Turnaround Management Association
- Assets
- $6.7m
- Revenue
- $4.8m
- Investments
- $0.0
- Employees
- 21
- Location
- Chicago, IL
- Founding
- 09/1990
- Data as of
- 12/2022
- EIN
- 56-1596880
Organization Overview
Turnaround Management Association is located in Chicago, IL. The organization was established in 1990. 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. As of 12/2022, Turnaround Management Association employed 21 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Turnaround Management Association is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, Turnaround Management Association generated $4.8m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $5.1m during the year ending 12/2022. 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
INTERNATIONAL TRADE ASSOCIATION DEDICATED TO CORPORATE RENEWAL AND TURNAROUND MANAGEMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ASSOCIATION PROMOTES THE MANY FACETS OF THE TURNAROUND INDUSTRY THROUGH PUBLIC FORUMS, TRADITIONAL COMMUNICATION PIECES AND WEB-BASED OFFERINGS, WHILE ALSO PROVIDING EDUCATIONAL AND NETWORKING OPPORTUNITIES THROUGH ITS PERIODICAL, JOURNAL OF CORPORATE RENEWAL AND OTHER MISCELLANEOUS PUBLICATIONS AND NEWSLETTERS. THESE VEHICLES PROVIDE THE OVERALL BRANDING OF THE INDUSTRY IN THE CORPORATE MARKETPLACE, THEREBY PROMOTING THE VARIOUS BUSINESSES THAT COMPRISE THE TURNAROUND INDUSTRY.
THE ASSOCIATION HELD ONE CONFERENCE AND AN ANNUAL CONVENTION FOR EDUCATIONAL PROGRAMS TO IMPROVE METHODOLOGISTS IN TURNAROUND MANAGEMENT AND PROVIDE NETWORKING OPPORTUNITIES FOR ATTENDEES WHO REPRESENT THE MANY FACETS OF THE TURNAROUND INDUSTRY.
THE ASSOCATION PROVIDES CERTIFICATION TO PROFESSIONALS IN THE TURNAROUND INDUSTRY. NATIONAL ON-LINE EDUCATION PROGRAMS ARE OFFERED, AND AN EXAMINATION PROGRAM IS IN PLACE FOR CERTIFICATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jane W Mitnick President | OfficerTrustee | 5 | $0 |
Matthew English Chairperson | OfficerTrustee | 5 | $0 |
Derek Meek Immediate Past Chairperson | OfficerTrustee | 5 | $0 |
Jonathan P Reimche Corporate Secretary | OfficerTrustee | 5 | $0 |
Pankaj S Amin Chair - Chapter Presidents Council | OfficerTrustee | 5 | $0 |
Stephen Emerson Chair - Chapter Resource & Response Council | OfficerTrustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $28,701 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $28,701 |
| Total Program Service Revenue | $4,618,410 |
| Investment income | $170,216 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $20,486 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,837,813 |
| 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. | $584,896 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $1,188,218 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $43,694 |
| Other employee benefits | $164,014 |
| Payroll taxes | $106,274 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $23,405 |
| Fees for services: Accounting | $46,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $13,232 |
| Fees for services: Other | $294,355 |
| Advertising and promotion | $0 |
| Office expenses | $268,453 |
| Information technology | $235,383 |
| Royalties | $0 |
| Occupancy | $279,549 |
| Travel | $277,652 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,337,725 |
| Interest | $0 |
| Payments to affiliates | $123,428 |
| Depreciation, depletion, and amortization | $29,022 |
| Insurance | $45,590 |
| All other expenses | $0 |
| Total functional expenses | $5,061,690 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $187,756 |
| Savings and temporary cash investments | $51,560 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $457,406 |
| 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 | $611,469 |
| Net Land, buildings, and equipment | $250,686 |
| Investments—publicly traded securities | $5,093,255 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,652,132 |
| Accounts payable and accrued expenses | $166,553 |
| Grants payable | $0 |
| Deferred revenue | $2,020,603 |
| 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 | $347,519 |
| Total liabilities | $2,534,675 |
| Net assets without donor restrictions | $4,115,457 |
| Net assets with donor restrictions | $2,000 |
| 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 | $6,652,132 |