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Friction Materials Standards

Not tax-deductible

Auburn Hills, MI501(c)(6)Science & Technology EIN 13-1606491Revenue $739K in FY2024

On file with the IRSfmsi.org3069 University Dr Ste 210, 48326-2322 · Auburn Hills, MITax-exempt since Mar 1951

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Gathers information for manufacturers of automotive Friction Materials.

501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
46¢ of each $1 spent went to programs.
$10K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 5
filings with a surplus
Average deficit $20K a year · 3% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
46%
of spending
Concern: 46% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$10K
to officers and key staff · 1% of spending
Top officer’s pay lower than 91% of similar orgs
Looks good: pay to officers and key staff is 1% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
11 mo
of spending, in cash
Looks good: 10.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$216K
23% of total assets
Looks good: liabilities are 23% of assets; 50% or less.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$739K
+19% vs prior year
Spent
$771K
To programs
46%
Net assets
$713K
By yearFY2020–FY2024
Revenue
$739K
FY2024▲ +19%
Tap a bar for its year
Revenue by fiscal year
FY2020$659K
FY2021$522K
FY2022$576K
FY2023$618K
FY2024$739K
Expenses
$771K
FY2024▲ +9%
Tap a bar for its year
Expenses by fiscal year
FY2020$501K
FY2021$598K
FY2022$638K
FY2023$705K
FY2024$771K
Net assets
$713K
FY2024▼ -4%
Tap a bar for its year
Net assets by fiscal year
FY2020$1000K
FY2021$912K
FY2022$834K
FY2023$746K
FY2024$713K

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 1951.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

46 cents of each dollar spent went to programs.

Program services 46% · $351K Management & general 54% · $420K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

10 people listed on the 990; $10K paid to officers and key staff.

Part VII, Section A · reportable compensation
Frank Oliveto
President
$10,308Pt VII · Sec A
Mark Phipps
Director
$0Pt VII · Sec A
William Carney
Director/Treasurer
$0Pt VII · Sec A
Skip Carroll
Director/Chairman
$0Pt VII · Sec A
Steve Bird
Director/Secretary
$0Pt VII · Sec A
Greg Vyletel
Director/Second Vice Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
Earl Gesch
Director
$0Pt VII · Sec A

Frank Oliveto’s $10K as President is at the 9th percentile of top reported officer pay among 312 $100K–1M science & technology nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Collects data for automotive friction material makers.

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Provided by the organization

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1 program · $350K · in their own filed words · FY2024
01

The institute is an association of manufacturers of automotive friction materials primarily for brake linings and clutch facings.

$350Kprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$739K
Ln 12
Gifts and grantsLn 1h$618K
Other incomeLn 4–11$88K
Investment incomeLn 3$32K
Money outPt IX
$771K
Ln 25
Programscol B$351K
Managementcol C$420K
Owns and owesPt X
$713K
net assets · Ln 32
Cash and savingsLn 1–2$683K
Total assetsLn 16$929K
LiabilitiesLn 26$216K
PeoplePt VI, VII
10
listed · VII A
PaidVII A1
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$618K
Investment incomeLn 3$32K
Other incomeLn 4–11$88K
Total revenueLn 12$739K
Assets in detailPt X, end of year
CashLn 1$143K
SavingsLn 2$540K
Cash and savings togetherLn 1–2$683K
InvestmentsLn 11–13$127K
Land, buildings, equipmentLn 10c$29K
Other assetsLn 15$7K
Total assetsLn 16$929K
LiabilitiesLn 26$216K
Net assetsLn 32$713K
OperationsPt I, VI
EmployeesI 53
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$619K$683K
InvestmentsLn 11–13$127K$127K
Land, buildings, equipmentLn 10c$48K$29K
Total assetsLn 16$947K$929K
LiabilitiesLn 26$201K$216K
Net assetsLn 32$746K$713K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$188K$188K
Pension plan contributionsLn 8$3K$3K
Payroll taxesLn 10$15K$15K
Legal feesLn 11b$57K$25K$32K
Accounting feesLn 11c$22K$22K
Advertising and promotionLn 12$4K$4K
Office expensesLn 13$4K$4K
OccupancyLn 16$35K$35K
TravelLn 17$17K$17K
Conferences, conventions and meetingsLn 19$211K$211K
InterestLn 20$316$316
Depreciation, depletion and amortizationLn 22$22K$22K
InsuranceLn 23$21K$21K
Other expenses (24a–d)Ln 24$124K$101K$23K
All other expensesLn 24e$49K$15K$34K
Total functional expensesLn 25$771K$351K$420K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $739K$771K−$32K$713K 990 PDF
FY2023 $618K$705K−$87K$746K 990 PDF
FY2022 $576K$638K−$62K$834K 990 PDF
FY2021 $522K$598K−$76K$912K 990 PDF
FY2020 $659K$501K$157K$1000K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $738,661 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $566,313$618,271
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $32,349$32,268
I-11 Other revenuePrior year $19,705$88,122
I-12 Total revenuePrior year $618,367$738,661
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $186,306$205,839
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $518,737$565,210
I-18 Total expensesPrior year $705,043$771,049
I-19 Revenue less expensesPrior year −$86,676−$32,388
Part VI · Governance 9 of 9 board members independent, 1 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $738,661 across 5 lines filed
Lines not itemized here account for $79,219 of total revenue; see the IRS return.
VIII-1b Membership dues$618,271
VIII-1h Total contributions, gifts and grants$618,271
VIII-3 Investment incomeExcluded from tax $32,268$32,268
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Unrelated business $8,903$8,903
VIII-12 Total revenueRelated to mission $79,219 · Unrelated business $8,903 · Excluded from tax $32,268$738,661
Part IX · Statement of functional expenses $771,049 across 15 lines filed
IX-7 Other salaries and wagesManagement $188,255$188,255
IX-8 Pension plan contributionsManagement $2,924$2,924
IX-10 Payroll taxesManagement $14,660$14,660
IX-11b Legal feesPrograms $24,770 · Management $32,487$57,257
IX-11c Accounting feesManagement $21,873$21,873
IX-12 Advertising and promotionManagement $3,624$3,624
IX-13 Office expensesManagement $3,517$3,517
IX-16 OccupancyManagement $34,909$34,909
IX-17 TravelManagement $16,794$16,794
IX-19 Conferences, conventions and meetingsPrograms $211,151$211,151
IX-20 InterestManagement $316$316
IX-22 Depreciation, depletion and amortizationManagement $22,032$22,032
IX-23 InsuranceManagement $20,858$20,858
IX-24 Other expenses (24a–d)Programs $100,674 · Management $23,065$123,739
IX-24e All other expensesPrograms $14,732 · Management $34,408$49,140
IX-25 Total functional expensesPrograms $351,327 · Management $419,722 · Fundraising $0$771,049
Part X · Balance sheet $929,226 assets, 16 lines filed
X-1 Cash, non-interest-bearingStart of year $68,513$143,262
X-2 Savings and temporary cash investmentsStart of year $550,812$539,624
X-4 Accounts receivableStart of year $26,456$20,519
X-9 Prepaid expenses and deferred chargesStart of year $84,784$63,945
X-10c Land, buildings and equipment, netStart of year $47,580$28,608
X-11 Publicly traded securitiesStart of year $127,348$126,734
X-15 Other assetsStart of year $41,443$6,534
X-16 Total assetsStart of year $946,936$929,226
X-17 Accounts payable and accrued expensesStart of year $45,315$28,679
X-19 Deferred revenueStart of year $116,345$184,425
X-25 Other liabilitiesStart of year $39,193$3,041
X-26 Total liabilitiesStart of year $200,853$216,145
X-27 Net assets without donor restrictionsStart of year $366,279$311,638
X-28 Net assets with donor restrictionsStart of year $379,804$401,443
X-32 Total net assets or fund balancesStart of year $746,083$713,081
X-33 Total liabilities and net assetsStart of year $946,936$929,226
Part XI · Reconciliation of net assets $713,081 net assets at year end
XI-1 Total revenue$738,661
XI-2 Total expenses$771,049
XI-3 Revenue less expenses−$32,388
XI-4 Net assets at start of year$746,083
XI-5 Net unrealized gains (losses) on investments−$614
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$713,081

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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