Life Benefit Fund
- Assets
- $4.5m
- Revenue
- $4.0m
- Investments
- $0.0
- Employees
- 9
- Location
- Brooklyn, NY
- Founding
- 07/1960
- Data as of
- 12/2021
- EIN
- 11-1708617
Organization Overview
Life Benefit Fund is located in Brooklyn, NY. The organization was established in 1960. According to its NTEE Classification (Y43) the organization is classified as: Voluntary Employees Beneficiary Associations (Non-Government), under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Life Benefit Fund employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Life Benefit Fund is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 12/2021, Life Benefit Fund generated $4.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $3.6m during the year ending 12/2021. While expenses have increased by 2.1% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HOSPITAL, MEDICAL, DENTAL, OPTICAL, ACCIDENTAL DEATH AND DISMEMBERMENT INSURANCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE HOSPITAL, MEDICAL, DENTAL, OPTICAL, ACCIDENTAL DEATH AND DISMEMBERMENT INSURANCE AND OTHER BENEFITS TO PARTICIPANTS AND THEIR BENEFICIARIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John N Mongello Fund Administrator | Officer | 47 | $284,864 |
Jessica Gambino Office Manager | 37 | $154,901 | |
Herman Reich Non-Voting Trustee | Trustee | 5 | $0 |
Dina Chiclana Trustee | Trustee | 6 | $0 |
Peter Corradi Trustee | Trustee | 5 | $0 |
Ella Dupree Non-Voting Trustee | Trustee | 8 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $149,800 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $149,800 |
| Total Program Service Revenue | $3,794,261 |
| Investment income | $13,783 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $25,200 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,984,741 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,778,819 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $971,042 |
| Pension plan accruals and contributions | $43,986 |
| Other employee benefits | $290,170 |
| Payroll taxes | $62,646 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,750 |
| Fees for services: Accounting | $57,050 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $175 |
| Fees for services: Other | $8,125 |
| Advertising and promotion | $0 |
| Office expenses | $62,768 |
| Information technology | $72,708 |
| Royalties | $0 |
| Occupancy | $109,824 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,147 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $24,101 |
| Insurance | $17,011 |
| All other expenses | $3,464 |
| Total functional expenses | $3,580,541 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,677,803 |
| Savings and temporary cash investments | $1,842,686 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $348,455 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $23,572 |
| Net Land, buildings, and equipment | $92,499 |
| Investments—publicly traded securities | $318,722 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $208,328 |
| Total assets | $4,512,065 |
| Accounts payable and accrued expenses | $187,125 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $187,125 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $4,324,940 |
| Total liabilities and net assets/fund balances | $4,512,065 |