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Maryland Soybean Board

Not tax-deductible

Salisbury, MD501(c)(5)Since 1980Mutual / membership EIN 52-1214909Revenue $1.1M in FY2025

On file with the IRSmdsoy.comPo Box 319, 21803-0319 · Salisbury, MDTax-exempt since Apr 1983

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To collect assessments and disburse the money collected to fund projects related to marketing, promotion of soybeans and new uses, Soybean education, and Soybean research to decrease production costs to farmers.

501(c)(5) labor or agricultural organization; gifts are not tax-deductible as charitable contributions.
94¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2025 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(5)
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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 6
filings with a surplus
Average surplus $105K a year · 8% of revenue · last 6 filings
Fine: a surplus in 4 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
94%
of spending
Looks good: 94% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
9 mo
of spending, in cash
Looks good: 9.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $32K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$210K
21% of total assets
Looks good: liabilities are 21% of assets; 50% or less.
Pt X · Ln 26
Independent board members
10
of 10 voting members
Looks good: 10 of 10 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
-27% vs prior year
Spent
$1.2M
To programs
94%
Net assets
$800K
By yearFY2020–FY2025
Revenue
$1.1M
FY2025▼ -27%
Tap a bar for its year
Revenue by fiscal year
FY2020$845K
FY2021$1.3M
FY2022$1.7M
FY2023$1.8M
FY2024$1.5M
FY2025$1.1M
Expenses
$1.2M
FY2025▼ -13%
Tap a bar for its year
Expenses by fiscal year
FY2020$856K
FY2021$1.0M
FY2022$1.4M
FY2023$1.6M
FY2024$1.4M
FY2025$1.2M
Net assets
$800K
FY2025▼ -15%
Tap a bar for its year
Net assets by fiscal year
FY2020$160K
FY2021$376K
FY2022$670K
FY2023$886K
FY2024$946K
FY2025$800K

From the FY2025 Form 990 (year ending September 2025) · 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: FY2025. IRS ruling in Apr 1983.

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

Where the money goes

94 cents of each dollar spent went to programs.

Program services 94% · $1.2M Management & general 6% · $70K

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.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
Eddie Boyle
Chairman
$0Pt VII · Sec A
$0Pt VII · Sec A
Dale Brown
Treasurer
$0Pt VII · Sec A
Steve Walter
Director
$0Pt VII · Sec A
Jason Spicer
Vice Chairman
$0Pt VII · Sec A
Evan Stanley
Director
$0Pt VII · Sec A
Shane King
Director
$0Pt VII · Sec A
Tyler Rill
Director
$0Pt VII · Sec A
See Maryland Soybean Board 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

Funds projects promoting soybean exports, research, and educating farmers and consumers.

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Provided by the organization

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3 programs · $1.2M · in their own filed words · FY2024
01

Promotion of soybeans at various fairs and meetings, educational programs on soybeans and their many uses, communication of board activities through news releases, newsletters, annual report, and social media.

$534Kprogram expense
02

Required by federal law to forward half the assessments collected to the united soybean board.

$505Kprogram expense
03

To fund in-state (maryland) soybean related research.

$135Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2024
Maryland Grain Producers Utilization Board INCFY2024$32K
Total grants receivedfrom 1 funder$32K
Grants paid · 9 grants · $2.3M · 2019–2021
United States Soybean BoardFY2021$795,333
University of MarylandFY2021$182,278
University of DelawareDE · FY2021$11,634
United States Soybean BoardFY2020$615,128
University of MarylandFY2020$125,615
University of Maryland Eastern ShoreFY2020$9,682
United States Soybean BoardFY2019$413,593
University of MarylandFY2019$129,804
University of Maryland Eastern ShoreFY2019$17,696

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.1M
Ln 12
Fees for servicesLn 2g$1.0M
Gifts and grantsLn 1h$30K
Investment incomeLn 3$20K
Money outPt IX
$1.2M
Ln 25
Programscol B$1.2M
Managementcol C$70K
Owns and owesPt X
$800K
net assets · Ln 32
Cash and savingsLn 1–2$947K
Total assetsLn 16$1.0M
LiabilitiesLn 26$210K
PeoplePt VI, VII
10
listed · VII A
PaidVII A0
Voting boardVI 1a10
IndependentVI 1b10
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$30K
Fees for servicesLn 2g$1.0M
Investment incomeLn 3$20K
Other incomeLn 4–11$14K
Total revenueLn 12$1.1M
Assets in detailPt X, end of year
CashLn 1$556K
SavingsLn 2$391K
Cash and savings togetherLn 1–2$947K
Land, buildings, equipmentLn 10c$0
Total assetsLn 16$1.0M
LiabilitiesLn 26$210K
Net assetsLn 32$800K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderSeptember
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 FY25End FY25
Cash and savingsLn 1–2$1.0M$947K
Land, buildings, equipmentLn 10c$0$0
Total assetsLn 16$1.1M$1.0M
LiabilitiesLn 26$157K$210K
Net assetsLn 32$946K$800K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$639K$639K
Management feesLn 11a$43K$43K
Accounting feesLn 11c$8K$8K
Other fees for servicesLn 11g$534K$534K
Office expensesLn 13$1K$1K
InsuranceLn 23$2K$2K
Other expenses (24a–d)Ln 24$14K$14K
Total functional expensesLn 25$1.2M$1.2M$70K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $1.1M$1.2M−$146K$800K 990 PDF
FY2024 $1.5M$1.4M$60K$946K 990 PDF
FY2023 $1.8M$1.6M$216K$886K 990 PDF
FY2022 $1.7M$1.4M$294K$670K 990 PDF
FY2021 $1.3M$1.0M$216K$376K 990 PDF
FY2020 $845K$856K−$11K$160K 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 FY2025 990 (6 parts)
Part I · Summary $1,097,244 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $124,103$29,870
I-9 Program service revenuePrior year $1,337,374$1,033,965
I-10 Investment incomePrior year $16,722$19,671
I-11 Other revenuePrior year $15,283$13,738
I-12 Total revenuePrior year $1,493,482$1,097,244
I-13 Grants and similar amounts paidPrior year $843,228$639,472
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 $590,391$603,947
I-18 Total expensesPrior year $1,433,619$1,243,419
I-19 Revenue less expensesPrior year $59,863−$146,175
Part VI · Governance 10 of 10 board members independent, 1 to look at
VI-1a Voting members of the governing body10
VI-1b Independent voting members10
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 $1,097,244 across 6 lines filed
VIII-1f All other contributions, gifts and grants$29,870
VIII-1h Total contributions, gifts and grants$29,870
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,033,965$1,033,965
VIII-3 Investment incomeRelated to mission $19,671$19,671
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $13,738$13,738
VIII-12 Total revenueRelated to mission $1,067,374 · Unrelated business $0 · Excluded from tax $0$1,097,244
Part IX · Statement of functional expenses $1,243,419 across 7 lines filed
IX-1 Grants to domestic organizationsPrograms $639,472$639,472
IX-11a Management feesManagement $43,285$43,285
IX-11c Accounting feesManagement $8,300$8,300
IX-11g Other fees for servicesPrograms $534,325$534,325
IX-13 Office expensesManagement $1,489$1,489
IX-23 InsuranceManagement $2,234$2,234
IX-24 Other expenses (24a–d)Management $14,314$14,314
IX-25 Total functional expensesPrograms $1,173,797 · Management $69,622 · Fundraising $0$1,243,419
Part X · Balance sheet $1,010,145 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $591,268$556,441
X-2 Savings and temporary cash investmentsStart of year $430,281$390,724
X-4 Accounts receivableStart of year $81,631$62,980
X-10c Land, buildings and equipment, netStart of year $0$0
X-16 Total assetsStart of year $1,103,180$1,010,145
X-17 Accounts payable and accrued expensesStart of year $104,367$77,763
X-18 Grants payableStart of year $52,900$132,644
X-26 Total liabilitiesStart of year $157,267$210,407
X-27 Net assets without donor restrictionsStart of year $945,913$799,738
X-32 Total net assets or fund balancesStart of year $945,913$799,738
X-33 Total liabilities and net assetsStart of year $1,103,180$1,010,145
Part XI · Reconciliation of net assets $799,738 net assets at year end
XI-1 Total revenue$1,097,244
XI-2 Total expenses$1,243,419
XI-3 Revenue less expenses−$146,175
XI-4 Net assets at start of year$945,913
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$799,738

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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