Is Local 298 Health Benefit Fund I Legit?

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.