Local 342 Health Care Fund
Local 342 Health Care Fund shows consistent revenue, growing assets, and no officer compensation over the past decade.
EIN: 135626340 · Bohemia, NY · Updated: 2026-03-28
Is Local 342 Health Care Fund Legit?
Appears Legitimate
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Local 342 Health Care Fund directs 95% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Local 342 Health Care Fund
Local 342 Health Care Fund (EIN: 135626340) is a nonprofit organization based in Bohemia, NY. The organization reported total revenue of $26.6M and total assets of $10.9M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Local 342 Health Care Fund's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Local 342 Health Care Fund is a large nonprofit that has been operating for 65 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 1.0%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $25.5M |
| Total Expenses | $20.5M |
| Surplus / Deficit | +$5.0M |
| Total Assets | $8.3M |
| Total Liabilities | $230K |
| Net Assets | $8.1M |
| Operating Margin | 19.8% |
| Debt-to-Asset Ratio | 2.8% |
| Months of Reserves | 4.9 months |
Financial Health Grade: A
In 2023, Local 342 Health Care Fund reported a surplus of $5.0M with revenue exceeding expenses, holds 4.9 months of operating reserves (adequate), has a debt-to-asset ratio of 2.8% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Local 342 Health Care Fund's revenue has grown at a compound annual growth rate (CAGR) of 1.0%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +6.0% | -11.3% | +151.1% |
| 2022 | +2.1% | +2.4% | +38.7% |
| 2021 | +4.7% | +0.7% | +69.6% |
| 2020 | -0.8% | -3.0% | +23.4% |
| 2019 | +10.3% | +12.6% | -25.5% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1961 |
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 342 Health Care 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, Local 342 Health Care 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 $5.0M, with revenue exceeding expenses.
- Debt-to-asset ratio: 2.8%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that no salaries are paid to officers, which is highly unusual for an organization of this size ($25M+ revenue) and suggests a strong commitment to directing all funds towards its mission.
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.
Strengths
The following positive indicators were identified for Local 342 Health Care Fund:
- Consistent revenue generation, with latest revenue at $25,496,037.
- Significant asset growth, from $1,139,301 in 201912 to $8,305,802 in 202312.
- Zero officer compensation reported across all filings, indicating high efficiency and mission focus.
- Consistent financial surpluses, such as $5,035,992 in 202312 (Revenue $25,496,037 - Expenses $20,460,035).
- Low liabilities relative to assets, indicating strong financial health (e.g., Liabilities $230,010 vs. Assets $8,305,802 in 202312).
Frequently Asked Questions about Local 342 Health Care Fund
Is Local 342 Health Care Fund a legitimate charity?
Based on AI analysis of IRS 990 filings, Local 342 Health Care Fund (EIN: 135626340) appears legitimate. Mission Score: 90/100. 0 red flags identified, 5 strengths noted.
How does Local 342 Health Care Fund spend its money?
Local 342 Health Care Fund directs 95% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Local 342 Health Care Fund tax-deductible?
Local 342 Health Care Fund is registered as a tax-exempt nonprofit (EIN: 135626340). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Is Local 342 Health Care Fund financially stable?
Yes, the fund appears financially stable, consistently generating surpluses (e.g., $5,035,992 in 202312) and significantly growing its assets from $1,139,301 in 201912 to $8,305,802 in 202312.
How does Local 342 Health Care Fund manage executive compensation?
The organization reports 0% officer compensation across all available filings, indicating that no salaries are paid to its officers.
What is the trend in the organization's assets?
The organization's assets have shown significant growth, particularly in recent years, increasing from $1,405,736 in 202012 to $8,305,802 in 202312.
Does the fund operate efficiently?
Yes, the fund appears efficient, consistently managing expenses below or close to revenue, leading to surpluses and asset growth, and reporting no officer compensation.
Filing History
IRS 990 filing history for Local 342 Health Care Fund showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Local 342 Health Care Fund's revenue has grown by 12.8%, moving from $22.6M to $25.5M. Total assets increased by 201.2% over the same period, from $2.8M to $8.3M. Total functional expenses fell by 7.6%, from $22.2M to $20.5M. In its most recent filing year (2023), Local 342 Health Care Fund reported a surplus of $5.0M, with revenue exceeding expenses. The organization holds $230K in liabilities against $8.3M in assets (debt-to-asset ratio: 2.8%), resulting in net assets of $8.1M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $25.5M | $20.5M | $8.3M | $230K | — | — |
| 2022 | $24.1M | $23.1M | $3.3M | $299K | — | View 990 |
| 2021 | $23.6M | $22.5M | $2.4M | $330K | — | View 990 |
| 2020 | $22.5M | $22.4M | $1.4M | $372K | — | View 990 |
| 2019 | $22.7M | $23.1M | $1.1M | $383K | — | View 990 |
| 2018 | $20.6M | $20.5M | $1.5M | $452K | — | View 990 |
| 2017 | $20.8M | $21.5M | $1.8M | $791K | — | — |
| 2016 | $19.0M | $19.0M | $2.4M | $680K | — | View 990 |
| 2015 | $18.8M | $18.7M | $2.4M | $777K | — | View 990 |
| 2014 | $18.7M | $20.3M | $2.3M | $805K | — | View 990 |
| 2013 | $21.2M | $20.6M | $3.7M | $579K | — | View 990 |
| 2012 | $21.2M | $21.4M | $2.7M | $198K | — | View 990 |
| 2011 | $22.6M | $22.2M | $2.8M | $147K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $25.5M, expenses of $20.5M, and assets of $8.3M (revenue +6.0% year-over-year).
- 2022: Revenue of $24.1M, expenses of $23.1M, and assets of $3.3M (revenue +2.1% year-over-year).
- 2021: Revenue of $23.6M, expenses of $22.5M, and assets of $2.4M (revenue +4.7% year-over-year).
- 2020: Revenue of $22.5M, expenses of $22.4M, and assets of $1.4M (revenue -0.8% year-over-year).
- 2019: Revenue of $22.7M, expenses of $23.1M, and assets of $1.1M (revenue +10.3% year-over-year).
- 2018: Revenue of $20.6M, expenses of $20.5M, and assets of $1.5M (revenue -1.1% year-over-year).
- 2017: Revenue of $20.8M, expenses of $21.5M, and assets of $1.8M (revenue +9.2% year-over-year).
- 2016: Revenue of $19.0M, expenses of $19.0M, and assets of $2.4M (revenue +1.3% year-over-year).
- 2015: Revenue of $18.8M, expenses of $18.7M, and assets of $2.4M (revenue +0.3% year-over-year).
- 2014: Revenue of $18.7M, expenses of $20.3M, and assets of $2.3M (revenue -11.6% year-over-year).
- 2013: Revenue of $21.2M, expenses of $20.6M, and assets of $3.7M (revenue -0.2% year-over-year).
- 2012: Revenue of $21.2M, expenses of $21.4M, and assets of $2.7M (revenue -6.0% year-over-year).
- 2011: Revenue of $22.6M, expenses of $22.2M, and assets of $2.8M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Local 342 Health Care Fund:
Data Sources and Methodology
This transparency report for Local 342 Health Care 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.