Local Union 1340 Building Corp

Newport News, VAUnknown exempt organization EIN 20-4685319Revenue −$9K in FY2022

On file with the IRS552 Industrial Park Drive · Newport News, VA

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To provide the members of the Local electrical Union with services and benefits.

Mission: Form 990 Part I, line 1

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FY2022 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2022
latest Form 990
Worth a look: the latest return is for FY2022, 4 tax years back; more than 3 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 3
filings with a surplus
Average deficit $533 a year · last 3 filings
Concern: a surplus in 1 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Liabilities
$469K
118% of total assets
Concern: liabilities are 118% of assets; over 80%.
Pt X · Ln 26
Independent board members
0
of 5 voting members
Concern: none of 5 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
−$9K
-45% vs prior year
Spent
$0
Net assets
−$73K
By yearFY2020–FY2022
Revenue
−$9K
FY2022▼ -45%
Tap a bar for its year
Revenue by fiscal year
FY2020$14K
FY2021−$6K
FY2022−$9K
Expenses
$0
FY2022
Tap a bar for its year
Expenses by fiscal year
FY2020$0
FY2021$0
FY2022$0
Net assets
−$73K
FY2022▼ -14%
Tap a bar for its year
Net assets by fiscal year
FY2020−$58K
FY2021−$64K
FY2022−$73K

From the FY2022 Form 990 · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2022.

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

Who runs it and what they're paid

9 people listed on the 990.

Part VII, Section A · reportable compensation
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Local Union 1340 Building Corp 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

Offers members of the local electrical union services and benefits.

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Provided by the organization

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1 program · in their own filed words · FY2022
01

The organization purchased a building which will be used to generate income to support the members of local union 1340.

Pt IX · col B

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
−$9K
Ln 12
Investment incomeLn 3$640
Money outPt IX
$0
Ln 25
Owns and owesPt X
−$73K
net assets · Ln 32
Cash and savingsLn 1–2$65K
Total assetsLn 16$396K
LiabilitiesLn 26$469K
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$640
Gains on assetsLn 7−$6K
Total revenueLn 12−$9K
Assets in detailPt X, end of year
CashLn 1$4K
SavingsLn 2$62K
Cash and savings togetherLn 1–2$65K
Land, buildings, equipmentLn 10c$330K
Total assetsLn 16$396K
LiabilitiesLn 26$469K
Net assetsLn 32−$73K
OperationsPt I, VI
EmployeesI 50
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$81K$65K
Land, buildings, equipmentLn 10c$337K$330K
Total assetsLn 16$417K$396K
LiabilitiesLn 26$482K$469K
Net assetsLn 32−$64K−$73K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Total functional expensesLn 25$0$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2022 Latest Viewing −$9K$0−$9K−$73K 990 PDF
FY2021 −$6K$0−$6K−$64K 990 PDF
FY2020 $14K$0$14K−$58K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary −$9,073 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenue$0
I-10 Investment income−$5,414
I-11 Other revenuePrior year −$6,264−$3,659
I-12 Total revenuePrior year −$6,264−$9,073
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expenses$0
I-18 Total expenses$0
I-19 Revenue less expensesPrior year −$6,264−$9,073
Part VI · Governance 0 of 5 board members independent, 1 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members0
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue −$9,073 across 4 lines filed
VIII-3 Investment incomeRelated to mission $640$640
VIII-6 Net rental income or lossRelated to mission −$3,659−$3,659
VIII-7 Net gain or loss on sales of assetsRelated to mission −$6,054−$6,054
VIII-12 Total revenueRelated to mission −$9,073−$9,073
Part IX · Statement of functional expenses $0 across 0 lines filed
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$0
Part X · Balance sheet $395,933 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $7,564$3,800
X-2 Savings and temporary cash investmentsStart of year $73,017$61,657
X-10c Land, buildings and equipment, netStart of year $336,911$330,476
X-16 Total assetsStart of year $417,492$395,933
X-25 Other liabilitiesStart of year $413,907$413,907
X-26 Total liabilitiesStart of year $481,565$469,079
X-27 Net assets without donor restrictionsStart of year −$64,073−$73,146
X-32 Total net assets or fund balancesStart of year −$64,073−$73,146
X-33 Total liabilities and net assetsStart of year $417,492$395,933
Part XI · Reconciliation of net assets −$73,146 net assets at year end
XI-1 Total revenue−$9,073
XI-2 Total expenses$0
XI-3 Revenue less expenses−$9,073
XI-4 Net assets at start of year−$64,073
XI-10 Net assets at end of year−$73,146

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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