Forging Industry Educational And Research Foundation
- Assets
- $3.2m
- Revenue
- $543.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Independence, OH
- Founding
- 09/1964
- Data as of
- 05/2023
- EIN
- 34-6556992
Organization Overview
Forging Industry Educational And Research Foundation is located in Independence, OH. The organization was established in 1964. 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. Forging Industry Educational And Research Foundation 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 05/2023, Forging Industry Educational And Research Foundation generated $543.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $421.3k during the year ending 05/2023. While expenses have increased by 4.5% per year over the past 7 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.
Since 2015, Forging Industry Educational And Research Foundation has awarded 54 individual grants totaling $1,066,423. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT AND ENHANCE THE FORGING INDUSTRY THROUGH EDUCATION, RESEARCH AND DEVELOPMENT, AND DISSEMINATION OF INFORMATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRESIDENTS CHALLENGE SCHOLARSHIP PROGRAM.GRANTS TO COLLEGES AND UNIVERSITIES TO FUND TECHNOLOGY DEVELOPMENT PROJECTS FOR FORGING AND RELATED INDUSTRY COLLABORATIVE RESEARCH.SCHOLARSHIP PROGRAM FOR COLLEGE STUDENTS MAJORING IN SELECT PROGRAMS AT ACCREDITED COLLEGES OR UNIVERSITIES. SCHOLARSHIPS ARE PROVIDED TO ENCOURAGE CAREERS IN FORGING AND RELATED INDUSTRIES.
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 |
|---|---|---|---|
Peter Campbell Board Member | Trustee | 0 | $0 |
Kester Clarke President | OfficerTrustee | 0 | $0 |
John Coward Board Member | Trustee | 0 | $0 |
Dan Ulven Board Member | Trustee | 0 | $0 |
Graham Mcintosh Board Member | Trustee | 0 | $0 |
James Kravec Board Member | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $338,657 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $338,657 |
| Total Program Service Revenue | $102,433 |
| Investment income | $149,653 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$47,057 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $543,686 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $265,010 |
| Grants and other assistance to domestic individuals. | $90,160 |
| 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 | $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 | $24,919 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $8,734 |
| Travel | $96 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $48 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,000 |
| All other expenses | $0 |
| Total functional expenses | $421,267 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $22,362 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $241,138 |
| Accounts receivable, net | $0 |
| 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 | $29,029 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $2,859,568 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,152,097 |
| Accounts payable and accrued expenses | $51,980 |
| Grants payable | $0 |
| Deferred revenue | $66,357 |
| 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 | $118,337 |
| Net assets without donor restrictions | $1,991,305 |
| Net assets with donor restrictions | $1,042,455 |
| 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 | $3,152,097 |
Grants Awarded
Over the last fiscal year, Forging Industry Educational And Research Foundation has awarded $265,010 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
CLEVELAND STATE UNIVERSITY PURPOSE: INVESTIGATING THE EFFECT OF PROCESSING VARIABLES AND PARAMETERS | $16,199 |
GEORGIA SOUTHERN UNIVERSITY PURPOSE: WIRE-ARC ADDITIVE MANUFACTURING FOR FORGING DIES | $8,164 |
NORTH CAROLINA STATE UNIVERSITY PURPOSE: ENHANCE TOOL LIFE AND FORGING USING DIE STRAIN AND FLASH-LESS DIE | $20,727 |
UNIVERSITY OF FLORIDA PURPOSE: PREDICTING SITE-SPECIFIC MICROTEXTURE DURING FORGING OF TI-6AL-4V | $32,786 |
CASE WESTERN RESERVE UNIVERSITY PURPOSE: DEVELOPED A SUSTAINABLE HEAT TREATMENT PROCESS FOR FORGED PRODUCTS | $48,567 |
MARQUETTE UNIVERSITY PURPOSE: LABORATORY TESTBED TO DEVELOP 'SMART' ROBOTIC FORGE PRESS TENDERS | $27,449 |