Local 580-Vacation Fund
- Assets
- $30.0m
- Revenue
- $39.8m
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 11/1966
- Data as of
- 12/2021
- EIN
- 13-2874176
Organization Overview
Local 580-Vacation Fund is located in New York, NY. The organization was established in 1966. According to its NTEE Classification (Y43) the organization is classified as: Voluntary Employees Beneficiary Associations (Non-Government), under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Local 580-Vacation Fund is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 12/2021, Local 580-Vacation Fund generated $39.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $35.5m during the year ending 12/2021. While expenses have increased by 3.0% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE VACATION BENEFITS TO MEMBERS OF LOCAL UNION NO. 580 OF THE INTERNATIONAL ASSOCIATION OF BRIDGE, STRUCTURAL AND ORNAMENTAL IRON WORKERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVISION OF VACATION BENEFITS TO ELIGIBLE MEMBERS.
DIVIDENDS PAID TO MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Francis Garabedian Union Trustee | Trustee | 2 | $0 |
Randall Ment President/co-Chair | Trustee | 2 | $0 |
Kevin Mckeon Union Trustee | Trustee | 2 | $0 |
Thomas Milton Union Trustee | Trustee | 2 | $0 |
Peter Myers Union Trustee - Co Chair | Trustee | 2 | $0 |
Peter Carriero Employer Trustee/president | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $39,712,493 |
| Investment income | $53,194 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$7,020 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $39,758,667 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $35,131,905 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $85,276 |
| Pension plan accruals and contributions | $34,720 |
| Other employee benefits | $14,558 |
| Payroll taxes | $6,882 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $39,386 |
| Fees for services: Accounting | $55,507 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $300 |
| Fees for services: Other | $17,120 |
| Advertising and promotion | $0 |
| Office expenses | $18,955 |
| Information technology | $6,749 |
| Royalties | $0 |
| Occupancy | $23,603 |
| Travel | $3,932 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,261 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $229 |
| Insurance | $12,340 |
| All other expenses | $0 |
| Total functional expenses | $35,453,723 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $27,574,977 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,374,889 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $16,478 |
| Net Land, buildings, and equipment | $571 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,501 |
| Total assets | $29,969,416 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,277,092 |
| Total liabilities | $1,277,092 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $28,692,324 |
| Total liabilities and net assets/fund balances | $29,969,416 |