Illinois Farm Business Farm Management Association
- Assets
- $13.0m
- Revenue
- $15.2m
- Investments
- $0.0
- Employees
- 256
- Location
- Urbana, IL
- Founding
- 07/1950
- Data as of
- 06/2021
- EIN
- 37-6046462
Organization Overview
Illinois Farm Business Farm Management Association is located in Urbana, IL. The organization was established in 1950. According to its NTEE Classification (K20) the organization is classified as: Agricultural Programs, under the broad grouping of Food, Agriculture & Nutrition and related organizations. As of 06/2021, Illinois Farm Business Farm Management Association employed 256 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Illinois Farm Business Farm Management Association is a 501(c)(5) and as such, is described as a "Labor, Agricultural, and Horticultural Organization" by the IRS.
For the year ending 06/2021, Illinois Farm Business Farm Management Association generated $15.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 65.4% each year . All expenses for the organization totaled $13.4m during the year ending 06/2021. While expenses have increased by 61.6% 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
FBFM IS RECOGNIZED AS THE LEADING RESOURCE FOR FINANCIAL AND BUSINESS CONSULTING SERVICES TO FARMERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TEACHING BUSINESS ANALYSIS AND ACCOUNTING SKILLS TO FARM OPERATORS.
TEACHING FARMERS PROPER FARM ACCOUNTING METHODS
TEACHING FARMERS HOW TO USE THEIR FARM RECORDS TO IMPROVE PROFITABILITY FOR THEIR FARM BUSINESSES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Mccabe VP Of Innovation | 40 | $251,812 | |
Scott Newport Regional VP | 40 | $173,058 | |
Bob Rhea CEO | 40 | $162,523 | |
Dathel Davidson Field Staff | 40 | $151,754 | |
John Hudson Field Staff | 40 | $146,283 | |
Randy Sims Director | Trustee | 1 | $3,397 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
S&s Programming Software Programming | 6/29/21 | $372,775 |
Iron Cloud Server & Desktop Support | 6/29/21 | $161,016 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,629,933 |
| Investment income | $8,982 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,695 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,163,165 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $8,949,437 |
| Pension plan accruals and contributions | $474,784 |
| Other employee benefits | $791,582 |
| Payroll taxes | $648,894 |
| 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 | $33,880 |
| Office expenses | $409,872 |
| Information technology | $123,005 |
| Royalties | $0 |
| Occupancy | $44,921 |
| Travel | $220,629 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,742 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $198,672 |
| Insurance | $87,026 |
| All other expenses | $0 |
| Total functional expenses | $13,401,536 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,968,809 |
| Savings and temporary cash investments | $5,427,524 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,762,533 |
| 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 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $13,036,050 |
| Accounts payable and accrued expenses | $740,810 |
| Grants payable | $0 |
| Deferred revenue | $2,603,347 |
| 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 | $1,736,419 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $5,080,576 |
| 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 |
| Total liabilities and net assets/fund balances | $7,955,474 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
American Soybean Association St Louis, MO | $22,612,610 | $31,372,473 |
Iowa Corn Promotion Board Johnston, IA | $28,871,996 | $24,524,776 |
Iowa Corn Growers Association Johnston, IA | $20,295,827 | $19,989,952 |
National Corn Growers Association Chesterfield, MO | $16,422,383 | $19,831,099 |
Midwest Oper Engineers Construction Industry Research & Serv Tr Fund Countryside, IL | $12,085,029 | $17,769,884 |
Illinois Soybean Board Bloomington, IL | $24,441,630 | $21,800,549 |
Food Export Association Of The Midwest Usa Chicago, IL | $3,109,779 | $15,548,836 |
Illinois Corn Marketing Board Bloomington, IL | $11,624,886 | $11,889,515 |
Kentucky Farm Bureau Federation Louisville, KY | $26,799,792 | $14,351,168 |
Illinois Farm Business Farm Management Association Urbana, IL | $13,036,050 | $15,163,165 |
Indiana Farm Bureau Indianapolis, IN | $22,690,251 | $11,074,675 |
National Swine Registry West Lafayette, IN | $2,564,738 | $7,027,546 |