Life Benefit Fund
- Assets
- $4.7m
- Revenue
- $4.8m
- Investments
- $0.0
- Employees
- 9
- Location
- Brooklyn, NY
- Founding
- 07/1960
- Data as of
- 12/2022
- 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 12/2022, 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 12/2022, Life Benefit Fund generated $4.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $4.9m during the year ending 12/2022. While expenses have increased by 5.8% 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 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 | 47 | $293,279 | |
Christopher L Kuehne Director Of Labor | 33 | $0 | |
Jessica Gambino Office Manager | 37 | $140,516 | |
Dina Chiclana Trustee | Trustee | 6 | $0 |
Ella Dupree Nv - Trustee | Trustee | 8 | $0 |
Peter Corradi Trustee | Trustee | 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 | $4,715,763 |
| Investment income | $10,903 |
| 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 | $4,767,446 |
| 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 | $2,645,970 |
| Compensation of current officers, directors, key employees. | $382,494 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $866,362 |
| Pension plan accruals and contributions | $49,305 |
| Other employee benefits | $295,011 |
| Payroll taxes | $110,887 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,628 |
| Fees for services: Accounting | $74,135 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $109,359 |
| Information technology | $79,126 |
| Royalties | $0 |
| Occupancy | $115,110 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $17,299 |
| Interest | $224 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $42,845 |
| Insurance | $22,000 |
| All other expenses | $0 |
| Total functional expenses | $4,862,540 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,097,750 |
| Savings and temporary cash investments | $1,849,848 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $233,971 |
| 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 | $27,618 |
| Net Land, buildings, and equipment | $83,103 |
| Investments—publicly traded securities | $265,948 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $172,363 |
| Total assets | $4,730,601 |
| Accounts payable and accrued expenses | $275,348 |
| 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 | $281,396 |
| Total liabilities | $556,744 |
| 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 | $4,173,857 |
| Total liabilities and net assets/fund balances | $4,730,601 |