I B E W Local 98 Health & Welfare Fund

The information for I B E W Local 98 Health & Welfare Fund is as of the organization's most recent filing in December 2019. This organization is located in Philadelphia, PA and has been in existence for 40 years, following its founding in 1979.

Organization Classification

The IRS classifies organizations according to the National Taxonomy of Exempt Entities (NTEE) system. The NTEE system helps the IRS assign a 3-character code to each organization to describe the organization's activities.

The I B E W Local 98 Health & Welfare Fund's NTEE code is Y43. The "Y" tells us that the organization is classified along with Voluntary Employees Beneficiary Associations (Non-Government). The "43" tells us that the organization is a Mutual & Membership Benefit. The NTEE describes Mutual & Membership Benefits as non-governmental organizations that provide for the payment of life, sick, accident, or other benefits to the voluntary members of associations or their dependents or designated beneficiaries. This type of organization is exclusively exempt from federal taxes under 501(c)(9) of the Internal Revenue Code.

Every organization is also governed by a specific section of the Internal Revenue Code. This organization happens to be a 501(c)(9) organization. The IRS describes these organizations as Voluntary Employee Beneficiary Associations.

Perhaps the most accurate way to get a sense of what the organization hopes to achieve is by looking at its mission. The mission of the I B E W Local 98 Health & Welfare Fund is to provide hospitalization, surgical, medical, dental, vision, prescription drug, death, accidental death and dismemberment, and weekly disability benefits to eligible members (and dependents) of International Brotherhood of Electrical Workers Local Union No. 98.

Program Areas

The fund provides medical and other benefits such as hospital-surgical, life and accidental death & dismemberment, prescription, dental, vision and disability benefits for members and their dependents.

Board Governance

I B E W Local 98 Health & Welfare Fund is well-governed by its seven voting members. Of these members, four are independent, meaning they are not affiliated with the organization in any way. This ensures that the board is able to make decisions objectively and without potential conflicts of interest. Board meetings are documented, ensuring transparency and accountability. The organization also provides copies of the 990 to the board prior to filing, further increasing transparency and accountability. While the organization does not have a conflict of interest policy, disclosure of conflicts, or a written whistleblower policy, it does document committee meetings which helps to ensure that the organization is operating in accordance with its mission. Unfortunately, the organization does not substantiate and review leadership or officer salaries, which could be a cause for concern.

Organization Growth

Over the five-year period from 2014 to 2019, I B E W Local 98 Health & Welfare Fund saw significant growth in revenue and benefits paid to members. Program Service Revenue increased from $58.9M to $93.2M, Investment Income increased from $577.4K to $3.7M, while Other Revenue decreased from $46.3K to $39.4K. Total Revenue increased from $59.5M to $97.0M, and Benefits Paid to Members increased from $43.9M to $76.1M. Total Expenses increased from $44.8M to $77.7M. The number of employees was not meaningful over this time period.