Local 6559 Health Benefits Fund

The information for Local 6559 Health Benefits Fund is as of the organization's most recent filing in May 2019. This organization is located in Port Washington, NY. It has been in existence for 51 years, following its founding in 1968.

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.

Local 6559 Health Benefits Fund's NTEE code is Y20. The "Y" tells us that the organization is classified along with Insurance Providers. The "20" tells us that the organization is a Mutual & Membership Benefit. The NTEE describes Mutual & Membership Benefits as organizations that are established as vehicles for their parent corporations to set aside funds for workers compensation, medical malpractice, general liability claims, and other insurance purposes.

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 Local 6559 Health Benefits Fund is to provide life insurance, hospital, surgical, drug, medical and optical benefits to eligible members and their eligible dependents, based on contributions received from their employers.

Program Areas

The fund provides hospital, surgical, drug, medical, and optical benefits to eligible members and their eligible dependents, based on contributions received from their employers.

Organization Staffing

Local 6559 Health Benefits Fund has 5 employees, with 1 of them being paid more than $100k according to the organization's most recent 990 tax filing. There are no volunteers currently supporting the paid staff.

Board Governance

Local 6559 Health Benefits Fund is well-governed, with two voting members and one independent member. Potential conflicts of interest are not a concern, as the organization has a conflict of interest policy and requires disclosure of conflicts. Board and committee meetings are documented, and the organization has a written whistleblower policy and document retention policy. The organization also provides copies of the 990 to the board prior to filing. However, the organization does not substantiate and review leadership or officer salaries. Overall, Local 6559 Health Benefits Fund is well-governed and takes steps to ensure transparency and accountability.

Organization Growth

Overall, the Local 6559 Health Benefits Fund has seen a decrease in revenue and benefit payments over the past 4 years. Program Service Revenue, Investment Income, and Total Revenue have all decreased, while Benefits Paid to Members has also decreased significantly. Employee Salaries have increased slightly over this period. Total Expenses have decreased due to the reduction in Program Service Revenue and Investment Income, and the number of employees has remained the same.