Craft Division Of Local 1049 Health And Welfare Fund

Craft Division Of Local 1049 Health And Welfare Fund shows consistent asset growth and positive net income over a decade with no reported officer compensation.

EIN: 116043757 · Holtsville, NY · Updated: 2026-03-28

$74.8MRevenue

$127.3MAssets

85/100Mission Score (Excellent)

About Craft Division Of Local 1049 Health And Welfare Fund

Craft Division Of Local 1049 Health And Welfare Fund (EIN: 116043757) is a nonprofit organization based in Holtsville, NY. The organization reported total revenue of $74.8M and total assets of $127.3M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Craft Division Of Local 1049 Health And Welfare Fund's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

The Craft Division Of Local 1049 Health And Welfare Fund demonstrates consistent financial growth and appears to be fiscally sound. Over the past decade, its assets have grown significantly from $28,177,621 in 2014 to $111,919,620 in 2023, indicating strong financial management and accumulation of resources. The organization consistently reports positive net income, with revenues generally exceeding expenses, such as in 2023 where revenue was $27,723,174 against expenses of $23,505,423. This trend suggests a healthy ability to cover its operational costs and build reserves.

Regarding spending efficiency, without a detailed breakdown of program, administrative, and fundraising expenses, it's challenging to provide a precise assessment. However, as a health and welfare fund, its primary 'program' spending would typically be direct benefits to members. The consistent growth in assets and the positive difference between revenue and expenses suggest that the fund is effectively managing its resources to meet its objectives. The absence of reported officer compensation across all filings indicates a potential strength in minimizing overhead related to executive pay, though further details on other administrative costs would be beneficial for a complete picture.

Transparency is generally good given the availability of 13 years of IRS 990 filings. These filings provide a clear historical record of financial performance, including revenue, expenses, assets, and liabilities. The consistent reporting of 0% officer compensation is a notable point for transparency. However, without specific NTEE codes or more granular expense breakdowns within the provided data, a deeper analysis of program efficiency versus administrative overhead is limited. Overall, the organization appears to be well-managed financially, with a clear growth trajectory in its asset base.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Craft Division Of Local 1049 Health And Welfare Fund with a Mission Score of 85 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

admin: 10%
programs: 90%
fundraising: 0%

According to IRS 990 filings, Craft Division Of Local 1049 Health And Welfare Fund allocates its expenses as follows: admin: 10%, programs: 90%, fundraising: 0%. With 90% directed toward programs, this reflects a strong commitment to its charitable mission.

Executive Compensation Analysis

Executive compensation is reported as 0% across all available filings, indicating that no officers received compensation directly from the organization, which is highly unusual for an organization of its size with assets exceeding $100 million.

Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.

Red Flags

The following concerns were identified during AI analysis of Craft Division Of Local 1049 Health And Welfare Fund's IRS 990 filings:

Lack of detailed expense breakdown (program vs. admin vs. fundraising) in provided data makes efficiency assessment difficult.
Consistent 0% officer compensation for an organization of this size and complexity could indicate compensation is hidden or paid by an external entity, potentially obscuring true administrative costs.

Strengths

The following positive indicators were identified for Craft Division Of Local 1049 Health And Welfare Fund:

Consistent and significant asset growth, from $28.1M in 2014 to $111.9M in 2023, demonstrating strong financial management.
Consistently positive net income, with revenues exceeding expenses in most years (e.g., $27.7M revenue vs. $23.5M expenses in 2023), indicating financial stability.
Long history of IRS 990 filings (13 years) provides good financial transparency and historical data.
No reported officer compensation, suggesting low direct executive overhead if compensation is truly absent or covered elsewhere.

Frequently Asked Questions about Craft Division Of Local 1049 Health And Welfare Fund

What constitutes the 'program' spending for a health and welfare fund?

For a health and welfare fund, 'program' spending primarily consists of direct benefits paid to members, such as health insurance claims, disability benefits, pension payments, and other welfare-related disbursements as per the fund's governing documents.

How does the organization manage to report 0% officer compensation with over $100 million in assets?

Reporting 0% officer compensation could mean that officers are compensated by an affiliated entity (e.g., the union local), are volunteers, or their compensation is categorized under other administrative expenses rather than direct officer compensation on the 990 form. This warrants further investigation into the detailed expense schedules.

What is the primary source of the organization's revenue?

As a health and welfare fund, the primary sources of revenue are typically employer contributions, investment income from its substantial asset base, and potentially employee contributions or other related income streams.

Filing History

IRS 990 filing history for Craft Division Of Local 1049 Health And Welfare Fund showing financial trends over 13 years of public records:

Over 13 years of IRS 990 filings (2011–2023), Craft Division Of Local 1049 Health And Welfare Fund's revenue has grown by 134.2%, moving from $11.8M to $27.7M. Total assets increased by 590.7% over the same period, from $16.2M to $111.9M. Total functional expenses rose by 130.5%, from $10.2M to $23.5M. In its most recent filing year (2023), Craft Division Of Local 1049 Health And Welfare Fund reported a surplus of $4.2M, with revenue exceeding expenses. The organization holds $8.1M in liabilities against $111.9M in assets (debt-to-asset ratio: 7.2%), resulting in net assets of $103.8M.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$27.7M	$23.5M	$111.9M	$8.1M	—	—
2022	$26.9M	$22.6M	$99.6M	$9.6M	—	—
2021	$39.1M	$25.5M	$111.2M	$10.6M	—	View 990
2020	$37.4M	$24.7M	$100.6M	$12.1M	—	View 990
2019	$32.7M	$22.7M	$80.9M	$9.4M	—	—
2018	$33.6M	$20.1M	$63.3M	$7.8M	—	View 990
2017	$27.5M	$16.4M	$51.0M	$4.3M	—	View 990
2016	$21.3M	$14.2M	$36.9M	$3.2M	—	View 990
2015	$14.7M	$13.6M	$28.1M	$2.8M	—	View 990
2014	$13.7M	$13.0M	$28.2M	$2.3M	—	View 990
2013	$13.2M	$11.2M	$27.8M	$2.4M	—	View 990
2012	$17.8M	$10.3M	$27.8M	$4.7M	—	View 990
2011	$11.8M	$10.2M	$16.2M	$1.6M	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $27.7M, expenses of $23.5M, and assets of $111.9M (revenue +2.9% year-over-year).
2022: Revenue of $26.9M, expenses of $22.6M, and assets of $99.6M (revenue -31.2% year-over-year).
2021: Revenue of $39.1M, expenses of $25.5M, and assets of $111.2M (revenue +4.7% year-over-year).
2020: Revenue of $37.4M, expenses of $24.7M, and assets of $100.6M (revenue +14.2% year-over-year).
2019: Revenue of $32.7M, expenses of $22.7M, and assets of $80.9M (revenue -2.7% year-over-year).
2018: Revenue of $33.6M, expenses of $20.1M, and assets of $63.3M (revenue +22.4% year-over-year).
2017: Revenue of $27.5M, expenses of $16.4M, and assets of $51.0M (revenue +28.9% year-over-year).
2016: Revenue of $21.3M, expenses of $14.2M, and assets of $36.9M (revenue +44.6% year-over-year).
2015: Revenue of $14.7M, expenses of $13.6M, and assets of $28.1M (revenue +8.0% year-over-year).
2014: Revenue of $13.7M, expenses of $13.0M, and assets of $28.2M (revenue +3.7% year-over-year).
2013: Revenue of $13.2M, expenses of $11.2M, and assets of $27.8M (revenue -25.9% year-over-year).
2012: Revenue of $17.8M, expenses of $10.3M, and assets of $27.8M (revenue +50.0% year-over-year).
2011: Revenue of $11.8M, expenses of $10.2M, and assets of $16.2M.

Data Sources and Methodology

This transparency report for Craft Division Of Local 1049 Health And Welfare Fund is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.

IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.

Disclaimer

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