Local Union No 550 Of The Intl Assn Of Bridge Str & Orn Iron Workers
- Assets
- $2.5m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 8
- Location
- Canton, OH
- Founding
- 03/1995
- Data as of
- 06/2024
- EIN
- 34-0225474
Organization Overview
Local Union No 550 Of The Intl Assn Of Bridge Str & Orn Iron Workers is located in Canton, OH. The organization was established in 1995. According to its NTEE Classification (J40) the organization is classified as: Labor Unions, under the broad grouping of Employment and related organizations. As of 06/2024, Local Union No 550 Of The Intl Assn Of Bridge Str & Orn Iron Workers employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Local Union No 550 Of The Intl Assn Of Bridge Str & Orn Iron Workers is a 501(c)(5) and as such, is described as a "Labor, Agricultural, and Horticultural Organization" by the IRS.
For the year ending 06/2024, Local Union No 550 Of The Intl Assn Of Bridge Str & Orn Iron Workers generated $2.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $1.6m during the year ending 06/2024. While expenses have increased by 3.8% per year over the past 9 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
DEVELOP TRADE SKILLS; CULTIVATE FRIENDSHIP IN THE TRADE; DISTRIBUTE EMPLOYMENT OPPORTUNITIES FAIRLY
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE OBJECTIVE OF THE INTERNATIONAL ORGANIZATION SHALL BE TO ENCOURAGE AND DEVELOP A HIGH STANDARD OF SKILL, TO CULTIVATE FEELINGS OF FRIENDSHIP AMONG THE CRAFT, AND TO EQUITABLY DISTRIBUTE OPPORTUNITIES OF EMPLOYMENT. THE OBJECTIVE SHALL BE TO SECURE BY LEGAL AND PROPER MEANS PAY COMMENSURATE WITH THE HAZARD, PHYSICAL AND MENTAL TAXATION AND EXHAUSTION AND AVERAGE LIFE ENDURED BY ITS MEMBERS IN PERFORMING SERVICES OF THE TRADE. THE OBJECTIVE SHALL BE TO DISCOURAGE PIECE WORK AND PROMOTE SAFE AND REASONABLE METHODS OF WORK TO CULTIVATE THE MORAL, INTELLECTUAL AND SOCIAL CONDITIONS FOR THE WELL-BEING OF ALL ITS MEMBERS, THEIR FAMILIES, & IN THE INTEREST OF CITIZENSHIPS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Sherer II Past Business Manager | 48 | $97,525 | |
Theron Hodge Past Business Manager | 1 | $88,945 | |
Gary Craft President | OfficerTrustee | 40 | $38,419 |
Sean Diekmann Business Manager | OfficerTrustee | 0.5 | $6,682 |
Gary Felgenhauer Executive Committee | Trustee | 0.5 | $3,128 |
Joseph Liolios Executive Committee | Trustee | 0.5 | $268 |
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 | $37,836 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $37,836 |
| Total Program Service Revenue | $1,965,574 |
| Investment income | $62,715 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $64,834 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,130,959 |
| 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 | $16,350 |
| Compensation of current officers, directors, key employees. | $243,717 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $52,961 |
| Pension plan accruals and contributions | $149,120 |
| Other employee benefits | $89,729 |
| Payroll taxes | $24,138 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $23,562 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,155 |
| Advertising and promotion | $67,639 |
| Office expenses | $36,010 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $9,600 |
| Travel | $11,880 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,727 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $29,248 |
| Insurance | $21,437 |
| All other expenses | $75,242 |
| Total functional expenses | $1,573,475 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $303,073 |
| Savings and temporary cash investments | $1,930,966 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $198,113 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $21,484 |
| Total assets | $2,453,636 |
| Accounts payable and accrued expenses | $18,008 |
| 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 | $0 |
| Total liabilities | $18,008 |
| Net assets without donor restrictions | $2,435,628 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $2,453,636 |