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Laborers 563 Building Corporation

Not tax-deductible

Minneapolis, MNMutual-benefit / member-serving EIN 23-7161548Revenue $770K in FY2025Latest return filed Oct 20, 2025

On file with the IRSlocal563.orgMinneapolis, MNTax-exempt since Feb 1972

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The Building Corporation owns the Building which is the headquarters for local union 563, whose purpose is to support workers for the economic, moral and social advancement of their condition and status.

Mission: Form 990 Part I, line 1

Before you give

FY2025 · Form 990Independent: from IRS data, not the org
Download 990
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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 5
filings with a surplus
Average deficit $141K a year · 63% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
14 mo
of spending, in cash
Looks good: 14.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$3.0M
21% of total assets
Looks good: liabilities are 21% of assets; 50% or less.
Pt X · Ln 26
Independent board members
5
of 7 voting members
Looks good: 5 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$770K
+789% vs prior year
Spent
$809K
To programs
0%
Net assets
$11.3M
By yearFY2021–FY2025
Revenue
$770K
FY2025▲ +789%
Tap a bar for its year
Revenue by fiscal year
FY2021$85K
FY2022$89K
FY2023$96K
FY2024$87K
FY2025$770K
Expenses
$809K
FY2025▲ +139%
Tap a bar for its year
Expenses by fiscal year
FY2021$167K
FY2022$179K
FY2023$338K
FY2024$339K
FY2025$809K
Net assets
$11.3M
FY2025▼ -5%
Tap a bar for its year
Net assets by fiscal year
FY2021$3.3M
FY2022$3.2M
FY2023$5.4M
FY2024$11.8M
FY2025$11.3M

From the FY2025 Form 990 (year ending June 2025) · figures checked against the IRS filing · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Feb 1972.

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

Who runs it and what they're paid

18 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
Joe Fowler
Business Man
$0Pt VII · Sec A
Daniel Brady
Fin Sec/Trea
$0Pt VII · Sec A
Keith Petersen
Asst Busines
$0Pt VII · Sec A
$0Pt VII · Sec A
Stacey Karels
Business Age
$0Pt VII · Sec A
Troy Cox
Business Age
$0Pt VII · Sec A
Todd Sorter
Business Age
$0Pt VII · Sec A
Kory Kreager
FMR Auditor
$0Pt VII · Sec A
See Laborers 563 Building Corporation executive salaries →

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 15aYes

Programs and updates

Owns building to support workers' economic, moral, and social advancement.

Questions for Laborers 563 Building Corporation

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1 program · in their own filed words · FY2024
01

To own and operate the building for local 563 - a union whose purpose is to support workers for the economic, moral and social advancement of their condition and status.

Pt IX · col B

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$770K
Ln 12
Investment incomeLn 3$685K
Fees for servicesLn 2g$101K
Money outPt IX
$809K
Ln 25
Owns and owesPt X
$11.3M
net assets · Ln 32
Cash and savingsLn 1–2$957K
Total assetsLn 16$14.2M
LiabilitiesLn 26$3.0M
PeoplePt VI, VII
18
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$101K
Investment incomeLn 3$685K
Gains on assetsLn 7$684K
Total revenueLn 12$770K
Assets in detailPt X, end of year
CashLn 1$957K
Cash and savings togetherLn 1–2$957K
Notes and loans receivableLn 7$784
Land, buildings, equipmentLn 10c$13.3M
Total assetsLn 16$14.2M
LiabilitiesLn 26$3.0M
Net assetsLn 32$11.3M
OperationsPt I, VI
EmployeesI 51
Fiscal year endsHeaderJune
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 FY25End FY25
Cash and savingsLn 1–2$1.6M$957K
Land, buildings, equipmentLn 10c$12.7M$13.3M
Total assetsLn 16$14.3M$14.2M
LiabilitiesLn 26$2.5M$3.0M
Net assetsLn 32$11.8M$11.3M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Legal feesLn 11b$2K
OccupancyLn 16$323K
InterestLn 20$174K
Depreciation, depletion and amortizationLn 22$270K
Other expenses (24a–d)Ln 24$40K
Total functional expensesLn 25$809K$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest ViewingFiled with the IRS Oct 20, 2025 $770K$809K−$40K$11.3M 990 PDF
FY2024Filed with the IRS Nov 6, 2024 $87K$339K−$252K$11.8M 990 PDF
FY2023Filed with the IRS Sep 8, 2023 $96K$338K−$242K$5.4M 990 PDF
FY2022Filed with the IRS Sep 26, 2022 $89K$179K−$89K$3.2M 990 PDF
FY2021Filed with the IRS Sep 23, 2021 $85K$167K−$82K$3.3M 990 PDF

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2025 990 (6 parts)
Part I · Summary $769,595 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $99,079$100,717
I-10 Investment incomePrior year $370$684,532
I-11 Other revenuePrior year −$12,922−$15,654
I-12 Total revenuePrior year $86,527$769,595
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 expensesPrior year $338,831$809,460
I-18 Total expensesPrior year $338,831$809,460
I-19 Revenue less expensesPrior year −$252,304−$39,865
Part VI · Governance 5 of 7 board members independent, no flags
VI-1a Voting members of the governing body7
VI-1b Independent voting members5
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
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $769,595 across 6 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $100,717$100,717
VIII-3 Investment incomeExcluded from tax $416$416
VIII-6 Net rental income or lossExcluded from tax −$47,089−$47,089
VIII-7 Net gain or loss on sales of assetsExcluded from tax $684,116$684,116
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Unrelated business $31,435$31,435
VIII-12 Total revenueRelated to mission $100,717 · Unrelated business $31,435 · Excluded from tax $637,443$769,595
Part IX · Statement of functional expenses $809,460 across 5 lines filed
IX-11b Legal fees$1,959
IX-16 Occupancy$323,150
IX-20 Interest$173,987
IX-22 Depreciation, depletion and amortization$270,115
IX-24 Other expenses (24a–d)$40,249
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$809,460
Part X · Balance sheet $14,211,030 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $1,576,062$957,206
X-7 Notes and loans receivableStart of year $335$784
X-10c Land, buildings and equipment, netStart of year $12,700,457$13,253,040
X-16 Total assetsStart of year $14,276,854$14,211,030
X-23 Secured mortgages and notes payableStart of year $2,483,762$2,957,803
X-26 Total liabilitiesStart of year $2,483,762$2,957,803
X-27 Net assets without donor restrictionsStart of year $11,793,092$11,253,227
X-32 Total net assets or fund balancesStart of year $11,793,092$11,253,227
X-33 Total liabilities and net assetsStart of year $14,276,854$14,211,030
Part XI · Reconciliation of net assets $11,253,227 net assets at year end
XI-1 Total revenue$769,595
XI-2 Total expenses$809,460
XI-3 Revenue less expenses−$39,865
XI-4 Net assets at start of year$11,793,092
XI-9 Other changes in net assets−$500,000
XI-10 Net assets at end of year$11,253,227

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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