Group Insurance Fund-381

Organization Overview

Group Insurance Fund-381 is located in Mineola, NY. The organization was established in 1956. 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. Group Insurance Fund-381 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, Group Insurance Fund-381 generated $2.8m 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 (7.9%) 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 (5.5%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

THE PURPOSE OF THE PLAN IS TO PROVIDE HEALTH AND OTHER BENEFITS TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE PURPOSE OF THE PLAN IS TO PROVIDE HEALTH AND OTHER BENEFITS TO ELIGIBLE PARTICIPANTS AND THEIR DEPENDENTS.


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Empire Healthchoice Assurance Inc
Claims Processing
$173,411
Magnacare Administrative Services Llc
Claims Processing
$105,912
View All Vendors

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$2,637,310
Investment income $140,461
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $46,988
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $2,824,759

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