Winston-Salem Industries For The Blind Inc
- Assets
- $54.6m
- Revenue
- $16.7m
- Investments
- $0.0
- Employees
- 889
- Location
- Winstonsalem, NC
- Founding
- 03/1968
- Data as of
- 09/2023
- EIN
- 56-6001467
Organization Overview
Winston-Salem Industries For The Blind Inc, operating under the name Ifb Solutions, is located in Winstonsalem, NC. The organization was established in 1968. According to its NTEE Classification (J33) the organization is classified as: Sheltered Employment, under the broad grouping of Employment and related organizations. As of 09/2023, Ifb Solutions employed 889 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ifb Solutions 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 09/2023, Ifb Solutions generated $16.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (10.0%) each year. All expenses for the organization totaled $25.0m during the year ending 09/2023. As we would expect to see with falling revenues, expenses have declined by (4.7%) 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO TRAIN, EMPLOY AND SERVE VISUALLY-IMPAIRED INDIVIDUALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF A QUALIFIED ABILITYONE AGENCY: IN FISCAL YEAR 2023, IFB SOLUTIONS PROVIDED ESSENTIAL TRAINING, EMPLOYMENT AND SERVICES FOR PEOPLE WHO ARE BLIND OR VISUALLY IMPAIRED THROUGH LARGE-SCALE MANUFACTURING OPERATIONS, BASE SUPPLY CENTER RETAIL AND ONLINE STORES, REMOTE WORK OPPORTUNITIES THROUGH WORKFORCE SERVICES AND COMMUNITY OUTREACH. WITH A FOCUS ON CREATING FULFILLING CAREER PATHS, IFB SOLUTIONS BUILDS LIFE-CHANGING OPPORTUNITIES FOR A CRITICALLY UNDEREMPLOYED POPULATION. FOR THOSE NEW TO THE WORKFORCE, IFB'S PACKAGING AND ASSEMBLY OPERATIONS OFFER OPPORTUNITIES OF INFORMED CHOICE AS CRITICAL ENTRY POINTS TO EMPLOYMENT WHILE ALSO CREATING A GROWING NUMBER OF COMPETITIVE AND INTEGRATED SKILL-BASED TECHNICAL POSITIONS SUPPORTED BY EXTENSIVE IN-PERSON TRAINING. ADDITIONALLY, IFB WORKFORCE SERVICES DIVISION OFFERS WORK-FROM-HOME OPPORTUNITIES FOR THOSE WHO CANNOT RELOCATE OR ACCESS TRANSPORTATION. IFB ALSO PROVIDES SUPPORT TO THOSE WHO ARE BLIND OR VISUALLY IMPAIRED ON A STATEWIDE LEVEL THROUGH ITS COMMUNITY LOW VISION CENTERS, COMMUNITY OUTREACH AND THROUGH PROGRAMMING FOR CHILDREN WHO ARE BLIND. DURING FISCAL YEAR 2023, THIS WORK RESULTED IN THE EMPLOYMENT OF 404 INDIVIDUALS WHO ARE BLIND OR VISUALLY IMPAIRED, GENERATING 622,624 HOURS WORKED BY PEOPLE WHO ARE BLIND.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Horton President / CEO (through 12.31.2022) | Officer | 40 | $380,211 |
Daniel Kelly President / CEO (eff. 01.01.2023) | Officer | 40 | $304,466 |
Silas Martin Chief Operating Officer | Officer | 40 | $247,296 |
Kenneth Edwards Chief Supply Chain Officer | Officer | 40 | $219,821 |
David Hampton VP Of Human Resources | Officer | 40 | $206,381 |
Vashuda Rangapathy VP Of It & E-Commerce | Officer | 40 | $171,379 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Beth Partners Llc Purchase Of Resell Items (Bsc) | 9/29/23 | $863,606 |
84 Lumber Company Purchase Of Materials | 9/29/23 | $987,409 |
Samtech Llc Purchase Of Materials | 9/29/23 | $10,191,400 |
Nccl Llc Lease | 9/29/23 | $303,987 |
Schuyler Line Navigation Company Llc Freight Services | 9/29/23 | $300,550 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $147,625 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $875,519 |
| Noncash contributions included in lines 1a–1f | $16,404 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,023,144 |
| Total Program Service Revenue | $0 |
| Investment income | $69,136 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,277,065 |
| Net Income from Fundraising Events | -$36,548 |
| Net Income from Gaming Activities | -$295 |
| Net Income from Sales of Inventory | $14,207,049 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,741,384 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $18,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,465,339 |
| Compensation of current officers, directors, key employees. | $1,094,967 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,580,232 |
| Pension plan accruals and contributions | $475,041 |
| Other employee benefits | $2,610,697 |
| Payroll taxes | $666,467 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $81,083 |
| Fees for services: Accounting | $148,406 |
| Fees for services: Lobbying | $72,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $5,043 |
| Fees for services: Other | $2,344,380 |
| Advertising and promotion | $0 |
| Office expenses | $572,510 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $194,988 |
| Travel | $230,800 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $782,967 |
| Payments to affiliates | $4,819,566 |
| Depreciation, depletion, and amortization | $2,193,571 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $25,007,642 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,614,469 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $54,721 |
| Accounts receivable, net | $11,221,579 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $26,380,316 |
| Prepaid expenses and deferred charges | $312,621 |
| Net Land, buildings, and equipment | $10,433,472 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $2,795,392 |
| Other assets | $1,770,284 |
| Total assets | $54,582,854 |
| Accounts payable and accrued expenses | $28,550,604 |
| 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 | $4,005,886 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,260,375 |
| Total liabilities | $33,816,865 |
| Net assets without donor restrictions | $20,204,355 |
| Net assets with donor restrictions | $561,634 |
| 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 | $54,582,854 |
Grants Awarded
Over the last fiscal year, Winston-Salem Industries For The Blind Inc has awarded $10,017,514 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
THE BLIND POWER COMPANY INC PURPOSE: SUPPORT OF AN ENTITY THAT PROVIDES SERVICES TO THE BLIND | $19,000 |
IFB SOLUTIONS FOUNDATION INC PURPOSE: TRANSFER OF RESERVE FUND INVESTMENTS TO SUPPORTING ORGANIZATION | $9,998,514 |