Teamsters Local 560 Industry Advancement Fund

The Teamsters Local 560 Industry Advancement Fund is a nonprofit organization classified as a 501(c)(6) entity, which includes business leagues, chambers of commerce, real estate boards, and other organizations focused on improving business conditions.[1] The organization's primary mission is to advance the interests of its constituency, particularly through training and development initiatives in the construction sector.

Purpose and Activities

The fund's main objective is to train construction employees in industry-specific skills, processes, and procedures. This focus on workforce development aims to enhance the capabilities and competitiveness of workers within the construction industry, aligning with broader objectives of improving business conditions and industry standards.[2]

Financial Operations

As a 501(c)(6) organization, donations to the Teamsters Local 560 Industry Advancement Fund are not tax deductible. The organization primarily generates its revenue from program services, which account for a significant portion of its overall income.[1] In fiscal years, the fund's financial performance reflects this reliance on program-related activities.

Governance and Structure

The organization operates under a governance structure that includes trustees and administrators. Key personnel include union trustees and employer trustees who oversee the fund's activities. However, specific details about its board members are not publicly available.[2]

Relationship to Other Teamsters Funds

The Teamsters Local 560 Industry Advancement Fund operates alongside other related funds, such as the Teamsters Pension Trust Fund, which focuses on providing comprehensive retirement benefits to participating employees and employers. These funds collectively support workers in the construction industry by addressing both training needs and long-term financial security.[3]