Spring Manufacturers Institute Inc
- Assets
- $28.5k
- Revenue
- $651.5k
- Investments
- $0.0
- Employees
- 3
- Location
- Elgin, IL
- Founding
- 07/1942
- Data as of
- 12/2022
- EIN
- 06-0607885
Organization Overview
Spring Manufacturers Institute Inc is located in Elgin, IL. The organization was established in 1942. According to its NTEE Classification (S02) the organization is classified as: Management & Technical Assistance, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Spring Manufacturers Institute Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Spring Manufacturers Institute Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, Spring Manufacturers Institute Inc generated $651.5k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.6%) each year. All expenses for the organization totaled $728.5k during the year ending 12/2022. 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
THE MAJOR ACTIVITIES FOR SMI ARE: ANNUAL MEETING, SPRING DESIGN SOFTWARE, BENCHMARKING ACTIVITIES AND REGIONAL SEMINARS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL SEMINARS - TO EDUCATE ENGINEERS ON DESIGNING SPRINGS, TO CHOOSE THE CORRECT MATERIAL FOR THE SPRINGS AND TO MAKE DESIGNS BASED ON CUSTOMER SPECIFICATIONS.
SPRING DESIGN SOFTWARE DESIGNED BY MEMBERS OF THE INSTITUTE & USED BY FIRMS/INDIVIDUALS INVOLVED IN THE PRODUCTION OR DESIGN OF PRECISION MECHANICAL SPRINGS FOR EDUCATIONAL PURPOSES.
THE SPRING MEETING (107 REGISTRANTS) IS HELD TO SERVE THE EDUCATIONAL & PROFESSIONAL NEEDS OF MEMBERS AND NONMEMBERS IN THE SPRING MANUFACTURING INDUSTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bert Goering Immediate Past President | OfficerTrustee | 1 | $0 |
Gene Huber Jr President | OfficerTrustee | 0.5 | $0 |
Don Jacobson III Vice President | OfficerTrustee | 0.5 | $0 |
David Devoe Secretary/treasurer | OfficerTrustee | 0.5 | $0 |
Augustin Estalayo Board Of Director | Trustee | 0.2 | $0 |
Peter Mendel Board Of Director | OfficerTrustee | 0.2 | $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 | $22,775 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $22,775 |
| Total Program Service Revenue | $587,781 |
| Investment income | $160 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $40,609 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $651,525 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $25,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $111,356 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $30,645 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $10,125 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $23,467 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $55,864 |
| Advertising and promotion | $0 |
| Office expenses | $17,107 |
| Information technology | $5,379 |
| Royalties | $0 |
| Occupancy | $18,298 |
| Travel | $109 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $377,501 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,049 |
| All other expenses | $0 |
| Total functional expenses | $728,538 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $101,266 |
| Savings and temporary cash investments | $298,136 |
| Pledges and grants receivable | $24,000 |
| Accounts receivable, net | -$488 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $5,240 |
| Prepaid expenses and deferred charges | $52,902 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | -$452,565 |
| Total assets | $28,491 |
| Accounts payable and accrued expenses | $52,775 |
| Grants payable | $0 |
| Deferred revenue | $155,305 |
| 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 | -$514,740 |
| Total liabilities | -$306,660 |
| Net assets without donor restrictions | $303,151 |
| Net assets with donor restrictions | $32,000 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $28,491 |