Industrial Fasteners Institute
- Assets
- $3.0m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 3
- Location
- Independence, OH
- Founding
- 06/1943
- Data as of
- 12/2023
- EIN
- 34-0065420
Organization Overview
Industrial Fasteners Institute is located in Independence, OH. The organization was established in 1943. According to its NTEE Classification (B30) the organization is classified as: Vocational & Technical Schools, under the broad grouping of Education and related organizations. As of 12/2023, Industrial Fasteners Institute employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Industrial Fasteners 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 12/2023, Industrial Fasteners Institute generated $1.7m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $2.1m during the year ending 12/2023. While expenses have increased by 5.2% per year over the past 9 years. They've been increasing with an increasing level of total revenue. 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 REPRESENT THE INDUSTRY TO ITS SUPPLIERS, CUSTOMERS, THE GOVERNMENT, AND THE PUBLIC AT LARGE TO ADVANCE THE COMPETITIVENESS, PRODUCTS, AND INNOVATIVE TECHNOLOGY OF THE MEMBER COMPANIES IN A GLOBAL MARKETPLACE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BOOK OF FASTENER STANDARDS; ONLINE BOOK OF FASTENER STANDARDS; TECHNOLOGY CONNECTION; DIVISION MEETINGSPUBLICATIONS / STANDARDS SERVICES - PUBLICATIONS FOR NEWSLETTER, FASTENER APPLICATION ADVISORY, IDENTIFICATION MARKINGS & ETC. WERE ISSUED
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 |
|---|---|---|---|
Brian Prodoehl Director | Trustee | 0 | $0 |
Steven Sherman Director | Trustee | 0 | $0 |
Michele Clarke Director | Trustee | 0 | $0 |
Bob Gurrola Director | Trustee | 0 | $0 |
Devin Wilson Director | Trustee | 0 | $0 |
Wayne Drysol Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,076,267 |
| 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 | $1,076,267 |
| Total Program Service Revenue | $624,026 |
| Investment income | $76,793 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$53,313 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$65,221 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,658,552 |
| 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. | $156,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $108,000 |
| Pension plan accruals and contributions | $13,200 |
| Other employee benefits | $88,755 |
| Payroll taxes | $19,081 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $23,913 |
| Fees for services: Accounting | $26,300 |
| Fees for services: Lobbying | $139,325 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $250,343 |
| Advertising and promotion | $52,508 |
| Office expenses | $93,156 |
| Information technology | $13,223 |
| Royalties | $0 |
| Occupancy | $36,663 |
| Travel | $93,269 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $654,428 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,304 |
| Insurance | $0 |
| All other expenses | $84,970 |
| Total functional expenses | $2,092,486 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $85,010 |
| Savings and temporary cash investments | $39,332 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $539,021 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $8,529 |
| Prepaid expenses and deferred charges | $43,197 |
| Net Land, buildings, and equipment | $22,829 |
| Investments—publicly traded securities | $1,708,120 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $582,149 |
| Total assets | $3,028,187 |
| Accounts payable and accrued expenses | $4,561 |
| Grants payable | $0 |
| Deferred revenue | $542,893 |
| 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 | $605,249 |
| Total liabilities | $1,152,703 |
| Net assets without donor restrictions | $1,875,484 |
| 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 | $3,028,187 |