Asphalt Institute Foundation Inc
- Assets
- $3.3m
- Revenue
- $874.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Lexington, KY
- Founding
- 11/2014
- Data as of
- 12/2021
- EIN
- 47-1154832
Organization Overview
Asphalt Institute Foundation Inc is located in Lexington, KY. The organization was established in 2014. According to its NTEE Classification (J22) the organization is classified as: Job Training, under the broad grouping of Employment and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Asphalt Institute Foundation Inc 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, Asphalt Institute Foundation Inc generated $874.4k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 46.3% each year . All expenses for the organization totaled $249.5k during the year ending 12/2021. While expenses have increased by 40.9% 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
TO CONDUCT STRATEGIC RESEARCH AND EDUCATIONAL ACTIVITIES - "SEE SCHEDULE O FOR CONTINUATION"
Describe the Organization's Program Activity:
Part 3 - Line 4a
INTERNSHIP PROGRAM - WITH THE GOAL OF CONNECTING STUDENTS TO JOBS AND CAREERS IN THE INDUSTRY, THE FOUNDATION PROVIDES A VITAL PATHWAY VIA ITS INTERNSHIP PROGRAM, WHICH CONNECTS UNIVERSITY LEVEL STUDENTS TO INDUSTRY COMPANIES FOR SUMMER INTERNSHIP POSITIONS IN A WIDE VARIETY OF DISCIPLINES. THE PROGRAM FOCUSES ON CREATING POSITIVE EXPERIENCES IN THE STUDENT'S FIELD OF STUDY AND ENCOURAGING STUDENTS TO BECOME MORE INVOLVED IN FIELDS OF SCIENCE, TECHNOLOGY, ENGINEERING AND MATHEMATICS. STUDENTS HAVE THE OPTION OF PARTICIPATING IN THE ASPHALT INSTITUTE'S (AI) SUMMER MEETING EACH AUGUST BY SHOWCASING THEIR EXPERIENCES WITH A STUDENT POSTER SESSION. NETWORKING OPPORTUNITIES ARE OFFERED WITH DIRECT INTERFACE WITH AI MEMBER COMPANIES, THEIR LEADERS, AND POTENTIAL MENTORS IN THE BUSINESS.
STRATEGIC RESEARCH PROGRAM - THE FOUNDATION'S STRATEGIC RESEARCH PROGRAM FOCUSES ON ECONOMIC, WORKER, SUSTAINABILITY, AND PERFORMANCE ISSUES IN THE INDUSTRY AND GENERAL PUBLIC. THE FOUNDATION VETS EACH SUGGESTED PROJECT THROUGH ITS TECHNICAL PANEL OF EXPERTS TO PRIORITIZE RESEARCH NEEDS. ALL RESEARCH IS PERFORMED BY A QUALIFIED RESEARCH FACILITY AND THE FINAL REPORT IS PUBLISHED UNDER THE FOUNDATION'S NAME IN A PUBLICATION THAT IS AVAILABLE TO THE GENERAL PUBLIC. THE RESEARCH PROGRAM WORKS TO 1) IDENTIFY INDUSTRY RELATED PROBLEMS THAT SHOULD BE ADDRESSED FROM A STRATEGIC INDUSTRY STANDPOINT 2) PUT TOGETHER A SCOPE OF WORK AND PROBLEM STATEMENT 3) RAISES FUNDS TO COMPLETE THE WORK 4) SOLICITS QUALIFIED RESEARCH FACILITIES THAT COULD PROPOSE ON THE SCOPE OF THE WORK AND 5) COMPLETES AND TIMELY PUBLISHES THE FINDINGS FOR THE BENEFIT OF THE GENERAL PUBLIC. THE OVERALL GOAL IS TO ADVANCE THE SCIENCE, TECHNOLOGY, AND CONSTRUCTION PRACTICES IN THE ASPHALT INDUSTRY FOR THE BETTERMENT OF THE GENERAL PUBLIC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Grass President | Officer | 5 | $0 |
Linda Allin Secretary | Officer | 5 | $0 |
Steve Buckner Vice-Chair | Trustee | 3 | $0 |
Larry Schreiner Treasurer | Trustee | 3 | $0 |
Dave Henderson Director | Trustee | 1 | $0 |
Dave Blackburn Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $47,300 |
| Related organizations | $10,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $478,218 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $535,518 |
| Total Program Service Revenue | $0 |
| Investment income | $42,888 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $292,684 |
| Net Income from Fundraising Events | $3,346 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $874,436 |
| 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 | $0 |
| Fees for services: Legal | $1,783 |
| Fees for services: Accounting | $11,963 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $16,982 |
| Fees for services: Other | $10,000 |
| Advertising and promotion | $8,275 |
| Office expenses | $983 |
| Information technology | $1,422 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,986 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,333 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $249,471 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $448,655 |
| Savings and temporary cash investments | $120,511 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $199,575 |
| 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 | $47,629 |
| Net Land, buildings, and equipment | $5,833 |
| Investments—publicly traded securities | $2,470,698 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $856 |
| Other assets | $0 |
| Total assets | $3,293,757 |
| Accounts payable and accrued expenses | $28,735 |
| Grants payable | $0 |
| Deferred revenue | $178,500 |
| 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 | $207,235 |
| Net assets without donor restrictions | $1,810,772 |
| Net assets with donor restrictions | $1,275,750 |
| 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 | $3,293,757 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Asphalt Institute Foundation Inc has recieved totaling $1,000,000.
| Awarding Organization | Amount |
|---|---|
Ergon Foundation Inc Jackson, MS PURPOSE: GENERAL SUPPORT | $800,000 |
Ergon Foundation Inc Jackson, MS PURPOSE: GENERAL SUPPORT | $200,000 |
Endowment Analysis
| Beg. Balance | $1,683,675 |
| Earnings | $207,692 |
| Admin Expense | $8,454 |
| Ending Balance | $1,882,913 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
International Union Of Operating Engineers Local 399 Chicago, IL | $96,961,907 | $69,218,170 |
Edison Welding Institute Inc Columbus, OH | $23,258,662 | $30,160,684 |
Operating Engineers Local 150 Apprenticeship Fund Countryside, IL | $65,849,227 | $38,699,525 |
Eastern Kentucky Concentrated Employment Program Inc Hazard, KY | $3,193,926 | $15,607,928 |
Jobworks Inc Fort Wayne, IN | $2,850,480 | $13,765,612 |
Vacation Fund Of Engineers Local 513 Bridgeton, MO | $4,041,633 | $12,513,206 |
Ibew Local 701 Vacation Fund Warrenville, IL | $3,565,124 | $11,822,716 |
Ohio Operating Engineers Apprenticeship Fund Columbus, OH | $28,221,332 | $11,797,420 |
Apprentice And Journeymen Education And Training Trust Fund U/A 130 Chicago, IL | $39,945,456 | $7,959,512 |
United Labor Agency Inc Cleveland, OH | $1,262,964 | $7,870,324 |
Hobart Institute Of Welding Technology Troy, OH | $21,990,854 | $8,624,823 |
Illinois Laborers & Contractors Training Trust Fund Mt Sterling, IL | $29,577,263 | $7,640,273 |