Laborers Union 1298 Of Nassau And Suffolk Counties Welfare Fund
Laborers Union 1298 Welfare Fund shows consistent revenue growth and strong asset accumulation with no reported officer compensation.
EIN: 111628171 · Hempstead, NY · Updated: 2026-03-28
Is Laborers Union 1298 Of Nassau And Suffolk Counties Welfare Fund Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Laborers Union 1298 Of Nassau And Suffolk Counties Welfare Fund directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Laborers Union 1298 Of Nassau And Suffolk Counties Welfare Fund
Laborers Union 1298 Of Nassau And Suffolk Counties Welfare Fund (EIN: 111628171) is a nonprofit organization based in Hempstead, NY. The organization reported total revenue of $40.4M and total assets of $48.9M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Laborers Union 1298 Of Nassau And Suffolk Counties Welfare Fund's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Laborers Union 1298 Of Nassau And Suffolk Counties Welfare Fund with a Mission Score of 92 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: 7%
- programs: 90%
- fundraising: 3%
According to IRS 990 filings, Laborers Union 1298 Of Nassau And Suffolk Counties Welfare Fund allocates its expenses as follows: admin: 7%, programs: 90%, fundraising: 3%. 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 salaries or other compensation are paid to officers, which is highly unusual for an organization of this size ($40M+ revenue, $48M+ assets) and suggests a strong commitment to directing funds to its primary purpose.
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 Laborers Union 1298 Of Nassau And Suffolk Counties Welfare Fund's IRS 990 filings:
- Lack of detailed program spending breakdown in provided data
- Unusually low liabilities relative to assets, which could warrant further investigation into financial structure
Strengths
The following positive indicators were identified for Laborers Union 1298 Of Nassau And Suffolk Counties Welfare Fund:
- Consistent and significant revenue growth over a decade (from $18.6M in 2014 to $36.8M in 2023)
- Strong asset base ($46.1M in 2023) significantly exceeding liabilities ($755,726 in 2023)
- No reported officer compensation across all filings, indicating high resource allocation to mission
- Positive net income in most years, contributing to asset accumulation
- Long history of IRS 990 filings (13 filings), suggesting consistent compliance and transparency
Frequently Asked Questions about Laborers Union 1298 Of Nassau And Suffolk Counties Welfare Fund
Is Laborers Union 1298 Of Nassau And Suffolk Counties Welfare Fund a legitimate charity?
Based on AI analysis of IRS 990 filings, Laborers Union 1298 Of Nassau And Suffolk Counties Welfare Fund (EIN: 111628171) some concerns. Mission Score: 92/100. 2 red flags identified, 5 strengths noted.
How does Laborers Union 1298 Of Nassau And Suffolk Counties Welfare Fund spend its money?
Laborers Union 1298 Of Nassau And Suffolk Counties Welfare Fund directs 90% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Laborers Union 1298 Of Nassau And Suffolk Counties Welfare Fund tax-deductible?
Laborers Union 1298 Of Nassau And Suffolk Counties Welfare Fund is registered as a tax-exempt nonprofit (EIN: 111628171). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Is Laborers Union 1298 Of Nassau And Suffolk Counties Welfare Fund a good charity?
Based on the provided financial data, the organization appears to be financially healthy, with consistent revenue growth, strong asset accumulation, and no reported officer compensation. This suggests a well-managed entity focused on its welfare objectives.
How has the organization's revenue grown over time?
The organization has shown significant revenue growth, increasing from $18,613,809 in 2014 to $36,832,708 in 2023, nearly doubling its revenue in a decade.
What is the organization's asset-to-liability ratio?
In 2023, the organization had assets of $46,114,708 and liabilities of $755,726, resulting in a very strong asset-to-liability ratio of approximately 61:1, indicating excellent financial stability.
Does the organization pay its officers?
According to all available IRS 990 filings from 2014 to 2023, officer compensation is consistently reported as 0%.
Filing History
IRS 990 filing history for Laborers Union 1298 Of Nassau And Suffolk Counties Welfare Fund showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Laborers Union 1298 Of Nassau And Suffolk Counties Welfare Fund's revenue has grown by 114.4%, moving from $17.2M to $36.8M. Total assets increased by 38.6% over the same period, from $33.3M to $46.1M. Total functional expenses rose by 93.1%, from $16.3M to $31.5M. In its most recent filing year (2023), Laborers Union 1298 Of Nassau And Suffolk Counties Welfare Fund reported a surplus of $5.4M, with revenue exceeding expenses. The organization holds $756K in liabilities against $46.1M in assets (debt-to-asset ratio: 1.6%), resulting in net assets of $45.4M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2023 | $36.8M | $31.5M | $46.1M | $756K | — | View 990 |
| 2022 | $33.5M | $35.0M | $39.4M | $277K | — | View 990 |
| 2021 | $34.1M | $34.0M | $42.8M | $263K | — | View 990 |
| 2020 | $31.3M | $29.7M | $42.6M | $45K | — | — |
| 2019 | $31.0M | $30.0M | $40.3M | $29K | — | — |
| 2018 | $26.1M | $25.3M | $40.8M | $116K | — | View 990 |
| 2017 | $23.6M | $22.5M | $39.3M | $318K | — | View 990 |
| 2016 | $22.9M | $21.3M | $37.2M | $403K | — | View 990 |
| 2015 | $20.9M | $21.8M | $35.5M | $339K | — | View 990 |
| 2014 | $18.6M | $20.6M | $35.9M | $137K | — | View 990 |
| 2013 | $18.4M | $17.3M | $36.6M | $105K | — | View 990 |
| 2012 | $17.5M | $16.2M | $35.2M | $326K | — | View 990 |
| 2011 | $17.2M | $16.3M | $33.3M | $271K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $36.8M, expenses of $31.5M, and assets of $46.1M (revenue +10.1% year-over-year).
- 2022: Revenue of $33.5M, expenses of $35.0M, and assets of $39.4M (revenue -1.8% year-over-year).
- 2021: Revenue of $34.1M, expenses of $34.0M, and assets of $42.8M (revenue +8.9% year-over-year).
- 2020: Revenue of $31.3M, expenses of $29.7M, and assets of $42.6M (revenue +0.8% year-over-year).
- 2019: Revenue of $31.0M, expenses of $30.0M, and assets of $40.3M (revenue +18.8% year-over-year).
- 2018: Revenue of $26.1M, expenses of $25.3M, and assets of $40.8M (revenue +10.7% year-over-year).
- 2017: Revenue of $23.6M, expenses of $22.5M, and assets of $39.3M (revenue +3.1% year-over-year).
- 2016: Revenue of $22.9M, expenses of $21.3M, and assets of $37.2M (revenue +9.3% year-over-year).
- 2015: Revenue of $20.9M, expenses of $21.8M, and assets of $35.5M (revenue +12.4% year-over-year).
- 2014: Revenue of $18.6M, expenses of $20.6M, and assets of $35.9M (revenue +1.0% year-over-year).
- 2013: Revenue of $18.4M, expenses of $17.3M, and assets of $36.6M (revenue +5.2% year-over-year).
- 2012: Revenue of $17.5M, expenses of $16.2M, and assets of $35.2M (revenue +1.9% year-over-year).
- 2011: Revenue of $17.2M, expenses of $16.3M, and assets of $33.3M.
Data Sources and Methodology
This transparency report for Laborers Union 1298 Of Nassau And Suffolk Counties 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.