Nonprofit · EIN 13-6178513
LOCAL 580 INSURANCE FUND
Tax-exempt · NEW YORK, NY 10036
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $56,880,973 | $52,891,962 | $3,989,011 | $335,332,058 | $25,541,287 | $309,790,771 |
| December 31, 2023 | 990 | $46,683,256 | $54,363,421 | -$7,680,165 | $327,954,180 | $19,274,130 | $308,680,050 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $39,452,590
- Investment income
- $17,289,905
- Net gain from sales of assets
- $9,215,338
- Other revenue
- $138,478
Expenses
- Grants and similar amounts paid
- $0
- Benefits paid to members
- $50,818,272
- Compensation of officers, directors and key employees
- $516,006
- Other salaries and wages
- $1,610,828
- Salaries, compensation and benefits (total)
- $2,910,927
- Professional fundraising fees
- $0
- Legal fees
- $159,379
- Accounting fees
- $170,328
- Occupancy
- $82,667
Balance sheet and other
- Total assets, start of year
- $327,954,180
- Total assets, end of year
- $335,332,058
- Total liabilities, end of year
- $25,541,287
- Net assets, end of year
- $309,790,771
- Publicly traded securities
- $222,182,892
- Gross receipts
- $474,603,631
- Employees
- 23
- Volunteers
- 0
- Year formed
- 1946
- State of legal domicile
- NY
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| RICHARD FALASCA | DIRECTOR OF EDUCATION Highest-paid employee | 0 | $201,686 | $145,741 |
| BRENDAN TORMEY | FUND ADMINISTRATOR Key employee | 14 | $182,337 | $127,842 |
| RYAN HERBERT | DIRECTOR OF AUDITS Highest-paid employee | 14 | $182,337 | $127,842 |
| THOMAS LECOMPTE | CONTROLLER Highest-paid employee | 14 | $152,639 | $105,806 |
| RANDALL MENT | EMPLOYER TRUSTEE Trustee or director | 2 | $0 | $0 |
| RANDALL RIFELLI | EMPLOYER TRUSTEE Trustee or director | 2 | $0 | $0 |
| PETER CARRIERO | EMPLOYER TRUSTEE Trustee or director | 2 | $0 | $0 |
| THOMAS MILTON | UNION TRUSTEE Trustee or director | 2 | $0 | $0 |
| JOSEPH NOLAN | UNION TRUSTEE Trustee or director | 2 | $0 | $0 |
| KEVIN MCKEON | UNION TRUSTEE Trustee or director | 2 | $0 | $0 |
| STEVEN DONOFRIO | UNION TRUSTEE Trustee or director | 2 | $0 | $0 |
990 for the year ended December 31, 2023: 14 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| RICHARD FALASCA | DIRECTOR OF EDUCATION Highest-paid employee | 0 | $198,707 | $141,710 |
| BRENDAN TORMEY | FUND ADMINISTRATOR Key employee | 14 | $180,112 | $124,306 |
| RYAN HERBERT | DIRECTOR OF AUDITS Highest-paid employee | 14 | $178,826 | $124,306 |
| JOHN CUMBERLAND - EFF 223 | ASST FUND ADMINISTRATOR Key employee | 14 | $160,627 | $110,429 |
| THOMAS LECOMPTE | CONTROLLER Highest-paid employee | 14 | $127,369 | $92,965 |
| RANDALL MENT | EMPLOYER TRUSTEE Trustee or director | 2 | $0 | $0 |
| RANDALL RIFELLI | EMPLOYER TRUSTEE Trustee or director | 2 | $0 | $0 |
| PETER CARRIERO | EMPLOYER TRUSTEE Trustee or director | 2 | $0 | $0 |
| PETER MYERS - THRU 1023 | UNION TRUSTEE Trustee or director | 2 | $0 | $0 |
| THOMAS MILTON | UNION TRUSTEE Trustee or director | 2 | $0 | $0 |
| JOSEPH NOLAN | UNION TRUSTEE Trustee or director | 2 | $0 | $0 |
| JOSEPH MAFFEI - THRU 523 | UNION TRUSTEE Trustee or director | 2 | $0 | $0 |
| KEVIN MCKEON | UNION TRUSTEE Trustee or director | 2 | $0 | $0 |
| STEVEN DONOFRIO - EFF 523 | UNION TRUSTEE Trustee or director | 2 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 501 W 42ND ST 2ND FLOOR, NEW YORK, NY 10036-6205
- Principal officer (990 for 2024)
- BRENDAN TORMEY, 501 WEST 42ND STREET, NEW YORK, NY 10036
- Signed the 990
- JOSEPH NOLAN, UNION TRUSTEE
- Phone
- (212) 695-5206
- Return prepared by
- SCHULTHEIS & PANETTIERI LLP
Mission
THE PURPOSE OF THE PLAN IS TO PROVIDE HEALTH AND OTHER BENEFITS TO ELIGIBLE PARTICIPANTS.
Program accomplishments
- THE PURPOSE OF THE PLAN IS TO PROVIDE HEALTH AND OTHER BENEFITS TO ELIGIBLE PARTICIPANTS.
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 13-6178513
- Tax-exempt status
- 501(c)(9): Voluntary employees' beneficiary association
- Donations deductible
- No
- Exempt since
- 1949
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $335,332,058
- Income (IRS master file)
- $474,603,631
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $56,880,973 | $52,891,962 | $335,332,058 | XML |
| 990 | December 2023 | $46,683,256 | $54,363,421 | $327,954,180 | XML |
| 990 | December 2022 | $45,790,999 | $55,344,014 | $321,828,797 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 13-6178513).
Questions about LOCAL 580 INSURANCE FUND
- What is the EIN of LOCAL 580 INSURANCE FUND?
- The employer identification number (EIN) of LOCAL 580 INSURANCE FUND is 13-6178513.
- Is LOCAL 580 INSURANCE FUND tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(9) since 1949.
- Are donations to LOCAL 580 INSURANCE FUND tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does LOCAL 580 INSURANCE FUND file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of LOCAL 580 INSURANCE FUND due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did LOCAL 580 INSURANCE FUND last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of LOCAL 580 INSURANCE FUND?
- The 990 for the year ended December 31, 2024 names BRENDAN TORMEY.
- Who are the officers and directors of LOCAL 580 INSURANCE FUND?
- The 990 for the year ended December 31, 2024 lists 11 people; 4 received compensation from the organization, the highest $201,686 (RICHARD FALASCA, DIRECTOR OF EDUCATION).
- How much revenue does LOCAL 580 INSURANCE FUND have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $56,880,973, expenses of $52,891,962 and total assets of $335,332,058 at year end.
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