Independent Electrical Contractors Inc
- Assets
- $3.3m
- Revenue
- $6.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Arlington, VA
- Founding
- 09/1971
- Data as of
- 12/2023
- EIN
- 74-1602512
Organization Overview
Independent Electrical Contractors Inc, operating under the name Ieci, is located in Arlington, VA. The organization was established in 1971. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. This organization is a parent organization of an affiliated group for tax-exemption purposes. Ieci 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, Ieci generated $6.5m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.0% each year. All expenses for the organization totaled $6.6m during the year ending 12/2023. While expenses have increased by 5.4% 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
TO PROMOTE AMERICA'S INDEPENDENT ELECTRICAL CONTRACTORS THROUGH THE PRINCIPLE OF FREE ENTERPRISE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IEC'S ANNUAL CONVENTION IS DESIGNED TO PROVIDE AN OPPORTUNITY FOR MEMBERS TO NETWORK WITH OTHER MEMBERS AND INDUSTRY PEERS, TO PARTICIPATE IN EDUCATIONAL SESSIONS, TO ATTEND A NATIONAL TRADE EXPOSITION WHICH PROVIDES HANDS-ON ACCESS TO THE LATEST PRODUCTS FROM THE INDUSTRY'S LEADING MANUFACTURERS AND DISTRIBUTORS, AND TO PROVIDE OPPORTUNITIES TO PARTICIPATE IN COMPETITIONS AND BE RECOGNIZED FOR ACHIEVEMENTS AND ACCOMPLISHMENTS IN QUALITY OF PERFORMANCE AND SERVICE TO THE INDUSTRY.
APPRETICESHIP AND TRAINING: SINCE 1972, IEC AND ITS AFFILIATED CHAPTERS HAVE CONDUCTED REGISTERED APPRENTICESHIP TRAINING PROGRAMS FOR ELECTRICAL WORKERS, RESIDENTIAL ELECTRICAL SPECIALISTS, AND LOW VOLTAGE SYSTEMS TECHNICIANS UNDER STANDARDS APPROVED BY THE U.S. DEPARTMENT OF LABOR AND VARIOUS STATE APPRENTICESHIP COUNCILS. IEC'S APPRENTICE TRAINING PROGRAMS INCORPORATE A MINIMUM OF 144 HOURS OF REQUIRED EDUCATIONAL CONTENT PER YEAR (E.G. LECTURES, DEMONSTRATIONS, REQUIRED EXERCISES AND LABS), REGULAR HOMEWORK ASSIGNMENTS, 2000 HOURS OF ON-THE-JOB TRAINING PER YEAR, AND A COMPREHENSIVE SERIES OF EXAMS THAT MUST BE PASSED PRIOR TO GRADUATING TO THE NEXT LEVEL.
PUBLICATIONS: EXTENSIONS E-NEWSLETTER AND IEC INSIGHTS MAGAZINE KEEP IEC MEMBERS CURRENT WITH ECONOMIC TRENDS, INDUSTRY NEWS, LEGISLATIVE DEVELOPMENTS, AND CODE INTERPRETATIONS THAT AFFECT THE WAY THEY CONDUCT BUSINESS. THE ANNUAL IEC MEMBERSHIP DIRECTORY PROMOTES AND MARKETS SERVICES OF IEC MEMBERS. THE NATIONAL WEBSITE SERVES AS A VALUABLE TOOL FOR MEMBERS AND CONSUMERS ALIKE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cecil Leedy President | OfficerTrustee | 1 | $0 |
Don Hulsey Vice President | OfficerTrustee | 1 | $0 |
Troy Corrigan Immediate Past President | OfficerTrustee | 1 | $0 |
Bruce Kohan Treasurer | OfficerTrustee | 1 | $0 |
Billy Ross Hill Secretary | OfficerTrustee | 1 | $0 |
Don Aragon Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Innovatis Group Management Services | 12/30/23 | $2,900,723 |
Inspire Audio Visual Services For Events | 12/30/23 | $349,024 |
More Vang Marketing And Design | 12/30/23 | $285,198 |
American Technical Publishers Curriculum & Training Publishing | 12/30/23 | $144,944 |
Hyatt Regency Dallas Rooms And F&b For Spark Annual Conventio | 12/30/23 | $206,118 |
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 | $81,818 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $81,818 |
| Total Program Service Revenue | $6,588,912 |
| Investment income | $61,715 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$265,229 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,496,225 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $2,478,977 |
| Fees for services: Legal | $23,138 |
| Fees for services: Accounting | $45,760 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $14,416 |
| Fees for services: Other | $210,533 |
| Advertising and promotion | $286,192 |
| Office expenses | $577,804 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $182,997 |
| Travel | $258,530 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,978,087 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $74,947 |
| Insurance | $22,287 |
| All other expenses | $0 |
| Total functional expenses | $6,607,213 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $938,870 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $398,995 |
| 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 | $114,652 |
| Net Land, buildings, and equipment | $79,851 |
| Investments—publicly traded securities | $1,650,061 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $102,389 |
| Total assets | $3,284,818 |
| Accounts payable and accrued expenses | $773,883 |
| Grants payable | $0 |
| Deferred revenue | $511,349 |
| 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 | $315,789 |
| Total liabilities | $1,601,021 |
| Net assets without donor restrictions | $1,683,797 |
| 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 | $3,284,818 |