Steamfitters Industry Welfare Fund Board Of Trustees

Steamfitters Welfare Fund Experiences Consistent Operating Deficits While Drawing Down Assets.

EIN: 131545680 · Long Island City, NY · NTEE: J40 · Updated: 2026-03-28

$105.7MRevenue

$78.7MAssets

70/100Mission Score (Good)

J40

About Steamfitters Industry Welfare Fund Board Of Trustees

Steamfitters Industry Welfare Fund Board Of Trustees (EIN: 131545680) is a nonprofit organization based in Long Island City, NY, classified under NTEE code J40. The organization reported total revenue of $105.7M and total assets of $78.7M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Steamfitters Industry Welfare Fund Board Of Trustees's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

The Steamfitters Industry Welfare Fund Board Of Trustees operates as a significant welfare fund, managing substantial assets and revenues to provide benefits. Over the past several years, the organization has consistently reported revenues in the tens of millions, with the latest available revenue at $105,656,106. However, a notable trend is that expenses have frequently exceeded revenue in recent periods, such as in 2023 where expenses were $84,156,944 against revenues of $71,377,034, and in 2022 where expenses were $96,768,505 against revenues of $68,606,554. This indicates a reliance on existing assets or investment income to cover operational costs and benefit payouts.

The organization's asset base has shown some fluctuation, decreasing from a high of $151,976,500 in 2019 to $91,726,848 in 2023. This decline in assets, coupled with consistent operating deficits, suggests a potential long-term sustainability concern if the trend continues. Transparency appears to be maintained through regular IRS 990 filings, and the consistent reporting of 0% officer compensation indicates that the board members are not directly compensated from the fund, which is a positive sign for fiduciary responsibility.

Given its nature as a welfare fund, the primary 'program' spending would be the direct benefits paid out to members. Without a detailed functional expense breakdown, it's challenging to precisely assess spending efficiency beyond the overall revenue-expense relationship. However, the consistent deficits suggest that the fund is actively disbursing more than it collects in contributions in recent years, which could be a planned strategy for a mature fund or a sign of increasing benefit demands.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Steamfitters Industry Welfare Fund Board Of Trustees with a Mission Score of 70 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

admin: 8%
programs: 90%
fundraising: 2%

According to IRS 990 filings, Steamfitters Industry Welfare Fund Board Of Trustees allocates its expenses as follows: admin: 8%, programs: 90%, fundraising: 2%. With 90% 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, indicating that the Board of Trustees members are not compensated directly from the fund, which is a strong positive for financial stewardship.

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 Welfare Fund Board Of Trustees's IRS 990 filings:

Consistent operating deficits (expenses exceeding revenue) in recent years, e.g., $12.7M in 2023 and $28.1M in 2022.
Declining asset base from $151.9M in 2019 to $91.7M in 2023, indicating a draw-down of reserves.

Strengths

The following positive indicators were identified for Steamfitters Industry Welfare Fund Board Of Trustees:

No officer compensation reported, indicating strong fiduciary responsibility and lack of personal financial gain for trustees.
Manages substantial assets ($91.7M in 2023) to fulfill its welfare mission.
Consistent history of IRS 990 filings, demonstrating transparency.

Frequently Asked Questions about Steamfitters Industry Welfare Fund Board Of Trustees

Is the Steamfitters Industry Welfare Fund Board Of Trustees financially stable?

While the fund holds substantial assets ($91,726,848 in 2023), it has experienced consistent operating deficits in recent years (e.g., $12,779,910 deficit in 2023, $28,161,951 deficit in 2022), leading to a decline in its asset base from a high of $151,976,500 in 2019. This trend warrants close monitoring for long-term stability.

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

For several recent periods, the organization's expenses have exceeded its revenue. For example, in 2023, expenses were $84,156,944 against revenues of $71,377,034. This suggests the fund is either drawing down reserves or relying on investment income not fully captured in the 'revenue' figure to cover its benefit obligations and operational costs.

What is the trend in the organization's assets?

The organization's assets have decreased from a peak of $151,976,500 in 2019 to $91,726,848 in 2023. This decline aligns with the observed operating deficits, indicating that the fund is utilizing its principal to meet obligations.

Filing History

IRS 990 filing history for Steamfitters Industry Welfare Fund Board Of Trustees showing financial trends over 13 years of public records:

Over 13 years of IRS 990 filings (2011–2023), Steamfitters Industry Welfare Fund Board Of Trustees's revenue has grown by 13.7%, moving from $62.8M to $71.4M. Total assets increased by 153.4% over the same period, from $36.2M to $91.7M. Total functional expenses rose by 39.1%, from $60.5M to $84.2M. In its most recent filing year (2023), Steamfitters Industry Welfare Fund Board Of Trustees reported a deficit of $12.8M, with expenses exceeding revenue. The organization holds $2.7M in liabilities against $91.7M in assets (debt-to-asset ratio: 3.0%), resulting in net assets of $89.0M.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$71.4M	$84.2M	$91.7M	$2.7M	—	—
2022	$68.6M	$96.8M	$96.7M	$4.1M	—	View 990
2021	$84.1M	$91.2M	$135.0M	$2.2M	—	View 990
2020	$74.3M	$84.7M	$142.4M	$2.5M	—	—
2019	$88.7M	$90.0M	$152.0M	$3.2M	—	View 990
2018	$90.6M	$88.1M	$141.7M	$2.5M	—	View 990
2017	$89.4M	$76.7M	$146.7M	$2.6M	—	—
2016	$89.0M	$77.5M	$129.5M	$3.6M	—	View 990
2015	$81.6M	$69.2M	$113.7M	$3.4M	—	View 990
2014	$87.0M	$67.4M	$101.9M	$2.7M	—	View 990
2013	$81.7M	$58.0M	$87.1M	$2.3M	—	View 990
2012	$78.4M	$56.5M	$60.8M	$2.7M	—	View 990
2011	$62.8M	$60.5M	$36.2M	$2.4M	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $71.4M, expenses of $84.2M, and assets of $91.7M (revenue +4.0% year-over-year).
2022: Revenue of $68.6M, expenses of $96.8M, and assets of $96.7M (revenue -18.5% year-over-year).
2021: Revenue of $84.1M, expenses of $91.2M, and assets of $135.0M (revenue +13.3% year-over-year).
2020: Revenue of $74.3M, expenses of $84.7M, and assets of $142.4M (revenue -16.3% year-over-year).
2019: Revenue of $88.7M, expenses of $90.0M, and assets of $152.0M (revenue -2.1% year-over-year).
2018: Revenue of $90.6M, expenses of $88.1M, and assets of $141.7M (revenue +1.4% year-over-year).
2017: Revenue of $89.4M, expenses of $76.7M, and assets of $146.7M (revenue +0.5% year-over-year).
2016: Revenue of $89.0M, expenses of $77.5M, and assets of $129.5M (revenue +9.0% year-over-year).
2015: Revenue of $81.6M, expenses of $69.2M, and assets of $113.7M (revenue -6.2% year-over-year).
2014: Revenue of $87.0M, expenses of $67.4M, and assets of $101.9M (revenue +6.5% year-over-year).
2013: Revenue of $81.7M, expenses of $58.0M, and assets of $87.1M (revenue +4.2% year-over-year).
2012: Revenue of $78.4M, expenses of $56.5M, and assets of $60.8M (revenue +24.9% year-over-year).
2011: Revenue of $62.8M, expenses of $60.5M, and assets of $36.2M.

Data Sources and Methodology

This transparency report for Steamfitters Industry Welfare Fund Board Of Trustees 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.