Education Fund Local 580
- Assets
- $43.6m
- Revenue
- $6.1m
- Investments
- $0.0
- Employees
- 17
- Location
- New York, NY
- Founding
- 11/1969
- Data as of
- 12/2021
- EIN
- 23-7040036
Organization Overview
Education Fund Local 580 is located in New York, NY. The organization was established in 1969. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. As of 12/2021, Education Fund Local 580 employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Education Fund Local 580 is a 501(c)(5) and as such, is described as a "Labor, Agricultural, and Horticultural Organization" by the IRS.
For the year ending 12/2021, Education Fund Local 580 generated $6.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $3.6m during the year ending 12/2021. While expenses have increased by 2.7% 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
TRAINING SCHOOL FOR UNION APPRENTICES IN THE CONSTRUCTION INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO OPERATE TRAINING AND EDUCATION PROGRAMS FOR APPRENTICES OF LOCAL 580 AND TO GIVE RETRAINING AND ADDITIONAL TRAINING TO JOURNEYMEN OF LOCAL 580.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard M Falasca Director Of Education | 57 | $192,260 | |
Noel Quinones Instructor | 45 | $181,705 | |
Joseph Rooney Instructor | 45 | $172,581 | |
Eugene T Matthews Instructor | 45 | $161,487 | |
B Tormey Employee | 2 | $5,755 | |
John Cumberland Union Trustee | 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 | $28,227 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $28,227 |
| Total Program Service Revenue | $4,204,290 |
| Investment income | $695,737 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,160,506 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,094,121 |
| 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 | $0 |
| 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 | $1,378,590 |
| Pension plan accruals and contributions | $296,021 |
| Other employee benefits | $157,950 |
| Payroll taxes | $106,010 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $70,599 |
| Fees for services: Accounting | $26,366 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $50,663 |
| Fees for services: Other | $7,199 |
| Advertising and promotion | $0 |
| Office expenses | $144,782 |
| Information technology | $113,786 |
| Royalties | $0 |
| Occupancy | $310,090 |
| Travel | $14,861 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,227 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $19,411 |
| Insurance | $48,021 |
| All other expenses | $39,957 |
| Total functional expenses | $3,622,565 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,064,703 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $408,009 |
| 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 | $34,639 |
| Net Land, buildings, and equipment | $51,565 |
| Investments—publicly traded securities | $31,076,905 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,977,380 |
| Total assets | $43,613,201 |
| Accounts payable and accrued expenses | $32,171 |
| 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 | $1,463 |
| Total liabilities | $33,634 |
| 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 | $43,579,567 |
| Total liabilities and net assets/fund balances | $43,613,201 |
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|---|---|---|
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The American Friends Of Winchester College New York, NY | $259,900 | $15,435,931 |
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Rowan University Foundation Inc Glassboro, NJ | $339,808,677 | $39,224,287 |
Equitable Facilities Fund Inc New York, NY | $843,754,758 | $34,535,002 |
Dudley Square Realty Corporation Boston, MA | $98,074,702 | $123 |
Stockton Affiliated Services Inc Galloway, NJ | $3,017,488 | $12,674,409 |
Auxiliary Campus Enterprises And Services State University College Alfred, NY | $11,814,689 | $16,740,654 |
College Of Staten Island Auxiliary Services Corp Inc Staten Island, NY | $62,695,629 | $9,780,570 |
American Friends Of The National Gallery London Inc New York, NY | $305,852,204 | $2,300,126 |
Auxiliary Services Corporation Of Suny Cortland Cortland, NY | $19,099,097 | $10,450,642 |
The Roosevelt Institute New York, NY | $39,947,474 | $14,561,739 |