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Power Tool Institute INC

Not tax-deductible

Cleveland, OH501(c)(6)Mutual / membership EIN 23-7258534Revenue $1.1M in FY2024

On file with the IRSpowertoolinstitute.com1300 Sumner Ave, 44115-2851 · Cleveland, OHTax-exempt since Feb 1973

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See part III, line 1

501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
Run by 70 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · People: Part I, lines 5–6

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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
3 of 5
filings with a surplus
Average surplus $828 a year · under 1% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Cash reserves
4 mo
of spending, in cash
Looks good: 4.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$341K
72% of total assets
Worth a look: liabilities are 72% of assets; over 65%.
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
$1.1M
+16% vs prior year
Spent
$1.2M
Net assets
$135K
By yearFY2020–FY2024
Revenue
$1.1M
FY2024▲ +16%
Tap a bar for its year
Revenue by fiscal year
FY2020$887K
FY2021$899K
FY2022$833K
FY2023$991K
FY2024$1.1M
Expenses
$1.2M
FY2024▲ +9%
Tap a bar for its year
Expenses by fiscal year
FY2020$801K
FY2021$876K
FY2022$806K
FY2023$1.1M
FY2024$1.2M
Net assets
$135K
FY2024▼ -22%
Tap a bar for its year
Net assets by fiscal year
FY2020$217K
FY2021$240K
FY2022$267K
FY2023$174K
FY2024$135K

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 Feb 1973.

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

Who runs it and what they're paid

20 people listed on the 990.

Part VII, Section A · reportable compensation
Larry Albert
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Tim Baker
Director
$0Pt VII · Sec A
Rich Chapman
Director
$0Pt VII · Sec A
Brady Groth
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Ken Hefley
Director
$0Pt VII · Sec A
Art Herold
Director
$0Pt VII · Sec A
See Power Tool Institute INC executive salaries →

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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

Harmonizes global power tool standards to improve safety and quality control in manufacturing.

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3 programs · in their own filed words · FY2024
01

Consumer Product Safety Commission Petition

Power tool institute has a project to address a petition filed before CPSC by stephen gass requesting a mandatory safety standard for table saws which furthers the exempt purpose of safety and quality control in the manufacturing of power tools.

Pt IX · col B
02

Joint Venture

Power tool institute has developed a license agreement and continues to monitor patents which furthers the exempt purpose of promoting the business interests of the industry and encourage high standards of safety and quality control in manufacturing power tools.

Pt IX · col B
03

Global Harmonization

Power tool institute has a project to harmonize power tool standards with europe and japan which furthers the exempt purpose of safety and quality control in the manufacturing of power tools.

Pt IX · col B

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.1M
Ln 12
Gifts and grantsLn 1h$701K
Fees for servicesLn 2g$447K
Money outPt IX
$1.2M
Ln 25
Owns and owesPt X
$135K
net assets · Ln 32
Cash and savingsLn 1–2$426K
Total assetsLn 16$476K
LiabilitiesLn 26$341K
PeoplePt VI, VII
20
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$701K
Fees for servicesLn 2g$447K
Total revenueLn 12$1.1M
Assets in detailPt X, end of year
SavingsLn 2$426K
Cash and savings togetherLn 1–2$426K
Other assetsLn 15$11K
Total assetsLn 16$476K
LiabilitiesLn 26$341K
Net assetsLn 32$135K
OperationsPt I, VI
EmployeesI 50
VolunteersI 670
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$347K$426K
Total assetsLn 16$433K$476K
LiabilitiesLn 26$259K$341K
Net assetsLn 32$174K$135K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$462K
Legal feesLn 11b$50K
Accounting feesLn 11c$11K
Lobbying feesLn 11d$404K
TravelLn 17$4K
Conferences, conventions and meetingsLn 19$45K
InsuranceLn 23$2K
Other expenses (24a–d)Ln 24$190K
All other expensesLn 24e$18K
Total functional expensesLn 25$1.2M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $1.1M$1.2M−$39K$135K 990 PDF
FY2023 $991K$1.1M−$93K$174K 990 PDF
FY2022 $833K$806K$27K$267K 990 PDF
FY2021 $899K$876K$23K$240K 990 PDF
FY2020 $887K$801K$86K$217K 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 $1,147,263 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $620,235$700,632
I-9 Program service revenuePrior year $360,786$446,631
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $10,000$0
I-12 Total revenuePrior year $991,021$1,147,263
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 $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,084,088$1,185,940
I-18 Total expensesPrior year $1,084,088$1,185,940
I-19 Revenue less expensesPrior year −$93,067−$38,677
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 $1,147,263 across 4 lines filed
VIII-1b Membership dues$700,632
VIII-1h Total contributions, gifts and grants$700,632
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $446,631$446,631
VIII-12 Total revenueRelated to mission $446,631 · Unrelated business $0 · Excluded from tax $0$1,147,263
Part IX · Statement of functional expenses $1,185,940 across 9 lines filed
IX-11a Management fees$462,200
IX-11b Legal fees$49,821
IX-11c Accounting fees$11,235
IX-11d Lobbying fees$403,887
IX-17 Travel$4,055
IX-19 Conferences, conventions and meetings$44,666
IX-23 Insurance$2,334
IX-24 Other expenses (24a–d)$189,897
IX-24e All other expenses$17,845
IX-25 Total functional expenses$1,185,940
Part X · Balance sheet $475,671 assets, 10 lines filed
X-2 Savings and temporary cash investmentsStart of year $347,385$425,615
X-9 Prepaid expenses and deferred chargesStart of year $28,752$39,121
X-15 Other assetsStart of year $0$10,935
X-16 Total assetsStart of year $433,064$475,671
X-17 Accounts payable and accrued expensesStart of year $99,008$64,134
X-19 Deferred revenueStart of year $160,304$276,462
X-26 Total liabilitiesStart of year $259,312$340,596
X-27 Net assets without donor restrictionsStart of year $173,752$135,075
X-32 Total net assets or fund balancesStart of year $173,752$135,075
X-33 Total liabilities and net assetsStart of year $433,064$475,671
Part XI · Reconciliation of net assets $135,075 net assets at year end
XI-1 Total revenue$1,147,263
XI-2 Total expenses$1,185,940
XI-3 Revenue less expenses−$38,677
XI-4 Net assets at start of year$173,752
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$135,075

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

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