Is Local 298 Health Benefit Fund I Legit?

Quick charity verification for Local 298 Health Benefit Fund I (EIN: 111967404)

Verdict: Local 298 Health Benefit Fund I appears trustworthy

90/100Mission Score

$54.0MRevenue

$23.4MAssets

1Red Flags

4Strengths

Red Flags

Expenses occasionally exceed revenue, potentially indicating reliance on reserves or fluctuating income streams (e.g., 2022 expenses $27.7M vs. revenue $25.3M).

Strengths

Strong program spending, with expenses often closely matching or exceeding revenue, indicating direct benefit distribution.
No reported officer compensation across all filings, suggesting high efficiency and dedication to mission.
Consistent growth in assets over the long term, from $1.8M in 2013 to $23.3M currently.
Consistent filing of IRS Form 990s over 12 periods, demonstrating good financial transparency.

Spending Breakdown

How Local 298 Health Benefit Fund I allocates its funds across programs, administration, and fundraising.

95%

Program Spending

Healthy — majority goes to mission

Admin Costs

Reasonable — admin costs in check

Fundraising

Within typical range

How to read this: Well-run charities typically spend 75% or more on programs, keep admin under 25%, and fundraising under 15%. A high program ratio means more of every dollar goes directly to the mission.

How to Interpret This Report

What Red Flags Mean

Red flags are potential warning signs identified by AI analysis of IRS 990 filings. They may indicate issues like declining revenue, high executive pay relative to program spending, lack of transparency, or governance concerns. A single red flag does not necessarily mean an organization is untrustworthy, but multiple flags warrant further investigation before donating.

What Mission Score Measures

The Mission Score (0-100) evaluates how effectively a nonprofit fulfills its stated purpose. It combines multiple factors: program spending efficiency (how much goes to programs vs. overhead), financial health and sustainability, governance quality, transparency in reporting, and consistency of operations over time. A score of 70+ indicates strong alignment with the organization’s mission.

Using This Data for Donation Decisions

Use this report as one input in your decision. Look at the overall Mission Score for a quick assessment, review red flags and strengths for specific concerns, check the spending breakdown to see where money goes, and compare executive compensation to the organization’s size. Consider viewing the full transparency report for deeper analysis, and always verify tax-exempt status with the IRS before making large donations.

Frequently Asked Questions about Local 298 Health Benefit Fund I

Is Local 298 Health Benefit Fund I a legitimate charity?

Based on AI analysis of IRS 990 filings, Local 298 Health Benefit Fund I (EIN: 111967404) appears trustworthy. Mission Score: 90/100. 1 red flag identified, 4 strengths noted.

Is Local 298 Health Benefit Fund I a good charity to donate to?

Local 298 Health Benefit Fund I has a Mission Score of 90/100. Revenue: $54.0M. Assets: $23.4M. Review the full transparency report for detailed spending breakdown and executive compensation analysis.

What is the EIN for Local 298 Health Benefit Fund I?

The Employer Identification Number (EIN) for Local 298 Health Benefit Fund I is 111967404. This is the unique tax ID assigned by the IRS.

What is a Mission Score?

The Mission Score is a 0-100 rating that measures how effectively a nonprofit fulfills its stated mission. It factors in program spending efficiency, financial transparency, governance practices, and outcome reporting. Scores above 70 indicate strong mission alignment, 40-69 suggest mixed performance, and below 40 signals potential concerns.

How does Local 298 Health Benefit Fund I spend its money?

Local 298 Health Benefit Fund I allocates 95% to programs, 5% to administration, and 0% to fundraising. Healthy nonprofits typically spend 75%+ on programs.

How can I verify Local 298 Health Benefit Fund I's tax-exempt status?

You can verify Local 298 Health Benefit Fund I's tax-exempt status using EIN 111967404 on the IRS Tax Exempt Organization Search (TEOS) at apps.irs.gov/app/eos. You can also request copies of their Form 990 directly from the organization, as they are required by law to provide them upon request.

AI Transparency Report

Local 298 Health Benefit Fund I demonstrates consistent financial activity, primarily focused on health benefits. Over the past several years, the organization's revenue and expenses have shown a general upward trend, with the latest reported revenue at $54,042,861. The fund consistently expends a significant portion, often exceeding, its annual revenue on its programs, indicating a strong commitment to its primary purpose of providing health benefits. For instance, in 2022, expenses were $27,791,541 against revenues of $25,395,807, and in 2021, expenses were $26,037,001 against revenues of $24,797,848. This suggests that the fund is actively disbursing benefits rather than accumulating excessive reserves, though its assets have grown to $23,359,227.

The organization's financial health appears stable, with assets generally exceeding liabilities, although liabilities have also seen an increase in recent years, reaching $6,977,536 in 2022. The absence of reported officer compensation across all available filings suggests a lean administrative structure or that compensation is handled through other means not captured in this specific metric, which could be a positive indicator of efficiency. However, without a detailed breakdown of administrative and fundraising costs, a complete assessment of spending efficiency is challenging. The consistent filing of IRS Form 990s over 12 periods indicates good transparency in reporting its financial activities.

View Full Transparency Report →

Disclaimer

AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.