Lodge 447 Fringe Benefit Trust

The information for Lodge 447 Fringe Benefit Trust is as of the organization's most recent filing in June '21. This organization is located in Englewood Cliffs, NJ. The inception date and years in existence are not provided.

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 Lodge 447 Fringe Benefit Trust's NTEE code is Y20. The "Y" tells us that the organization is classified as Mutual & Membership Benefit. The "20" tells us that the organization is involved in providing insurance services. The NTEE describes Insurance Providers 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. This code is used primarily for organizations exempt from federal taxes under 501(c)(3) of the Internal Revenue Code.

Every organization is also governed by a specific section of the Internal Revenue Code. The Lodge 447 Fringe Benefit Trust is classified under Section 9, which is Voluntary Employee Beneficiary Associations. This section refers to organizations that provide voluntary benefits to eligible participants.

Perhaps the most accurate way to understand the organization's goals is by looking at its mission. The mission of the Lodge 447 Fringe Benefit Trust is to provide dental and optical benefits to eligible participants.

Program Areas

To provide dental and optical benefits to eligible participants, the organization reports all revenues, support, and functional expenses that are not specifically reported by another fund or program. The number of participants in this program area is 1,557.

Board Governance

Lodge 447 Fringe Benefit Trust appears to be well-governed based on the information provided. The organization has 6 voting members, all of whom are independent, indicating a diverse and unbiased decision-making process. This ensures that the organization's actions and decisions are not influenced by personal or financial interests. Additionally, the absence of potential conflicts of interest further strengthens the organization's governance. The fact that the organization has not delegated management to an outside firm suggests that the board members are actively involved in overseeing the operations and decision-making processes. This hands-on approach enables the board to have a direct impact on the organization's activities and ensures that they have a thorough understanding of its operations. The documentation of board meetings demonstrates a commitment to transparency and accountability. This practice allows for the review and evaluation of discussions and decisions made during these meetings, ensuring that the organization's actions align with its mission and objectives. However, the lack of documentation for committee meetings may hinder the effectiveness of these committees, as it becomes difficult to track their progress and hold them accountable. The presence of a conflict of interest policy, along with the requirement for disclosure of conflicts, showcases the organization's commitment to ethical conduct and transparency. This policy helps prevent conflicts of interest from negatively impacting decision-making processes and ensures that board members act in the best interest of the organization and its stakeholders. While the organization does not have a document retention policy, it does have a written whistleblower policy. This policy encourages employees and stakeholders to report any wrongdoing or unethical behavior without fear of retaliation. This commitment to maintaining a positive and accountable work environment promotes good governance practices. Overall, Lodge 447 Fringe Benefit Trust demonstrates several positive governance practices, including independent board members, documented board meetings, a conflict of interest policy, and a whistleblower policy. However, there are areas for improvement, such as implementing a document retention policy and documenting committee meetings to enhance transparency and accountability within the organization.

Organization Growth

The Lodge 447 Fringe Benefit Trust has experienced a decrease in program service revenue, total revenue, benefits paid to members, and total expenses over the given time period. However, the organization has seen an increase in investment income. Overall, the nonprofit organization has not grown over the specified time period as most of the financial indicators have decreased.