Local 580 Insurance Fund
501(c)(9)
Only null% goes to programs Strong reserves Declining revenue
Local 580 Insurance Fund is a 501(c)(9) organization based in New York, New York, registered in 1949, with $56,880,973 in FY2024 revenue. CharityIndex grades it A.
501 W 42nd St 2nd Floor, New York, NY, 10036 EIN 13-6178513 Since 1949
Revenue (FY2024)
$56.9M
▲ 21.8% vs prior year
Expenses (FY2024)
$52.9M
Net assets
$309.8M
Employees
23
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
A
—Program efficiency40% of the ratingNo expense breakdown in filings
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. Not scored for Local 580 Insurance Fund— this filing type doesn't report it, and the rating simply skips it (never counts it against the organization). See the exact thresholds →
B+Financial health25% of the rating70 mo reserves · +7% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For Local 580 Insurance Fund: 70 mo reserves · +7% margin earns a B+ on this criterion. See the exact thresholds →
A+Governance25% of the rating6 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For Local 580 Insurance Fund: 6 of 6 checks met earns a A+ on this criterion. See the exact thresholds →
BTransparency10% of the rating3 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For Local 580 Insurance Fund: 3 of 5 disclosure signals earns a B on this criterion. See the exact thresholds →
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Mission
The purpose of the plan is to provide health and other benefits to eligible participants.
Contact & location
Financial trends
Revenue grew from $47.1M (FY2013) to $56.9M (FY2024) across 12 reported years.
Financial snapshot
Financial health & position (FY2024)
Liabilities $25.5MNet assets $309.8M
Operating margin
7.0%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$335.3M
Total liabilities
$25.5M
Net assets
$309.8M
Salaries & benefits
$2.9M
6% of expenses
Board members
7
7 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2024 | $56,880,973▲21.8% | $52,891,962▼2.7% | $309,790,771▲0.4% | $335,332,058▲2.2% | 990 |
| 2023 | $46,683,256▲1.9% | $54,363,421▼1.8% | $308,680,050▲2.5% | $327,954,180▲1.9% | 990 |
| 2022 | $45,790,999▼34.8% | $55,344,014▲7.4% | $301,280,099▼16.2% | $321,828,797▼12.6% | 990 |
| 2021 | $70,279,432▲35.0% | $51,542,209▲29.9% | $359,387,972▲6.2% | $368,353,515▲2.8% | 990 |
| 2020 | $52,048,894▼25.6% | $39,673,342▼19.2% | $338,448,538▲9.8% | $358,341,898▲8.4% | 990 |
| 2019 | $70,003,731▼9.7% | $49,123,934▲9.8% | $308,250,703▲16.3% | $330,501,791▲15.2% | 990 |
| 2018 | $77,535,937▲15.8% | $44,759,164▲12.2% | $265,009,879▲6.6% | $286,814,270▲10.1% | 990 |
| 2017 | $66,943,007▲20.2% | $39,889,986▲1.9% | $248,492,712▲15.2% | $260,427,025▲15.5% | 990 |
| 2016 | $55,678,029▲18.8% | $39,159,292▲15.4% | $215,731,689▲11.3% | $225,456,163▲11.6% | 990 |
| 2015 | $46,874,798▼14.1% | $33,943,862▲5.3% | $193,863,592▲2.8% | $202,047,037▲3.7% | 990 |
| 2014 | $54,543,747▲15.8% | $32,232,689▲23.2% | $188,536,629▲9.8% | $194,823,913▲10.5% | 990 |
| 2013 | $47,096,465 | $26,158,555▲2.4% | $171,692,548▲16.0% | $176,346,377▲14.4% | 990 |
| 2012 | — | $25,536,613▲1.9% | $148,003,221▲14.3% | $154,148,733▲9.1% | 990 |
| 2011 | — | $25,067,090▲3.3% | $129,521,528▲8.6% | $141,330,767▲17.5% | 990 |
| 2010 | — | $24,257,722 | $119,281,117 | $120,307,255 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2024)
Highest-paid: Richard Falasca — $201,686 (0.38% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Richard Falasca | Director of Education | 0 | $201,686 |
| Brendan Tormey | Fund Administrator | 14 | $182,337 |
| Ryan Herbert | Director of Audits | 14 | $182,337 |
| Thomas Lecompte | Controller | 14 | $152,639 |
| Joseph Nolan | Union Trustee | 2 | — |
| Kevin Mckeon | Union Trustee | 2 | — |
| Peter Carriero | Employer Trustee | 2 | — |
| Randall Ment | Employer Trustee | 2 | — |
| Randall Rifelli | Employer Trustee | 2 | — |
| Steven Donofrio | Union Trustee | 2 | — |
| Thomas Milton | Union Trustee | 2 | — |
Top vendors & contractors (FY2024)
| Contractor | Services | Paid |
|---|---|---|
| Blue Cross Blue Shield | Med Claim Admin | $1,172,904 |
| Joint Multi Service Associates Ltd | Payroll Auditor | $348,000 |
| Colleran O'hara & Mills LP | Legal | $198,646 |
| Jp Morgan Investment Mgmt | Investment Mgmt | $179,287 |
| Loomis Sayles Trust Company | Investment Mgmt | $143,745 |
Frequently asked questions
- Is Local 580 Insurance Fund a legitimate nonprofit?
- Yes. Local 580 Insurance Fund is a 501(c)(9) organization registered with the U.S. Internal Revenue Service under EIN 13-6178513, based in New York, New York.
- What is Local 580 Insurance Fund's EIN?
- Local 580 Insurance Fund's Employer Identification Number (EIN) is 13-6178513.
- How much revenue does Local 580 Insurance Fund report?
- Local 580 Insurance Fund reported $56,880,973 in total revenue on its fiscal year 2024 IRS Form 990 filing.
- What financial grade does Local 580 Insurance Fund have?
- CharityIndex grades Local 580 Insurance Fund A, based on financial health (reserves and operating margin).
- How much does Local 580 Insurance Fund's highest-paid employee make?
- The highest reported compensation on Local 580 Insurance Fund's latest Form 990 is $201,686, paid to Richard Falasca (Director of Education).
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Data for Local 580 Insurance Fund (EIN 13-6178513) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.