Sheet Metal Workers 40 Apprentice and Training Fund FY2023 filing

Not tax-deductible

Rocky Hill, CT501(c)(5)EIN 23-7412739Revenue $598K in FY2023

On file with the IRS100a Old Forge Rd, 06067-3758 · Rocky Hill, CTTax-exempt since Mar 1979

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To provide Training to local 40 Sheet Metal Workers

88¢ of each $1 spent went to programs.
$118K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2023 · 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 surplus $72K a year · 11% 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
88%
of spending
Looks good: 88% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$118K
to officers and key staff · 19% of spending
Fine: pay to officers and key staff is 19% of spending; 15% to 20%.
Pt VII · Sec A
Cash reserves
13 mo
of spending, in cash
Looks good: 12.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $24K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$7K
0.9% of total assets
Looks good: liabilities are 1% of assets; 50% or less.
Pt X · Ln 26
Independent board members
8
of 8 voting members
Looks good: 8 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$598K
+1% vs prior year
Spent
$615K
To programs
88%
Net assets
$756K
By yearFY2020–FY2024
Revenue
$598K
FY2023▲ +1%
Tap a bar for its year
Revenue by fiscal year
FY2020$724K
FY2021$650K
FY2022$592K
FY2023$598K
FY2024$848K
Expenses
$615K
FY2023▲ +32%
Tap a bar for its year
Expenses by fiscal year
FY2020$558K
FY2021$537K
FY2022$467K
FY2023$615K
FY2024$874K
Net assets
$756K
FY2023▼ -2%
Tap a bar for its year
Net assets by fiscal year
FY2020$533K
FY2021$646K
FY2022$772K
FY2023$756K
FY2024$729K

From the FY2023 Form 990 · see the original

Form 990 (PDF) Claim
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 1979.

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

Where the money goes

88 cents of each dollar spent went to programs.

Program services 88% · $538K Management & general 12% · $77K

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

9 people listed on the 990; $118K paid to officers and key staff.

Part VII, Section A · reportable compensation
Training Coordinator
$112,369Pt VII · Sec A
Labor Trustee
$5,230Pt VII · Sec A
Management Trustee
$0Pt VII · Sec A
Management Trustee
$0Pt VII · Sec A
Management Trustee
$0Pt VII · Sec A
Labor Trustee
$0Pt VII · Sec A
Labor Trustee
$0Pt VII · Sec A
Management 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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Questions the 990 asks

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

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Trains local sheet metal workers for their trade.

Questions for Sheet Metal Workers 40 Apprentice and Training Fund

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Provided by the organization

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1 program · $538K · in their own filed words · FY2023
01

To provide training and apprentice programs to jouneypersons and apprentices.

$538Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

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

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$598K
Ln 12
Fees for servicesLn 2g$526K
Gifts and grantsLn 1h$53K
Investment incomeLn 3$16K
Money outPt IX
$615K
Ln 25
Programscol B$538K
Managementcol C$77K
Owns and owesPt X
$756K
net assets · Ln 32
Cash and savingsLn 1–2$650K
Total assetsLn 16$763K
LiabilitiesLn 26$7K
PeoplePt VI, VII
9
listed · VII A
PaidVII A2
Voting boardVI 1a8
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$53K
Fees for servicesLn 2g$526K
Investment incomeLn 3$16K
Other incomeLn 4–11$4K
Total revenueLn 12$598K
Assets in detailPt X, end of year
CashLn 1$100
SavingsLn 2$650K
Cash and savings togetherLn 1–2$650K
Land, buildings, equipmentLn 10c$46K
Other assetsLn 15$5K
Total assetsLn 16$763K
LiabilitiesLn 26$7K
Net assetsLn 32$756K
OperationsPt I, VI
EmployeesI 54
VolunteersI 60
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 FY23End FY23
Cash and savingsLn 1–2$688K$650K
Land, buildings, equipmentLn 10c$8K$46K
Total assetsLn 16$788K$763K
LiabilitiesLn 26$16K$7K
Net assetsLn 32$772K$756K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$194K$194K
Pension plan contributionsLn 8$84K$84K
Other employee benefitsLn 9$35K$35K
Payroll taxesLn 10$16K$16K
Legal feesLn 11b$13K$13K
Accounting feesLn 11c$8K$8K
Investment management feesLn 11f$702$702
Advertising and promotionLn 12$2K$2K
Office expensesLn 13$31K$31K
OccupancyLn 16$127K$127K
TravelLn 17$21K$21K
Conferences, conventions and meetingsLn 19$5K$5K
Payments to affiliatesLn 21$1K$1K
Depreciation, depletion and amortizationLn 22$7K$7K
InsuranceLn 23$13K$13K
Other expenses (24a–d)Ln 24$58K$58K
Total functional expensesLn 25$615K$538K$77K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $848K$874K−$26K$729K 990 PDF
FY2023 Viewing $598K$615K−$16K$756K 990 PDF
FY2022 $592K$467K$125K$772K 990 PDF
FY2021 $650K$537K$113K$646K 990 PDF
FY2020 $724K$558K$166K$533K 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 FY2023 990 (6 parts)
Part I · Summary $598,366 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$52,860
I-9 Program service revenuePrior year $583,996$525,578
I-10 Investment incomePrior year $2,329$16,273
I-11 Other revenuePrior year $5,930$3,655
I-12 Total revenuePrior year $592,255$598,366
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 $220,532$328,552
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $246,262$286,070
I-18 Total expensesPrior year $466,794$614,622
I-19 Revenue less expensesPrior year $125,461−$16,256
Part VI · Governance 8 of 8 board members independent, 1 to look at
VI-1a Voting members of the governing body8
VI-1b Independent voting members8
VI-2 Family or business relationship among officers or directorsYes
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 $598,366 across 6 lines filed
VIII-1f All other contributions, gifts and grants$52,860
VIII-1h Total contributions, gifts and grants$52,860
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $525,578$525,578
VIII-3 Investment incomeExcluded from tax $16,273$16,273
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $3,655$3,655
VIII-12 Total revenueRelated to mission $525,578 · Unrelated business $0 · Excluded from tax $19,928$598,366
Part IX · Statement of functional expenses $614,622 across 16 lines filed
IX-7 Other salaries and wagesPrograms $193,890$193,890
IX-8 Pension plan contributionsPrograms $84,378$84,378
IX-9 Other employee benefitsPrograms $34,526$34,526
IX-10 Payroll taxesPrograms $15,758$15,758
IX-11b Legal feesManagement $12,636$12,636
IX-11c Accounting feesManagement $8,107$8,107
IX-11f Investment management feesManagement $702$702
IX-12 Advertising and promotionPrograms $2,277$2,277
IX-13 Office expensesManagement $31,073$31,073
IX-16 OccupancyPrograms $126,881$126,881
IX-17 TravelPrograms $20,796$20,796
IX-19 Conferences, conventions and meetingsManagement $4,934$4,934
IX-21 Payments to affiliatesPrograms $1,225$1,225
IX-22 Depreciation, depletion and amortizationManagement $6,619$6,619
IX-23 InsuranceManagement $12,705$12,705
IX-24 Other expenses (24a–d)Programs $58,115$58,115
IX-25 Total functional expensesPrograms $537,846 · Management $76,776 · Fundraising $0$614,622
Part X · Balance sheet $762,577 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $100$100
X-2 Savings and temporary cash investmentsStart of year $687,806$650,281
X-4 Accounts receivableStart of year $86,909$60,736
X-10c Land, buildings and equipment, netStart of year $8,015$46,286
X-15 Other assetsStart of year $5,174$5,174
X-16 Total assetsStart of year $788,004$762,577
X-17 Accounts payable and accrued expensesStart of year $16,073$6,902
X-26 Total liabilitiesStart of year $16,073$6,902
X-27 Net assets without donor restrictionsStart of year $768,662$752,341
X-28 Net assets with donor restrictionsStart of year $3,269$3,334
X-32 Total net assets or fund balancesStart of year $771,931$755,675
X-33 Total liabilities and net assetsStart of year $788,004$762,577
Part XI · Reconciliation of net assets $755,675 net assets at year end
XI-1 Total revenue$598,366
XI-2 Total expenses$614,622
XI-3 Revenue less expenses−$16,256
XI-4 Net assets at start of year$771,931
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$755,675

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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