International Magnesium Association
- Assets
- $421.2k
- Revenue
- $244.0k
- Investments
- $0.0
- Employees
- 0
- Location
- St Paul, MN
- Founding
- 05/1945
- Data as of
- 12/2021
- EIN
- 13-1510700
Organization Overview
International Magnesium Association is located in St Paul, MN. The organization was established in 1945. According to its NTEE Classification (Q99) the organization is classified as: International, Foreign Affairs & National Security N.E.C., under the broad grouping of International, Foreign Affairs & National Security and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. International Magnesium Association 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 12/2021, International Magnesium Association generated $244.0k 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 (10.4%) each year. All expenses for the organization totaled $228.9k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (9.5%) per year over the past 7 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
ORIGINALLY FOUNDED IN 1943, THE MISSION OF THE INTERNATIONAL MAGNESIUM ASSOCIATION (IMA) IS TO PROMOTE THE USE OF THE METAL MAGNESIUM IN MATERIAL SELECTION AND ENCOURAGE INNOVATIVE APPLICATIONS OF THE VERSATILE METAL. IMA SERVES THE INDUSTRY AND THE MEMBERSHIP THROUGH ITS ANNUAL WORLD MAGNESIUM CONFERENCE, SEMINARS, STATISTICAL PROGRAMS, RESEARCH AND PUBLICATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DUE TO THE COVID-19 PANDEMIC IMA HAD TO CANCEL THEIR IN-PERSON CONFERENCE THAT WAS SCHEDULED FOR MAY 2021. IN PLACE OF THE IN-PERSON CONFERENCE IMA HOSTED A 5 DAY VIRTUAL CONFERENCE THAT PROVIDED EDUCATIONAL CONTENT WITH INTERACTIVE PRESENTATIONS, PANEL AND TECHNICAL SESSIONS. THE VIRTUAL CONFERENCE HAD APPROXIMATELY 100 ATTENDEES EACH DAY OF THE EVENT.
OVERSEAS REPRESENTATION - THE ORGANIZATION HAS ARRANGEMENTS FOR A LOCAL REPRESENTATIVE IN EUROPE TO ANSWER MEMBER QUESTIONS, AND TO ATTEND MEETINGS ON THE ORGANIZATION'S BEHALF.
THE COMMUNICATIONS PROGRAM INCLUDES THE MARKETING AND STUDIES THAT ADDRESS MAGNESIUM, ITS ACCURATE MATERIAL CLASSIFICATION AND USE, AND THAT ENCOURAGE ITS SELECTION IN APPLICATIONS.
SEMINARS, WORKSHOPS AND TRADE SHOWS PROVIDE MEMBERS WITH FORUMS FOR DISCUSSIONS OF DEVELOPMENTS AND ISSUES PERTAINING TO THE MAGNESIUM INDUSTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rick Mcqueary President | OfficerTrustee | 5 | $0 |
Nic Andrews Secretary/treasurer | OfficerTrustee | 5 | $0 |
Jan Guy Vice President | OfficerTrustee | 5 | $0 |
Todd Olson Immediate Past President | OfficerTrustee | 5 | $0 |
Hartmut Fischer At-Large | OfficerTrustee | 5 | $0 |
Fernando Franca Board Member | Trustee | 1 | $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 | $54,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $54,000 |
| Total Program Service Revenue | $187,610 |
| Investment income | $2,365 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $243,975 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $2,042 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $118,575 |
| Fees for services: Legal | $900 |
| Fees for services: Accounting | $2,229 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $76,976 |
| Advertising and promotion | $1,845 |
| Office expenses | $10,725 |
| Information technology | $6,257 |
| Royalties | $0 |
| Occupancy | $2,140 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,837 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $506 |
| All other expenses | $911 |
| Total functional expenses | $228,943 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $294,661 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,995 |
| 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 | $4,097 |
| Net Land, buildings, and equipment | $1,834 |
| Investments—publicly traded securities | $112,651 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $421,238 |
| Accounts payable and accrued expenses | $709 |
| Grants payable | $0 |
| Deferred revenue | $85,892 |
| 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 | $0 |
| Total liabilities | $86,601 |
| Net assets without donor restrictions | $334,637 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $421,238 |
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