The Mechanics Local 701 Training Fund is a United States Department of Labor supervised labor/management training program founded in 2010. The Fund is subject to compliance with benefit requirements of the Employee Retirement Income Security Act of 1974 (ERISA); and, the United States Treasury Department Internal Revenue Service recognized 501(c)(3) tax-exempt educational trust.

Current directors of the Fund are Automobile Mechanics Local 701 Directing Business Representative Mark Grasseschi, Business Representative/Automotive Coordinator Walter Emerson, and Business Representative Joseph Scheer, representing the interests of Local 701 members; and, Vivien Fisher of Autobarn Evanston, Aaron Janik of MARBA, and Patrick Chandler of United Parcel Service representing the interests of Local 701 employers.

Financial support for Training Fund educational efforts is primarily from contributions from the members of Automobile Mechanics Local 701 and contributions from employers negotiated in collective bargaining agreements. The Fund operates a 30,000 square foot training facility at 2650 N. Farnsworth Ave, Aurora, Illinois and annually trains Local 701 members on-site and offsite.

Since its inception, the Fund has invested over $1,000,000 in facilities, tools, equipment, and educational aids to support training classes and courses. The current fiscal year operating budget of the Fund is $750,000.