Sheetmetal Local 10 Training Fund

Nonprofit profile at a glance

EIN
411472350
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
Rochester, MN, USA
Phone
5072726468
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$381,000
Expenses
$327,547
Assets
$2,015,051
Liabilities
$989,791

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

10 people listed

Highest reported compensation

  • TOM ERDING (LABOR TRUSTEE): $995 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Provide education and work experience through a training program for apprentices and journeymen in the program for the current year.

What it reported doing in 2024

Education and training of apprentices and journeymen

Operating model

Revenue model
Donor-supported. 97% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and some filed totals do not add up.

Rating breakdown

  • Financial Efficiency: 71
  • Transparency & Controls: 82
  • Accountability: 86
  • Sustainability: 61
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 75.1%; rating input score 75
  • Program expense ratio: 87%; rating input score 87
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90.9%; rating input score 91; 13th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 14%; rating input score 66; 66th percentile among comparable filings
  • Total-asset coverage ratio: 6.15; rating input score 83; 83rd percentile among comparable filings
  • Liabilities to assets ratio: 0.49; rating input score 11; 11th percentile among comparable filings
  • Officer compensation ratio: 0.3%; rating input score 37; 37th percentile among comparable filings

Growth

  • Program expense growth: 7.6% per year; rating input score 100; 63rd percentile among comparable filings
  • Revenue growth: 10.3% per year; rating input score 100; 73rd percentile among comparable filings
  • Asset growth: 20.6% per year; rating input score 100; 85th percentile among comparable filings

Details

  • Where the money goes: 75.1% of revenue deployed · 87% of spending went to programs
  • Governance: 276 of 10 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $285K in reported program spending
  • Leadership: top reported pay $995 · 10 people listed
  • Consistency: 24 of 25 current checks pass · 1 finding to review
  • Schedules: 2 filed schedules
  • Filing history: 13 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • Moderate — Transparency & Controls: Independent members within voting members did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 11/100.
  • Moderate — Sustainability: Officer compensation ratio scored 37/100.