Sheet Metal Workers Local Union No 28 Welfare Fund

Sheet Metal Workers Local Union No 28 Welfare Fund reports consistent operational deficits and declining assets in recent years.

EIN: 135530847 · Mineola, NY · Updated: 2026-03-28

$177.9MRevenue

$127.7MAssets

85/100Mission Score (Excellent)

About Sheet Metal Workers Local Union No 28 Welfare Fund

Sheet Metal Workers Local Union No 28 Welfare Fund (EIN: 135530847) is a nonprofit organization based in Mineola, NY. The organization reported total revenue of $177.9M and total assets of $127.7M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Sheet Metal Workers Local Union No 28 Welfare Fund's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

The Sheet Metal Workers Local Union No 28 Welfare Fund appears to be a well-established organization, as indicated by its extensive filing history. The fund consistently reports substantial revenue and expenses, reflecting its role in providing welfare benefits. Over the past few years, the organization has experienced fluctuations in its financial position. For instance, in 2023, it reported expenses of $91,792,079 against revenues of $77,937,864, indicating a deficit for that period. This trend of expenses exceeding revenue is also observed in 2022 and 2021, suggesting a potential draw on assets or a strategic decision to increase benefit payouts.

The organization's assets have shown a declining trend in recent years, from a high of $185,717,582 in 2020 to $134,509,419 in 2023. This reduction in assets, coupled with consistent operational deficits, warrants closer examination to understand the long-term sustainability of the fund's current spending patterns. The consistent reporting of 0% officer compensation across all available filings suggests a strong commitment to directing funds towards its primary purpose, which is a positive indicator of financial stewardship and transparency regarding executive pay.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Sheet Metal Workers Local Union No 28 Welfare 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: 5%
programs: 95%
fundraising: 0%

According to IRS 990 filings, Sheet Metal Workers Local Union No 28 Welfare 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.

Executive Compensation Analysis

Executive compensation is reported as 0% across all available filings, indicating that no officers receive compensation directly from the fund, which is a strong positive for directing resources to beneficiaries.

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 Sheet Metal Workers Local Union No 28 Welfare Fund's IRS 990 filings:

Consistent operational deficits in recent years (e.g., $13.8M deficit in 2023, $15.2M in 2022).
Declining asset base from $185.7M in 2020 to $134.5M in 2023.

Strengths

The following positive indicators were identified for Sheet Metal Workers Local Union No 28 Welfare Fund:

Zero officer compensation reported across all filings, indicating strong financial stewardship regarding executive pay.
Substantial asset base ($134.5M in 2023) providing a buffer despite recent deficits.
Low liabilities relative to assets, indicating good financial health in terms of debt management.

Frequently Asked Questions about Sheet Metal Workers Local Union No 28 Welfare Fund

Is Sheet Metal Workers Local Union No 28 Welfare Fund financially sustainable given recent operational deficits?

The fund has reported expenses exceeding revenue in 2023 ($91.8M vs $77.9M), 2022 ($81.0M vs $65.8M), and 2021 ($87.1M vs $78.8M). This trend, coupled with declining assets from $185.7M in 2020 to $134.5M in 2023, suggests a need to evaluate the long-term financial sustainability of its current spending model.

What is the primary reason for the decline in assets over the last few years?

The decline in assets, from a peak of $185.7M in 2020 to $134.5M in 2023, appears to be primarily driven by the consistent operational deficits where expenses have outpaced revenues in recent fiscal periods.

How does the fund manage its liabilities?

The fund consistently maintains a relatively low level of liabilities compared to its assets. For example, in 2023, liabilities were $3.96M against assets of $134.5M, indicating a strong asset-to-liability ratio.

Filing History

IRS 990 filing history for Sheet Metal Workers Local Union No 28 Welfare Fund showing financial trends over 13 years of public records:

Over 13 years of IRS 990 filings (2011–2023), Sheet Metal Workers Local Union No 28 Welfare Fund's revenue has grown by 29.5%, moving from $60.2M to $77.9M. Total assets increased by 80.6% over the same period, from $74.5M to $134.5M. Total functional expenses rose by 93.6%, from $47.4M to $91.8M. In its most recent filing year (2023), Sheet Metal Workers Local Union No 28 Welfare Fund reported a deficit of $13.9M, with expenses exceeding revenue. The organization holds $4.0M in liabilities against $134.5M in assets (debt-to-asset ratio: 2.9%), resulting in net assets of $130.6M.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$77.9M	$91.8M	$134.5M	$4.0M	—	—
2022	$65.8M	$81.0M	$151.6M	$3.4M	—	View 990
2021	$78.8M	$87.1M	$185.0M	$4.9M	—	View 990
2020	$75.4M	$82.6M	$185.7M	$6.4M	—	—
2019	$84.4M	$81.4M	$182.1M	$6.0M	—	View 990
2018	$83.3M	$76.6M	$161.3M	$5.4M	—	View 990
2017	$76.2M	$69.2M	$159.5M	$5.2M	—	—
2016	$73.3M	$65.6M	$142.4M	$5.1M	—	View 990
2015	$66.2M	$64.7M	$131.5M	$4.7M	—	View 990
2014	$70.9M	$54.2M	$132.7M	$5.7M	—	View 990
2013	$68.2M	$53.8M	$116.2M	$8.7M	—	View 990
2012	$67.8M	$45.6M	$93.9M	$4.3M	—	View 990
2011	$60.2M	$47.4M	$74.5M	$6.1M	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $77.9M, expenses of $91.8M, and assets of $134.5M (revenue +18.4% year-over-year).
2022: Revenue of $65.8M, expenses of $81.0M, and assets of $151.6M (revenue -16.4% year-over-year).
2021: Revenue of $78.8M, expenses of $87.1M, and assets of $185.0M (revenue +4.5% year-over-year).
2020: Revenue of $75.4M, expenses of $82.6M, and assets of $185.7M (revenue -10.7% year-over-year).
2019: Revenue of $84.4M, expenses of $81.4M, and assets of $182.1M (revenue +1.3% year-over-year).
2018: Revenue of $83.3M, expenses of $76.6M, and assets of $161.3M (revenue +9.4% year-over-year).
2017: Revenue of $76.2M, expenses of $69.2M, and assets of $159.5M (revenue +3.9% year-over-year).
2016: Revenue of $73.3M, expenses of $65.6M, and assets of $142.4M (revenue +10.8% year-over-year).
2015: Revenue of $66.2M, expenses of $64.7M, and assets of $131.5M (revenue -6.7% year-over-year).
2014: Revenue of $70.9M, expenses of $54.2M, and assets of $132.7M (revenue +4.1% year-over-year).
2013: Revenue of $68.2M, expenses of $53.8M, and assets of $116.2M (revenue +0.6% year-over-year).
2012: Revenue of $67.8M, expenses of $45.6M, and assets of $93.9M (revenue +12.6% year-over-year).
2011: Revenue of $60.2M, expenses of $47.4M, and assets of $74.5M.

Data Sources and Methodology

This transparency report for Sheet Metal Workers Local Union No 28 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.