The Asme Foundation Inc
- Assets
- $33.8m
- Revenue
- $3.0m
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 11/1986
- Data as of
- 06/2021
- 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 06/2021, Asme Foundation Inc generated $3.0m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.0% each year. All expenses for the organization totaled $2.1m during the year ending 06/2021. 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
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: THE ASME FOUNDATION, INC., AWARDS SCHOLARSHIPS TO THE BRIGHTEST, AND MOST TALENTED, MECHANICAL ENGINEERING STUDENTS WHO HAVE DEMONSTRATED FINANCIAL NEED AND ARE ACTIVE IN ASME. IN FISCAL YEAR 2021, WE AWARDED OVER $497,916 TO 76 DESERVING STUDENTS. WE ARE COMMITTED TO CONTINUING OUR SUPPORT OF THE EDUCATION OF FUTURE ENGINEERING LEADERS. ADDITIONALLY, THE ASME FOUNDATION, INC., SUPPORTED 7 GRADUATE TEACHING FELLOWS, AS WELL AS FEDERAL FELLOWS WHO SERVED IN EXECUTIVE AND LEGISLATIVE BRANCHES OF THE FEDERAL GOVERNMENT.
THE ASME FOUNDATION, INC., FUNDS PROGRAMS IN K-12 SCIENCE, TECHNOLOGY, ENGINEERING AND MATHEMATICS (STEM); UNIVERSITY STUDENT & EARLY CAREER DEVELOPMENT, INCLUDING AN EDUCATIONAL PROGRAM CALLED INSPIRE. INSPIRE IS A UNIQUE DIGITAL COURSE THAT USES ON-LINE GAMING AND SIMULATIONS TO TEACH CRITICAL TECHNOLOGY AND CODING SKILLS, IGNITE INTEREST IN STEM, AND EXPOSE STUDENTS TO STEM OPPORTUNITIES THAT THEY MIGHT NEVER HAVE DREAMED WERE WITHIN THEIR REACH. IN ITS SIXTH YEAR, THE ASME INSPIRE PROGRAMS WERE OFFERED TO OVER 100,000 STUDENTS IN OVER 1,300 SCHOOLS IN ALL 50 STATES.
GLOBAL DEVELOPMENT & HUMANITARIAN ENGINEERING; AND NONPARTISAN TECHNICALLY SOUND PUBLIC POLICY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kathleen Lobb Executive Director | Officer | 2.5 | $0 |
Thomas Meehan Treasurer | Officer | 2.5 | $0 |
Gretchen Crutchfield Secretary | Officer | 2.5 | $0 |
Frank Adamek Chair | Trustee | 2 | $0 |
Robert Simmons Director | Trustee | 2 | $0 |
Thomas Costabile Director, Ex-Officio | Trustee | 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 | $628,200 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,819,468 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,447,668 |
| Total Program Service Revenue | $0 |
| Investment income | $527,223 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $53,306 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,028,197 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,052,112 |
| Grants and other assistance to domestic individuals. | $668,246 |
| 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 | $108,378 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $29,090 |
| Fees for services: Accounting | $18,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $54,681 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $137 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $16,987 |
| Travel | -$975 |
| 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 | $12,971 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $2,092,793 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,070,168 |
| Savings and temporary cash investments | $6,290 |
| Pledges and grants receivable | $304,723 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $39,414 |
| Inventories for sale or use | $256,857 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $31,140,794 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $33,818,246 |
| Accounts payable and accrued expenses | $460,668 |
| 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 | $1,141,706 |
| Total liabilities | $1,602,374 |
| Net assets without donor restrictions | $11,819,441 |
| Net assets with donor restrictions | $20,396,431 |
| 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 | $33,818,246 |
Grants Awarded
Over the last fiscal year, The Asme Foundation Inc has awarded $172,816 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
New York, NY PURPOSE: SCHOLARSHIPS | $98,000 |
New York, NY PURPOSE: INSPIRE PROGRAM | $74,816 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that The Asme Foundation Inc has recieved totaling $582,673.
| Awarding Organization | Amount |
|---|---|
Impactassets Inc Bethesda, MD PURPOSE: AUTODESK FOUNDATION IMPACT INTERNSHIP PROGRAM (POWERED BY ASME'S ENGINEERING FOR CHANGE (E4C) FELLOWSHIP) | $250,000 |
The Lemelson Foundation Portland, OR PURPOSE: TO PROVIDE CONTINUED SUPPORT OF ASME ISHOW IN INDIA, KENYA, AND THE UNITED STATES. | $240,000 |
T Rowe Price Program For Charitable Giving Inc Baltimore, MD PURPOSE: GENERAL OPERATING | $51,515 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $21,158 |
Jjj Charitable Foundation Stamford, CT PURPOSE: OPERATIONAL | $20,000 |
Endowment Analysis
| Beg. Balance | $18,342,290 |
| Earnings | $4,351,462 |
| Net Contributions | $441,014 |
| Grants | $326,641 |
| Ending Balance | $22,808,125 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Terc Inc Cambridge, MA | $20,874,819 | $13,653,170 |
Innovation Works Inc Pittsburgh, PA | $31,593,952 | $8,003,735 |
Catalyst Connection Pittsburgh, PA | $7,094,242 | $7,162,522 |
Ny Creates Albany, NY | $99,965 | $4,450,000 |
Mpc Corporation Pittsburgh, PA | $1,237,035 | $2,979,911 |
Western New York Technology Development Center Inc Buffalo, NY | $1,286,247 | $2,858,472 |
The Asme Foundation Inc New York, NY | $33,818,246 | $3,028,197 |
Cortico Corporation Boston, MA | $3,352,303 | $987,674 |
Mit Real Estate Foundation Inc Cambridge, MA | $3,185,000 | -$155,000 |
Hudson Valley Technology Development Center Inc Newburgh, NY | $824,479 | $1,255,790 |
International Microelectronics And Packaging Society Pittsburgh, PA | $1,413,550 | $1,247,201 |
Engineering Conferences International Inc New York, NY | $3,118,614 | $313,156 |