Local 298 Health Benefit Fund I
- Assets
- $21.6m
- Revenue
- $24.8m
- Investments
- $5.6m
- Employees
- 0
- Location
- Valley Stream, NY
- Founding
- 02/1959
- Data as of
- 12/2021
- EIN
- 11-1967404
Organization Overview
Local 298 Health Benefit Fund I is located in Valley Stream, NY. The organization was established in 1959. According to its NTEE Classification (E80) the organization is classified as: Health (General & Financing), under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Local 298 Health Benefit Fund I 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, Local 298 Health Benefit Fund I generated $24.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 13.1% each year . All expenses for the organization totaled $26.0m during the year ending 12/2021. While expenses have increased by 14.7% 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 HEALTH BENEFITS TO ELIGIBLE PARTICIPANTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE HEALTH BENEFITS TO ELIGIBLE PARTICIPANTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Giovinco Jr Fund Manager | Officer | 27 | $119,296 |
Victor Lagreca Trustee/ Union Officer | Trustee | 2 | $25,272 |
Ralph Mascolo Trustee | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $21,815,184 |
| Investment income | $606,668 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $24,797,848 |
| 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 | $25,179,075 |
| Compensation of current officers, directors, key employees. | $144,568 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $235,068 |
| Pension plan accruals and contributions | $66,604 |
| Other employee benefits | $58,849 |
| Payroll taxes | $26,119 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $107,257 |
| Fees for services: Accounting | $24,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $43,911 |
| Fees for services: Other | $16,572 |
| Advertising and promotion | $0 |
| Office expenses | $60,308 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $30,372 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,000 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,643 |
| Insurance | $38,655 |
| All other expenses | $0 |
| Total functional expenses | $26,037,001 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $27,241 |
| Savings and temporary cash investments | $2,022,241 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $743,516 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $13,161,748 |
| Investments—other securities | $5,610,558 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $21,565,304 |
| Accounts payable and accrued expenses | $12,649 |
| 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 | $6,781,556 |
| Total liabilities | $6,794,205 |
| 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 | $14,771,099 |
| Total liabilities and net assets/fund balances | $21,565,304 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Massachusetts Mutual Employee Health Benefit Tr Springfield, MA | $6,593,525 | $93,603,894 |
United Food & Comm Wkrs Union Local 1262 & Employers Welfare Fund Clifton, NJ | $25,277,473 | $87,753,687 |
Delta Dental Of Delaware Inc Mechanicsburg, PA | $18,629,043 | $77,257,162 |
International Union Of Operating Engineers Welfare Fund 478 Hamden, CT | $131,628,266 | $64,853,595 |
Dentcare Delivery Systems Inc Uniondale, NY | $23,820,779 | $55,088,779 |
Northwest Behavioral Health Partnership Inc New Castle, PA | $31,030,978 | $48,843,347 |
Carepartners Of Connecticut Inc Canton, MA | $21,597,096 | $24,446,230 |
Inspira Health Network Life Inc Vineland, NJ | $17,203,909 | $29,584,528 |
New York State United Teachers Member Benefits Catastrophe Major Latham, NY | $163,944,061 | $48,601,749 |
Retiree Health And Welfare Fund Of The Police Benevolent Association New York, NY | $171,668,298 | $54,323,145 |
Local 298 Health Benefit Fund I Valley Stream, NY | $21,565,304 | $24,797,848 |
Delta Dental Plan Of West Virginia Inc Mechanicsburg, PA | $18,350,283 | $22,759,004 |