United Welfare Fund Of Amalamated Local Union 355
United Welfare Fund maintains substantial assets and reports zero officer compensation amidst fluctuating annual revenues.
EIN: 111823976 · New Rochelle, NY · Updated: 2026-03-28
Is United Welfare Fund Of Amalamated Local Union 355 Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
United Welfare Fund Of Amalamated Local Union 355 directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About United Welfare Fund Of Amalamated Local Union 355
United Welfare Fund Of Amalamated Local Union 355 (EIN: 111823976) is a nonprofit organization based in New Rochelle, NY. The organization reported total revenue of $260.0M and total assets of $549.6M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of United Welfare Fund Of Amalamated Local Union 355's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
United Welfare Fund Of Amalamated Local Union 355 is a major nonprofit that has been operating for 68 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 1.7%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $211.2M |
| Total Expenses | $218.9M |
| Surplus / Deficit | $-7,661,627 |
| Total Assets | $534.1M |
| Total Liabilities | $10.9M |
| Net Assets | $523.2M |
| Operating Margin | -3.6% |
| Debt-to-Asset Ratio | 2.0% |
| Months of Reserves | 29.3 months |
Financial Health Grade: B
In 2023, United Welfare Fund Of Amalamated Local Union 355 reported a deficit of $7.7M with expenses exceeding revenue, holds 29.3 months of operating reserves (strong position), has a debt-to-asset ratio of 2.0% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), United Welfare Fund Of Amalamated Local Union 355's revenue has grown at a compound annual growth rate (CAGR) of 1.7%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +12.1% | +5.5% | -1.1% |
| 2022 | -4.1% | +20.8% | -8.0% |
| 2021 | +6.2% | +0.5% | +3.6% |
| 2020 | -4.1% | -5.3% | +5.5% |
| 2019 | +4.2% | +3.1% | +3.6% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 3000 |
| IRS Ruling Date | 1958 |
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 United Welfare Fund Of Amalamated Local Union 355 with a Mission Score of 90 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, United Welfare Fund Of Amalamated Local Union 355 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 $7.7M, with expenses exceeding revenue.
- Debt-to-asset ratio: 2.0%.
Executive Compensation Analysis
The organization consistently reports 0% officer compensation across all available filings, indicating that no salaries are paid to its officers, which is a highly positive sign for resource allocation and transparency.
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 United Welfare Fund Of Amalamated Local Union 355's IRS 990 filings:
- NTEE Code is unknown, which can make it harder to benchmark against similar organizations.
Strengths
The following positive indicators were identified for United Welfare Fund Of Amalamated Local Union 355:
- Consistent reporting of 0% officer compensation, indicating high efficiency and transparency.
- Substantial and growing asset base, reaching $549,647,736, demonstrating strong financial stability.
- Long history of IRS 990 filings (13 filings), indicating consistent compliance and transparency.
- Large scale of operations with revenues consistently in the hundreds of millions, suggesting significant impact.
Frequently Asked Questions about United Welfare Fund Of Amalamated Local Union 355
Is United Welfare Fund Of Amalamated Local Union 355 a legitimate charity?
Based on AI analysis of IRS 990 filings, United Welfare Fund Of Amalamated Local Union 355 (EIN: 111823976) some concerns. Mission Score: 90/100. 1 red flag identified, 4 strengths noted.
How does United Welfare Fund Of Amalamated Local Union 355 spend its money?
United Welfare Fund Of Amalamated Local Union 355 directs 90% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to United Welfare Fund Of Amalamated Local Union 355 tax-deductible?
United Welfare Fund Of Amalamated Local Union 355 is registered as a tax-exempt nonprofit (EIN: 111823976). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Is United Welfare Fund Of Amalamated Local Union 355 a good charity?
Based on the available IRS 990 data, the organization appears to be a well-managed entity with substantial assets and a commendable practice of reporting 0% officer compensation, suggesting a strong commitment to its mission and efficient use of funds.
How has the organization's financial health changed over time?
The organization has shown consistent growth in assets, from $490,749,248 in 2014 to $549,647,736 currently. While annual revenues and expenses fluctuate, the overall trend indicates financial stability and growth in its resource base.
What is the significance of 0% officer compensation?
0% officer compensation is a strong indicator of financial efficiency and transparency, meaning that the organization's leadership is not drawing salaries from the fund, allowing more resources to be directed towards its programs and beneficiaries.
Are there any concerns regarding the latest period's expenses exceeding revenue?
For the 202304 period, expenses ($218,896,683) exceeded revenue ($211,235,056). While this results in a net deficit for that year, it should be viewed in the context of the organization's substantial asset base ($534,072,115 for that period) and long-term financial stability. It does not necessarily indicate financial distress.
Filing History
IRS 990 filing history for United Welfare Fund Of Amalamated Local Union 355 showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), United Welfare Fund Of Amalamated Local Union 355's revenue has grown by 22.3%, moving from $172.7M to $211.2M. Total assets increased by 9.5% over the same period, from $487.6M to $534.1M. Total functional expenses rose by 31.2%, from $166.9M to $218.9M. In its most recent filing year (2023), United Welfare Fund Of Amalamated Local Union 355 reported a deficit of $7.7M, with expenses exceeding revenue. The organization holds $10.9M in liabilities against $534.1M in assets (debt-to-asset ratio: 2.0%), resulting in net assets of $523.2M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $211.2M | $218.9M | $534.1M | $10.9M | — | View 990 |
| 2022 | $188.5M | $207.5M | $540.0M | $3.6M | — | View 990 |
| 2021 | $196.4M | $171.7M | $587.1M | $3.8M | — | View 990 |
| 2020 | $184.9M | $170.9M | $566.5M | $1.9M | — | View 990 |
| 2019 | $192.8M | $180.4M | $536.9M | $2.2M | — | View 990 |
| 2018 | $185.1M | $174.9M | $518.0M | $2.3M | — | View 990 |
| 2017 | $178.3M | $168.0M | $518.2M | $2.4M | — | View 990 |
| 2016 | $173.2M | $171.4M | $513.9M | $2.3M | — | View 990 |
| 2015 | $176.4M | $156.4M | $512.7M | $2.4M | — | View 990 |
| 2014 | $165.9M | $159.0M | $490.7M | $1.5M | — | View 990 |
| 2013 | $170.7M | $162.8M | $493.1M | $664K | — | View 990 |
| 2012 | $169.3M | $165.9M | $494.8M | $1.9M | — | View 990 |
| 2011 | $172.7M | $166.9M | $487.6M | $2.6M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $211.2M, expenses of $218.9M, and assets of $534.1M (revenue +12.1% year-over-year).
- 2022: Revenue of $188.5M, expenses of $207.5M, and assets of $540.0M (revenue -4.1% year-over-year).
- 2021: Revenue of $196.4M, expenses of $171.7M, and assets of $587.1M (revenue +6.2% year-over-year).
- 2020: Revenue of $184.9M, expenses of $170.9M, and assets of $566.5M (revenue -4.1% year-over-year).
- 2019: Revenue of $192.8M, expenses of $180.4M, and assets of $536.9M (revenue +4.2% year-over-year).
- 2018: Revenue of $185.1M, expenses of $174.9M, and assets of $518.0M (revenue +3.8% year-over-year).
- 2017: Revenue of $178.3M, expenses of $168.0M, and assets of $518.2M (revenue +2.9% year-over-year).
- 2016: Revenue of $173.2M, expenses of $171.4M, and assets of $513.9M (revenue -1.8% year-over-year).
- 2015: Revenue of $176.4M, expenses of $156.4M, and assets of $512.7M (revenue +6.3% year-over-year).
- 2014: Revenue of $165.9M, expenses of $159.0M, and assets of $490.7M (revenue -2.8% year-over-year).
- 2013: Revenue of $170.7M, expenses of $162.8M, and assets of $493.1M (revenue +0.8% year-over-year).
- 2012: Revenue of $169.3M, expenses of $165.9M, and assets of $494.8M (revenue -1.9% year-over-year).
- 2011: Revenue of $172.7M, expenses of $166.9M, and assets of $487.6M.
Data Sources and Methodology
This transparency report for United Welfare Fund Of Amalamated Local Union 355 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.