Sheet Metal Workers 40 Apprentice and Training Fund

EIN 23-7412739 Mutual-benefit / member-serving Rocky Hill, CT
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Revenue & expenses by yearFY2020–FY2024
Revenue
$848K
FY2024▲ +42%
Expenses
$874K
FY2024▲ +42%

Form 990 for the fiscal year ending December 2024 (IRS tax year 2024).


Trains local sheet metal workers for their trade. For fiscal year 2024 it reported $848K in revenue, $874K in expenses, and $729K in net assets.Pt I

Type
Mutual-benefit / member-serving · Nonprofit
Location
Rocky Hill, CT
Filings
5 on file (2020–2024)
Revenue
$848KFY2024
Expenses
$874K
Net assets
$729K
People
10
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Provided by the organization

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Size
$100K–1M
What they do
Trains local sheet metal workers for their trade.
Leadership
Clifford Richards · Training Coordinator · $104K
Money in and out
$848K revenue, $874K expenses
Bottom line
-3% surplus margin

What Funders Ask

From IRS filings

Tax-deductible?

warning No

Per the IRS master file. Details →

Can I give now?

good No revocation on IRS record

Not on the IRS revocation list. Details →

Filing up to date?

good Filed FY2024 (typical filing lag)

Details →

Foundation funders?

good 1 funder — International Training Institute for the Sheet Metal & Ac Industry

$24K in the latest grant year. Details →

Spent on programs?

good 82% to programs

Form 990 Part IX, latest filing. Details →

Size and trend

$100K–1M

↑ +42% vs prior year Details →

Reported financial activity · FY2024
Total revenue
$848K
Pt VIII · Ln 12
Total expenses
$874K
Pt IX · Ln 25
Net assets
$729K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$26K
Where spending went · Part IX cols B–D
Program services $0.82 Management & general $0.18
Surplus margin
-3%
revenue over expenses, this year▼ -14% vs prior filing year
Program spending
82%
of expenses reach programs▼ -6% vs prior filing year

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Summary of the Filing

Part I · fiscal year 2024 · Form 990
Total assets
$741K
FY2024▼ -3%
Total liabilities
$11K
FY2024▲ +65%
Revenue less expensesPt I · Ln 19−$26K
Total assetsPt X · Ln 16$741K
Program-expense ratioPt IX · col B82%
Voting members of governing bodyPt I · Ln 38
Independent voting membersPt I · Ln 48

Identity & Classification

Form 990 Header · IRS Business Master File
Legal name (IRS)Hdr · item CSheet Metal Workers 40 Apprentice and Training Fund
EINHdr · item D23-7412739
Principal addressHdr · item CRocky Hill, CT
WebsiteHdr · item Jnone reported
Year of formationHdr · item Lpending
State of legal domicileHdr · item MCT
Exempt statusHdr · item I501(c)(5) · active
NTEE classificationIRS BMFNonprofit
Ruling yearIRS BMFMar 1979

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a8
Independent voting membersPt VI · Ln 1b8
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2Yes

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Training Coordinator
$103,815Pt VII · Sec A
Labor Trustee
$63,870Pt VII · Sec A
Management Trustee
$2,125Pt VII · Sec A
Labor Trustee
$0Pt VII · Sec A
Labor Trustee
$0Pt VII · Sec A
Management Trustee
$0Pt VII · Sec A
Management Trustee (p)
$0Pt VII · Sec A
Labor Trustee
$0Pt VII · Sec A

Compensation history total reportable pay by year · 4 named individuals · Part VII

NameFY2024FY2023FY2022
Jason M Sherman—$112,369$101,484
Clifford Richards$103,815——
John M Beal$63,870$5,230$1,443
Michael Dezinno$2,125——

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Mission & Programs · Part III

Where the work happens

1 program service account for $716K of program spending, described in the organization's own filed words · FY2024.
01

To provide training and apprentice programs to journeypersons and apprentices.

$716Kprogram expense

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Statement of Revenue

Part VIII
Program service revenue$692K · 82%
Contributions & grants$126K · 15%
Investment income$26K · 3%
Other revenue$4K · 1%
Program service revenue82%$692K
Contributions & grants15%$126K
Investment income3%$26K
Other revenue1%$4K
Total revenueLn 12$848K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.82 Management & general $0.18
Program services82%$716K
Management & general18%$158K
Total functional expensesLn 25$874K

Balance Sheet

Part X · end of year
CashLn 1$550K
Total assetsLn 16$741K
Total liabilitiesLn 26$11K
Total net assetsLn 32$729K
Months of cash on handcomputed7.6

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $550K · Operating expenses/yr $874K
7.6 months
Where the money goes
Program services
Program services $716K · Total expenses $874K
82%
Management & General
Management & general $158K · Total expenses $874K
18%
Fundraising
Fundraising $0 · Total expenses $874K
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $60K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $126K · Total revenue $848K
15%
Government reliance
Government grants — · Total revenue $848K
—
Earned-income share
Program service revenue $692K · Total revenue $848K
82%
Investment reliance
Investment income $26K · Total revenue $848K
+3%
Program self-sufficiency
Program service revenue $692K · Total expenses $874K
79%
Growth & trend
Revenue growth (YoY)
This year $848K · Prior year $598K
+42%
Revenue CAGR
FY2020 $724K · FY2024 $848K
+4%
Net-asset trend (YoY)
End of year $729K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $848K · Expenses $874K
-3%
Liabilities-to-Assets
Total liabilities — · Total assets $741K
—
Net-asset ratio
Net assets $729K · Total assets $741K
98%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $741K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Clifford Richards · Reported title TRAINING COORDINATOR · Highest reported compensation $104K · Total expenses $874K
12%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $424K · Total expenses $874K
48%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 82%——
Overhead ratio 18%——
Fundraising cost ratio 0%——
Revenue growth 42%——
Investment management fee ratio 0.2%——
Legal fee ratio 1%——
Accounting fee ratio 1.0%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · funders on record
Grants received · FY2024
Total grants receivedfrom 1 funder$24K

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$848K revenue · viewing · ⤓ 990 PDF
FY2023$598K revenue · ⤓ 990 PDF
FY2022$592K revenue · ⤓ 990 PDF
FY2021$650K revenue · ⤓ 990 PDF
FY2020$724K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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