THE LOCAL 580 COLLEGE SCHOLARSHIP FUND (EIN 450536496) - 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

2003

Legal Domicile

Principal Officer

BRENDAN TORMEY

Phone

2126955206

Tax Period

2023-01-01 to 2023-12-31

THE LOCAL 580 COLLEGE SCHOLARSHIP FUND, founded in 2003, is a small nonprofit that reported $543K in total revenue in fiscal year 2023. Revenue decreased 18% compared to the prior year. Expenses of $610K exceeded revenue, resulting in a 12% operating deficit.

Mission

TO PROVIDE SCHOLARSHIP BENEFITS TO DEPENDANTS OF 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 $554,183

Investment Income $-35,551

Other Revenue $24,227

TOTAL REVENUE $542,859

Expense Breakdown

Grants Paid $537,052

Salaries & Benefits $23,107

Fundraising Expenses $0

Other Expenses $49,707

TOTAL EXPENSES $609,866

Year-over-Year Comparison

	2023	2022	Change
Revenue	$542,859	$664,407	-0.2%
Expenses	$609,866	$755,268	-0.2%
Net Income	$-67,007	$-90,861	-0.3%

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	2.00	Director	$0	$0	$0
PETER MYERS - THRU 1023	UNION TRUSTEE	2.00	Director	$0	$0	$0
JOHN CUMBERLAND - THRU 223	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
JOSEPH MAFFEI	UNION TRUSTEE	2.00	Director	$0	$0	$0
STEVEN DONOFRIO - EFF 223	UNION TRUSTEE	2.00	Director	$0	$0	$0
EARL DUNNE - EFF 1023	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
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	$542,859	$609,866	$4,359,962	$-67,007
2022	$664,407	$755,268	$4,244,129	$-90,861
2021	$1,202,414	$647,955	$4,460,241	$554,459
2020	$717,113	$703,381	$4,221,210	$13,732
2019	$1,026,847	$718,579	$4,040,617	$308,268
2018	$1,196,149	$678,514	$3,576,431	$517,635

THE LOCAL 580 COLLEGE SCHOLARSHIP FUND