Is Plumbers Local Union No 1 Welfare Fund Legit?

Plumbers Local Union No 1 Welfare Fund appears to be a welfare benefit fund, which typically operates differently from traditional public charities. Its financial health, as indicated by the provided data, shows a consistent trend of expenses exceeding revenue across all reported periods. For instance, in 2018, expenses were $5,328,579 against revenues of $2,731,481. This suggests the fund may be drawing down on its assets or receiving contributions not fully captured in the 'Revenue' line item, which is common for such funds that manage existing assets for member benefits rather than actively fundraising. The organization's assets have also shown a declining trend, from $82,325,423 in 2011 to $65,491,699 in 2018, and are currently reported as $0, which is a significant change requiring further investigation into the latest filing. Regarding spending efficiency, without a detailed breakdown of expenses (e.g., program services vs. administrative), it's challenging to assess. However, the NTEE code Y43 (Employee or Member Welfare Benefit Funds) suggests its primary purpose is to provide benefits, which would inherently be considered 'program' spending. The consistent reporting of 0% officer compensation across all periods indicates good transparency in executive pay, or that officers are compensated through other means not reported here. The current $0 asset figure is a major concern for a welfare fund and warrants immediate attention to understand its implications for the fund's long-term viability and ability to meet its obligations.