PLUMBERS & PIPEFITTERS LOCAL UNION 562 SCHOLARSHIP FUND (EIN 320572851) - 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

2018

Legal Domicile

Principal Officer

JOHN O'MARA

Phone

3143551000

Tax Period

2024-01-01 to 2024-12-31

PLUMBERS & PIPEFITTERS LOCAL UNION 562 SCHOLARSHIP FUND, founded in 2018, is a small nonprofit in the Education sector that reported $538K in total revenue in fiscal year 2024. Revenue surged 1133% from the prior year, signaling strong growth momentum. The organization ran a surplus of $437K, a strong 81% operating margin.

Mission

TO PROMOTE EDUCATION BY MAINTAINING A SCHOLARSHIP FUND AND AWARDING SCHOLARSHIPS TO STUDENTS.

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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 $345,271

Program Service Revenue $0

Investment Income $193,060

Other Revenue $0

TOTAL REVENUE $538,331

Expense Breakdown

Grants Paid $88,000

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $94,198

Other Expenses $12,851

TOTAL EXPENSES $100,851

Year-over-Year Comparison

	2024	2023	Change
Revenue	$538,331	$43,671	+11.3%
Expenses	$100,851	$99,787	+0.0%
Net Income	$437,480	$-56,116	-8.8%

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

N/A

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

$905,650

Total Directors

$1,197,672

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOHN J O'MARA	PRESIDENT	1.00	Officer Director	$0	$123,802	$334,224
BRIAN NICHOLS	SECRETARY	1.00	Officer Director	$0	$117,391	$305,635
RICHARD KELLETT	DIRECTOR	1.00	Director	$0	$106,962	$266,941
MICHAEL O'CONNELL JR	VICE PRESIDENT	1.00	Officer Director	$0	$106,962	$265,791
TIMOTHY BRICE II	DIRECTOR	1.00	Director	$0	$0	$9,443
ANDREW FINKLANG	DIRECTOR	1.00	Director	$0	$0	$11,244
SCOTT KIELY	DIRECTOR	1.00	Director	$0	$0	$4,394

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	$538,331	$100,851	$1,818,937	$437,480
2023	$43,671	$99,787	$1,396,237	$-56,116
2022	$48,829	$78,216	$1,302,361	$-29,387
2021	$157,319	$74,287	$1,639,465	$83,032
2020	$1,398,052	$52,175	$1,512,257	$1,345,877

PLUMBERS & PIPEFITTERS LOCAL UNION 562 SCHOLARSHIP FUND