Wood Component Manufacturers Association
- Assets
- $666.2k
- Revenue
- $156.3k
- Investments
- $0.0
- Employees
- 2
- Location
- Lindstrom, MN
- Founding
- 03/1962
- Data as of
- 12/2022
- EIN
- 62-0522397
Organization Overview
Wood Component Manufacturers Association is located in Lindstrom, MN. The organization was established in 1962. 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, Wood Component Manufacturers Association employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wood Component Manufacturers 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, Wood Component Manufacturers Association generated $156.3k 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 (4.7%) each year. All expenses for the organization totaled $235.9k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (0.8%) 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
THE WOOD COMPONENT MANUFACTURERS ASSOCIATION CULTIVATES A MEMBER NETWORK THROUGH EXPOSURE TO INNOVATIONS, INDUSTRY PROMOTION, TRENDS AND INFORMATION, AND PEER LEARNING IN SUPPORT OF THE NORTH AMERICAN WOOD PRODUCTS INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ASSOCIATION'S MAJOR EFFORT TO PROMOTE THE DIMENSION AND COMPONENTS MANUFACTURING INDUSTRY BY FOCUSING ON THE ADVANTAGES TO THE END-USER OF BUYING WOOD COMPONENTS FROM US SUPPLIERS. EFFORTS ARE DIRECTED AT ORIGINAL EQUIPMENT MANUFACTURERS AND THE FINAL CONSUMER.
THE ASSOCIATION EXHIBITS AT TRADE SHOWS TO DISPLAY PRODUCTS MADE BY DIMENSION MANUFACTURERS TO ORIGINAL EQUIPMENT MANUFACTURER (OEM) END-USERS AND CONSUMERS IN AN EFFORT TO INCREASE USE AND AWARENESS OF WOOD COMPONENTS TO THE FINISHED WOOD PRODUCT INDUSTRIES, SUCH AS CABINETRY, FURNITURE, BUILDING PRODUCTS, AND SPECIALTY WOOD PRODUCTS. EFFORTS ARE DIRECTED AT OEMS AND THE FINAL CONSUMER.
THE ASSOCIATION'S ANNUAL CONVENTION AND PLANT TOUR EVENT INCLUDED PRODUCTION TOURS, EDUCATIONAL PROGRAMS, TECHNOLOGY UPDATES, ELECTION OF OFFICERS, A REPORT ON ASSOCIATION ACTIVITIES, AND UPDATE ON INDUSTRY TRENDS AND DEVELOPMENTS. THERE WERE OVER 100 ATTENDEES AT THIS EVENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frank Fitts President | OfficerTrustee | 1 | $0 |
Joe Hanson Vice President | OfficerTrustee | 1 | $0 |
Leon Osborne Immediate Past President | OfficerTrustee | 1 | $0 |
Mark Elliott Treasurer | OfficerTrustee | 1 | $0 |
Andy Turner Ex Officio Tech Partner | Trustee | 1 | $0 |
Manoo Mahmoodi 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 | $130,628 |
| Investment income | $14,978 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $10,740 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $156,346 |
| 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. | $119,917 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $30,649 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $10,291 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $600 |
| Fees for services: Accounting | $1,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1 |
| Fees for services: Other | $1,153 |
| Advertising and promotion | $9,987 |
| Office expenses | $1,670 |
| Information technology | $12,602 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $18,455 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $23,229 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,539 |
| All other expenses | $4 |
| Total functional expenses | $235,893 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,997 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $1,796 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $627,813 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $29,574 |
| Total assets | $666,180 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $6,750 |
| 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 | $1,308 |
| Total liabilities | $8,058 |
| Net assets without donor restrictions | $658,122 |
| Net assets with donor restrictions | $0 |
| 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 | $666,180 |