Ibew Local No 241 Welfare Benefits Fund
Ibew Local No 241 Welfare Benefits Fund consistently generates surpluses and grows assets with no officer compensation.
EIN: 150347948 · Troy, MI · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $4.5M |
| Total Expenses | $3.2M |
| Program Spending | 95% |
| CEO/Top Officer Pay | $10 |
| Net Assets | $10.1M |
| Transparency Score | 90/100 |
Is Ibew Local No 241 Welfare Benefits Fund Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Ibew Local No 241 Welfare Benefits Fund directs 95% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Ibew Local No 241 Welfare Benefits Fund
Ibew Local No 241 Welfare Benefits Fund (EIN: 150347948) is a nonprofit organization based in Troy, MI. The organization reported total revenue of $4.5M and total assets of $11.8M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Ibew Local No 241 Welfare Benefits Fund's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Ibew Local No 241 Welfare Benefits Fund is a mid-size nonprofit that has been operating for 66 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 3.3%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $3.6M |
| Total Expenses | $3.2M |
| Surplus / Deficit | +$467K |
| Total Assets | $10.2M |
| Total Liabilities | $97K |
| Net Assets | $10.1M |
| Operating Margin | 12.9% |
| Debt-to-Asset Ratio | 0.9% |
| Months of Reserves | 38.8 months |
Financial Health Grade: A
In 2023, Ibew Local No 241 Welfare Benefits Fund reported a surplus of $467K with revenue exceeding expenses, holds 38.8 months of operating reserves (strong position), has a debt-to-asset ratio of 0.9% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Ibew Local No 241 Welfare Benefits Fund's revenue has grown at a compound annual growth rate (CAGR) of 3.3%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +8.4% | +20.8% | -2.2% |
| 2022 | +6.6% | +10.5% | -7.2% |
| 2021 | +14.7% | +3.1% | +25.5% |
| 2020 | -17.8% | +1.6% | +7.0% |
| 2019 | +14.8% | +1.1% | +13.3% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1960 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Ibew Local No 241 Welfare Benefits Fund with a Mission Score of 90 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: 5%
- programs: 95%
- fundraising: 0%
According to IRS 990 filings, Ibew Local No 241 Welfare Benefits Fund allocates its expenses as follows: admin: 5%, programs: 95%, fundraising: 0%. With 95% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $467K, with revenue exceeding expenses.
- Debt-to-asset ratio: 0.9%.
Executive Compensation Analysis
The organization reports 0% officer compensation across all available filings, indicating that no salaries are paid to its officers, which is highly unusual for an organization of its size with over $10 million in assets and millions in annual revenue.
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 Ibew Local No 241 Welfare Benefits Fund's IRS 990 filings:
- NTEE Code is unknown, making it difficult to benchmark against similar organizations.
- Lack of detailed breakdown for program vs. administrative expenses in the provided summary data, making precise efficiency calculations challenging without full 990 access.
Strengths
The following positive indicators were identified for Ibew Local No 241 Welfare Benefits Fund:
- Consistent revenue generation exceeding expenses, leading to healthy surpluses.
- Strong and consistent asset growth, indicating financial stability and prudent management.
- Zero officer compensation reported, suggesting a highly efficient and lean administrative structure.
- Low liabilities relative to assets, indicating a strong financial position.
- Consistent filing of IRS 990s, demonstrating transparency.
Frequently Asked Questions about Ibew Local No 241 Welfare Benefits Fund
Is Ibew Local No 241 Welfare Benefits Fund a legitimate charity?
Based on AI analysis of IRS 990 filings, Ibew Local No 241 Welfare Benefits Fund (EIN: 150347948) some concerns. Mission Score: 90/100. 2 red flags identified, 5 strengths noted.
How does Ibew Local No 241 Welfare Benefits Fund spend its money?
Ibew Local No 241 Welfare Benefits Fund directs 95% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Ibew Local No 241 Welfare Benefits Fund tax-deductible?
Ibew Local No 241 Welfare Benefits Fund is registered as a tax-exempt nonprofit (EIN: 150347948). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Ibew Local No 241 Welfare Benefits Fund CEO make?
Ibew Local No 241 Welfare Benefits Fund's highest-compensated officer earns $10 annually. The organization reported $4.5M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
Where is Ibew Local No 241 Welfare Benefits Fund located?
Ibew Local No 241 Welfare Benefits Fund is headquartered in Troy, Michigan and files with the IRS under EIN 150347948.
How many years of IRS 990 filings does Ibew Local No 241 Welfare Benefits Fund have?
Ibew Local No 241 Welfare Benefits Fund has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $4.5M in total revenue.
What specific welfare benefits does Ibew Local No 241 Welfare Benefits Fund provide?
The provided data does not detail the specific welfare benefits offered by the fund. Further investigation into the organization's official documents or website would be necessary to understand its program services.
How does the organization manage its administrative costs given no officer compensation?
The absence of officer compensation suggests that administrative functions might be handled by volunteers, by staff whose compensation is categorized differently (e.g., as program expenses if they also deliver benefits), or through shared services with a related entity like the IBEW Local No 241 union.
What is the long-term strategy for asset growth and utilization?
While assets have consistently grown from $5.7 million in 2014 to over $10 million in 2023, the filings do not explicitly state the strategy behind this growth or how these accumulated assets are intended to be utilized to further the fund's mission.
Filing History
IRS 990 filing history for Ibew Local No 241 Welfare Benefits Fund showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Ibew Local No 241 Welfare Benefits Fund's revenue has grown by 47.8%, moving from $2.5M to $3.6M. Total assets increased by 164.8% over the same period, from $3.9M to $10.2M. Total functional expenses rose by 57.2%, from $2.0M to $3.2M. In its most recent filing year (2023), Ibew Local No 241 Welfare Benefits Fund reported a surplus of $467K, with revenue exceeding expenses. The organization holds $97K in liabilities against $10.2M in assets (debt-to-asset ratio: 0.9%), resulting in net assets of $10.1M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $3.6M | $3.2M | $10.2M | $97K | — | View 990 |
| 2022 | $3.3M | $2.6M | $10.5M | $149K | — | View 990 |
| 2021 | $3.1M | $2.4M | $11.3M | $142K | — | — |
| 2020 | $2.7M | $2.3M | $9.0M | $100K | — | — |
| 2019 | $3.3M | $2.3M | $8.4M | $77K | — | View 990 |
| 2018 | $2.9M | $2.2M | $7.4M | $83K | — | View 990 |
| 2017 | $3.1M | $2.5M | $6.9M | $135K | — | View 990 |
| 2016 | $2.7M | $3.0M | $6.2M | $83K | — | View 990 |
| 2015 | $3.1M | $2.2M | $6.5M | $52K | — | View 990 |
| 2014 | $2.9M | $2.2M | $5.7M | $43K | — | View 990 |
| 2013 | $3.2M | $2.3M | $5.0M | $44K | — | View 990 |
| 2012 | $2.5M | $2.3M | $3.9M | $51K | — | View 990 |
| 2011 | $2.5M | $2.0M | $3.9M | $117K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $3.6M, expenses of $3.2M, and assets of $10.2M (revenue +8.4% year-over-year).
- 2022: Revenue of $3.3M, expenses of $2.6M, and assets of $10.5M (revenue +6.6% year-over-year).
- 2021: Revenue of $3.1M, expenses of $2.4M, and assets of $11.3M (revenue +14.7% year-over-year).
- 2020: Revenue of $2.7M, expenses of $2.3M, and assets of $9.0M (revenue -17.8% year-over-year).
- 2019: Revenue of $3.3M, expenses of $2.3M, and assets of $8.4M (revenue +14.8% year-over-year).
- 2018: Revenue of $2.9M, expenses of $2.2M, and assets of $7.4M (revenue -7.4% year-over-year).
- 2017: Revenue of $3.1M, expenses of $2.5M, and assets of $6.9M (revenue +16.2% year-over-year).
- 2016: Revenue of $2.7M, expenses of $3.0M, and assets of $6.2M (revenue -12.2% year-over-year).
- 2015: Revenue of $3.1M, expenses of $2.2M, and assets of $6.5M (revenue +6.0% year-over-year).
- 2014: Revenue of $2.9M, expenses of $2.2M, and assets of $5.7M (revenue -10.4% year-over-year).
- 2013: Revenue of $3.2M, expenses of $2.3M, and assets of $5.0M (revenue +31.4% year-over-year).
- 2012: Revenue of $2.5M, expenses of $2.3M, and assets of $3.9M (revenue +0.4% year-over-year).
- 2011: Revenue of $2.5M, expenses of $2.0M, and assets of $3.9M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Ibew Local No 241 Welfare Benefits Fund:
Data Sources and Methodology
This transparency report for Ibew Local No 241 Welfare Benefits 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.