Refractories Institute
- Assets
- $1.3m
- Revenue
- $287.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Cleveland, OH
- Founding
- 02/1953
- Data as of
- 12/2020
- EIN
- 25-0981708
Organization Overview
Refractories Institute is located in Cleveland, OH. The organization was established in 1953. 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. Refractories Institute 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 12/2020, Refractories Institute generated $287.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (8.7%) each year. All expenses for the organization totaled $384.7k during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (1.7%) per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
THE REFRACTORIES INSTITUTE WAS ESTABLISHED BY THE REFRACTORIES INDUSTRY. (SEE SCHEDULE O)
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE INSTITUTE PROVIDES FORMALIZED METHODS OF IDENTIFYING AND PROMOTING CRITICAL ISSUES WHICH IMPACT THE REFRACTORY INDUSTRY. IN SUPPORT OF THE PRIMARY EXEMPT PURPOSE, THE REFRACTORIES INSTITUTE PROMOTED THE IMAGE OF THE REFRACTORIES INDUSTRY AS A SUPPLIER OF PRODUCTS VITAL TO ALL INDUSTRY, CONDUCTED RESEARCH TO DEVELOP AND IMPROVE METHODS FOR TESTING REFRACTORY MATERIALS AND MATTERS RELATED THERETO AND OTHER RESEARCH AND TESTING AS MAY BE HELPFUL TO THE INDUSTRY AND CONFERRED AND COOPERATED WITH GOVERNMENT AGENCIES AND OTHER OFFICIAL BODIES IN THE INTEREST OF THE PUBLIC AND THE INDUSTRY. DURING THE YEAR ENDED DECEMBER 31, 2020, THE REFRACTORIES INSTITUTE PROVIDED SERVICES TO ITS MEMBER COMPANIES IN THE UNITED STATES, CANADA, MEXICO AND LATIN AMERICA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Doug Albert Vice President | OfficerTrustee | 0.5 | $0 |
Dell Hadden President | OfficerTrustee | 0.5 | $0 |
Steve Cherico Director | Trustee | 0.5 | $0 |
Steven Bovett Director | Trustee | 0.5 | $0 |
Bill Cousineau Director | Trustee | 0.5 | $0 |
Louis Golterman Immediate Past President | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $233,550 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $233,550 |
| Total Program Service Revenue | $11,249 |
| Investment income | $38,319 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,122 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $287,240 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| 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 | $221,000 |
| Fees for services: Legal | $30,404 |
| Fees for services: Accounting | $5,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $9,901 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $5,328 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $78,029 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,617 |
| All other expenses | $0 |
| Total functional expenses | $384,677 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $52,994 |
| Savings and temporary cash investments | $34,995 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $15,000 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,169,351 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,272,340 |
| Accounts payable and accrued expenses | $61,461 |
| Grants payable | $0 |
| Deferred revenue | $10,500 |
| 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 | $71,961 |
| Net assets without donor restrictions | $1,200,379 |
| 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 | $1,272,340 |
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