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Masonry Industry Equality Fund

Not tax-deductible

Charlestown, MA501(c)(5)Since 2013EIN 04-6831593Revenue $4.5M in FY2024

On file with the IRS550 Medford St, 02129-1405 · Charlestown, MATax-exempt since Aug 1997

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To improve working conditions through local union support

100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(5)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average deficit $123K a year · 4% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
29 mo
of spending, in cash
Looks good: 29.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
4
of 4 voting members
Looks good: 4 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$4.5M
+11% vs prior year
Spent
$2.9M
To programs
100%
Net assets
$7.0M
By yearFY2020–FY2024
Revenue
$4.5M
FY2024▲ +11%
Tap a bar for its year
Revenue by fiscal year
FY2020$2.1M
FY2021$2.2M
FY2022$2.6M
FY2023$3.6M
FY2024$4.1M
FY2024$4.5M
Expenses
$2.9M
FY2024▲ +25%
Tap a bar for its year
Expenses by fiscal year
FY2020$2.0M
FY2021$5.0M
FY2022$3.1M
FY2023$2.9M
FY2024$2.3M
FY2024$2.9M
Net assets
$7.0M
FY2024▲ +31%
Tap a bar for its year
Net assets by fiscal year
FY2020$6.0M
FY2021$3.3M
FY2022$2.8M
FY2023$3.5M
FY2024$5.3M
FY2024$7.0M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

Form 990 (PDF) Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Aug 1997.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $2.9M Management & general 0% · $6K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

4 people listed on the 990.

Part VII, Section A · reportable compensation
Charles Raso
Chairman
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Masonry Industry Equality Fund executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Supports local unions to improve working conditions.

Questions for Masonry Industry Equality Fund

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Provided by the organization

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1 program · $2.9M · in their own filed words · FY2024
01

To improve working conditions

$2.9Mprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$4.5M
Ln 12
Fees for servicesLn 2g$4.3M
Investment incomeLn 3$213K
Money outPt IX
$2.9M
Ln 25
Programscol B$2.9M
Managementcol C$6K
Owns and owesPt X
$7.0M
net assets · Ln 32
Cash and savingsLn 1–2$7.0M
Total assetsLn 16$7.0M
LiabilitiesLn 26$0
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$4.3M
Investment incomeLn 3$213K
Total revenueLn 12$4.5M
Assets in detailPt X, end of year
SavingsLn 2$7.0M
Cash and savings togetherLn 1–2$7.0M
Total assetsLn 16$7.0M
LiabilitiesLn 26$0
Net assetsLn 32$7.0M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$5.3M$7.0M
Total assetsLn 16$5.3M$7.0M
LiabilitiesLn 26$0$0
Net assetsLn 32$5.3M$7.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$6K$6K
Other expenses (24a–d)Ln 24$2.9M$2.9M
Total functional expensesLn 25$2.9M$2.9M$6K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $4.1M$2.3M$1.8M$5.3M 990 PDF
FY2023 $3.6M$2.9M$729K$3.5M 990 PDF
FY2022 $2.6M$3.1M−$446K$2.8M 990 PDF
FY2021 $2.2M$5.0M−$2.7M$3.3M 990 PDF
FY2020 $2.1M$2.0M$60K$6.0M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $4,514,286 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $3,880,106$4,301,607
I-10 Investment incomePrior year $193,889$212,679
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $4,073,995$4,514,286
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $2,296,188$2,868,885
I-18 Total expensesPrior year $2,296,188$2,868,885
I-19 Revenue less expensesPrior year $1,777,807$1,645,401
Part VI · Governance 4 of 4 board members independent, 4 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members4
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $4,514,286 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $4,301,607$4,301,607
VIII-3 Investment incomeExcluded from tax $212,679$212,679
VIII-12 Total revenueRelated to mission $4,301,607 · Unrelated business $0 · Excluded from tax $212,679$4,514,286
Part IX · Statement of functional expenses $2,868,885 across 2 lines filed
IX-11c Accounting feesManagement $5,500$5,500
IX-24 Other expenses (24a–d)Programs $2,863,385$2,863,385
IX-25 Total functional expensesPrograms $2,863,385 · Management $5,500 · Fundraising $0$2,868,885
Part X · Balance sheet $6,960,297 assets, 6 lines filed
X-2 Savings and temporary cash investmentsStart of year $5,314,896$6,960,297
X-16 Total assetsStart of year $5,314,896$6,960,297
X-26 Total liabilitiesStart of year $0$0
X-27 Net assets without donor restrictionsStart of year $5,314,896$6,960,297
X-32 Total net assets or fund balancesStart of year $5,314,896$6,960,297
X-33 Total liabilities and net assetsStart of year $5,314,896$6,960,297
Part XI · Reconciliation of net assets $6,960,297 net assets at year end
XI-1 Total revenue$4,514,286
XI-2 Total expenses$2,868,885
XI-3 Revenue less expenses$1,645,401
XI-4 Net assets at start of year$5,314,896
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$6,960,297

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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