LOCAL UNION NO 24 IBEW (EIN 520739550) - 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

1961

Legal Domicile

Principal Officer

CHARLES SAMUEL CURRERI

Phone

4102475511

Tax Period

2024-01-01 to 2024-12-31

LOCAL UNION NO 24 IBEW, founded in 1961, is a community nonprofit that reported $6.6M in total revenue in fiscal year 2024. Revenue surged 22% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.8M, a strong 27% operating margin.

Mission

LABOR UNION FOR ELECTRICIANS

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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 $6,132,942

Program Service Revenue $0

Investment Income $366,517

Other Revenue $145,639

TOTAL REVENUE $6,645,098

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,165,439

Fundraising Expenses $0

Other Expenses $2,675,010

TOTAL EXPENSES $4,840,449

Year-over-Year Comparison

	2024	2023	Change
Revenue	$6,645,098	$5,432,969	+0.2%
Expenses	$4,840,449	$4,651,383	+0.0%
Net Income	$1,804,649	$781,586	+1.3%

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

Volunteers

350

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

$793,006

Total Directors

$172,700

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
NORMAN B BAGE	EXECUTIVE BOARD	2.00	Officer Director	$1,312	$0	$1,312
BALFOUR E ALBACARYS-ROOP	EXECUTIVE BOARD	40.00	Officer Director	$127,040	$34,031	$161,071
JOHN C BUGGLEN	EXECUTIVE BOARD	2.00	Officer Director	$1,061	$0	$1,061
GEORGE W MARSHALL	EXECUTIVE BOARD	2.00	Officer Director	$981	$0	$981
MILES R MORRIS	EXECUTIVE BOARD	2.00	Officer Director	$919	$0	$919
MICHAEL S AYRES	EXAMINING BOARD	2.00	Officer Director	$2,470	$0	$2,470
ANNA MOORE	EXAMINING BOARD	2.00	Officer Director	$4,886	$0	$4,886
NICHOLAS E DIMARTINO	FORMER EXAMINING BOARD	2.00	Officer Director	$0	$0	$0
JEROME T MILLER	FINANCIAL SECRETARY	40.00	Officer	$127,040	$34,031	$161,071
CORY V MCCRAY	VICE PRESIDENT	40.00	Officer	$96,256	$25,825	$122,081
CHARLES SAMUEL CURRERI	PRESIDENT	40.00	Officer	$127,040	$34,031	$161,071
MICHAEL J MCHALE	BUSINESS MANAGER	40.00	Officer	$140,806	$32,713	$173,519
DAVID W SPRINGHAM JR	RECORDING SECRETARY	2.00	Officer	$1,350	$0	$1,350
GARRETT T BOWMAN	TREASURER	2.00	Officer	$1,214	$0	$1,214
JACK M POWELL	MEMBERSHIP DEVELOPMENT	40.00	Highest	$126,560	$28,095	$154,655
JONATHAN MCLAUGHLIN	ASSISTANT BUSINESS AGENT	40.00	Highest	$127,040	$34,031	$161,071
CARMEN VOSO	ASSISTANT BUSINESS AGENT	40.00	Highest	$127,040	$34,031	$161,071
DEREK ADOLFO	MEMBERSHIP DEVELOPMENT	40.00	Highest	$127,040	$34,031	$161,071

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
2025	No data	No data	No data	No data
2024	$6,645,098	$4,840,449	$13,225,717	$1,804,649
2023	$5,432,969	$4,651,383	$11,365,190	$781,586
2022	$4,910,255	$4,551,377	$10,366,902	$358,878
2021	$4,669,480	$3,959,222	$10,108,078	$710,258
2020	$4,698,354	$3,591,744	$9,352,077	$1,106,610
2019	$4,530,115	$3,658,911	$8,103,420	$871,204
2018	$4,510,784	$3,422,242	$7,089,469	$1,088,542

LOCAL UNION NO 24 IBEW