Ibew Local Union 589 (EIN 116001022) - Form 990 Financial Analysis & Trantor Score

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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

1934

Legal Domicile

Principal Officer

Steve Schmitt

Phone

6315694008

Tax Period

2025-01-01 to 2025-12-31

Ibew Local Union 589, founded in 1934, is a community nonprofit that reported $1.1M in total revenue in fiscal year 2025. Revenue grew 10% year-over-year, indicating healthy expansion.

Mission

Representation for members.

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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%)

Financial Overview (2025)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $1,097,191

Investment Income $37,303

Other Revenue $11,979

TOTAL REVENUE $1,146,473

Expense Breakdown

Grants Paid $0

Salaries & Benefits $418,710

Fundraising Expenses $0

Other Expenses $840,272

TOTAL EXPENSES $1,258,982

Year-over-Year Comparison

	2025	2024	Change
Revenue	$1,146,473	$1,042,089	+0.1%
Expenses	$1,258,982	$1,318,940	0.0%
Net Income	$-112,509	$-276,851	-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

Governance

Voting Members

Independent Members

Employees

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

Total Directors

$139,736

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Vincent Dagastino	Vice President	1.00	Director	$2,651	$0	$2,651
Steven F Schmitt	President	20.00	Director	$42,895	$0	$42,895
Matthew Harjus	Recording Secretary	2.00	Director	$2,528	$0	$2,528
Tim Marchand	Executive Board	1.00	Director	$2,290	$0	$2,290
Joseph Sonnichsen	Executive Board	1.00	Director	$1,921	$0	$1,921
Frank Hill	Executive Board	1.00	Director	$2,605	$0	$2,605
Robert Schilling	Executive Board	1.00	Director	$990	$0	$990
Michael Colombo	Financial Secretary	2.00	Director	$16,730	$0	$16,730
Jeffrey Klein	General Chariman	1.00	Director	$66,632	$0	$66,632
Dennis Scharbach	Treasurer	1.00	Director	$494	$0	$494
Ricardo Sanchez	General Chariman - Retired	20.00		$66,067	$0	$66,067

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	$1,146,473	$1,258,982	$2,101,586	$-112,509
2024	$1,042,089	$1,318,940	$2,240,276	$-276,851
2023	$1,413,406	$1,344,454	$2,524,956	$68,952
2022	$1,663,806	$1,131,471	$2,466,208	$532,335
2021	$990,487	$1,063,539	$1,886,459	$-73,052
2020	$1,394,636	$983,220	$1,962,870	$411,416
2019	$1,710,374	$1,157,205	$1,547,269	$553,169
2018	$1,381,211	$1,023,852	$1,362,998	$357,359

Ibew Local Union 589