Overview
What is Mechanics Local 701 Training Fund?
Mechanics Local 701 Training Fund is a nonprofit organization situated in Aurora, Illinois. Its primary mission is to establish and maintain educational and training programs for journeyworkers and apprentices in the field of automobile mechanics, catering to the skills and knowledge required within their jurisdiction. The fund aims to foster continuous development and growth in the craft by providing relevant and comprehensive training opportunities. Currently, the organization boasts a team of 12 dedicated individuals committed to this cause.
Official website here: www.local701training.com
What are the reviews and ratings of this charity?
Charity Navigator Rating 77% - Three-Star out of Four Star Rating
The Mechanics Local 701 Training Fund has earned a Three-Star rating from Charity Navigator, reflecting a solid level of accountability and finance management. The organization scored well in several areas, including independent board composition and financial oversight, showcasing a commitment to transparency. This rating indicates that the nonprofit maintains a good standard of governance and operational integrity.
One of the strengths of the organization is its fully independent board, consisting of eight members, which enhances decision-making and reduces conflicts of interest. Furthermore, the nonprofit has demonstrated effective financial management, evidenced by a low liabilities-to-assets ratio and thorough audits. However, there are areas where the organization could improve, such as the absence of a whistleblower policy and document retention practices, which are important for safeguarding ethical practices.
While the overall program expense ratio is decent at 61.34%, there is room for enhancement in how funds are allocated towards programmatic efforts. This score suggests that a portion of the budget may be directed elsewhere, which could impact the organization's ability to serve its mission effectively. Overall, while Mechanics Local 701 Training Fund shows strong governance, addressing the noted limitations could further bolster its effectiveness and community impact.
This AI summary has been generated from information found on Charity Navigator.
Is Mechanics Local 701 Training Fund legitimate?
Mechanics Local 701 Training Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mechanics Local 701 Training Fund submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $399,233
For more financial information, click here
Official website here: www.local701training.com
What is the mission statement of Mechanics Local 701 Training Fund?
The Mechanics Local 701 Training Fund is committed to establishing and maintaining educational programs aimed at enhancing the skills and knowledge of journeymen and apprentices within the realm of automobile mechanics. Their mission is centered around providing further development opportunities in their respective crafts, ensuring the continuity of excellence and proficiency within the automotive industry. By offering these training programs, the Fund seeks to equip its members with the necessary tools to excel in their chosen fields, ultimately contributing to the industry's growth and progress.
Official website here: www.local701training.com
Who is the CEO of Mechanics Local 701 Training Fund?
Mark Grasseschi is the Former Trustee of Mechanics Local 701 Training Fund.
Official website here: www.local701training.com
What is the revenue of Mechanics Local 701 Training Fund?
Mechanics Local 701 Training Fund's revenue in 2022 was $998,044.
Official website here: www.local701training.com
Who are the executives of Mechanics Local 701 Training Fund and what are their salaries?
The average compensation at Mechanics Local 701 Training Fund during 2022 was $33,269. There are 12 employees at Mechanics Local 701 Training Fund.
Here are 9 key members and their salaries:
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- Compensation: $107,423
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- Other: $37,413
Official website here: www.local701training.com
Where can I find the form 990 for Mechanics Local 701 Training Fund?
Mechanics Local 701 Training Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.local701training.com
Learn more at the official website: www.local701training.com
Mission Statement of Mechanics Local 701 Training Fund
Mechanics Local 701 Training Fund is committed to establishing and maintaining educational and training programs for journeyworkers and apprentices within the realm of automotive mechanics. Their primary objective is to foster the development of necessary skills and knowledge required in these crafts, ensuring the continuous growth and advancement of their members. By providing these programs, Mechanics Local 701 Training Fund empowers individuals to excel in their respective trades, ultimately contributing to the overall strength and expertise of the automotive mechanics industry under their jurisdiction.
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Impact
October, 2024
The Mechanics Local 701 Training Fund significantly enhances the skills and knowledge of both journeymen and apprentices in the automotive mechanics field. By establishing and maintaining comprehensive training and education programs, the Fund ensures that individuals are well-prepared to meet the evolving demands of the industry. This investment in workforce development results in a more skilled labor pool, ultimately leading to improved service quality in automotive repair and maintenance.
The Training Fund not only aids in personal and professional growth for participants but also strengthens the local economy by fostering a competent workforce that can effectively support and drive the automotive sector in Aurora, IL. By focusing on ongoing education, the Fund promotes lifelong learning and adaptability, key components for success in a rapidly changing technological landscape. This commitment to skill enhancement contributes to the overall advancement of the crafts under the jurisdiction of Automobile Mechanics Local 701.
This information is meant to be a general summary of Mechanics Local 701 Training Fund. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $17,663
- Program Service Revenue: $773,721
- Gross Receipts: $1,000,479
Assets and Liabilities:
- Total Assets: $956,855
- Total Liabilities: $86
- Net Assets: $956,769
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
EMPLOYER CONTRIBUTIONS
Revenue
$597,131
AUTOMOBILE MECHANICS L
Revenue
$176,590
Organization Details
Founding Year
2010
Phone
(630) 216-9230Principal Officer
Mark Grasseschi
Main Address
2650 N FARNSWORTH AVE, AURORA, IL, 605029727
Website
www.local701training.comNTEE Category
Code: B30 - Education
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