American Gem Society
- Assets
- $13.4m
- Revenue
- $4.7m
- Investments
- $13.9k
- Employees
- 84
- Location
- Las Vegas, NV
- Founding
- 03/2001
- Data as of
- 11/2020
- EIN
- 95-1409272
Organization Overview
American Gem Society is located in Las Vegas, NV. The organization was established in 2001. 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 11/2020, American Gem Society employed 84 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. American Gem Society 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 11/2020, American Gem Society generated $4.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (8.7%) each year. All expenses for the organization totaled $5.1m during the year ending 11/2020. As we would expect to see with falling revenues, expenses have declined by (9.0%) per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
AGS IS DEDICATED TO CONSUMER PROTECTION, ETHICAL BUSINESS STANDARDS, AND THE (CONT'D ON SCH O) DEVELOPMENT OF THE HIGHEST GEMOLOGICAL SKILL, KNOWLEDGE, AND GRADING STANDARDS OF ITS MEMBERSHIP AND CUSTOMERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AMERICAN GEM SOCIETY LABORATORIES, LLC WAS FOUNDED TO SUPPORT THE AGS MISSION. IT IS A NONPROFIT DIAMOND GRADING LABORATORY WITH A MISSION OF CONSUMER PROTECTION. ADHERING TO THE AGS DIAMOND GRADING STANDARDS, AGS LABORATORIES IS DEDICATED TO OFFERING DIAMOND GRADING REPORTS THAT PROVIDE CONSISTENCY AND ACCURACY BASED ON SCIENCE.
EDUCATION DEVELOPS EDUCATIONAL MATERIALS FOR OUR MEMBERSHIP, WHICH THEY CAN USE TO EDUCATE CONSUMERS IN THEIR RESPECTIVE COMMUNITIES, RESULTING IN AN ENHANCED REPUTATION FOR THE JEWELRY INDUSTRY. APPROXIMATELY 2,000 MEMBERS RECERTIFY ANNUALLY, 700 ATTEND THE ANNUAL EDUCATIONAL CONFERENCE, AND 150 COMPLETE EDUCATION COURSES.
MEMBERSHIP MAINTAINS THE PROCESSES, STANDARDS AS OUTLINED IN THE AGS MEMBERSHIP MANUAL, MEMBER JOURNEY, AND MEMBER BENEFIT PROGRAMS.
AMERICAN GEM SOCIETY LABORATORIES, LLC WAS FOUNDED TO SUPPORT THE AGS MISSION. IT IS A NONPROFIT DIAMOND GRADING LABORATORY WITH A MISSION OF CONSUMER PROTECTION. ADHERING TO THE AGS DIAMOND GRADING STANDARDS, AGS LABORATORIES IS DEDICATED TO OFFERING DIAMOND GRADING REPORTS THAT PROVIDE CONSISTENCY AND ACCURACY BASED ON SCIENCE.
EDUCATION DEVELOPS EDUCATIONAL MATERIALS FOR OUR MEMBERSHIP, WHICH THEY CAN USE TO EDUCATE CONSUMERS IN THEIR RESPECTIVE COMMUNITIES, RESULTING IN AN ENHANCED REPUTATION FOR THE JEWELRY INDUSTRY. APPROXIMATELY 2,000 MEMBERS RECERTIFY ANNUALLY, 700 ATTEND THE ANNUAL EDUCATIONAL CONFERENCE, AND 150 COMPLETE EDUCATION COURSES.
MEMBERSHIP MAINTAINS THE PROCESSES, STANDARDS AS OUTLINED IN THE AGS MEMBERSHIP MANUAL, MEMBER JOURNEY, AND MEMBER BENEFIT PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Katherine Bodoh Ceo, Ags & Ags Labs | Officer | 40 | $200,535 |
Jason Quick Ags Laboratories Exec Dir | 40 | $137,069 | |
Janice Brooks Cfo, Ags & Ags Labs | Officer | 40 | $131,229 |
James Dimick Ags Laboratories Dir Bus Dev | 40 | $124,118 | |
Donna Jolly Ags Director Of Marketing | 40 | $102,943 | |
Michael Richards Cg President | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mediamax Network Llc Media Advertising Services | 11/29/19 | $149,330 |
Freeman Audio Visual Audio Visual Services For Events | 11/29/19 | $208,510 |
National Keynote Speakers Event Speaker Services | 11/29/19 | $125,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $609,068 |
| Investment income | $318,631 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$117,037 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $206,376 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,696,914 |
| Statement of Expenses | |
|---|---|
| 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. | $430,677 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,144,293 |
| Pension plan accruals and contributions | $83,647 |
| Other employee benefits | $234,853 |
| Payroll taxes | $241,147 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $71,064 |
| Fees for services: Accounting | $41,970 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $22,527 |
| Fees for services: Other | $145,571 |
| Advertising and promotion | $254,096 |
| Office expenses | $91,115 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $86,766 |
| Travel | $33,662 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,000 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $572,810 |
| Insurance | $71,609 |
| All other expenses | $0 |
| Total functional expenses | $5,068,373 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,204,194 |
| Savings and temporary cash investments | $59,896 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $681,508 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $8,232 |
| Prepaid expenses and deferred charges | $257,447 |
| Investments—publicly traded securities | $6,215,876 |
| Investments—other securities | $13,898 |
| Investments—program-related | $2 |
| Intangible assets | $357,288 |
| Other assets | $367,697 |
| Total assets | $13,434,357 |
| Accounts payable and accrued expenses | $198,433 |
| Grants payable | $0 |
| Deferred revenue | $501,896 |
| 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 | $108,706 |
| Total liabilities | $809,035 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $12,625,322 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that American Gem Society has recieved totaling $75,464.
| Awarding Organization | Amount |
|---|---|
Gemological Institute Of America Inc Carlsbad, CA PURPOSE: AGS CONCLAVE | $50,000 |
Gemological Institute Of America Inc Carlsbad, CA PURPOSE: AGS CLASS SPONSORSHIP | $25,464 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Chinatown Service Center Los Angeles, CA | $26,778,687 | $27,867,616 |
Sag-Aftra & Industry Sound Recordings Distribution Fund Valley Village, CA | $48,142,351 | $13,604,136 |
Electric & Gas Industries Association Sacramento, CA | $14,735,713 | $15,175,016 |
American Pistachio Growers Fresno, CA | $11,494,323 | $15,365,842 |
National Council For Prescription Drug Programs Inc Scottsdale, AZ | $21,339,680 | $12,526,720 |
Travel Portland Portland, OR | $18,865,244 | $9,767,566 |
California Society Of Certified Public Accountants Burlingame, CA | $29,880,424 | $13,544,885 |
Scottsdale Convention And Vistors Bureau Inc Scottsdale, AZ | $8,006,659 | $12,242,411 |
Sustainable Apparel Coalition Inc Oakland, CA | $12,069,125 | $10,210,019 |
Portland Business Alliance Portland, OR | $2,909,182 | $8,830,293 |
California Certified Public Accountants Foundation Burlingame, CA | $12,236,942 | $9,436,468 |
California Life Sciences Association San Diego, CA | $8,698,147 | $9,649,305 |