The Asme Foundation Inc
- Assets
- $32.7m
- Revenue
- $6.7m
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 11/1986
- Data as of
- 06/2022
- EIN
- 13-3372934
Organization Overview
The Asme Foundation Inc is located in New York, NY. The organization was established in 1986. According to its NTEE Classification (U40) the organization is classified as: Engineering & Technology, under the broad grouping of Science & Technology and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Asme Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Asme Foundation Inc generated $6.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 17.8% each year . All expenses for the organization totaled $2.7m during the year ending 06/2022. 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 ASME FOUNDATION, INC. FUNDS AND DEVELOPS PROGRAMS THAT SUPPORT, CREATE, AND ADVANCE THE FIELD OF ENGINEERING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS: ASME IS COMMITED TO ENSURING THAT TOMORROW'S ENGINEERING LEADERS HAVE THE TALENT AND EDUCATION TO SOLVE THE UNIQUE CHALLENGES OF TOMORROW. BY AWARDING SCHOLARSHIPS TO THE BRIGHTEST, MOST PROMISING MECHANICAL ENGINEERING STUDENTS IN NEED, THE ASME FOUNDATION, INC. IS WORKING TOWARDS A FUTURE WHERE ENGINEERING CHANGEMAKERS ARE AS DIVERSE AS THE COMMUNITIES THEY TRANSFORM THROUGH INNOVATION. IN FISCAL YEAR 2022 WE AWARDED OVER 433,840 TO 132 DESERVING STUDENTS.
FEDERAL FELLOWS AND GLOBAL DEVELOPMENT: AS PART OF A CONTINUED EFFORT TO HELP ENGINEERS PLAY CRITICAL ROLES AS ADVISORS, RESEARCHERS, AND TEACHERS, THE ASME FOUNDATION, INC. SUPPORTED 6 FELLOWSHIPS. INCLUDED ARE: GRADUATE TEACHING FELLOWS WHO ARE OUTSTANDING DOCTORAL CANDIDATES IN MECHANICAL ENGINEERING EDUCATION, ENGINEERING FOR CHANGE RESEARCH FELLOWS WHO SOLVE CRITICAL QUALITY-OF-LIFE CHALLENGES IN UNDERSERVED COMMUNITIES, AND FEDERAL FELLOWS WHO SERVED IN EXECUTIVE AND LEGISLATIVE BRANCHES OF THE FEDERAL GOVERNMENT AND ADVISE ON ENERGY, MANUFACTURING, INFRASTRUCTURE, AND TECHNOLOGY.
STEM: IN ORDER TO SPARK A PASSION FOR STEM IN YOUTH, PROVIDING STUDENTS WITH A DYNAMIC LOOK AT THE WORLD OF ENGINEERING INNOVATION IS A CRITICAL FIRST STEP TO A REWARDING, FULLFILLING CAREER IN THE FIELD. ASME FOUNDATION, INC. SUPPORTS INITIATIVES IN K-12 SCIENCE, TECHNOLOGY, ENGINEERING AND MATHEMATICS (STEM); UNIVERSITY STUDENT & EARLY CAREER DEVELOPMENT; INCLUDING INSPIRE. INSPIRE IS A UNIQUE DIGITAL PLATFORM THAT UTILIZES DIGITAL TOOLS LIKE GAMING AND VIRTUAL SIMULATIONS TO TEACH CRITICAL, CAREER-FOCUSED TECHNOLOGY AND CODING SKILLS WHILE EXPOSING STUDENTS TO STEM OPPORTUNITIES THAT THEY MIGHT NEVER HAVE DREAMED WERE WITHIN THEIR REACH. IN ITS SIXTH YEAR, THE ASME INSPIRE PROGRAMS WERE MADE AVAILABLE TO OVER 100,000 STUDENTS IN OVER 1,300 SCHOOLS IN ALL 50 STATES.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Costabile Director, Ex-Officio | Trustee | 2.5 | $0 |
Frank C Adamek Pe Chair | Trustee | 2 | $0 |
Robert T Simmons Pe Director | Trustee | 2 | $0 |
Rudolf E Landwaard Pe Director | Trustee | 2 | $0 |
Kathleen Lobb Executive Director | Officer | 2.5 | $0 |
Gretchen Crutchfield Secretary | Officer | 2.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Everfi Inspire Program | 6/29/18 | $500,000 |
Future Engineers Llc Education | 6/29/18 | $125,000 |
Ipm Advancement Fundraising | 6/29/18 | $115,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $2,378,050 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,071,286 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,449,336 |
| Total Program Service Revenue | $0 |
| Investment income | $1,191,951 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,055,397 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,696,684 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $847,980 |
| Grants and other assistance to domestic individuals. | $815,180 |
| 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 | $740,630 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $37,878 |
| Fees for services: Accounting | $17,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $50,103 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $13,812 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $15,788 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $2,717,248 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,868,131 |
| Savings and temporary cash investments | $293 |
| Pledges and grants receivable | $245,049 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $19,225 |
| Inventories for sale or use | $274,440 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $27,291,257 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $32,698,395 |
| Accounts payable and accrued expenses | $1,277,484 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $1,467,110 |
| Total liabilities | $2,744,594 |
| Net assets without donor restrictions | $12,205,377 |
| Net assets with donor restrictions | $17,748,424 |
| 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 | $32,698,395 |
Grants Awarded
Over the last fiscal year, The Asme Foundation Inc has awarded $172,816 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
THE AMERICAN SOCIETY OF MECHANICAL ENGINEERS PURPOSE: SCHOLARSHIPS | $98,000 |
THE AMERICAN SOCIETY OF MECHANICAL ENGINEERS PURPOSE: INSPIRE PROGRAM | $74,816 |