Asphalt Institute Inc
- Assets
- $13.4m
- Revenue
- $9.3m
- Investments
- $0.0
- Employees
- 36
- Location
- Lexington, KY
- Founding
- 01/1989
- Data as of
- 12/2023
- 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 12/2023, Asphalt Institute Inc employed 36 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 12/2023, Asphalt Institute Inc generated $9.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $8.6m during the year ending 12/2023. While expenses have increased by 1.5% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TRADE ASSOCIATION DEDICATED TO PROMOTING THE PETROLEUM-BASED ASPHALT INDUSTRY
Describe the Organization's Program Activity:
Part 3 - Line 4a
PUBLICATIONS PROGRAM. THE ASPHALT INSTITUTE DEVELOPS A WIDE RANGE OF SAFETY AND EDUCATIONAL MATERIALS. THESE INCLUDE TEXTBOOK-SIZED TECHNICAL MANUALS, SMALLER TOPICAL PUBLICATIONS, A SUBSCRIPTION-FREE ON-LINE AND PRINT MAGAZINE AIMED AT PROMOTING QUALITY CONSTRUCTION OF ASPHALT PAVEMENTS, AMONG MANY OTHERS. SAFETY-RELATED PUBLICATIONS INCLUDE BOTH PRINT AND VIDEO MEDIA TO HELP EDUCATE WORKERS AND PREVENT ACCIDENTS. PROPRIETARY SOFTWARE IS OFFERED TO HELP MANAGE LABORATORY QUALITY MANUALS A KEY COMPONENT OF LAB CERTIFICATION PROGRAMS.
MEMBERSHIP SERVICES. THE ASPHALT INSTITUTE CONDUCTS THREE LARGE IN-PERSON MEMBERSHIP MEETINGS PER YEAR DURING WHICH THE ORGANIZATION'S 12 STANDING COMMITTEES MEET. A LEADERSHIP DEVELOPMENT PROGRAM FOR MEMBERS, FIRST-TIME PARTICIPANT IN MEETINGS, MENTOR PROGRAM, ROBUST VOLUNTEER PROGRAM, AND OTHER INTERNAL PROGRAMS FOSTER MEMBER ENGAGEMENT. MEMBERS ARE ALSO KEPT ABREAST OF INDUSTRY ACTIVITIES AND TRENDS VIA THE ORGANIZATION'S MONTHLY ENEWS AND OTHER SERVICES.
INDUSTRY RESEARCH. THE ASPHALT INSTITUTE CONDUCTS BOTH FUNDED AND NON-FUNDED RESEARCH RELATED TO ASPHALT MIXTURES, ASPHALT BINDERS, AND ASPHALT EMULSIONS. THE GENERAL GOAL OF THIS RESEARCH IS TO ADVANCE THE KNOWLEDGE OF ASPHALT BINDERS AND MIXTURES AND TO IMPROVE PERFORMANCE. PUBLIC RESEARCH IS PUBLISHED AND PRESENTED IN TECHNICAL CONFERENCES WORLDWIDE.
TRAINING. UNDER THE ASPHALT ACADEMY BRAND, THE ASPHALT INSTITUTE DEVELOPS AND OFFERS A WIDE RANGE OF TRAINING, BOTH WEB-BASED AND IN-PERSON, TO AUDIENCES WORLDWIDE. SOME TRAINING COURSES CAN LEAD TO INDIVIDUAL CERTIFICATION BY SPECIALTY. EXAMPLES OF TRAINING INCLUDE BASIC BINDER TECHNICIAN TRAINING, CONSTRUCTION OF QUALITY ASPHALT PAVEMENTS, PAVEMENT INSPECTOR CERTIFICATION, BASIC ROOFING TECHNICIAN TRAINING, TO LIST A FEW. THESE TRAINING PROGRAMS ARE A MAJOR PART OF THE ASPHALT INSTITUTE'S MISSION TO PROVIDE CONTINUING EDUCATION FOR THE INDUSTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bob Cheever Chair | Trustee | 3 | $0 |
Rob Treece Vice Chair | Trustee | 1 | $0 |
Craig Fabrizio Treasurer | Trustee | 1 | $0 |
Frank Suits Jr Director | Trustee | 1 | $0 |
Seth Hankowski Director | Trustee | 1 | $0 |
Charles Boan Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $8,597,251 |
| Investment income | $286,567 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,456 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $282,285 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,273,389 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $10,035 |
| 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. | $679,026 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,531,677 |
| Pension plan accruals and contributions | $83,461 |
| Other employee benefits | $580,040 |
| Payroll taxes | $270,152 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,720 |
| Fees for services: Accounting | $35,288 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $35,179 |
| Fees for services: Other | $63,315 |
| Advertising and promotion | $0 |
| Office expenses | $78,603 |
| Information technology | $237,413 |
| Royalties | $0 |
| Occupancy | $371,480 |
| Travel | $225,875 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $840,991 |
| Interest | $2,335 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $368,561 |
| Insurance | $84,369 |
| All other expenses | $302,587 |
| Total functional expenses | $8,550,075 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $401,495 |
| Savings and temporary cash investments | $1,302,789 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $704,468 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $37,825 |
| Prepaid expenses and deferred charges | $254,307 |
| Net Land, buildings, and equipment | $2,578,344 |
| Investments—publicly traded securities | $8,013,078 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $71,388 |
| Other assets | $58,285 |
| Total assets | $13,421,979 |
| Accounts payable and accrued expenses | $841,510 |
| Grants payable | $0 |
| Deferred revenue | $1,033,265 |
| 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 | $102,365 |
| Total liabilities | $1,977,140 |
| Net assets without donor restrictions | $11,426,863 |
| Net assets with donor restrictions | $17,976 |
| 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 | $13,421,979 |