Teamsters Local Union No 408 I B Of T Welfare Fund
Teamsters Local 408 Welfare Fund: Stable Assets, Questionable Program Spending
EIN: 221668940 · Union, NJ · Updated: 2026-04-04
About Teamsters Local Union No 408 I B Of T Welfare Fund
Teamsters Local Union No 408 I B Of T Welfare Fund (EIN: 221668940) is a nonprofit organization based in Union, NJ. The organization reported total revenue of $15.9M and total assets of $13.4M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Teamsters Local Union No 408 I B Of T Welfare Fund's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Teamsters Local Union No 408 I B Of T Welfare Fund with a Mission Score of 65 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: 100%
- programs: 0%
- fundraising: 0%
According to IRS 990 filings, Teamsters Local Union No 408 I B Of T Welfare Fund allocates its expenses as follows: admin: 100%, programs: 0%, fundraising: 0%.
Executive Compensation Analysis
Executive compensation cannot be assessed as specific figures for individual executives are not provided in the summarized data.
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 Teamsters Local Union No 408 I B Of T Welfare Fund's IRS 990 filings:
- Zero reported program service expenses (0%) raises significant concerns about the fund's direct benefit to members.
- Consistent net losses (expenses exceeding revenue) over multiple years (e.g., $3,864,102 revenue vs. $4,214,050 expenses in 2023) are unsustainable.
- The substantial increase in liabilities to $494,406 in 2023 warrants further investigation.
Strengths
The following positive indicators were identified for Teamsters Local Union No 408 I B Of T Welfare Fund:
- The fund maintains a significant asset base, with $12,727,013 in assets reported for 2023.
- Assets have remained relatively stable over the past several years, despite operational losses.
Frequently Asked Questions about Teamsters Local Union No 408 I B Of T Welfare Fund
What does Teamsters Local Union No 408 I B Of T Welfare Fund do?
Teamsters Local Union No 408 I B Of T Welfare Fund is a nonprofit organization in the Unknown sector, located in Union, New Jersey. It is classified under NTEE code Unknown.
How much revenue does Teamsters Local Union No 408 I B Of T Welfare Fund have?
Teamsters Local Union No 408 I B Of T Welfare Fund reported total revenue of $15,921,591. Based on 13 IRS 990 filings on record.
What are Teamsters Local Union No 408 I B Of T Welfare Fund's total assets?
Teamsters Local Union No 408 I B Of T Welfare Fund holds total assets of $13,367,434 as reported in IRS 990 filings.
Where is Teamsters Local Union No 408 I B Of T Welfare Fund located?
Teamsters Local Union No 408 I B Of T Welfare Fund is based in Union, New Jersey.
What is Teamsters Local Union No 408 I B Of T Welfare Fund's EIN?
Teamsters Local Union No 408 I B Of T Welfare Fund's Employer Identification Number (EIN) is 221668940. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Teamsters Local Union No 408 I B Of T Welfare Fund?
Teamsters Local Union No 408 I B Of T Welfare Fund is classified under NTEE code Unknown (Unknown).
Is Teamsters Local Union No 408 I B Of T Welfare Fund a registered 501(c)(3)?
Teamsters Local Union No 408 I B Of T Welfare Fund appears in IRS records (EIN: 221668940). Check the IRS Tax Exempt Organization Search for the most current determination letter status.
Does Teamsters Local Union No 408 I B Of T Welfare Fund file IRS Form 990?
Yes, Teamsters Local Union No 408 I B Of T Welfare Fund has 13 IRS Form 990 filings on record. The most recent covers tax period 202312.
What was Teamsters Local Union No 408 I B Of T Welfare Fund's revenue in 2023?
In the 202312 filing period, Teamsters Local Union No 408 I B Of T Welfare Fund reported total revenue of $3,864,102, total expenses of $4,214,050, and net assets of $12,727,013.
Is Teamsters Local Union No 408 I B Of T Welfare Fund's revenue growing or declining?
Teamsters Local Union No 408 I B Of T Welfare Fund's revenue is growing. Revenue went from $3,044,750 (202212) to $3,864,102 (202312), a +26.9% change. Based on 13 filings on record.
What is Teamsters Local Union No 408 I B Of T Welfare Fund's most recent 990 filing?
The most recent IRS Form 990 filing for Teamsters Local Union No 408 I B Of T Welfare Fund covers tax period 202312. It shows revenue of $3,864,102, expenses of $4,214,050, total assets of $12,727,013, and liabilities of $494,406.
Is Teamsters Local Union No 408 I B Of T Welfare Fund a trustworthy charity?
Based on AI analysis of IRS 990 data, Teamsters Local Union No 408 I B Of T Welfare Fund shows mixed signals. Mission Score: 65/100 (Good). 3 red flags identified. 2 strengths noted.
What are the red flags for Teamsters Local Union No 408 I B Of T Welfare Fund?
The following concerns were identified: Zero reported program service expenses (0%) raises significant concerns about the fund's direct benefit to members.. Consistent net losses (expenses exceeding revenue) over multiple years (e.g., $3,864,102 revenue vs. $4,214,050 expenses in 2023) are unsustainable.. The substantial increase in liabilities to $494,406 in 2023 warrants further investigation.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are Teamsters Local Union No 408 I B Of T Welfare Fund's strengths?
Positive indicators for Teamsters Local Union No 408 I B Of T Welfare Fund include: The fund maintains a significant asset base, with $12,727,013 in assets reported for 2023.. Assets have remained relatively stable over the past several years, despite operational losses.. These findings are derived from AI analysis of the organization's financial filings.
How does Teamsters Local Union No 408 I B Of T Welfare Fund compensate executives?
Executive compensation cannot be assessed as specific figures for individual executives are not provided in the summarized data. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
Given the 'Welfare Fund' designation, how does the organization justify 0% program service expenses and what direct benefits are provided to members?
The data indicates that all reported expenses are categorized as administrative or fundraising, with no direct program service expenses. This suggests that any welfare benefits provided are either not classified as program expenses or are minimal, which is highly unusual for a welfare fund.
What is the long-term strategy for addressing the consistent trend of expenses exceeding revenue, and how will this impact the fund's ability to meet future obligations?
With expenses consistently higher than revenue, the fund is drawing down its asset base. Without a change in financial strategy, this trend is unsustainable and could jeopardize the fund's ability to provide benefits or cover administrative costs in the future.
Filing History
IRS 990 filing history for Teamsters Local Union No 408 I B Of T Welfare Fund showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Teamsters Local Union No 408 I B Of T Welfare Fund's revenue has declined by 39.1%, moving from $6.3M to $3.9M. Total assets increased by 64.2% over the same period, from $7.8M to $12.7M. Total functional expenses fell by 20.1%, from $5.3M to $4.2M. In its most recent filing year (2023), Teamsters Local Union No 408 I B Of T Welfare Fund reported a deficit of $350K, with expenses exceeding revenue. The organization holds $494K in liabilities against $12.7M in assets (debt-to-asset ratio: 3.9%), resulting in net assets of $12.2M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2023 | $3.9M | $4.2M | $12.7M | $494K | — | — |
| 2022 | $3.0M | $3.8M | $11.6M | $3K | — | View 990 |
| 2021 | $4.5M | $2.9M | $14.0M | $4K | — | View 990 |
| 2020 | $3.6M | $3.0M | $12.3M | $81K | — | View 990 |
| 2019 | $4.1M | $4.0M | $11.4M | $0 | — | — |
| 2018 | $4.4M | $4.0M | $10.4M | $18K | — | View 990 |
| 2017 | $4.4M | $4.0M | $10.5M | $56K | — | View 990 |
| 2016 | $4.3M | $3.3M | $9.8M | $0 | — | View 990 |
| 2015 | $3.5M | $4.1M | $8.5M | $3K | — | View 990 |
| 2014 | $4.4M | $4.0M | $8.9M | $1K | — | View 990 |
| 2013 | $4.4M | $4.7M | $9.1M | $1K | — | View 990 |
| 2012 | $5.0M | $4.4M | $9.0M | $1K | — | View 990 |
| 2011 | $6.3M | $5.3M | $7.8M | $29K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $3.9M, expenses of $4.2M, and assets of $12.7M (revenue +26.9% year-over-year).
- 2022: Revenue of $3.0M, expenses of $3.8M, and assets of $11.6M (revenue -32.7% year-over-year).
- 2021: Revenue of $4.5M, expenses of $2.9M, and assets of $14.0M (revenue +26.6% year-over-year).
- 2020: Revenue of $3.6M, expenses of $3.0M, and assets of $12.3M (revenue -13.7% year-over-year).
- 2019: Revenue of $4.1M, expenses of $4.0M, and assets of $11.4M (revenue -6.6% year-over-year).
- 2018: Revenue of $4.4M, expenses of $4.0M, and assets of $10.4M (revenue +0.9% year-over-year).
- 2017: Revenue of $4.4M, expenses of $4.0M, and assets of $10.5M (revenue +2.1% year-over-year).
- 2016: Revenue of $4.3M, expenses of $3.3M, and assets of $9.8M (revenue +23.6% year-over-year).
- 2015: Revenue of $3.5M, expenses of $4.1M, and assets of $8.5M (revenue -21.1% year-over-year).
- 2014: Revenue of $4.4M, expenses of $4.0M, and assets of $8.9M (revenue -0.5% year-over-year).
- 2013: Revenue of $4.4M, expenses of $4.7M, and assets of $9.1M (revenue -11.9% year-over-year).
- 2012: Revenue of $5.0M, expenses of $4.4M, and assets of $9.0M (revenue -20.7% year-over-year).
- 2011: Revenue of $6.3M, expenses of $5.3M, and assets of $7.8M.
Data Sources and Methodology
This transparency report for Teamsters Local Union No 408 I B Of T 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.