The Training Source Inc
- Assets
- $3.0m
- Revenue
- $664.5k
- Investments
- $0.0
- Employees
- 4
- Location
- Seat Pleasant, MD
- Founding
- 06/1994
- Data as of
- 12/2022
- EIN
- 52-1843341
Organization Overview
The Training Source Inc is located in Seat Pleasant, MD. The organization was established in 1994. According to its NTEE Classification (J22) the organization is classified as: Job Training, under the broad grouping of Employment and related organizations. As of 12/2022, Training Source Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Training Source 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 12/2022, Training Source Inc generated $664.5k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.5%) each year. All expenses for the organization totaled $490.0k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (2.0%) per year over the past 8 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE EDUCATION, TRAINING & SERVICES THAT PROMOTE POSITIVE ECONOMIC MOBILITY. OUR PROGRAMS & SERVICES IN THE MARYLAND AND WASHINGTON, DC AREA ASSIST LOW-TO-MODERATE INCOME YOUTH & ADULTS & INCLUDE WORKFORCE TRAINING, COLLEGE & CAREER PLANNING,COMMUNITY & EMPLOYER SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OFFICE & PROFESSIONAL SKILLS TRAINING WITH JOB PLACEMENT ASSISTANCE AND FOLLOW-UP SERVICES; SUMMER YOUTH JOB READINESS TRAINING; YOUTH LEADERSHIP PROGRAM; SNAP APPLICATION ASSISTANCE, FREE PROFESSIONAL CLOTHING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Evelyn Kim Rhim Executive Director | Officer | 40 | $127,696 |
Sherri Bryant-Moore Director | Trustee | 2 | $0 |
Gabriel Parker Director | Trustee | 2 | $0 |
Cynthia Blake Director | Trustee | 2 | $0 |
Juanita Miller Director | Trustee | 2 | $0 |
Kara Freeman Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $754 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $338,941 |
| All other contributions, gifts, grants, and similar amounts not included above | $219,288 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $558,983 |
| Total Program Service Revenue | $77,750 |
| Investment income | $27,181 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $586 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $664,500 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $7,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $146,752 |
| Compensation of current officers, directors, key employees. | $22,013 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $69,045 |
| Pension plan accruals and contributions | $1,570 |
| Other employee benefits | $1,294 |
| Payroll taxes | $15,530 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $37,606 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $35,610 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $51,675 |
| Advertising and promotion | $1,102 |
| Office expenses | $13,691 |
| Information technology | $10,453 |
| Royalties | $0 |
| Occupancy | $26,849 |
| Travel | $7,720 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $43,286 |
| Insurance | $6,880 |
| All other expenses | $0 |
| Total functional expenses | $490,012 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $373,496 |
| Savings and temporary cash investments | $1,484,168 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $112,101 |
| 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 | $7,931 |
| Net Land, buildings, and equipment | $511,449 |
| Investments—publicly traded securities | $496,433 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $12,312 |
| Total assets | $2,997,890 |
| Accounts payable and accrued expenses | $93,687 |
| 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 | $12,312 |
| Total liabilities | $105,999 |
| Net assets without donor restrictions | $2,871,891 |
| Net assets with donor restrictions | $20,000 |
| 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 | $2,997,890 |