LOCAL 580- EDUCATIONAL FUND

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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

1969

Legal Domicile

Principal Officer

BRENDAN TORMEY

Phone

2126955206

Tax Period

2023-01-01 to 2023-12-31

LOCAL 580- EDUCATIONAL FUND, founded in 1969, is a community nonprofit that reported $4.4M in total revenue in fiscal year 2023. The organization ran a surplus of $780K, a strong 18% operating margin.

Mission

TO OPERATE TRAINING AND EDUCATION PROGRAMS FOR APPRENTICES OF LOCAL 580 AND TO GIVE RETRAINING AND ADDITIONAL TRAINING TO JOURNEYMEN OF LOCAL 580.

Program Service Accomplishments

Program 1

Expenses: $1,714,249

TO OPERATE TRAINING AND EDUCATION PROGRAMS FOR APPRENTICES OF LOCAL 580 AND TO GIVE RETRAINING AND ADDITIONAL TRAINING TO JOURNEYMEN OF LOCAL 580.

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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 $3,079,612

Investment Income $1,181,538

Other Revenue $156,001

TOTAL REVENUE $4,417,151

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,953,436

Fundraising Expenses $0

Program Expenses $1,714,249

Other Expenses $1,683,583

TOTAL EXPENSES $3,637,019

Year-over-Year Comparison

	2023	2022	Change
Revenue	$4,417,151	$4,285,268	+0.0%
Expenses	$3,637,019	$3,572,446	+0.0%
Net Income	$780,132	$712,822	+0.1%

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

$340,416

Total Directors

Key Employees

$304,418

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RICHARD M FALASCA	DIRECTOR OF EDUCATION	57.00	Officer	$0	$141,709	$340,416
PETER MYERS	UNION TRUSTEE - THRU 10/23	2.00	Director	$0	$0	$0
JOHN CUMBERLAND	UNION TRUSTEE - THRU 2/23	2.00	Director	$0	$0	$0
JOSEPH NOLAN	UNION TRUSTEE	2.00	Director	$0	$0	$0
THOMAS MILTON	UNION TRUSTEE	2.00	Director	$0	$0	$0
KEVIN MCKEON	UNION TRUSTEE	2.00	Director	$0	$0	$0
PETER CARRIERO	EMPLOYER TRUSTEE	2.00	Director	$0	$0	$0
RANDALL MENT	EMPLOYER TRUSTEE	2.00	Director	$0	$0	$0
RANDALL RIFELLI	EMPLOYER TRUSTEE	2.00	Director	$0	$0	$0
JOSEPH MAFFEI	UNION TRUSTEE	45.00	Director	$0	$0	$0
STEVE DONOFRIO	UNION TRUSTEE - EFF 2/23	2.00	Director	$0	$0	$0
EARL DUNN	UNION TRUSTEE - EFF 10/23	2.00	Director	$0	$0	$0
NOEL QUINONES	INSTRUCTOR	45.00	Highest	$183,743	$99,445	$283,188
JOSEPH ROONEY	INSTRUCTOR	45.00	Highest	$170,486	$97,516	$268,002
BRENDAN TORMEY	FUND ADMINISTRATOR	2.00	Key Emp	$0	$124,306	$304,418
ADRIAN PADRO	INSTRUCTOR	45.00	Highest	$140,024	$0	$140,024

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	$4,417,151	$3,637,019	$42,513,509	$780,132
2022	$4,285,268	$3,572,446	$41,465,615	$712,822
2021	$6,094,121	$3,622,565	$43,613,201	$2,471,556
2020	$4,873,226	$3,403,142	$40,825,017	$1,470,084
2019	$6,045,578	$3,433,280	$38,789,523	$2,612,298
2018	$6,611,389	$3,442,411	$34,581,520	$3,168,978