LOCAL 580 - INSURANCE FUND (EIN 136178513) - 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

1946

Legal Domicile

Principal Officer

BRENDAN TORMEY

Phone

2126955206

Tax Period

2023-01-01 to 2023-12-31

LOCAL 580 - INSURANCE FUND, founded in 1946, is a mid-sized nonprofit that reported $46.7M in total revenue in fiscal year 2023. Expenses of $54.4M exceeded revenue, resulting in a 16% operating deficit.

Mission

THE PURPOSE OF THE PLAN IS TO PROVIDE HEALTH AND OTHER BENEFITS TO ELIGIBLE PARTICIPANTS.

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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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $39,565,203

Investment Income $7,114,839

Other Revenue $3,214

TOTAL REVENUE $46,683,256

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,826,484

Fundraising Expenses $0

Other Expenses $-826,439

TOTAL EXPENSES $54,363,421

Year-over-Year Comparison

	2023	2022	Change
Revenue	$46,683,256	$45,790,999	+0.0%
Expenses	$54,363,421	$55,344,014	0.0%
Net Income	$-7,680,165	$-9,553,015	-0.2%

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

$575,474

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RANDALL MENT	EMPLOYER TRUSTEE	2.00	Director	$0	$0	$0
RANDALL RIFELLI	EMPLOYER TRUSTEE	2.00	Director	$0	$0	$0
PETER CARRIERO	EMPLOYER TRUSTEE	2.00	Director	$0	$0	$0
PETER MYERS - THRU 1023	UNION TRUSTEE	2.00	Director	$0	$0	$0
THOMAS MILTON	UNION TRUSTEE	2.00	Director	$0	$0	$0
JOSEPH NOLAN	UNION TRUSTEE	2.00	Director	$0	$0	$0
JOSEPH MAFFEI - THRU 523	UNION TRUSTEE	2.00	Director	$0	$0	$0
KEVIN MCKEON	UNION TRUSTEE	2.00	Director	$0	$0	$0
STEVEN DONOFRIO - EFF 523	UNION TRUSTEE	2.00	Director	$0	$0	$0
BRENDAN TORMEY	FUND ADMINISTRATOR	14.00	Key Emp	$180,112	$124,306	$304,418
JOHN CUMBERLAND - EFF 223	ASST FUND ADMINISTRATOR	14.00	Key Emp	$160,627	$110,429	$271,056
THOMAS LECOMPTE	CONTROLLER	14.00	Highest	$127,369	$92,965	$220,334
RYAN HERBERT	DIRECTOR OF AUDITS	14.00	Highest	$178,826	$124,306	$303,132
RICHARD FALASCA	DIRECTOR OF EDUCATION	0.00	Highest	$198,707	$141,710	$340,417

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	No data	No data	No data	No data
2023	$46,683,256	$54,363,421	$327,954,180	$-7,680,165
2022	$45,790,999	$55,344,014	$321,828,797	$-9,553,015
2021	$70,279,432	$51,542,209	$368,353,515	$18,737,223
2020	$52,048,894	$39,673,342	$358,341,898	$12,375,552
2019	$70,003,731	$49,123,934	$330,501,791	$20,879,797
2018	$77,535,937	$44,759,164	$286,814,270	$32,776,773

LOCAL 580 - INSURANCE FUND