Is Local 147 Construction Workers Additional Security Benefits Fund Legit?

The Local 147 Construction Workers Additional Security Benefits Fund appears to be a benefits fund, not a traditional public charity, which significantly impacts the interpretation of its financial data. Its primary purpose is likely to manage and disburse benefits to members, rather than engage in programmatic activities in the way a typical nonprofit would. The organization consistently reports 0% officer compensation across all available filings, indicating strong financial stewardship in this area and a focus on directing funds to its intended purpose. However, the fund has experienced a significant decline in assets over the past decade, from $54.2 million in 2014 to $11.8 million in 2023, alongside a general trend of expenses exceeding revenue in many periods, such as in 2021 ($1.78M expenses vs $0.97M revenue) and 2020 ($1.75M expenses vs $1.17M revenue). This suggests a period of substantial benefit payouts or investment losses, drawing down its reserves. While the most recent period (2023) shows revenue exceeding expenses ($3.11M revenue vs $1.74M expenses), this is a recent positive trend against a backdrop of long-term asset depletion. The lack of NTEE code and specific program spending details makes a direct comparison to typical charity efficiency metrics challenging, as its 'program' spending would largely be benefit disbursements.