Local 298 Health Benefit Fund I
- Assets
- $19.4m
- Revenue
- $25.4m
- Investments
- $3.2m
- Employees
- 0
- Location
- Valley Stream, NY
- Founding
- 02/1959
- Data as of
- 12/2022
- 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 12/2022, Local 298 Health Benefit Fund I generated $25.4m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 11.7% each year . All expenses for the organization totaled $27.8m during the year ending 12/2022. While expenses have increased by 13.7% per year over the past 8 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
2022
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 |
|---|---|---|---|
Victor Lagreca Trustee/ Union Officer | Trustee | 2 | $25,148 |
Ralph Mascolo Trustee | Trustee | 0.5 | $0 |
Joseph Giovinco Jr Fund Manager | Officer | 27 | $129,625 |
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 | $26,227,845 |
| Investment income | $534,590 |
| 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 | $25,395,807 |
| 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 | $25,590,184 |
| Compensation of current officers, directors, key employees. | $154,773 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $250,982 |
| Pension plan accruals and contributions | $66,604 |
| Other employee benefits | $58,849 |
| Payroll taxes | $76,452 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $45,000 |
| Fees for services: Accounting | $31,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $43,138 |
| Fees for services: Other | $1,274,663 |
| Advertising and promotion | $0 |
| Office expenses | $13,990 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $29,982 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $12,334 |
| All other expenses | $143,590 |
| Total functional expenses | $27,791,541 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $28,723 |
| Savings and temporary cash investments | $1,343,417 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,230,677 |
| 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 | $13,559,835 |
| Investments—other securities | $3,249,721 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $19,412,373 |
| Accounts payable and accrued expenses | $28,955 |
| 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 | $6,948,581 |
| Total liabilities | $6,977,536 |
| 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 | $12,434,837 |
| Total liabilities and net assets/fund balances | $19,412,373 |