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Product Development & Management Association

Not tax-deductible

Minneapolis, MN501(c)(6)Mutual / membership EIN 38-2287777Revenue $1.4M in FY2024

On file with the IRSpdma.org1601 Utica Ave S Ste 213, 55416-3487 · Minneapolis, MNTax-exempt since Sep 1986

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To improve the effectiveness of those engaged in the Development & Management of new products.

501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
Run by 50 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · People: Part I, lines 5–6

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
5 of 5
filings with a surplus
Average surplus $250K a year · 19% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Cash reserves
3 mo
of spending, in cash
Plus $1.1M in investments, Pt X · Ln 11–13
Fine: 2.6 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$52K
3% of total assets
Looks good: liabilities are 3% of assets; 50% or less.
Pt X · Ln 26
Independent board members
15
of 15 voting members
Looks good: 15 of 15 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.4M
-21% vs prior year
Spent
$1.4M
Net assets
$1.8M
By yearFY2020–FY2024
Revenue
$1.4M
FY2024▼ -21%
Tap a bar for its year
Revenue by fiscal year
FY2020$866K
FY2021$1.1M
FY2022$1.5M
FY2023$1.8M
FY2024$1.4M
Expenses
$1.4M
FY2024▲ +18%
Tap a bar for its year
Expenses by fiscal year
FY2020$737K
FY2021$990K
FY2022$1.1M
FY2023$1.2M
FY2024$1.4M
Net assets
$1.8M
FY2024▲ +4%
Tap a bar for its year
Net assets by fiscal year
FY2020$605K
FY2021$698K
FY2022$1.0M
FY2023$1.8M
FY2024$1.8M

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 Sep 1986.

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

Who runs it and what they're paid

15 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
$0Pt VII · Sec A
Rosanna Stokes
Secretary-Treasuer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Product Development & Management Association 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

Trains product developers and managers to improve their effectiveness.

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Provided by the organization

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3 programs · in their own filed words · FY2024
01

Publications/Website

Pdma publishes the following: journal of product innovation management (jpim), pdma handbook of new product development (4TH edition), pdma tool book 1, 2, and 3 for new product development, new product development for dummies, pdma body of knowledge, 3RD edition, design thinking: new product development essentials, and open innovation…

Pt IX · col B
02

Conference

Annual global conference in the fall with over 350 attendees. Product development professionals gather to network and review the latest new product development best practices. The conference also includes keynote speakers, panels, workshops, and more.

Pt IX · col B
03

Chapter Events

Pdma sponsors local us chapters and international affiliate meetings that offer opportunities for local involvement, networking, and exchange of ideas.

Pt IX · col B

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.4M
Ln 12
Fees for servicesLn 2g$1.4M
Investment incomeLn 3$29K
Other incomeLn 4–11$7K
Money outPt IX
$1.4M
Ln 25
Owns and owesPt X
$1.8M
net assets · Ln 32
Cash and savingsLn 1–2$297K
Total assetsLn 16$1.9M
LiabilitiesLn 26$52K
PeoplePt VI, VII
15
listed · VII A
PaidVII A0
Voting boardVI 1a15
IndependentVI 1b15
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$1.4M
Investment incomeLn 3$29K
Other incomeLn 4–11$7K
Total revenueLn 12$1.4M
Assets in detailPt X, end of year
CashLn 1$250K
SavingsLn 2$47K
Cash and savings togetherLn 1–2$297K
InvestmentsLn 11–13$1.1M
Total assetsLn 16$1.9M
LiabilitiesLn 26$52K
Net assetsLn 32$1.8M
OperationsPt I, VI
EmployeesI 50
VolunteersI 650
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$567K$297K
InvestmentsLn 11–13$548K$1.1M
Total assetsLn 16$1.8M$1.9M
LiabilitiesLn 26$54K$52K
Net assetsLn 32$1.8M$1.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$593K
Legal feesLn 11b$5K
Accounting feesLn 11c$22K
Advertising and promotionLn 12$99K
Office expensesLn 13$52K
TravelLn 17$17K
Conferences, conventions and meetingsLn 19$344K
Depreciation, depletion and amortizationLn 22$30K
InsuranceLn 23$5K
Other expenses (24a–d)Ln 24$220K
All other expensesLn 24e$9K
Total functional expensesLn 25$1.4M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $1.4M$1.4M$38K$1.8M 990 PDF
FY2023 $1.8M$1.2M$643K$1.8M 990 PDF
FY2022 $1.5M$1.1M$353K$1.0M 990 PDF
FY2021 $1.1M$990K$84K$698K 990 PDF
FY2020 $866K$737K$129K$605K 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 $1,434,569 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $1,805,865$1,398,052
I-10 Investment incomePrior year $12,550$29,387
I-11 Other revenuePrior year $8,652$7,130
I-12 Total revenuePrior year $1,827,067$1,434,569
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 $1,183,763$1,396,511
I-18 Total expensesPrior year $1,183,763$1,396,511
I-19 Revenue less expensesPrior year $643,304$38,058
Part VI · Governance 15 of 15 board members independent, 1 to look at
VI-1a Voting members of the governing body15
VI-1b Independent voting members15
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 $1,434,569 across 4 lines filed
Lines not itemized here account for $60 of total revenue; see the IRS return.
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,397,992$1,397,992
VIII-3 Investment incomeExcluded from tax $29,387$29,387
VIII-5 RoyaltiesExcluded from tax $7,130$7,130
VIII-12 Total revenueRelated to mission $1,398,002 · Unrelated business $50 · Excluded from tax $36,517$1,434,569
Part IX · Statement of functional expenses $1,396,511 across 11 lines filed
IX-11a Management fees$593,152
IX-11b Legal fees$4,793
IX-11c Accounting fees$21,995
IX-12 Advertising and promotion$99,277
IX-13 Office expenses$51,662
IX-17 Travel$17,284
IX-19 Conferences, conventions and meetings$344,371
IX-22 Depreciation, depletion and amortization$30,005
IX-23 Insurance$5,451
IX-24 Other expenses (24a–d)$219,581
IX-24e All other expenses$8,940
IX-25 Total functional expenses$1,396,511
Part X · Balance sheet $1,890,674 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $544,363$250,455
X-2 Savings and temporary cash investmentsStart of year $22,399$47,036
X-4 Accounts receivableStart of year $671,876$472,993
X-9 Prepaid expenses and deferred charges$53,750
X-11 Publicly traded securitiesStart of year $548,398$1,066,440
X-14 Intangible assetsStart of year $28,522$0
X-16 Total assetsStart of year $1,815,558$1,890,674
X-17 Accounts payable and accrued expensesStart of year $7,060$17,415
X-19 Deferred revenueStart of year $46,507$34,824
X-26 Total liabilitiesStart of year $53,567$52,239
X-27 Net assets without donor restrictionsStart of year $1,761,991$1,838,435
X-32 Total net assets or fund balancesStart of year $1,761,991$1,838,435
X-33 Total liabilities and net assetsStart of year $1,815,558$1,890,674
Part XI · Reconciliation of net assets $1,838,435 net assets at year end
XI-1 Total revenue$1,434,569
XI-2 Total expenses$1,396,511
XI-3 Revenue less expenses$38,058
XI-4 Net assets at start of year$1,761,991
XI-5 Net unrealized gains (losses) on investments$38,386
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$1,838,435

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

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