Local 338 Benefits Trust Fund
- Assets
- $11.9m
- Revenue
- $3.2m
- Investments
- $10.8m
- Employees
- 0
- Location
- Mineola, NY
- Founding
- 12/1970
- Data as of
- 12/2021
- EIN
- 13-6313146
Organization Overview
Local 338 Benefits Trust Fund is located in Mineola, NY. The organization was established in 1970. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Local 338 Benefits Trust 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, Local 338 Benefits Trust Fund generated $3.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.2%) each year. All expenses for the organization totaled $3.4m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (3.0%) per year over the past 7 years. 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 DENTAL, VISION, TEMPORARY DISABILITY, DEATH AND LEGAL SERVICES BENEFITS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE DENTAL, VISION, TEMPORARY DISABILITY, DEATH, LEGAL AND OTHER BENEFITS TO PARTICIPANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Harold Mittel Controller | Officer | 3 | $0 |
Ismael Torres Fund Administrator | Officer | 2 | $0 |
John R Durso Chairman Of The Board | Trustee | 5 | $0 |
Joseph Fontano Union Trustee | Trustee | 5 | $0 |
Jon Greenfield Employer Trustee | Trustee | 3 | $0 |
Morton Sloan Employer Trustee | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Friedman And Anspach Legal Fees | 12/30/21 | $220,707 |
Dds Services Inc Claims Administration | 12/30/21 | $206,271 |
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 | $1,686,784 |
| Investment income | $9,722 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,501,440 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,200,592 |
| 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 | $2,435,495 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $80,712 |
| Fees for services: Accounting | $37,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $31,449 |
| Fees for services: Other | $9,202 |
| Advertising and promotion | $0 |
| Office expenses | $57,009 |
| Information technology | $6,027 |
| Royalties | $0 |
| Occupancy | $73,297 |
| Travel | $21,893 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,641 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $25,652 |
| All other expenses | $0 |
| Total functional expenses | $3,415,773 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $136,538 |
| Savings and temporary cash investments | $82 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $325,419 |
| 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 | $100,320 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $10,829,496 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $520,000 |
| Total assets | $11,911,855 |
| Accounts payable and accrued expenses | $79,686 |
| 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 | $79,686 |
| 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 | $11,832,169 |
| Total liabilities and net assets/fund balances | $11,911,855 |