Is Local 1102 Health And Benefit Fund Legit?

Local 1102 Health And Benefit Fund demonstrates consistent financial health, primarily operating as a health and benefit fund rather than a traditional public charity. Its revenue has fluctuated over the past decade, with a notable dip in the latest reported period (202312) to $31,342,972 from a high of $34,314,876 in 201912. Despite this, the organization consistently maintains a healthy asset base, reaching $154,670,220 in 202312, significantly exceeding its liabilities of $6,585,464. This indicates strong financial solvency and the ability to meet its obligations to beneficiaries. The organization's spending efficiency is generally strong, with expenses consistently lower than revenue, allowing for growth in assets. For instance, in 202312, expenses were $26,438,177 against revenues of $31,342,972, resulting in a surplus. Given its nature as a benefit fund, a significant portion of its expenses would typically be direct benefit payments, which aligns with program spending. The consistent reporting of 0% officer compensation across all filings suggests a highly efficient administrative structure or that compensation is reported under other expense categories, which would require further detail for full transparency assessment. Transparency appears to be adequate through its regular IRS 990 filings. The consistent reporting of key financial metrics over a long period provides a clear picture of its financial operations. The absence of reported officer compensation directly on the 990s could be a point of inquiry for deeper understanding of administrative costs, but for a benefit fund, this might indicate that administrative functions are handled by a third party or are minimal and integrated into other operational costs. Overall, the fund appears to be well-managed financially, focusing on its core purpose of providing health and benefits.