Ibew Local 1049 Craft Division Skill Improvement Fund

The information for Ibew Local 1049 Craft Division Skill Improvement Fund is as of the organization's most recent filing in December '21. This organization is located in Holtsville, NY. It has been in existence for 5 years, following its founding in 2016.

Organization Classification

The IRS classifies organizations according to the National Taxonomy of Exempt Entities (NTEE) system. The NTEE system helps the IRS assign a 3-character code to each organization to describe the organization's activities.

The Ibew Local 1049 Craft Division Skill Improvement Fund's NTEE code is B30. The "B" tells us that the organization is classified along with Vocational & Technical Schools. The "30" tells us that the organization's major classification is Education. The NTEE describes Vocational & Technical Schools as separately organized trade high schools or vocational centers that provide formal preparation for semiskilled, skilled, technical or professional occupations for high-school-aged students and, in some cases, adults who want to develop skills for employment.

Every organization is also governed by a specific section of the Internal Revenue Code. This organization happens to be a 501(c)(3) organization. The IRS describes these organizations as those engaged in Religious, Educational, Charitable, Scientific, Literary, Public Safety, Amateur Sports, or Prevention of Cruelty to Children or Animals work.

Perhaps the most accurate way to get a sense of what the organization hopes to achieve is by looking at its mission. The mission of the Ibew Local 1049 Craft Division Skill Improvement Fund is to establish and promote training and other related programs for eligible participants.

Program Areas

The organization's program area focuses on establishing and promoting training and other related programs for eligible participants. These programs aim to provide necessary education and skills development opportunities for individuals who meet the eligibility criteria.

Organization Staffing

Ibew Local 1049 Craft Division Skill Improvement Fund has 14 employees, with 3 of them being paid over $100k according to the organization's most recent 990 tax filing. The organization does not rely on volunteers for support.

Board Governance

Ibew Local 1049 Craft Division Skill Improvement Fund appears to be well-governed based on the provided information. The organization has a total of 6 voting members, all of whom are independent, indicating a diverse and unbiased decision-making process. The absence of potential conflicts of interest further strengthens the organization's governance structure, ensuring that decisions are made in the best interest of the non-profit and its stakeholders. The fact that the organization has not delegated management to an outside firm suggests that it maintains control over its operations and decision-making processes. This can contribute to a more transparent and accountable governance structure. The organization's commitment to documenting board meetings is commendable, as it allows for transparency and accountability in decision-making processes. However, the lack of documentation for committee meetings may be an area for improvement, as it could limit the organization's ability to track and evaluate the effectiveness of its committees. The presence of a conflict of interest policy, disclosure requirements for conflicts, and a written whistleblower policy demonstrate the organization's commitment to ethical conduct and transparency. These policies provide a framework for addressing and mitigating potential conflicts or unethical behavior. Additionally, the organization's document retention policy and the provision of copies of the 990 to the board prior to filing indicate a commitment to maintaining accurate and accessible records. However, the organization's failure to substantiate and review leadership and officer salaries may be a potential area for improvement in terms of financial transparency. Overall, Ibew Local 1049 Craft Division Skill Improvement Fund appears to have a well-governed structure with several policies and practices in place to ensure transparency, accountability, and ethical conduct. However, there may be some areas for improvement, such as documenting committee meetings and reviewing leadership salaries, to further enhance the organization's governance.

Organization Growth

The Ibew Local 1049 Craft Division Skill Improvement Fund, a nonprofit organization, has experienced significant growth over the given time period. The organization's Program Service Revenue increased from $725.7K in 2014 to $2.8M in 2021, indicating a substantial growth in the revenue generated through its services. Additionally, the Investment Income also saw an increase from $623.9K in 2014 to $1.0M in 2021. The Total Revenue of the organization also grew from $1.4M in 2014 to $3.8M in 2021, further highlighting its growth. Furthermore, the organization's Total Employees increased from 1 in 2014 to 14 in 2021, indicating expansion in its workforce. However, it is worth noting that the Contributions & Grants Received and Other Revenue line items were not meaningful over this time period, and therefore, do not provide relevant information regarding the organization's growth.