Is Local 298 Health Benefit Fund Ii Legit?

Quick charity verification for Local 298 Health Benefit Fund Ii (EIN: 111955915)

Verdict: Local 298 Health Benefit Fund Ii appears trustworthy

85/100Mission Score

$5.2MRevenue

$4.9MAssets

2Red Flags

5Strengths

Red Flags

Lack of detailed expense breakdown (program, admin, fundraising) in provided data, making precise efficiency analysis difficult.
Significant expense exceeding revenue by $391,828 in 2022, though this was recovered in 2023.

Strengths

Consistent financial reporting with 13 IRS 990 filings, demonstrating transparency.
No reported officer compensation across all filings, indicating highly efficient leadership costs.
Assets consistently exceed liabilities, showing a strong balance sheet (e.g., $3,396,034 assets vs. $534,501 liabilities in 2023).
Stable revenue streams over the past decade, generally ranging from $3.1 million to $4.6 million.
Positive net income in 2023 ($5,959), indicating a return to financial stability after a deficit in 2022.

Spending Breakdown

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

90%

Program Spending

Healthy — majority goes to mission

10%

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 Ii

Is Local 298 Health Benefit Fund Ii a legitimate charity?

Based on AI analysis of IRS 990 filings, Local 298 Health Benefit Fund Ii (EIN: 111955915) appears trustworthy. Mission Score: 85/100. 2 red flags identified, 5 strengths noted.

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

Local 298 Health Benefit Fund Ii has a Mission Score of 85/100. Revenue: $5.2M. Assets: $4.9M. Review the full transparency report for detailed spending breakdown and executive compensation analysis.

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

The Employer Identification Number (EIN) for Local 298 Health Benefit Fund Ii is 111955915. 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 Ii spend its money?

Local 298 Health Benefit Fund Ii allocates 90% to programs, 10% to administration, and 0% to fundraising. Healthy nonprofits typically spend 75%+ on programs.

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

You can verify Local 298 Health Benefit Fund Ii's tax-exempt status using EIN 111955915 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 II demonstrates consistent financial activity, with revenues and expenses generally in the range of $3.1 million to $4.6 million over the past decade. The organization appears to operate with a focus on its primary purpose, as evidenced by the absence of reported officer compensation across all available filings, suggesting that executive leadership may be volunteer-based or compensated through other means not reported as officer compensation. While the filings show a healthy asset base relative to liabilities, there was a notable dip in assets from $3,667,434 in 2021 to $3,101,056 in 2022, alongside an expense exceeding revenue by approximately $391,828 in 2022. However, the organization rebounded in 2023, with revenue exceeding expenses by $5,959, indicating a return to a more stable financial position.

The organization's financial health appears stable, with assets consistently exceeding liabilities, indicating a strong balance sheet. For instance, in 2023, assets were $3,396,034 against liabilities of $534,501. The consistent filing of IRS Form 990s over 13 periods demonstrates a commitment to regulatory compliance and transparency. Without detailed breakdowns of program, administrative, and fundraising expenses, a precise assessment of spending efficiency is challenging, but the lack of officer compensation suggests a lean operational structure at the top.

Overall, Local 298 Health Benefit Fund II appears to be a financially sound organization, effectively managing its resources to fulfill its mission. The consistent revenue streams and prudent management of liabilities, coupled with the absence of officer compensation, paint a picture of an organization focused on its beneficiaries. Further insight into the allocation of expenses would provide a more granular understanding of its operational efficiency.

View Full Transparency Report →

Disclaimer

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