Financial Managers Society For Savings Institutions Inc
- Assets
- $307.7k
- Revenue
- $65.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Wayne, PA
- Founding
- 07/1982
- Data as of
- 06/2023
- EIN
- 23-2198324
Organization Overview
Financial Managers Society For Savings Institutions Inc is located in Wayne, PA. The organization was established in 1982. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Financial Managers Society For Savings Institutions 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 06/2023, Financial Managers Society For Savings Institutions Inc generated $65.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (21.5%) each year. All expenses for the organization totaled $87.9k during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (18.8%) per year over the past 4 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ENHANCE THE PROFESSIONAL DEVELOPMENT OF FINANCIAL PERSONNEL WITHIN FINANCIAL INSTITUTIONS (SEE PART III HEREIN FOR FURTHER DETAILS).
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROGRAM: AUGUST GOLF OUTING DATE: 8/2/2022 NO. OF ATTENDEES: 85 EXPENSES: $26,135 DESCRIPTION: ANNUAL GOLF OUTING FOR FMS MEMBERS AND SPONSORS. WE HAD A LUNCH, GOLF OUTING AND DINNER. THE EDUCATIONAL EVENT, SPONSORED BY FHLB PITTSBURGH , COVERED REGIONAL ECONOMIC AND BANKING TOPICS.
PROGRAM: OCTOBER DINNER MEETING - AUDITOR'S EXPECTATIONS OVER CECL ADOPTION DATE: 10/12/2022 NO. OF ATTENDEES: 40 EXPENSES: $4,264 DESCRIPTION: THE EVENT WAS SPONSORED BY CFGIL. ATTENDEES THAT PARTICIPATE IN THIS SESSION WILL GAIN A BETTER UNDERSTANDING OF CECL. THE CURRENT EXPECTED CREDIT LOSS ("CECL") STANDARD REQUIRES "LIFE OF LOAN" ESTIMATES OF LOSSES TO BE RECORDED FOR PRIVATE COMPANIES STARTING JANUARY 1, 2023. THIS CONCEPT PROVIDES OPERATIONAL COMPLEXITIES AND SIGNIFICANTLY MORE INPUTS AND ASSUMPTIONS THAN IN THE PREVIOUS IMPAIRED MODEL. ATTENDEES WILL LEARN HERE AS TO WHAT AUDITORS WILL EXPECT FOR DOCUMENTATION, BEST PRACTICES FROM PREVIOUS ADOPTIONS AND HOW TO PROPERLY GOVERN THE PROCESS OF TRANSITIONING TO CECL.
PROGRAM: NOVEMBER DINNER MEETING- PAYMENTS IN THE FAST LANE ...WHAT'S THE RUSH? DATE: NOVEMBER 9, 2022 NO. OF ATTENDEES: 30 EXPENSES: $4,568 DESCRIPTION: THE EVENT WAS SPONSORED BY ACBB. THE SESSION DISCUSSED THE BALANCE THAT'S PARAMOUNT FOR SUSTAINABLE PAYMENT SOLUTION STRATEGIES. COMMUNITY FINANCIAL INSTITUTIONS AND THEIR PARTNERS FACE UNPRECEDENTED PRESSURE TO KEEP PACE IN AN EVER-EVOLVING PAYMENTS LANDSCAPE. THIS SESSION EXPLORED OPTIONS NOT JUST FOR 'FASTER PAYMENTS', BUT FOR OTHER PAYMENT AUTOMATION OPPORTUNITIES THAT CAN DRIVE EFFICIENCY, STIMULATE NEW PRODUCT OFFERINGS, INCREASE NON-INTEREST INCOME - AND IMPROVE CUSTOMER RETENTION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Fred Duncan Director | Trustee | 0 | $0 |
John A Carrozza Sr Director | Trustee | 0 | $0 |
Larry Davis Director | Trustee | 0 | $0 |
Thomas Mennie Director | Trustee | 0 | $0 |
Dorothy Jaworski Director | Trustee | 0 | $0 |
Alan Lloyd Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $7,750 |
| Fundraising events | $16,330 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $30,463 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $54,543 |
| Total Program Service Revenue | $18,850 |
| Investment income | $552 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$8,690 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $65,255 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,758 |
| Grants and other assistance to domestic individuals. | $10,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,315 |
| 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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $17,342 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $47,113 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,135 |
| All other expenses | $2,204 |
| Total functional expenses | $87,867 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $64,075 |
| Savings and temporary cash investments | $180,137 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $49,036 |
| 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 | $14,417 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $307,665 |
| Accounts payable and accrued expenses | $5,672 |
| Grants payable | $0 |
| Deferred revenue | $103,056 |
| 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 | $108,728 |
| Net assets without donor restrictions | $0 |
| 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 | $307,665 |