Local 298 Health Benefit Fund I

Local 298 Health Benefit Fund I consistently expends funds on health benefits, often exceeding annual revenue, with no reported officer compensation.

EIN: 111967404 · Valley Stream, NY · Updated: 2026-03-28

$54.0MRevenue

$23.4MAssets

90/100Mission Score (Excellent)

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.

AI Transparency Report

Local 298 Health Benefit Fund I demonstrates consistent financial activity, primarily focused on health benefits. Over the past several years, the organization's revenue and expenses have shown a general upward trend, with the latest reported revenue at $54,042,861. The fund consistently expends a significant portion, often exceeding, its annual revenue on its programs, indicating a strong commitment to its primary purpose of providing health benefits. For instance, in 2022, expenses were $27,791,541 against revenues of $25,395,807, and in 2021, expenses were $26,037,001 against revenues of $24,797,848. This suggests that the fund is actively disbursing benefits rather than accumulating excessive reserves, though its assets have grown to $23,359,227.

The organization's financial health appears stable, with assets generally exceeding liabilities, although liabilities have also seen an increase in recent years, reaching $6,977,536 in 2022. The absence of reported officer compensation across all available filings suggests a lean administrative structure or that compensation is handled through other means not captured in this specific metric, which could be a positive indicator of efficiency. However, without a detailed breakdown of administrative and fundraising costs, a complete assessment of spending efficiency is challenging. The consistent filing of IRS Form 990s over 12 periods indicates good transparency in reporting its financial activities.

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.

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

Is Local 298 Health Benefit Fund I a good charity?

Based on the available data, the organization appears to be effective in its mission, consistently spending a high percentage of its income on its programs (health benefits). The lack of reported officer compensation is a strong positive indicator of efficiency and dedication to its mission.

How does the organization manage its expenses relative to its revenue?

In several recent periods, such as 2022 ($27,791,541 expenses vs. $25,395,807 revenue) and 2021 ($26,037,001 expenses vs. $24,797,848 revenue), the organization's expenses have exceeded its revenue, indicating a strong commitment to disbursing benefits, potentially drawing from accumulated assets or reserves.

What is the trend in the organization's assets and liabilities?

The organization's assets have shown significant growth over time, from $1,840,029 in 2013 to $23,359,227 currently. Liabilities have also increased, from $0 in 2013 to $6,977,536 in 2022, but assets consistently remain substantially higher than liabilities.

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	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2022	$25.4M	$27.8M	$19.4M	$7.0M	—	View 990
2021	$24.8M	$26.0M	$21.6M	$6.8M	—	View 990
2020	$22.4M	$20.3M	$19.7M	$3.7M	—	View 990
2019	$22.0M	$20.2M	$16.6M	$2.6M	—	—
2018	$19.7M	$19.7M	$15.2M	$3.1M	—	View 990
2017	$29.3M	$17.5M	$16.5M	$4.3M	—	View 990
2016	$11.7M	$12.8M	$2.3M	$2.0M	—	View 990
2015	$10.5M	$9.9M	$2.7M	$1.2M	—	View 990
2014	$9.3M	$9.7M	$2.5M	$1.5M	—	View 990
2013	$6.0M	$5.9M	$1.8M	$0	—	View 990
2012	$4.9M	$4.7M	$1.8M	$0	—	View 990
2011	$3.2M	$2.9M	$1.5M	$0	—	View 990

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.

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.