HOSPITALITY INDUSTRY TRAINING & EDUCATION FUND

EIN: 454884254 501(c)(3) Employment

BEVERLY HILLS, CA

Total Revenue
$7,434,994
Total Expenses
$8,733,864
Total Assets
$25,004,921
Net Assets
$23,136,557
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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
2012
Legal Domicile
CA
Principal Officer
JORGE E GALVEZ
Phone
3105971898
Tax Period
2024-01-01 to 2024-12-31

HOSPITALITY INDUSTRY TRAINING & EDUCATION FUND, founded in 2012, is a community nonprofit in the Employment sector that reported $7.4M in total revenue in fiscal year 2024. Revenue fell 70% from the prior year — a significant decline worth monitoring. Expenses of $8.7M exceeded revenue, resulting in a 17% operating deficit.

Mission

TRAINING INDIVIDUALS WORKING OR DESIRING TO WORK IN THE HOSPITALITY INDUSTRY AND OTHER PROGRAMS DESCRIBED IN THE TRUST.

Program Service Accomplishments

Program 1
Expenses: $6,931,997 Revenue: $1,337,662

THE TRUST PROVIDES TRAINING AND EDUCATION TO ELIGIBLE WORKERS IN THE HOTEL AND RESTAURANT INDUSTRIES.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $5,067,577
Program Service Revenue $1,181,998
Investment Income $714,755
Other Revenue $470,664
TOTAL REVENUE $7,434,994

Expense Breakdown

Grants Paid $0
Salaries & Benefits $4,447,237
Fundraising Expenses $0
Program Expenses $6,931,997
Other Expenses $4,286,627
TOTAL EXPENSES $8,733,864

Year-over-Year Comparison

2024 2023 Change
Revenue $7,434,994 $24,457,058 -0.7%
Expenses $8,733,864 $4,489,240 +0.9%
Net Income $-1,298,870 $19,967,818 -1.1%
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

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Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
6
Independent Members
6
Employees
54
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
4
$424,346
Total Directors
12
$0
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ADINE FORMAN EXECUTIVE DIRECTOR 40.0
Officer
$156,353 $86,125 $242,478
AARON GREENBERG DEPUTY DIRECTOR 40.0
Highest
$161,207 $30,662 $191,869
MITCHELL FRIEDER DIR FOOD & BEV TRAINING 40.0
Highest
$184,698 $6,236 $190,934
JORGE E GALVEZ DIRECTOR OF FINANCE 40.0
Officer
$144,892 $36,976 $181,868
ADRINEH TERANTONIANS DIRECTOR WORKFORCE SYSTEMS 40.0
Highest
$161,657 $6,264 $167,921
STEPHANIE KOONTZ DIRECTOR 40.0
Highest
$118,948 $25,652 $144,600
DANIEL HAROLD CULINARY INSTRUCTOR 40.0
Highest
$90,732 $22,473 $113,205
SUSAN MINATO CHAIR, UNION TRUSTEE 1.0
Officer Director
$0 $0 $0
JAIME CLOUGH SECRETARY, EMPLOYER TRUSTEE 1.0
Officer Director
$0 $0 $0
KURT PETERSON UNION TRUSTEE 1.0
Director
$0 $0 $0
KARINE MANSOORIAN UNION TRUSTEE 1.0
Director
$0 $0 $0
BEATRIZ TOPETE UNION TRUSTEE (ALTERNATE) 1.0
Director
$0 $0 $0
DYLAN DANEY UNION TRUSTEE (ALTERNATE) 1.0
Director
$0 $0 $0
AUSTIN LYNCH UNION TRUSTEE (ALTERNATE) 1.0
Director
$0 $0 $0
DAN STIMMLER EMPLOYER TRUSTEE 1.0
Director
$0 $0 $0
MICHELE GAUL EMPLOYER TRUSTEE 1.0
Director
$0 $0 $0
JAVIER CANO EMPLOYER TRUSTEE (ALTERNATE) 1.0
Director
$0 $0 $0
LARRY LABRADO EMPLOYER TRUSTEE (ALTERNATE) 1.0
Director
$0 $0 $0
LEA NISSEN EMPLOYER TRUSTEE (ALTERNATE) 1.0
Director
$0 $0 $0
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 $7,434,994 $8,733,864 $25,004,921 $-1,298,870
2023 $24,457,058 $4,489,240 $26,474,295 $19,967,818
2022 $4,635,663 $4,765,689 $4,875,109 $-130,026
2021 $24,436,867 $26,323,478 $5,209,083 $-1,886,611
2020 $35,564,987 $30,985,478 $10,136,906 $4,579,509
2019 $1,940,677 $2,178,954 $2,347,544 $-238,277
2019 $1,938,975 $2,236,762 $2,341,150 $-297,787
2018 $2,400,805 $2,277,822 $2,502,917 $122,983
2018 $2,330,597 $2,378,773 $2,346,553 $-48,176
2017 $1,911,439 $1,894,930 $2,397,387 $16,509
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