Iron Workers Locals No 15 & 424

Analysis

Iron Workers Locals No 15 & 424 is a registered charity in United States, based in Rocky Hill, CT. It received its IRS tax-exemption ruling in July 2016, 10 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Iron Workers Locals No 15 & 424 reported income of $880k and spending of $889k, spending 101% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $714k to $880k (+23%), an average of +5.4% a year. The sharpest change came in the year to June 2021, when income rose by 26%. Over the whole period it spent 114% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Iron Workers Locals No 15 & 424 sits at the 74th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 78th percentile, and in the 76th percentile within CT. Charities of a similar size with the same main cause include Bais Yaakov Girls High School of Minneapolis ($880k), Hosco Shift Inc ($880k) and Impact Academy of Tallahassee Inc ($880k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 5.1% and program service revenue 95% of the total. Compensation of current officers, directors and key employees was $161k (18% of expenses). Other salaries and wages came to $266k. At year end it held assets of $517k against liabilities of $140k, net assets of $377k. It reported 48 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.