IRON WORKERS LOCAL 580 SCHOLARSHIP FUND INC

EIN: 562305804 501(c)(3)

NEW YORK, NY

Total Revenue
$1,798
Total Expenses
$122,364
Total Assets
N/A
Net Assets
N/A
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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
2000
Legal Domicile
NY
Principal Officer
JOSEPH NOLAN
Tax Period
2024-01-01 to 2024-12-31

IRON WORKERS LOCAL 580 SCHOLARSHIP FUND INC, founded in 2000, is a micro nonprofit that reported $2K in total revenue in fiscal year 2024. Revenue grew 19% year-over-year, indicating healthy expansion. Expenses of $122K exceeded revenue, resulting in a 6706% operating deficit.

Mission

TO PROVIDE SCHOLARSHIPS TO UNION MEMBER DEPENDENTS.

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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 $581
Program Service Revenue $0
Investment Income $1,042
Other Revenue $175
TOTAL REVENUE $1,798

Expense Breakdown

Grants Paid $121,039
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $121,039
Other Expenses $1,325
TOTAL EXPENSES $122,364

Year-over-Year Comparison

2024 2023 Change
Revenue $1,798 $1,512 +0.2%
Expenses $122,364 $1,350 +89.6%
Net Income $-120,566 $162 -745.2%
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

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Governance

Voting Members
3
Independent Members
N/A
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
3
$772,127
Total Directors
0
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JOSEPH NOLAN TREASURER 0.10
Officer
$0 $90,544 $260,304
JOSEPH MAFFEI PRESIDENT 0.10
Officer
$0 $90,544 $257,199
KEVIN MCKEON RECORDING SECRETARY 0.10
Officer
$0 $90,544 $254,624
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 $1,798 $122,364 No data $-120,566
2023 $1,512 $1,350 $120,566 $162
2022 $12 $1,325 $120,404 $-1,313
2021 $12 $1,500 $121,717 $-1,488
2020 $17 $1,975 $123,205 $-1,958
2019 $145 $2,125 $125,163 $-1,980
2018 $2,909 $2,125 $127,143 $784
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