New York City Local 246 S E I U Retirees Welfare Benefits Fund
New York City Local 246 S E I U Retirees Welfare Benefits Fund reports recent operating deficits despite strong asset base and no officer compensation.
EIN: 132864287 · New York, NY · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $23.2M |
| Total Expenses | $3.1M |
| Program Spending | 90% |
| Net Assets | $5.9M |
| Transparency Score | 85/100 |
Is New York City Local 246 S E I U Retirees Welfare Benefits Fund Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
New York City Local 246 S E I U Retirees Welfare Benefits Fund directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About New York City Local 246 S E I U Retirees Welfare Benefits Fund
New York City Local 246 S E I U Retirees Welfare Benefits Fund (EIN: 132864287) is a nonprofit organization based in New York, NY. The organization reported total revenue of $23.2M and total assets of $6.6M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of New York City Local 246 S E I U Retirees Welfare Benefits Fund's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
New York City Local 246 S E I U Retirees Welfare Benefits Fund is a large nonprofit that has been operating for 30 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 2.5%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $2.6M |
| Total Expenses | $3.1M |
| Surplus / Deficit | $-426,965 |
| Total Assets | $6.2M |
| Total Liabilities | $297K |
| Net Assets | $5.9M |
| Operating Margin | -16.3% |
| Debt-to-Asset Ratio | 4.8% |
| Months of Reserves | 24.3 months |
Financial Health Grade: B
In 2023, New York City Local 246 S E I U Retirees Welfare Benefits Fund reported a deficit of $427K with expenses exceeding revenue, holds 24.3 months of operating reserves (strong position), has a debt-to-asset ratio of 4.8% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), New York City Local 246 S E I U Retirees Welfare Benefits Fund's revenue has grown at a compound annual growth rate (CAGR) of 2.5%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +13.4% | +5.0% | -1.4% |
| 2022 | -27.4% | +5.6% | -15.1% |
| 2021 | -4.1% | +12.5% | +0.2% |
| 2020 | +24.6% | -4.1% | +22.6% |
| 2019 | -5.6% | +9.1% | +16.2% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1996 |
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 New York City Local 246 S E I U Retirees Welfare Benefits Fund with a Mission Score of 85 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: 10%
- programs: 90%
- fundraising: 0%
According to IRS 990 filings, New York City Local 246 S E I U Retirees Welfare Benefits Fund allocates its expenses as follows: admin: 10%, programs: 90%, fundraising: 0%. With 90% 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 deficit of $427K, with expenses exceeding revenue.
- Debt-to-asset ratio: 4.8%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that no officers receive direct compensation from this specific fund, which is highly efficient for an organization of its size with revenues in the millions.
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 New York City Local 246 S E I U Retirees Welfare Benefits Fund's IRS 990 filings:
- Operating deficits in the two most recent periods (2022 and 2023), where expenses exceeded revenue by $592,610 and $426,965 respectively.
- Lack of detailed expense breakdown (program, admin, fundraising) in the provided summary data, making a precise efficiency assessment challenging.
Strengths
The following positive indicators were identified for New York City Local 246 S E I U Retirees Welfare Benefits Fund:
- Strong asset base consistently exceeding liabilities (e.g., $6,172,596 assets vs. $297,401 liabilities in 2023).
- 0% reported officer compensation across all available filings, indicating efficient use of funds at the executive level.
- Consistent IRS 990 filing history, demonstrating regulatory compliance and transparency.
- Likely high program spending given its nature as a welfare benefits fund, though specific percentages are not detailed.
Frequently Asked Questions about New York City Local 246 S E I U Retirees Welfare Benefits Fund
Is New York City Local 246 S E I U Retirees Welfare Benefits Fund a legitimate charity?
New York City Local 246 S E I U Retirees Welfare Benefits Fund (EIN: 132864287) is a registered tax-exempt nonprofit based in New York. Our AI analysis gives it a Mission Score of 85/100. It has 13 years of IRS 990 filings on record. Total revenue: $23.2M. 2 red flags identified. 4 strengths noted. Financial health grade: B.
How does New York City Local 246 S E I U Retirees Welfare Benefits Fund spend its money?
New York City Local 246 S E I U Retirees Welfare Benefits Fund directs 90% of its spending to programs and services. This exceeds the 65% industry benchmark.
Are donations to New York City Local 246 S E I U Retirees Welfare Benefits Fund tax-deductible?
New York City Local 246 S E I U Retirees Welfare Benefits Fund is registered as a tax-exempt nonprofit (EIN: 132864287). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Where is New York City Local 246 S E I U Retirees Welfare Benefits Fund located?
New York City Local 246 S E I U Retirees Welfare Benefits Fund is headquartered in New York, New York and files with the IRS under EIN 132864287.
How many years of IRS 990 filings does New York City Local 246 S E I U Retirees Welfare Benefits Fund have?
New York City Local 246 S E I U Retirees Welfare Benefits Fund has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $23.2M in total revenue.
Is New York City Local 246 S E I U Retirees Welfare Benefits Fund a good charity?
Based on the available data, the fund appears to be a well-managed entity for its specific purpose. It consistently holds significant assets relative to liabilities and reports no officer compensation, suggesting resources are directed towards its mission. However, recent operating deficits in 2022 and 2023 (expenses exceeding revenue by $592,610 and $426,965 respectively) are a point to monitor for long-term financial health.
What caused the recent operating deficits?
The provided data does not specify the exact causes of the operating deficits in 2022 and 2023. It shows that expenses ($2,906,889 in 2022, $3,051,841 in 2023) exceeded revenues ($2,314,279 in 2022, $2,624,876 in 2023). A deeper dive into the detailed expense categories would be needed to understand if this is due to increased benefit payouts, administrative costs, or a decrease in revenue sources.
How does the fund's asset level compare to its liabilities?
The fund consistently maintains a strong asset-to-liability ratio. For instance, in 2023, assets were $6,172,596 while liabilities were $297,401, indicating a very healthy financial position to cover its obligations.
Filing History
IRS 990 filing history for New York City Local 246 S E I U Retirees Welfare Benefits Fund showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), New York City Local 246 S E I U Retirees Welfare Benefits Fund's revenue has grown by 34%, moving from $2.0M to $2.6M. Total assets increased by 56.7% over the same period, from $3.9M to $6.2M. Total functional expenses rose by 85.9%, from $1.6M to $3.1M. In its most recent filing year (2023), New York City Local 246 S E I U Retirees Welfare Benefits Fund reported a deficit of $427K, with expenses exceeding revenue. The organization holds $297K in liabilities against $6.2M in assets (debt-to-asset ratio: 4.8%), resulting in net assets of $5.9M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $2.6M | $3.1M | $6.2M | $297K | — | — |
| 2022 | $2.3M | $2.9M | $6.3M | $311K | — | — |
| 2021 | $3.2M | $2.8M | $7.4M | $250K | — | View 990 |
| 2020 | $3.3M | $2.4M | $7.4M | $177K | — | — |
| 2019 | $2.7M | $2.6M | $6.0M | $184K | — | View 990 |
| 2018 | $2.8M | $2.3M | $5.2M | $190K | — | View 990 |
| 2017 | $2.4M | $2.1M | $5.5M | $215K | — | View 990 |
| 2016 | $2.1M | $2.2M | $4.7M | $190K | — | View 990 |
| 2015 | $2.2M | $2.2M | $4.7M | $171K | — | View 990 |
| 2014 | $2.4M | $1.9M | $4.9M | $153K | — | View 990 |
| 2013 | $2.0M | $1.6M | $4.5M | $154K | — | View 990 |
| 2012 | $2.1M | $1.8M | $4.2M | $188K | — | View 990 |
| 2011 | $2.0M | $1.6M | $3.9M | $245K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $2.6M, expenses of $3.1M, and assets of $6.2M (revenue +13.4% year-over-year).
- 2022: Revenue of $2.3M, expenses of $2.9M, and assets of $6.3M (revenue -27.4% year-over-year).
- 2021: Revenue of $3.2M, expenses of $2.8M, and assets of $7.4M (revenue -4.1% year-over-year).
- 2020: Revenue of $3.3M, expenses of $2.4M, and assets of $7.4M (revenue +24.6% year-over-year).
- 2019: Revenue of $2.7M, expenses of $2.6M, and assets of $6.0M (revenue -5.6% year-over-year).
- 2018: Revenue of $2.8M, expenses of $2.3M, and assets of $5.2M (revenue +19.9% year-over-year).
- 2017: Revenue of $2.4M, expenses of $2.1M, and assets of $5.5M (revenue +12.3% year-over-year).
- 2016: Revenue of $2.1M, expenses of $2.2M, and assets of $4.7M (revenue -2.4% year-over-year).
- 2015: Revenue of $2.2M, expenses of $2.2M, and assets of $4.7M (revenue -9.7% year-over-year).
- 2014: Revenue of $2.4M, expenses of $1.9M, and assets of $4.9M (revenue +21.4% year-over-year).
- 2013: Revenue of $2.0M, expenses of $1.6M, and assets of $4.5M (revenue -4.3% year-over-year).
- 2012: Revenue of $2.1M, expenses of $1.8M, and assets of $4.2M (revenue +4.7% year-over-year).
- 2011: Revenue of $2.0M, expenses of $1.6M, and assets of $3.9M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for New York City Local 246 S E I U Retirees Welfare Benefits Fund:
Data Sources and Methodology
This transparency report for New York City Local 246 S E I U Retirees Welfare Benefits 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.