Local 298 Health Benefit Fund I

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Local 298 Health Benefit Fund I Form 990, Revenue, CEO Pay, and IRS Filing Signals

Local 298 Health Benefit Fund I is surfaced here as a decision-ready nonprofit financial profile, not just a charity listing. The page consolidates IRS Form 990 revenue, expenses, assets, tax-exempt classification, executive compensation, mission score, red flags, and year-by-year filing history so donors, researchers, journalists, and grant teams can answer the common search questions around Local 298 Health Benefit Fund I in one place.

Is Local 298 Health Benefit Fund I Legit?

Some Concerns

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

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Across stored filings, Local 298 Health Benefit Fund I shows contribution history pending. Next enrichment targets: revenue-source fields, IRS BMF classification.

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Turn this Form 990 profile into a donor-ready report

Request a concise report for Local 298 Health Benefit Fund I with revenue, expenses, executive compensation, red flags, peer context, and IRS source links. You can also request CSV exports or watchlist updates for future filings.

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Local 298 Health Benefit Fund I directs 95% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.

About Local 298 Health Benefit Fund I

Local 298 Health Benefit Fund I (EIN: 111967404) is a nonprofit organization based in Valley Stream, NY. The organization reported total revenue of $54.0M and total assets of $23.4M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Local 298 Health Benefit Fund I's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

Organization Overview

Local 298 Health Benefit Fund I is a major nonprofit that has been operating for 67 years, with 12 years of IRS 990 filings on record (2011–2022). Revenue has grown at a compound annual rate of 20.8%.

Key Financial Metrics (2022)

From the most recent IRS 990 filing on record:

Financial Health Grade: B

In 2022, Local 298 Health Benefit Fund I reported a deficit of $2.4M with expenses exceeding revenue, holds 8.4 months of operating reserves (strong position), has a debt-to-asset ratio of 35.9% (moderate leverage).

Financial Trends

Over 12 years of filings (2011–2022), Local 298 Health Benefit Fund I's revenue has grown at a compound annual growth rate (CAGR) of 20.8%.

IRS Tax-Exempt Classification

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 Local 298 Health Benefit Fund I 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, Local 298 Health Benefit Fund I 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 (2022)

From the most recent IRS 990 filing on record:

• The organization reported a deficit of $2.4M, with expenses exceeding revenue.
• Debt-to-asset ratio: 35.9%.

Executive Compensation Analysis

The organization consistently reports 0% officer compensation across all available filings, suggesting that executive compensation is either non-existent, minimal, or handled through a different structure not reflected in this specific metric, which is highly favorable for a nonprofit of its size with latest revenue of $54,042,861.

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 Local 298 Health Benefit Fund I's IRS 990 filings:

• Expenses occasionally exceed revenue, potentially indicating reliance on reserves or fluctuating income streams (e.g., 2022 expenses $27.7M vs. revenue $25.3M).

Strengths

The following positive indicators were identified for Local 298 Health Benefit Fund I:

• Strong program spending, with expenses often closely matching or exceeding revenue, indicating direct benefit distribution.
• No reported officer compensation across all filings, suggesting high efficiency and dedication to mission.
• Consistent growth in assets over the long term, from $1.8M in 2013 to $23.3M currently.
• Consistent filing of IRS Form 990s over 12 periods, demonstrating good financial transparency.

Frequently Asked Questions about Local 298 Health Benefit Fund I

Filing History

IRS 990 filing history for Local 298 Health Benefit Fund I showing financial trends over 12 years of public records:

Over 12 years of IRS 990 filings (2011–2022), Local 298 Health Benefit Fund I's revenue has grown by 701.7%, moving from $3.2M to $25.4M. Total assets increased by 1153.8% over the same period, from $1.5M to $19.4M. Total functional expenses rose by 846.7%, from $2.9M to $27.8M. In its most recent filing year (2022), Local 298 Health Benefit Fund I reported a deficit of $2.4M, with expenses exceeding revenue. The organization holds $7.0M in liabilities against $19.4M in assets (debt-to-asset ratio: 35.9%), resulting in net assets of $12.4M.

Year-by-Year Financial Summary

• 2022: Revenue of $25.4M, expenses of $27.8M, and assets of $19.4M (revenue +2.4% year-over-year).
• 2021: Revenue of $24.8M, expenses of $26.0M, and assets of $21.6M (revenue +10.9% year-over-year).
• 2020: Revenue of $22.4M, expenses of $20.3M, and assets of $19.7M (revenue +1.9% year-over-year).
• 2019: Revenue of $22.0M, expenses of $20.2M, and assets of $16.6M (revenue +11.7% year-over-year).
• 2018: Revenue of $19.7M, expenses of $19.7M, and assets of $15.2M (revenue -32.9% year-over-year).
• 2017: Revenue of $29.3M, expenses of $17.5M, and assets of $16.5M (revenue +150.9% year-over-year).
• 2016: Revenue of $11.7M, expenses of $12.8M, and assets of $2.3M (revenue +11.1% year-over-year).
• 2015: Revenue of $10.5M, expenses of $9.9M, and assets of $2.7M (revenue +12.7% year-over-year).
• 2014: Revenue of $9.3M, expenses of $9.7M, and assets of $2.5M (revenue +56.4% year-over-year).
• 2013: Revenue of $6.0M, expenses of $5.9M, and assets of $1.8M (revenue +20.4% year-over-year).
• 2012: Revenue of $4.9M, expenses of $4.7M, and assets of $1.8M (revenue +56.1% year-over-year).
• 2011: Revenue of $3.2M, expenses of $2.9M, and assets of $1.5M.

View Individual Filing Years

Explore detailed financial data from each IRS 990 filing year for Local 298 Health Benefit Fund I:

Data Sources and Methodology

This transparency report for Local 298 Health Benefit Fund I 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.