Steamfitters Industry Security Benefit Fund

Steamfitters Industry Security Benefit Fund maintains substantial assets despite periods of deficit spending.

EIN: 136149681 · Long Island City, NY · NTEE: J40 · Updated: 2026-03-28

$70.2MRevenue

$319.0MAssets

85/100Mission Score (Excellent)

J40

About Steamfitters Industry Security Benefit Fund

Steamfitters Industry Security Benefit Fund (EIN: 136149681) is a nonprofit organization based in Long Island City, NY, classified under NTEE code J40. The organization reported total revenue of $70.2M and total assets of $319.0M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Steamfitters Industry Security Benefit Fund's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

The Steamfitters Industry Security Benefit Fund, classified under NTEE J40 (Employee & Member Welfare Organizations), demonstrates a consistent financial pattern over the past decade. The organization's primary function appears to be managing benefits, as indicated by its NTEE code and the absence of reported officer compensation, suggesting a focus on member services rather than traditional programmatic spending or fundraising. Its assets have grown significantly, from $209 million in 2014 to $306 million in 2023, indicating sound asset management. However, the organization has experienced periods where expenses exceeded revenue, notably in 2023 ($50M expenses vs. $47.5M revenue), 2022 ($55.2M expenses vs. $45M revenue), 2021 ($52.3M expenses vs. $52.2M revenue), and 2020 ($68.7M expenses vs. $46.6M revenue). This suggests that the fund may draw from its asset base to cover benefit payouts during certain periods, which is not uncommon for benefit funds but warrants monitoring for long-term sustainability.

The absence of officer compensation across all reported periods is a significant indicator of transparency and efficiency, as it suggests that the fund's administration is either volunteer-based or compensated through other means not reported as officer compensation on the 990, or that the fund's structure does not involve traditional 'officers' in a compensated capacity. Given its nature as a benefit fund, its 'program spending' would largely be the benefits paid out to members. Without a detailed breakdown of expenses into program, administrative, and fundraising categories in the provided data, a precise spending efficiency ratio is difficult to calculate. However, the consistent growth in assets alongside fluctuating revenue and expenses suggests a well-managed, albeit sometimes deficit-spending, benefit fund.

Overall, the organization appears to be financially stable with substantial assets. The lack of officer compensation is a positive transparency signal. The periods of expenses exceeding revenue are a point to observe, but for a benefit fund, this can be part of its operational model, drawing from reserves to meet obligations. Further detailed expense breakdowns would be needed for a more granular assessment of spending efficiency.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Steamfitters Industry Security Benefit 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, Steamfitters Industry Security Benefit 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.

Executive Compensation Analysis

Executive compensation is reported as 0% across all available filings, indicating that no officers received compensation directly from the organization, which is a strong positive for transparency and efficiency relative to the organization's size and 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.

Red Flags

The following concerns were identified during AI analysis of Steamfitters Industry Security Benefit Fund's IRS 990 filings:

Consistent periods where expenses exceed revenue (e.g., 2020, 2021, 2022, 2023) could indicate reliance on asset drawdowns, which needs monitoring for long-term sustainability.

Strengths

The following positive indicators were identified for Steamfitters Industry Security Benefit Fund:

Strong asset base, growing from $209 million in 2014 to $306 million in 2023, indicating financial stability.
Zero reported officer compensation across all filings, suggesting high efficiency and transparency in leadership compensation.
Consistent revenue generation, averaging over $50 million annually, supporting its benefit obligations.

Frequently Asked Questions about Steamfitters Industry Security Benefit Fund

How does the fund manage periods where expenses exceed revenue, such as in 2023, 2022, 2021, and 2020?

The fund likely draws from its substantial asset base (e.g., $306 million in 2023) to cover benefit payouts when expenses surpass annual revenue, a common practice for benefit funds.

What is the specific breakdown of 'expenses' into benefit payouts versus administrative costs?

Without a detailed breakdown of expenses from the 990, it's assumed that the vast majority of expenses for a 'Security Benefit Fund' are direct benefit payouts to members, with a smaller portion allocated to administration.

Why is officer compensation consistently reported as 0%?

This could indicate that the fund's administration is volunteer-based, compensated through an affiliated entity, or structured in a way that does not involve traditional 'officer compensation' as reported on the 990 form.

Filing History

IRS 990 filing history for Steamfitters Industry Security Benefit Fund showing financial trends over 13 years of public records:

Over 13 years of IRS 990 filings (2011–2023), Steamfitters Industry Security Benefit Fund's revenue has grown by 35.3%, moving from $35.1M to $47.5M. Total assets increased by 125.5% over the same period, from $135.8M to $306.3M. Total functional expenses rose by 58.3%, from $31.6M to $50.0M. In its most recent filing year (2023), Steamfitters Industry Security Benefit Fund reported a deficit of $2.5M, with expenses exceeding revenue. The organization holds $4.1M in liabilities against $306.3M in assets (debt-to-asset ratio: 1.3%), resulting in net assets of $302.2M.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$47.5M	$50.0M	$306.3M	$4.1M	—	—
2022	$45.0M	$55.2M	$294.8M	$4.6M	—	View 990
2021	$52.2M	$52.4M	$326.7M	$2.7M	—	View 990
2020	$46.7M	$68.8M	$308.2M	$4.5M	—	—
2019	$62.3M	$48.2M	$310.1M	$1.1M	—	View 990
2018	$62.6M	$37.7M	$271.2M	$4.6M	—	View 990
2017	$63.0M	$37.4M	$268.9M	$3.3M	—	View 990
2016	$53.2M	$28.6M	$238.8M	$7.5M	—	View 990
2015	$51.3M	$37.3M	$206.0M	$4.8M	—	View 990
2014	$50.6M	$33.9M	$209.1M	$7.7M	—	View 990
2013	$51.9M	$33.3M	$193.5M	$8.6M	—	View 990
2012	$45.0M	$27.8M	$162.3M	$2.6M	—	View 990
2011	$35.1M	$31.6M	$135.8M	$1.6M	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $47.5M, expenses of $50.0M, and assets of $306.3M (revenue +5.6% year-over-year).
2022: Revenue of $45.0M, expenses of $55.2M, and assets of $294.8M (revenue -13.8% year-over-year).
2021: Revenue of $52.2M, expenses of $52.4M, and assets of $326.7M (revenue +11.9% year-over-year).
2020: Revenue of $46.7M, expenses of $68.8M, and assets of $308.2M (revenue -25.1% year-over-year).
2019: Revenue of $62.3M, expenses of $48.2M, and assets of $310.1M (revenue -0.4% year-over-year).
2018: Revenue of $62.6M, expenses of $37.7M, and assets of $271.2M (revenue -0.5% year-over-year).
2017: Revenue of $63.0M, expenses of $37.4M, and assets of $268.9M (revenue +18.5% year-over-year).
2016: Revenue of $53.2M, expenses of $28.6M, and assets of $238.8M (revenue +3.5% year-over-year).
2015: Revenue of $51.3M, expenses of $37.3M, and assets of $206.0M (revenue +1.4% year-over-year).
2014: Revenue of $50.6M, expenses of $33.9M, and assets of $209.1M (revenue -2.5% year-over-year).
2013: Revenue of $51.9M, expenses of $33.3M, and assets of $193.5M (revenue +15.5% year-over-year).
2012: Revenue of $45.0M, expenses of $27.8M, and assets of $162.3M (revenue +28.0% year-over-year).
2011: Revenue of $35.1M, expenses of $31.6M, and assets of $135.8M.

Data Sources and Methodology

This transparency report for Steamfitters Industry Security Benefit 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.