Quick charity verification for Local 580 Insurance Fund (EIN: 136178513)
Verdict: Local 580 Insurance Fund appears trustworthy
70/100Mission Score
$474.6MRevenue
$335.3MAssets
3Red Flags
3Strengths
Red Flags
Two consecutive years of operating deficits (2022 and 2023), totaling over $17 million.
Consistent reporting of 0% officer compensation, which is atypical for an organization of this size and could indicate a lack of transparency in executive remuneration.
Significant fluctuation in annual revenue, from $45.7 million in 2022 to $77.5 million in 2018, which could indicate reliance on volatile income sources.
Strengths
Strong asset base, with assets consistently exceeding liabilities by a significant margin (e.g., $327.9 million assets vs. $19.2 million liabilities in 2023).
History of generating substantial surpluses in prior years, demonstrating financial capacity (e.g., $18.7 million surplus in 2021).
Low liabilities relative to assets, indicating good financial solvency.
Spending Breakdown
How Local 580 Insurance Fund allocates its funds across programs, administration, and fundraising.
90%
Program Spending
Healthy — majority goes to mission
10%
Admin Costs
Reasonable — admin costs in check
0%
Fundraising
Within typical range
How to read this: Well-run charities typically spend 75% or more on programs, keep admin under 25%, and fundraising under 15%. A high program ratio means more of every dollar goes directly to the mission.
How to Interpret This Report
What Red Flags Mean
Red flags are potential warning signs identified by AI analysis of IRS 990 filings. They may indicate issues like declining revenue, high executive pay relative to program spending, lack of transparency, or governance concerns. A single red flag does not necessarily mean an organization is untrustworthy, but multiple flags warrant further investigation before donating.
What Mission Score Measures
The Mission Score (0-100) evaluates how effectively a nonprofit fulfills its stated purpose. It combines multiple factors: program spending efficiency (how much goes to programs vs. overhead), financial health and sustainability, governance quality, transparency in reporting, and consistency of operations over time. A score of 70+ indicates strong alignment with the organization’s mission.
Using This Data for Donation Decisions
Use this report as one input in your decision. Look at the overall Mission Score for a quick assessment, review red flags and strengths for specific concerns, check the spending breakdown to see where money goes, and compare executive compensation to the organization’s size. Consider viewing the full transparency report for deeper analysis, and always verify tax-exempt status with the IRS before making large donations.
Frequently Asked Questions about Local 580 Insurance Fund
Is Local 580 Insurance Fund a legitimate charity?
Based on AI analysis of IRS 990 filings, Local 580 Insurance Fund (EIN: 136178513) appears trustworthy. Mission Score: 70/100. 3 red flags identified, 3 strengths noted.
Is Local 580 Insurance Fund a good charity to donate to?
Local 580 Insurance Fund has a Mission Score of 70/100. Revenue: $474.6M. Assets: $335.3M. Review the full transparency report for detailed spending breakdown and executive compensation analysis.
What is the EIN for Local 580 Insurance Fund?
The Employer Identification Number (EIN) for Local 580 Insurance Fund is 136178513. This is the unique tax ID assigned by the IRS.
What is a Mission Score?
The Mission Score is a 0-100 rating that measures how effectively a nonprofit fulfills its stated mission. It factors in program spending efficiency, financial transparency, governance practices, and outcome reporting. Scores above 70 indicate strong mission alignment, 40-69 suggest mixed performance, and below 40 signals potential concerns.
How does Local 580 Insurance Fund spend its money?
Local 580 Insurance Fund allocates 90% to programs, 10% to administration, and 0% to fundraising. Healthy nonprofits typically spend 75%+ on programs.
How can I verify Local 580 Insurance Fund's tax-exempt status?
You can verify Local 580 Insurance Fund's tax-exempt status using EIN 136178513 on the IRS Tax Exempt Organization Search (TEOS) at apps.irs.gov/app/eos. You can also request copies of their Form 990 directly from the organization, as they are required by law to provide them upon request.
AI Transparency Report
Local 580 Insurance Fund appears to be a financially stable organization, consistently maintaining significant assets relative to its liabilities. For instance, in 2023, assets were $327,954,180 against liabilities of $19,274,130, indicating a strong financial position. However, the organization has reported expenses exceeding revenue in its two most recent filings (2023 and 2022), with a deficit of $7,680,165 in 2023 and $9,553,015 in 2022. While this trend warrants monitoring, it's important to note that the fund has historically generated surpluses, such as in 2021 where revenue exceeded expenses by over $18 million. The consistent reporting of zero officer compensation across all available filings suggests a potential lack of transparency regarding executive remuneration, or that compensation is structured in a way not reported under 'officer compensation' on the 990, which could be a point of concern for stakeholders seeking a full picture of administrative costs.