile
CT
Principal Officer
JOSEPH SORENSEN
Phone
2032381204
Tax Period
2023-07-01 to 2024-06-30

IRON WORKERS' LOC 15 & 424 APP TR FUND, founded in 1967, is a community nonprofit in the Education sector that reported $1.2M in total revenue in fiscal year 2023. Revenue surged 31% from the prior year, signaling strong growth momentum. Expenses of $1.1M left a modest 5% surplus.

Mission

THE FUND WAS ESTABLISHED FOR THE PURPOSE OF FINANCING TRAINING & RELATED PROGRAMS FOR ELIGIBLE TRAINEES, APPRENTICE IRON WORKERS AND JOURNEYMEN IRON WORKERS.

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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 (2023)

Revenue Breakdown

Contributions & Grants $167,960
Program Service Revenue $988,287
Investment Income $267
Other Revenue $0
TOTAL REVENUE $1,156,514

Expense Breakdown

Grants Paid $0
Salaries & Benefits $570,289
Fundraising Expenses $0
Program Expenses $1,034,061
Other Expenses $527,688
TOTAL EXPENSES $1,097,977

Year-over-Year Comparison

2023 2022 Change
Revenue $1,156,514 $879,533 +0.3%
Expenses $1,097,977 $888,702 +0.2%
Net Income $58,537 $-9,169 -7.4%
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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Governance

Voting Members
8
Independent Members
4
Employees
51
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
$797,589
Key Employees
0
$0
Highest Compensated
1
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JAMES DENNING TRUSTEE (P) 2.00
Director
$0 $0 $0
JOSEPH SORENSEN TRUSTEE 2.00
Director
$0 $104,480 $248,958
LOWELL KAHN TRUSTEE 2.00
Director
$0 $0 $0
MICHAEL O'SULLIVAN TRUSTEE 2.00
Director
$0 $0 $0
RICK FITZGERALD TRUSTEE 2.00
Director
$0 $0 $0
TREVOR DANBURG TRUSTEE (P) 40.00
Director
$0 $0 $0
PARISH RARICK TRUSTEE 2.00
Director
$0 $0 $0
BRETT T WELLS TRUSTEE 2.00
Director
$0 $70,558 $136,711
CHRIS DAOUST TRUSTEE 2.00
Director
$59,691 $74,898 $197,417
GREGORY SCHULTZ TRUSTEE 2.00
Director
$0 $103,012 $214,503
MARK BUONO COORDINATOR 40.00
Highest
$110,834 $67,228 $180,261
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
2025 No data No data No data No data
2024 $1,156,514 $1,097,977 $558,336 $58,537
2023 $879,533 $888,702 $517,047 $-9,169
2022 $819,969 $1,021,233 $404,327 $-201,264
2021 $792,028 $795,410 $603,415 $-3,382
2020 $629,348 $841,919 $689,715 $-212,571
2019 $713,636 $836,385 $825,685 $-122,749
2018 $765,270 $825,574 $932,621 $-60,304
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