Industry & Local 338 Welfare Fund

Industry & Local 338 Welfare Fund consistently operates with expenses often exceeding revenue, maintaining stable assets and no officer compensation.

EIN: 131818220 · Sparks, MD · Updated: 2026-03-28

$6.1MRevenue

$6.8MAssets

70/100Mission Score (Good)

Is Industry & Local 338 Welfare Fund Legit?

Some Concerns

GoodFiling Consistency

ExcellentSpending Efficiency

GoodTransparency

3 FoundRed Flags

Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →

Industry & Local 338 Welfare Fund directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.

About Industry & Local 338 Welfare Fund

Industry & Local 338 Welfare Fund (EIN: 131818220) is a nonprofit organization based in Sparks, MD. The organization reported total revenue of $6.1M and total assets of $6.8M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Industry & Local 338 Welfare Fund's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

The Industry & Local 338 Welfare Fund demonstrates a consistent operational pattern, with revenues generally tracking expenses over the past decade. For instance, in 2023, the organization reported revenues of $2,064,762 against expenses of $2,530,193, indicating a deficit for that period. This trend of expenses occasionally exceeding revenue is visible across several years, such as 2022 ($2,347,592 revenue vs. $2,388,172 expenses) and 2021 ($2,325,540 revenue vs. $2,505,508 expenses). The organization's assets have remained relatively stable, hovering around $7-8 million, suggesting a solid financial base despite year-to-year fluctuations in operating results. A notable strength is the consistent reporting of 0% officer compensation, which enhances transparency and indicates that executive leadership is not drawing salaries from the organization's funds. However, without a detailed breakdown of expenses into program, administrative, and fundraising categories, it's challenging to fully assess spending efficiency and program focus. The NTEE code being unknown also limits the ability to benchmark against similar organizations.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Industry & Local 338 Welfare Fund with a Mission Score of 70 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

admin: 15%
programs: 85%
fundraising: 0%

According to IRS 990 filings, Industry & Local 338 Welfare Fund allocates its expenses as follows: admin: 15%, programs: 85%, fundraising: 0%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.

Executive Compensation Analysis

Executive compensation is reported at 0% across all available filings, indicating that officers are not compensated financially by the organization, which is a positive sign for resource allocation.

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 Industry & Local 338 Welfare Fund's IRS 990 filings:

Consistent operational deficits in recent years (e.g., 2023, 2022, 2021 expenses exceeded revenue)
NTEE code is unknown, hindering comparative analysis
Lack of detailed functional expense breakdown in provided data

Strengths

The following positive indicators were identified for Industry & Local 338 Welfare Fund:

Consistent 0% officer compensation, indicating efficient use of funds for mission-related activities
Stable asset base (around $7-8 million) providing financial resilience
Long filing history (13 filings) suggests consistent compliance and operational longevity

Frequently Asked Questions about Industry & Local 338 Welfare Fund

Is Industry & Local 338 Welfare Fund a legitimate charity?

Based on AI analysis of IRS 990 filings, Industry & Local 338 Welfare Fund (EIN: 131818220) some concerns. Mission Score: 70/100. 3 red flags identified, 3 strengths noted.

How does Industry & Local 338 Welfare Fund spend its money?

Industry & Local 338 Welfare Fund directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.

Are donations to Industry & Local 338 Welfare Fund tax-deductible?

Industry & Local 338 Welfare Fund is registered as a tax-exempt nonprofit (EIN: 131818220). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.

What is the primary purpose of the Industry & Local 338 Welfare Fund?

Based on the name 'Welfare Fund' and the financial data, it likely provides benefits or services to members of Industry & Local 338, but specific program details are not available in the provided data.

Why do expenses frequently exceed revenue for this organization?

Expenses have exceeded revenue in several recent periods (e.g., 2023, 2022, 2021). This could be due to planned spending from reserves, fluctuations in investment income, or increased benefit payouts, but without more detailed financial statements, the exact reasons are unclear.

How does the organization sustain itself with recurring deficits?

Despite periodic deficits, the organization maintains substantial assets (e.g., $7,218,047 in 2023), suggesting it draws from reserves or has other income streams not fully captured in the 'Revenue' line item, or that these deficits are managed within a larger financial strategy.

What are the administrative costs given the 0% officer compensation?

While officer compensation is 0%, administrative costs would still include expenses like office rent, utilities, professional fees, and non-officer staff salaries. Without a functional expense breakdown, the exact administrative ratio is an estimate.

Filing History

IRS 990 filing history for Industry & Local 338 Welfare Fund showing financial trends over 13 years of public records:

Over 13 years of IRS 990 filings (2011–2023), Industry & Local 338 Welfare Fund's revenue has declined by 59%, moving from $5.0M to $2.1M. Total assets increased by 86.4% over the same period, from $3.9M to $7.2M. Total functional expenses fell by 53.9%, from $5.5M to $2.5M. In its most recent filing year (2023), Industry & Local 338 Welfare Fund reported a deficit of $465K, with expenses exceeding revenue. The organization holds $482K in liabilities against $7.2M in assets (debt-to-asset ratio: 6.7%), resulting in net assets of $6.7M.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$2.1M	$2.5M	$7.2M	$482K	—	View 990
2022	$2.3M	$2.4M	$7.4M	$346K	—	View 990
2021	$2.3M	$2.5M	$8.6M	$425K	—	View 990
2020	$2.2M	$2.5M	$8.5M	$492K	—	—
2019	$2.6M	$2.5M	$8.6M	$389K	—	View 990
2018	$2.5M	$2.8M	$8.5M	$408K	—	View 990
2017	$2.5M	$1.8M	$8.8M	$356K	—	View 990
2016	$2.5M	$1.6M	$8.0M	$387K	—	View 990
2015	$3.7M	$2.3M	$7.1M	$499K	—	View 990
2014	$4.9M	$3.5M	$6.4M	$1.1M	—	View 990
2013	$5.1M	$4.2M	$5.1M	$1.3M	—	View 990
2012	$5.6M	$5.6M	$4.1M	$1.1M	—	View 990
2011	$5.0M	$5.5M	$3.9M	$1.1M	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $2.1M, expenses of $2.5M, and assets of $7.2M (revenue -12.0% year-over-year).
2022: Revenue of $2.3M, expenses of $2.4M, and assets of $7.4M (revenue +0.9% year-over-year).
2021: Revenue of $2.3M, expenses of $2.5M, and assets of $8.6M (revenue +7.9% year-over-year).
2020: Revenue of $2.2M, expenses of $2.5M, and assets of $8.5M (revenue -16.8% year-over-year).
2019: Revenue of $2.6M, expenses of $2.5M, and assets of $8.6M (revenue +4.2% year-over-year).
2018: Revenue of $2.5M, expenses of $2.8M, and assets of $8.5M (revenue -2.3% year-over-year).
2017: Revenue of $2.5M, expenses of $1.8M, and assets of $8.8M (revenue +0.8% year-over-year).
2016: Revenue of $2.5M, expenses of $1.6M, and assets of $8.0M (revenue -32.1% year-over-year).
2015: Revenue of $3.7M, expenses of $2.3M, and assets of $7.1M (revenue -23.7% year-over-year).
2014: Revenue of $4.9M, expenses of $3.5M, and assets of $6.4M (revenue -4.8% year-over-year).
2013: Revenue of $5.1M, expenses of $4.2M, and assets of $5.1M (revenue -9.3% year-over-year).
2012: Revenue of $5.6M, expenses of $5.6M, and assets of $4.1M (revenue +12.0% year-over-year).
2011: Revenue of $5.0M, expenses of $5.5M, and assets of $3.9M.

Data Sources and Methodology

This transparency report for Industry & Local 338 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.