Asphalt Institute Inc
- Assets
- $13.9m
- Revenue
- $7.9m
- Investments
- $0.0
- Employees
- 31
- Location
- Lexington, KY
- Founding
- 01/1989
- Data as of
- 12/2021
- EIN
- 61-1148531
Organization Overview
Asphalt Institute Inc is located in Lexington, KY. The organization was established in 1989. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Asphalt Institute Inc employed 31 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Asphalt Institute Inc 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 12/2021, Asphalt Institute Inc generated $7.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.6% each year. All expenses for the organization totaled $7.2m during the year ending 12/2021. 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
THROUGH EDUCATION, ENGINEERING, TECHNICAL DEVELOPMENT, ENVIRONMENTAL STEWARDSHIP AND MARKETING LEADERSHIP, THE ASPHALT INSTITUTE PROMOTES THE SAFE USE, BENEFITS, AND QUALITY PERFORMANCE OF PETROLEUM ASPHALTS WITH A UNIFIED VOICE FOR OUR MEMBERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PUBLICATIONS & SUBSCRIPTIONS: THE ASPHALT INSTITUTE DEVELOPS AND PUBLISHES EDUCATIONAL PRODUCTS RANGING FROM TEXTBOOK-SIZE TECHNICAL MANUALS TO TOPICAL INFORMATIONAL PUBLICATIONS AND VIDEOS FOR THE EDUCATIONAL BENEFIT OF THE INDUSTRY. SOME OF THESE ARE SAFETY-RELATED PUBLICATIONS OR TRAINING MATERIALS AND ALL SUPPORT THE EDUCATION AND TRAINING MISSION OF THE INSTITUTE. THE INSTITUTE ALSO PUBLISHES A SUBSCRIPTION-FREE INDUSTRY-WIDE MAGAZINE ONLINE AND IN PRINT. THE PURPOSE OF THE MAGAZINE IS TO EDUCATE AND PROMOTE ASPHALT USE AND INTRODUCE NEW BINDER TECHNOLOGY. THE INSTITUTE SELLS ANNUAL SUBSCRIPTIONS TO ITS PROPRIETARY R18LABQMS CLOUD-BASED LABORATORY MANAGEMENT SOFTWARE, WHICH IS USED TO MANAGE A LAB'S QUALITY MANUAL, WHICH IS REQUIRED FOR LAB CERTIFICATION.
INDUSTRY RESEARCH: THE ASPHALT INSTITUTE CONDUCTS RESEARCH TO EVALUATE AND IMPROVE THE ASPHALT BINDER SPECIFICATION AND ASPHALT MIXTURE PERFORMANCE. FINDINGS OF COMPLETED RESEARCH ARE PRESENTED IN VARIOUS PUBLIC TECHNICAL FORUMS IN NORTH AMERICA. THE ASPHALT INSTITUTE WORKS CLOSELY WITH FEDERAL, STATE, AND PROVINCIAL (CANADIAN) GOVERNMENT AGENCIES TO ADVANCE UNDERSTANDING OF IMPROVED CONSTRUCTION TECHNIQUES AND HIGHER PERFORMANCE MATERIALS.
TRAINING: THE ASPHALT INSTITUTE PLANS AND CONDUCTS TRAINING SEMINARS FOR A VARIETY OF TECHNICAL AUDIENCES ON A WIDE RANGE OF TOPICS IN ASPHALT TECHNOLOGY. THESE COURSES, UNDER THE HEADING OF THE ASPHALT ACADEMY, INCLUDE INSTRUCTION ON MIX AND PAVEMENT THICKNESS DESIGN, VOLUMETRICS, AND ASPHALT BINDER AND EMULSION TESTING. ASPHALT ACADEMY SEMINARS EDUCATE STUDENTS ON PROPER PRACTICES FOR THE DESIGN, CONSTRUCTION, MAINTENANCE, AND REHABILITATION OF ALL TYPES OF ASPHALT PAVEMENTS. SEMINARS MAY BE DELIVERED IN PERSON OR VIA WEBCAST.
SERVICES THE NEEDS OF THE MEMBERSHIP THROUGH MEMBERSHIP MEETINGS HELD THREE TIMES ANNUALLY, VIA THE PUBLICATION OF ENEWS ON A MONTHLY BASIS, AND THROUGH THE ACTIVITIES OF 11 STANDING COMMITTEES MADE UP OF MEMBER COMPANY VOLUNTEERS WITH STAFF SUPPORT. VARIOUS OTHER INTERNAL PROGRAMS FOSTER MEMBER ENGAGEMENT, GROWTH, AND PROVIDE VARIOUS GOODS AND SERVICES FOR THE MEMBERSHIP AND INDUSTRY AS A WHOLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Grass President | Officer | 45 | $449,560 |
Linda Allin Secretary/chief Financial | Officer | 45 | $213,813 |
Tracie Schlich Director Of Marketing & Membership | 40 | $199,372 | |
Mark Buncher Director Of Engineering | 40 | $197,471 | |
Bob Humer Sr. Regional Engineer | 40 | $180,255 | |
Paul Sohi Director Hs & E | 40 | $171,820 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $671,437 |
| 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 | $671,437 |
| Total Program Service Revenue | $6,431,623 |
| Investment income | $365,988 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $122,499 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $238,007 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,949,306 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $10,022 |
| 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. | $717,697 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,104,730 |
| Pension plan accruals and contributions | $68,013 |
| Other employee benefits | $608,849 |
| Payroll taxes | $235,387 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,442 |
| Fees for services: Accounting | $25,292 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $38,414 |
| Fees for services: Other | $62,524 |
| Advertising and promotion | $0 |
| Office expenses | $82,980 |
| Information technology | $220,242 |
| Royalties | $0 |
| Occupancy | $309,681 |
| Travel | $78,993 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $5,595 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $386,876 |
| Insurance | $70,943 |
| All other expenses | $279,731 |
| Total functional expenses | $7,221,323 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $551,983 |
| Savings and temporary cash investments | $739,439 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $280,047 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $32,288 |
| Prepaid expenses and deferred charges | $312,815 |
| Net Land, buildings, and equipment | $2,495,365 |
| Investments—publicly traded securities | $9,432,717 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $92,441 |
| Other assets | $0 |
| Total assets | $13,937,095 |
| Accounts payable and accrued expenses | $571,988 |
| Grants payable | $0 |
| Deferred revenue | $1,135,538 |
| 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 | $29,490 |
| Total liabilities | $1,737,016 |
| Net assets without donor restrictions | $12,176,226 |
| Net assets with donor restrictions | $23,853 |
| 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 | $13,937,095 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Asphalt Institute Inc has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
National Asphalt Pavement Association Inc Greenbelt, MD PURPOSE: GENERAL SUPPORT | $10,000 |