Sheet Metal Workers Local 58 Welfare Fund
Sheet Metal Workers Local 58 Welfare Fund shows consistent asset growth and no reported officer compensation.
EIN: 150564137 · East Syracuse, NY · Updated: 2026-03-28
Is Sheet Metal Workers Local 58 Welfare Fund Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Sheet Metal Workers Local 58 Welfare Fund directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Sheet Metal Workers Local 58 Welfare Fund
Sheet Metal Workers Local 58 Welfare Fund (EIN: 150564137) is a nonprofit organization based in East Syracuse, NY. The organization reported total revenue of $2.4M and total assets of $5.2M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Sheet Metal Workers Local 58 Welfare Fund's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Sheet Metal Workers Local 58 Welfare Fund is a mid-size nonprofit that has been operating for 39 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 3.8%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $2.4M |
| Total Expenses | $2.0M |
| Surplus / Deficit | +$358K |
| Total Assets | $5.1M |
| Total Liabilities | $17K |
| Net Assets | $5.1M |
| Operating Margin | 15.2% |
| Debt-to-Asset Ratio | 0.3% |
| Months of Reserves | 30.7 months |
Financial Health Grade: A
In 2023, Sheet Metal Workers Local 58 Welfare Fund reported a surplus of $358K with revenue exceeding expenses, holds 30.7 months of operating reserves (strong position), has a debt-to-asset ratio of 0.3% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Sheet Metal Workers Local 58 Welfare Fund's revenue has grown at a compound annual growth rate (CAGR) of 3.8%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -8.1% | +10.7% | +14.7% |
| 2022 | -9.2% | +22.3% | -0.3% |
| 2021 | +43.1% | +32.8% | +41.7% |
| 2020 | +4.0% | -25.3% | +46.8% |
| 2019 | +0.0% | +1.6% | +29.9% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1987 |
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 Sheet Metal Workers Local 58 Welfare Fund with a Mission Score of 92 out of 100 (Excellent). 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, Sheet Metal Workers Local 58 Welfare 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 surplus of $358K, with revenue exceeding expenses.
- Debt-to-asset ratio: 0.3%.
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 unusual for an organization of this size with over $2 million in annual revenue and over $5 million in assets.
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 Sheet Metal Workers Local 58 Welfare Fund's IRS 990 filings:
- Lack of detailed program spending breakdown in summary data
- NTEE code unknown, limiting direct comparison to peer organizations
Strengths
The following positive indicators were identified for Sheet Metal Workers Local 58 Welfare Fund:
- Consistent revenue growth, from $1.4M in 2014 to $2.3M in 2023
- Strong asset accumulation, growing from $1.4M in 2014 to $5.1M in 2023
- Zero reported officer compensation across all filings
- Low liabilities relative to assets, indicating financial stability
- Consistent operating surplus, with revenues generally exceeding expenses
Frequently Asked Questions about Sheet Metal Workers Local 58 Welfare Fund
Is Sheet Metal Workers Local 58 Welfare Fund a legitimate charity?
Based on AI analysis of IRS 990 filings, Sheet Metal Workers Local 58 Welfare Fund (EIN: 150564137) some concerns. Mission Score: 92/100. 2 red flags identified, 5 strengths noted.
How does Sheet Metal Workers Local 58 Welfare Fund spend its money?
Sheet Metal Workers Local 58 Welfare Fund directs 90% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Sheet Metal Workers Local 58 Welfare Fund tax-deductible?
Sheet Metal Workers Local 58 Welfare Fund is registered as a tax-exempt nonprofit (EIN: 150564137). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How does the Sheet Metal Workers Local 58 Welfare Fund manage to operate without any reported officer compensation?
The filings consistently show 0% officer compensation, which could imply that executive functions are performed by volunteers, compensated through a related entity, or that the compensation structure falls outside the typical reporting requirements for 'officer compensation' on the 990 form.
What specific welfare benefits or programs does the fund provide to its members?
The provided data does not detail the specific welfare benefits or programs. Further investigation into the organization's public documents or website would be necessary to understand the nature of the programs it supports.
What is the primary source of the fund's revenue?
While not explicitly stated in the summary, welfare funds typically derive revenue from employer contributions, member contributions, and investment income. Given the consistent revenue, it's likely a combination of these sources.
Filing History
IRS 990 filing history for Sheet Metal Workers Local 58 Welfare Fund showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Sheet Metal Workers Local 58 Welfare Fund's revenue has grown by 57%, moving from $1.5M to $2.4M. Total assets increased by 153.7% over the same period, from $2.0M to $5.1M. Total functional expenses rose by 44.2%, from $1.4M to $2.0M. In its most recent filing year (2023), Sheet Metal Workers Local 58 Welfare Fund reported a surplus of $358K, with revenue exceeding expenses. The organization holds $17K in liabilities against $5.1M in assets (debt-to-asset ratio: 0.3%), resulting in net assets of $5.1M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $2.4M | $2.0M | $5.1M | $17K | — | — |
| 2022 | $2.6M | $1.8M | $4.5M | $41K | — | — |
| 2021 | $2.8M | $1.5M | $4.5M | $69K | — | View 990 |
| 2020 | $2.0M | $1.1M | $3.2M | $9K | — | — |
| 2019 | $1.9M | $1.5M | $2.1M | $12K | — | View 990 |
| 2018 | $1.9M | $1.5M | $1.7M | $6K | — | View 990 |
| 2017 | $1.7M | $1.6M | $1.4M | $4K | — | — |
| 2016 | $1.6M | $1.6M | $1.4M | $46K | — | View 990 |
| 2015 | $1.4M | $1.5M | $1.4M | $3K | — | View 990 |
| 2014 | $1.8M | $1.8M | $1.5M | $21K | — | View 990 |
| 2013 | $1.4M | $1.9M | $1.6M | $7K | — | View 990 |
| 2012 | $1.6M | $1.6M | $2.1M | $820 | — | View 990 |
| 2011 | $1.5M | $1.4M | $2.0M | $2K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $2.4M, expenses of $2.0M, and assets of $5.1M (revenue -8.1% year-over-year).
- 2022: Revenue of $2.6M, expenses of $1.8M, and assets of $4.5M (revenue -9.2% year-over-year).
- 2021: Revenue of $2.8M, expenses of $1.5M, and assets of $4.5M (revenue +43.1% year-over-year).
- 2020: Revenue of $2.0M, expenses of $1.1M, and assets of $3.2M (revenue +4.0% year-over-year).
- 2019: Revenue of $1.9M, expenses of $1.5M, and assets of $2.1M (revenue +0.0% year-over-year).
- 2018: Revenue of $1.9M, expenses of $1.5M, and assets of $1.7M (revenue +15.0% year-over-year).
- 2017: Revenue of $1.7M, expenses of $1.6M, and assets of $1.4M (revenue +1.4% year-over-year).
- 2016: Revenue of $1.6M, expenses of $1.6M, and assets of $1.4M (revenue +15.0% year-over-year).
- 2015: Revenue of $1.4M, expenses of $1.5M, and assets of $1.4M (revenue -19.8% year-over-year).
- 2014: Revenue of $1.8M, expenses of $1.8M, and assets of $1.5M (revenue +29.9% year-over-year).
- 2013: Revenue of $1.4M, expenses of $1.9M, and assets of $1.6M (revenue -17.5% year-over-year).
- 2012: Revenue of $1.6M, expenses of $1.6M, and assets of $2.1M (revenue +9.6% year-over-year).
- 2011: Revenue of $1.5M, expenses of $1.4M, and assets of $2.0M.
Data Sources and Methodology
This transparency report for Sheet Metal Workers Local 58 Welfare 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.