Quick charity verification for New York City Local 246 Welfare Fund (EIN: 136307146)
Verdict: New York City Local 246 Welfare Fund appears trustworthy
85/100Mission Score
$32.6MRevenue
$10.1MAssets
2Red Flags
4Strengths
Red Flags
Lack of detailed functional expense breakdown (program vs. admin vs. fundraising) in provided data, making precise efficiency assessment difficult.
Consistent 0% officer compensation could indicate compensation is paid through a related entity or not fully disclosed in this section, warranting further investigation.
Strengths
Consistent positive net income, with revenues generally exceeding expenses (e.g., $3,492,109 revenue vs. $2,431,511 expenses in 2023).
Steady growth in assets over the past decade, from $5,176,876 in 2014 to $8,626,139 in 2023, indicating financial stability.
Relatively low liabilities compared to assets (e.g., $101,384 liabilities vs. $8,626,139 assets in 2023), suggesting strong solvency.
Consistent filing of IRS Form 990s over 13 periods, demonstrating commitment to regulatory compliance and transparency.
Spending Breakdown
How New York City Local 246 Welfare Fund allocates its funds across programs, administration, and fundraising.
85%
Program Spending
Healthy — majority goes to mission
15%
Admin Costs
Reasonable — admin costs in check
0%
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 New York City Local 246 Welfare Fund
Is New York City Local 246 Welfare Fund a legitimate charity?
Based on AI analysis of IRS 990 filings, New York City Local 246 Welfare Fund (EIN: 136307146) appears trustworthy. Mission Score: 85/100. 2 red flags identified, 4 strengths noted.
Is New York City Local 246 Welfare Fund a good charity to donate to?
New York City Local 246 Welfare Fund has a Mission Score of 85/100. Revenue: $32.6M. Assets: $10.1M. Review the full transparency report for detailed spending breakdown and executive compensation analysis.
What is the EIN for New York City Local 246 Welfare Fund?
The Employer Identification Number (EIN) for New York City Local 246 Welfare Fund is 136307146. 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 New York City Local 246 Welfare Fund spend its money?
New York City Local 246 Welfare Fund allocates 85% to programs, 15% to administration, and 0% to fundraising. Healthy nonprofits typically spend 75%+ on programs.
How can I verify New York City Local 246 Welfare Fund's tax-exempt status?
You can verify New York City Local 246 Welfare Fund's tax-exempt status using EIN 136307146 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
The New York City Local 246 Welfare Fund demonstrates consistent financial activity over the past decade, with revenues generally exceeding expenses, leading to a steady growth in assets. For instance, in 2023, the organization reported revenues of $3,492,109 against expenses of $2,431,511, contributing to an asset base of $8,626,139. This trend suggests a stable financial position. The organization's liabilities have remained relatively low compared to its assets, indicating good financial management and solvency. The consistent reporting of 0% officer compensation across all available filings suggests a high degree of transparency regarding executive pay, or that compensation is handled through other means not reported in this section, which warrants further investigation for a complete picture of administrative costs.
Given the nature of a welfare fund, the primary 'program' spending would be the distribution of benefits to members. Without a detailed breakdown of expenses beyond total expenses, it's challenging to precisely assess spending efficiency in terms of program delivery versus administrative overhead. However, the consistent positive net income (revenue minus expenses) indicates that the fund is accumulating resources, which is generally a positive sign for long-term sustainability and ability to meet future obligations. The growth in assets from $5,176,876 in 2014 to $8,626,139 in 2023 further supports this.
Overall, the fund appears to be financially sound and transparent in its executive compensation reporting. To fully assess spending efficiency, a deeper dive into the functional expense breakdown (program services, management and general, fundraising) would be necessary. The consistent filing of IRS Form 990s over 13 periods also points to a commitment to regulatory compliance and public disclosure.