IRON WORKERS LOCAL 580 SHOP WELFARE FUND (EIN 135552901) - 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

1949

Legal Domicile

Principal Officer

PETER MYERS

Phone

6465612390

Tax Period

2024-07-01 to 2025-06-30

IRON WORKERS LOCAL 580 SHOP WELFARE FUND, founded in 1949, is a community nonprofit that reported $1.2M in total revenue in fiscal year 2024. Expenses of $1.1M left a modest 9% surplus.

Mission

TO PROVIDE HEALTH AND OTHER BENEFITS TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS.

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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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $1,151,828

Investment Income $14,145

Other Revenue $0

TOTAL REVENUE $1,165,973

Expense Breakdown

Grants Paid $0

Salaries & Benefits $29,525

Fundraising Expenses $0

Other Expenses $66,583

TOTAL EXPENSES $1,059,373

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,165,973	$1,140,708	+0.0%
Expenses	$1,059,373	$1,170,164	-0.1%
Net Income	$106,600	$-29,456	-4.6%

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

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
HARVEY HEFFNER	EMPLYR TRUSTEE	1.00	Director	$0	$0	$0
SIMON HEFFNER	EMPLYR TRUSTEE	1.00	Director	$0	$0	$0
RANDY RIFELLI	EMPLYR TRUSTEE	1.00	Director	$0	$0	$0
JOSEPH NOLAN	UNION TRUSTEE	1.00	Director	$0	$0	$0
KEVIN MCKEON	UNION TRUSTEE	1.00	Director	$0	$0	$0
BRENDAN TORMEY	FUND ADMIN	1.00	Officer	$0	$0	$0

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	$1,165,973	$1,059,373	$1,390,730	$106,600
2024	$1,140,708	$1,170,164	$1,279,289	$-29,456
2023	$1,155,958	$1,113,398	$1,344,283	$42,560
2022	$1,100,686	$1,043,816	$1,290,082	$56,870
2021	$1,107,576	$1,074,237	$1,262,208	$33,339
2020	$973,698	$885,879	$1,236,687	$87,819
2019	$1,058,041	$895,006	$1,125,057	$163,035

IRON WORKERS LOCAL 580 SHOP WELFARE FUND