Iron Workers Local 40 & 361 Apprenticeship & Training Fund
Iron Workers Apprenticeship Fund sees significant asset decline and deficit spending in 2023.
EIN: 132571023 · Astoria, NY · NTEE: J22Z · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $1.9M |
| Total Expenses | $2.7M |
| Program Spending | 85% |
| Net Assets | $2.4M |
| Transparency Score | 75/100 |
Is Iron Workers Local 40 & 361 Apprenticeship & Training Fund Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Iron Workers Local 40 & 361 Apprenticeship & Training Fund directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Iron Workers Local 40 & 361 Apprenticeship & Training Fund
Iron Workers Local 40 & 361 Apprenticeship & Training Fund (EIN: 132571023) is a nonprofit organization based in Astoria, NY, classified under NTEE code J22Z. The organization reported total revenue of $1.9M and total assets of $1.5M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Iron Workers Local 40 & 361 Apprenticeship & Training Fund's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Iron Workers Local 40 & 361 Apprenticeship & Training Fund is a mid-size nonprofit that has been operating for 40 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -0.2%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $2.0M |
| Total Expenses | $2.7M |
| Surplus / Deficit | $-721,389 |
| Total Assets | $2.9M |
| Total Liabilities | $482K |
| Net Assets | $2.4M |
| Operating Margin | -36.1% |
| Debt-to-Asset Ratio | 16.7% |
| Months of Reserves | 12.7 months |
Financial Health Grade: B
In 2023, Iron Workers Local 40 & 361 Apprenticeship & Training Fund reported a deficit of $721K with expenses exceeding revenue, holds 12.7 months of operating reserves (strong position), has a debt-to-asset ratio of 16.7% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Iron Workers Local 40 & 361 Apprenticeship & Training Fund's revenue has declined at a compound annual growth rate (CAGR) of -0.2%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +8.4% | +44.8% | -82.2% |
| 2022 | -4.9% | +5.3% | +3.8% |
| 2021 | -0.7% | -9.0% | +1.1% |
| 2020 | -9.1% | -13.4% | +3.4% |
| 2019 | -4.8% | +26.1% | +4.9% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1986 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Iron Workers Local 40 & 361 Apprenticeship & Training Fund with a Mission Score of 75 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Iron Workers Local 40 & 361 Apprenticeship & Training Fund allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $721K, with expenses exceeding revenue.
- Debt-to-asset ratio: 16.7%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that no officers receive compensation from the organization, which is highly favorable for spending efficiency.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Iron Workers Local 40 & 361 Apprenticeship & Training Fund's IRS 990 filings:
- Significant asset decline from $16.2M in 2022 to $2.89M in 2023
- Deficit spending in 2023 ($2,721,532 expenses vs. $2,000,143 revenue)
Strengths
The following positive indicators were identified for Iron Workers Local 40 & 361 Apprenticeship & Training Fund:
- Consistent revenue generation averaging around $2 million annually
- 0% reported officer compensation across all filings, indicating efficient use of funds for leadership
- Generally strong asset base relative to annual revenue in most years
Frequently Asked Questions about Iron Workers Local 40 & 361 Apprenticeship & Training Fund
Is Iron Workers Local 40 & 361 Apprenticeship & Training Fund a legitimate charity?
Based on AI analysis of IRS 990 filings, Iron Workers Local 40 & 361 Apprenticeship & Training Fund (EIN: 132571023) some concerns. Mission Score: 75/100. 2 red flags identified, 3 strengths noted.
How does Iron Workers Local 40 & 361 Apprenticeship & Training Fund spend its money?
Iron Workers Local 40 & 361 Apprenticeship & Training Fund directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Iron Workers Local 40 & 361 Apprenticeship & Training Fund tax-deductible?
Iron Workers Local 40 & 361 Apprenticeship & Training Fund is registered as a tax-exempt nonprofit (EIN: 132571023). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Iron Workers Local 40 & 361 Apprenticeship & Training Fund's spending goes to programs?
Iron Workers Local 40 & 361 Apprenticeship & Training Fund directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Iron Workers Local 40 & 361 Apprenticeship & Training Fund compare to similar nonprofits?
With a transparency score of 75/100 (Good), Iron Workers Local 40 & 361 Apprenticeship & Training Fund is above average for NTEE category J22Z nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Iron Workers Local 40 & 361 Apprenticeship & Training Fund located?
Iron Workers Local 40 & 361 Apprenticeship & Training Fund is headquartered in Astoria, New York and files with the IRS under EIN 132571023. It is classified under NTEE code J22Z.
How many years of IRS 990 filings does Iron Workers Local 40 & 361 Apprenticeship & Training Fund have?
Iron Workers Local 40 & 361 Apprenticeship & Training Fund has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $1.9M in total revenue.
What caused the significant decrease in assets from $16.2 million in 2022 to $2.89 million in 2023?
The provided data does not specify the reason for this drastic reduction in assets. It could be due to significant investments, asset sales, or other financial activities not detailed in the summary.
Why did expenses exceed revenue by over $700,000 in 2023?
In 2023, the organization reported expenses of $2,721,532 against revenue of $2,000,143, resulting in a deficit. This could be due to one-time expenditures, increased program costs, or a temporary dip in funding.
How does the organization fund its operations without officer compensation?
The consistent 0% officer compensation suggests that leadership may be volunteer-based or compensated through other affiliated entities, which is common in some union-related funds.
Filing History
IRS 990 filing history for Iron Workers Local 40 & 361 Apprenticeship & Training Fund showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Iron Workers Local 40 & 361 Apprenticeship & Training Fund's revenue has declined by 2.7%, moving from $2.1M to $2.0M. Total assets decreased by 58.1% over the same period, from $6.9M to $2.9M. Total functional expenses rose by 110.4%, from $1.3M to $2.7M. In its most recent filing year (2023), Iron Workers Local 40 & 361 Apprenticeship & Training Fund reported a deficit of $721K, with expenses exceeding revenue. The organization holds $482K in liabilities against $2.9M in assets (debt-to-asset ratio: 16.7%), resulting in net assets of $2.4M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $2.0M | $2.7M | $2.9M | $482K | — | — |
| 2022 | $1.8M | $1.9M | $16.3M | $329K | — | View 990 |
| 2021 | $1.9M | $1.8M | $15.7M | $256K | — | View 990 |
| 2020 | $2.0M | $2.0M | $15.5M | $236K | — | View 990 |
| 2019 | $2.1M | $2.3M | $15.0M | $214K | — | View 990 |
| 2018 | $2.3M | $1.8M | $14.3M | $195K | — | View 990 |
| 2017 | $2.4M | $1.9M | $14.1M | $175K | — | View 990 |
| 2016 | $2.7M | $1.8M | $12.9M | $144K | — | View 990 |
| 2015 | $2.3M | $2.2M | $8.8M | $622K | — | View 990 |
| 2014 | $1.4M | $1.9M | $8.3M | $262K | — | View 990 |
| 2013 | $1.6M | $1.6M | $8.0M | $10K | — | View 990 |
| 2012 | $2.2M | $1.7M | $8.0M | $418 | — | View 990 |
| 2011 | $2.1M | $1.3M | $6.9M | $2K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $2.0M, expenses of $2.7M, and assets of $2.9M (revenue +8.4% year-over-year).
- 2022: Revenue of $1.8M, expenses of $1.9M, and assets of $16.3M (revenue -4.9% year-over-year).
- 2021: Revenue of $1.9M, expenses of $1.8M, and assets of $15.7M (revenue -0.7% year-over-year).
- 2020: Revenue of $2.0M, expenses of $2.0M, and assets of $15.5M (revenue -9.1% year-over-year).
- 2019: Revenue of $2.1M, expenses of $2.3M, and assets of $15.0M (revenue -4.8% year-over-year).
- 2018: Revenue of $2.3M, expenses of $1.8M, and assets of $14.3M (revenue -4.7% year-over-year).
- 2017: Revenue of $2.4M, expenses of $1.9M, and assets of $14.1M (revenue -13.0% year-over-year).
- 2016: Revenue of $2.7M, expenses of $1.8M, and assets of $12.9M (revenue +20.7% year-over-year).
- 2015: Revenue of $2.3M, expenses of $2.2M, and assets of $8.8M (revenue +56.4% year-over-year).
- 2014: Revenue of $1.4M, expenses of $1.9M, and assets of $8.3M (revenue -7.0% year-over-year).
- 2013: Revenue of $1.6M, expenses of $1.6M, and assets of $8.0M (revenue -28.9% year-over-year).
- 2012: Revenue of $2.2M, expenses of $1.7M, and assets of $8.0M (revenue +6.2% year-over-year).
- 2011: Revenue of $2.1M, expenses of $1.3M, and assets of $6.9M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Iron Workers Local 40 & 361 Apprenticeship & Training Fund:
Data Sources and Methodology
This transparency report for Iron Workers Local 40 & 361 Apprenticeship & Training Fund is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.