Us Faster Payments Council Inc
- Assets
- $1.7m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Bentonville, AR
- Founding
- Data as of
- 12/2023
- EIN
- 83-2399912
Organization Overview
Us Faster Payments Council Inc is located in Bentonville, AR. According to its NTEE Classification (U99) the organization is classified as: Science & Technology N.E.C., under the broad grouping of Science & Technology and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Us Faster Payments Council 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, Us Faster Payments Council Inc generated $1.8m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $1.7m during the year ending 12/2023. While expenses have increased by 7.3% per year over the past 5 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
THE FASTER PAYMENTS COUNCIL (FPC) IS AN INDUSTRY-LED MEMBERSHIP ORGANIZATION WHOSE MISSION IS TO FACILITATE A WORLD-CLASS PAYMENT SYSTEM WHERE EVERY PERSON OR ORGANIZATION CAN SAFELY AND SECURELY PAY ANYONE, ANYWHERE, AT ANY TIME AND WITH NEAR-IMMEDIATE FUNDS AVAILABILITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RAISING INDUSTRY AND CONSUMER AWARENESS, FORMULATING A PLAN TO GARNER A DIVERSE POPULATION OF MEMBERS FROM ACROSS ALL AREAS OF US PAYMENTS INDUSTRY AND DEVELOPING A SAFE FORUM FOR DIALOGUE GOVERNED BY STRONG ANTITRUST GUARD RAILS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Reed Luhtanen Executive Di | Officer | 40 | $0 |
Angela Hendershott Director-Ope | 40 | $0 | |
Elizabeth Grice Director-Mar | 40 | $0 | |
Lisa Akahoshi Director | Trustee | 1 | $0 |
Mike Bilski Chair | OfficerTrustee | 1.5 | $0 |
Elspeth Bloodgood Treasurer | OfficerTrustee | 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 | $1,728,782 |
| Investment income | $23,729 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,753,790 |
| 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. | $509,907 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $529,322 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $37,580 |
| Payroll taxes | $54,501 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $628 |
| Fees for services: Accounting | $52,078 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $98,832 |
| Advertising and promotion | $110,344 |
| Office expenses | $11,223 |
| Information technology | $30,989 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $61,687 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,891 |
| Insurance | $3,806 |
| All other expenses | $196,916 |
| Total functional expenses | $1,699,704 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $598,222 |
| Savings and temporary cash investments | $1,025,556 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,474 |
| 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 | $47,203 |
| Net Land, buildings, and equipment | $422 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,672,877 |
| Accounts payable and accrued expenses | $136,581 |
| Grants payable | $0 |
| Deferred revenue | $763,612 |
| 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 | $0 |
| Total liabilities | $900,193 |
| Net assets without donor restrictions | $772,684 |
| 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 | $1,672,877 |