Local 580 Insurance Fund
Local 580 Insurance Fund reports two consecutive years of operating deficits despite substantial assets and no disclosed officer compensation.
EIN: 136178513 · New York, NY · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $474.6M |
| Total Expenses | $54.4M |
| Program Spending | 90% |
| Net Assets | $308.7M |
| Transparency Score | 70/100 |
Is Local 580 Insurance Fund Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Local 580 Insurance Fund directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Local 580 Insurance Fund
Local 580 Insurance Fund (EIN: 136178513) is a nonprofit organization based in New York, NY. The organization reported total revenue of $474.6M and total assets of $335.3M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Local 580 Insurance Fund's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Local 580 Insurance Fund is a major nonprofit that has been operating for 77 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 2.1%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $46.7M |
| Total Expenses | $54.4M |
| Surplus / Deficit | $-7,680,165 |
| Total Assets | $328.0M |
| Total Liabilities | $19.3M |
| Net Assets | $308.7M |
| Operating Margin | -16.5% |
| Debt-to-Asset Ratio | 5.9% |
| Months of Reserves | 72.4 months |
Financial Health Grade: B
In 2023, Local 580 Insurance Fund reported a deficit of $7.7M with expenses exceeding revenue, holds 72.4 months of operating reserves (strong position), has a debt-to-asset ratio of 5.9% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Local 580 Insurance Fund's revenue has grown at a compound annual growth rate (CAGR) of 2.1%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +1.9% | -1.8% | +1.9% |
| 2022 | -34.8% | +7.4% | -12.6% |
| 2021 | +35.0% | +29.9% | +2.8% |
| 2020 | -25.6% | -19.2% | +8.4% |
| 2019 | -9.7% | +9.8% | +15.2% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1949 |
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 Local 580 Insurance Fund with a Mission Score of 70 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: 90%
- fundraising: 0%
According to IRS 990 filings, Local 580 Insurance Fund allocates its expenses as follows: admin: 10%, programs: 90%, fundraising: 0%. With 90% 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 $7.7M, with expenses exceeding revenue.
- Debt-to-asset ratio: 5.9%.
Executive Compensation Analysis
The organization consistently reports 0% officer compensation across all available filings, which is unusual for an entity with nearly half a billion dollars in annual revenue. This either indicates that executive compensation is not being reported in this specific section of the 990, or that the organization operates with an entirely volunteer executive leadership, which would be highly atypical for its size and complexity.
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 Local 580 Insurance Fund's IRS 990 filings:
- 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
The following positive indicators were identified for Local 580 Insurance Fund:
- 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.
Frequently Asked Questions about Local 580 Insurance Fund
Is Local 580 Insurance Fund a legitimate charity?
Local 580 Insurance Fund (EIN: 136178513) is a registered tax-exempt nonprofit based in New York. Our AI analysis gives it a Mission Score of 70/100. It has 13 years of IRS 990 filings on record. Total revenue: $474.6M. 3 red flags identified. 3 strengths noted. Financial health grade: B.
How does Local 580 Insurance Fund spend its money?
Local 580 Insurance Fund directs 90% of its spending to programs and services. This exceeds the 65% industry benchmark.
Are donations to Local 580 Insurance Fund tax-deductible?
Local 580 Insurance Fund is registered as a tax-exempt nonprofit (EIN: 136178513). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Where is Local 580 Insurance Fund located?
Local 580 Insurance Fund is headquartered in New York, New York and files with the IRS under EIN 136178513.
How many years of IRS 990 filings does Local 580 Insurance Fund have?
Local 580 Insurance 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 $474.6M in total revenue.
Why has Local 580 Insurance Fund reported expenses exceeding revenue in the last two fiscal years?
In 2023, expenses were $54,363,421 against revenues of $46,683,256, and in 2022, expenses were $55,344,014 against revenues of $45,790,999. This trend suggests that the organization is spending more than it is taking in, which could be due to increased benefit payouts, administrative costs, or investment losses not fully offset by other income. Further investigation into the detailed expense categories would be necessary to understand the drivers of these deficits.
How does Local 580 Insurance Fund manage to report 0% officer compensation despite its large scale?
The consistent reporting of 0% officer compensation on the 990 forms for an organization with hundreds of millions in revenue is highly unusual. It could mean that executive leadership is compensated through a related entity, or that the compensation is categorized differently within the 990, or that the fund is managed by individuals who do not receive compensation directly from the fund as 'officers'. This warrants further scrutiny to understand the true cost of executive management.
What is the long-term sustainability of the fund given recent operating deficits?
While the fund has reported deficits in the last two years, its substantial asset base ($327,954,180 in 2023) provides a significant buffer. However, sustained deficits without corresponding revenue growth or expense reductions could erode these assets over time, potentially impacting the fund's ability to meet its long-term obligations. The fund's ability to generate surpluses in prior years (e.g., $18.7 million in 2021) suggests it has the capacity to return to profitability.
Filing History
IRS 990 filing history for Local 580 Insurance Fund showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Local 580 Insurance Fund's revenue has grown by 28.4%, moving from $36.3M to $46.7M. Total assets increased by 132% over the same period, from $141.3M to $328.0M. Total functional expenses rose by 116.9%, from $25.1M to $54.4M. In its most recent filing year (2023), Local 580 Insurance Fund reported a deficit of $7.7M, with expenses exceeding revenue. The organization holds $19.3M in liabilities against $328.0M in assets (debt-to-asset ratio: 5.9%), resulting in net assets of $308.7M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $46.7M | $54.4M | $328.0M | $19.3M | — | — |
| 2022 | $45.8M | $55.3M | $321.8M | $20.5M | — | View 990 |
| 2021 | $70.3M | $51.5M | $368.4M | $9.0M | — | View 990 |
| 2020 | $52.0M | $39.7M | $358.3M | $19.9M | — | View 990 |
| 2019 | $70.0M | $49.1M | $330.5M | $22.3M | — | — |
| 2018 | $77.5M | $44.8M | $286.8M | $21.8M | — | View 990 |
| 2017 | $66.9M | $39.9M | $260.4M | $11.9M | — | — |
| 2016 | $55.7M | $39.2M | $225.5M | $9.7M | — | View 990 |
| 2015 | $46.9M | $33.9M | $202.0M | $8.2M | — | View 990 |
| 2014 | $54.5M | $32.2M | $194.8M | $6.3M | — | View 990 |
| 2013 | $47.1M | $26.2M | $176.3M | $4.7M | — | View 990 |
| 2012 | $40.4M | $25.5M | $154.1M | $6.1M | — | View 990 |
| 2011 | $36.3M | $25.1M | $141.3M | $11.8M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $46.7M, expenses of $54.4M, and assets of $328.0M (revenue +1.9% year-over-year).
- 2022: Revenue of $45.8M, expenses of $55.3M, and assets of $321.8M (revenue -34.8% year-over-year).
- 2021: Revenue of $70.3M, expenses of $51.5M, and assets of $368.4M (revenue +35.0% year-over-year).
- 2020: Revenue of $52.0M, expenses of $39.7M, and assets of $358.3M (revenue -25.6% year-over-year).
- 2019: Revenue of $70.0M, expenses of $49.1M, and assets of $330.5M (revenue -9.7% year-over-year).
- 2018: Revenue of $77.5M, expenses of $44.8M, and assets of $286.8M (revenue +15.8% year-over-year).
- 2017: Revenue of $66.9M, expenses of $39.9M, and assets of $260.4M (revenue +20.2% year-over-year).
- 2016: Revenue of $55.7M, expenses of $39.2M, and assets of $225.5M (revenue +18.8% year-over-year).
- 2015: Revenue of $46.9M, expenses of $33.9M, and assets of $202.0M (revenue -14.1% year-over-year).
- 2014: Revenue of $54.5M, expenses of $32.2M, and assets of $194.8M (revenue +15.8% year-over-year).
- 2013: Revenue of $47.1M, expenses of $26.2M, and assets of $176.3M (revenue +16.5% year-over-year).
- 2012: Revenue of $40.4M, expenses of $25.5M, and assets of $154.1M (revenue +11.3% year-over-year).
- 2011: Revenue of $36.3M, expenses of $25.1M, and assets of $141.3M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Local 580 Insurance Fund:
Data Sources and Methodology
This transparency report for Local 580 Insurance 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.