LOCAL 580 LABOR MANAGEMENT PROMOTION (EIN 364636298) - 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

2009

Legal Domicile

Principal Officer

BRENDAN TORMEY

Phone

2126955206

Tax Period

2023-01-01 to 2023-12-31

LOCAL 580 LABOR MANAGEMENT PROMOTION, founded in 2009, is a small nonprofit in the Employment sector that reported $378K in total revenue in fiscal year 2023. The organization ran a surplus of $206K, a strong 55% operating margin.

Mission

TO ADVANCE THE INTERESTS OF THE ARCHITECTURAL, ORNAMENTAL AND MISCELLANEOUS METAL WORK INDUSTRY IN THE GREATER NEW YORK AREA AND OF THOSE WHO ARE ENGAGED IN IT.

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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 $416,277

Investment Income $-37,963

Other Revenue $129

TOTAL REVENUE $378,443

Expense Breakdown

Grants Paid $0

Salaries & Benefits $137,066

Fundraising Expenses $0

Other Expenses $35,114

TOTAL EXPENSES $172,180

Year-over-Year Comparison

	2023	2022	Change
Revenue	$378,443	$350,698	+0.1%
Expenses	$172,180	$201,300	-0.1%
Net Income	$206,263	$149,398	+0.4%

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

$304,418

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOSEPH NOLAN	UNION TRUSTEE	1.00	Director	$0	$0	$0
PETER MYERS - THRU 1023	UNION TRUSTEE	1.00	Director	$0	$0	$0
THOMAS MILTON	UNION TRUSTEE	1.00	Director	$0	$0	$0
JOHN CUMBERLAND - TRU 223	UNION TRUSTEE	1.00	Director	$0	$0	$0
STEVEN DONOFRIO - EFF 223	UNION TRUSTEE	1.00	Director	$0	$0	$0
KEVIN MCKEON	UNION TRUSTEE	1.00	Director	$0	$0	$0
JOSEPH MAFFEI	UNION TRUSTEE	1.00	Director	$0	$0	$0
PETER CARRIERO	EMPLOYER TRUSTEE	1.00	Director	$0	$0	$0
HARVEY A HEFFNER	EMPLOYER TRUSTEE	1.00	Director	$0	$0	$0
RANDALL MENT	EMPLOYER TRUSTEE	1.00	Director	$0	$0	$0
ARTHUR RUBENSTEIN	EMPLOYER TRUSTEE	1.00	Director	$0	$0	$0
EARL DUNN - EFF 1023	UNION TRUSTEE	1.00	Director	$0	$0	$0
BRENDAN TORMEY	FUND ADMINISTRATOR	1.00	Officer	$0	$124,306	$304,418

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	$378,443	$172,180	$4,439,071	$206,263
2022	$350,698	$201,300	$4,059,500	$149,398
2021	$419,330	$212,550	$4,031,280	$206,780
2020	$402,318	$191,263	$3,829,769	$211,055
2019	$603,653	$168,496	$3,617,508	$435,157
2018	$709,288	$193,759	$3,184,785	$515,529

LOCAL 580 LABOR MANAGEMENT PROMOTION