Truth In Accounting
- Assets
- $201.5k
- Revenue
- $951.6k
- Investments
- $0.0
- Employees
- 6
- Location
- Glencoe, IL
- Founding
- 09/2003
- Data as of
- 12/2021
- EIN
- 35-2185292
Organization Overview
Truth In Accounting is located in Glencoe, IL. The organization was established in 2003. According to its NTEE Classification (W22) the organization is classified as: Public Finance, Taxation & Monetary Policy, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Truth In Accounting employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Truth In Accounting 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 12/2021, Truth In Accounting generated $951.6k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.7% each year. All expenses for the organization totaled $636.1k during the year ending 12/2021. While expenses have increased by 2.4% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
EDUCATING AND EMPOWERING CITIZENS WITH UNDERSTANDABLE, RELIABLE, AND TRANSPARENT GOVERNMENTAL FINANCIAL INFORMATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL PROGRAMS AND MATERIALS: EDUCATING THE PUBLIC ABOUT FEDERAL, STATE AND LOCAL GOVERNMENTS' FINANCIAL CONDITIONS THROUGH WEB PAGES, ONLINE POSTING, MEETINGS WITH AND SPEAKING TO GROUPS AND INDIVIDUALS, PREPARING AND DISTRIBUTING RESEARCH DOCUMENTS AND EDUCATIONAL MATERIAL, AND PROMOTING ACCURATE AND CONSISTENT GOVERNMENTAL ACCOUNTING STANDARDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joan Colmar President Through 12/31/21 | Officer | 40 | $86,500 |
William Obenshain Chair Through 12/31/21 | OfficerTrustee | 1 | $0 |
Sheila A Weinberg CEO | OfficerTrustee | 40 | $0 |
John Kayser Officer Through 12/31/21 | OfficerTrustee | 1 | $0 |
Tom Wright Board Member/chair Of Development | Trustee | 1 | $0 |
Don Cooke Board Member Through 12/31/21 | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $194,800 |
| All other contributions, gifts, grants, and similar amounts not included above | $733,557 |
| Noncash contributions included in lines 1a–1f | $6,920 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $928,357 |
| Total Program Service Revenue | $23,350 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$119 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $951,588 |
| 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. | $103,911 |
| Compensation of current officers, directors, key employees. | $46,760 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $251,443 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $54,519 |
| Payroll taxes | $27,569 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,576 |
| Fees for services: Accounting | $19,612 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $91,842 |
| Advertising and promotion | $0 |
| Office expenses | $9,015 |
| Information technology | $17,321 |
| Royalties | $0 |
| Occupancy | $25,887 |
| Travel | $7,485 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,913 |
| Interest | $83 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,012 |
| All other expenses | $0 |
| Total functional expenses | $636,136 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $31,316 |
| Savings and temporary cash investments | $1,433 |
| Pledges and grants receivable | $153,118 |
| Accounts receivable, net | $1,700 |
| 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 | $13,944 |
| 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 | $201,511 |
| Accounts payable and accrued expenses | $29,819 |
| 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 | $0 |
| Total liabilities | $29,819 |
| Net assets without donor restrictions | $96,692 |
| Net assets with donor restrictions | $75,000 |
| 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 | $201,511 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that Truth In Accounting has recieved totaling $212,527.
| Awarding Organization | Amount |
|---|---|
Searle Freedom Trust Madison, WI PURPOSE: EDUCATION AND OUTREACH | $125,000 |
Robert R Mccormick Foundation Chicago, IL PURPOSE: GENERAL OPERATING SUPPORT | $75,000 |
Bradley Impact Fund Inc Milwaukee, WI PURPOSE: GENERAL CHARITABLE PURPOSES | $10,000 |
Richard And Diane Weinberg Family Foundation Chicago, IL PURPOSE: MADE FOR GENERAL, CHARITABLE, RELIGIOUS, EDUCATIONAL OR SCIENTIFIC PURPOSE | $1,000 |
Bergstrom Foundation Key Colony Beach, FL PURPOSE: EXEMPT PURPOSE OF ORGANIZATION - SPECIAL INTEREST | $1,000 |
Jarvis Foundation Highland Park, IL PURPOSE: GENERAL SUPPORT | $500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Government Finance Officers Assn Of The United States & Canada Chicago, IL | $17,477,205 | $16,113,424 |
Wisconsin Policy Forum Inc Milwaukee, WI | $8,085,862 | $1,834,304 |
Truth In Accounting Glencoe, IL | $201,511 | $951,588 |
Wirepoints Corp Wilmette, IL | $737,878 | $709,315 |
Gfoa Endowment Corporation Chicago, IL | $33,873,362 | $530,527 |
John K Maciver Institute For Public Policy Inc Madison, WI | $395,001 | $497,700 |
Iowa Taxpayers Association Des Moines, IA | $404,736 | $328,664 |
Pharmacy Agent Corporation Jefferson City, MO | $27,152,130 | $686,100 |
United For Missouris Future Jefferson City, MO | $24,232 | $0 |
Indiana Fiscal Policy Institute Inc Indianapolis, IN | $73,364 | $42,146 |
National Taxpayers United Of Illinois Chicago, IL | $8,908 | $0 |
Taxpayers Association Of Central Iowa Des Moines, IA | $101,183 | $0 |