Turnaround Management Association

Not tax-deductible

Chicago, IL501(c)(6)EIN 56-1596880Revenue $5.4M in FY2024

On file with the IRSturnaround.org300 S Wacker Dr, 60606-6680 · Chicago, ILTax-exempt since Sep 1990

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International trade Association dedicated to corporate renewal and Turnaround Management.

Run by 100 volunteers and 17 employees.
Mission: Form 990 Part I, line 1 · 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
1 of 5
filings with a surplus
Average deficit $236K a year · 5% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$791K
to officers and key staff · 13% of spending
Looks good: pay to officers and key staff is 13% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.9 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$3.5M
49% of total assets
Looks good: liabilities are 49% of assets; 50% or less.
Pt X · Ln 26
Independent board members
21
of 21 voting members
Looks good: 21 of 21 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$5.4M
+6% vs prior year
Spent
$6.1M
Net assets
$3.6M
By yearFY2020–FY2024
Revenue
$5.4M
FY2024▲ +6%
Tap a bar for its year
Revenue by fiscal year
FY2020$4.1M
FY2021$4.6M
FY2022$4.8M
FY2023$5.1M
FY2024$5.4M
Expenses
$6.1M
FY2024▲ +16%
Tap a bar for its year
Expenses by fiscal year
FY2020$4.5M
FY2021$4.4M
FY2022$5.1M
FY2023$5.2M
FY2024$6.1M
Net assets
$3.6M
FY2024▼ -19%
Tap a bar for its year
Net assets by fiscal year
FY2020$5.1M
FY2021$5.6M
FY2022$4.1M
FY2023$4.5M
FY2024$3.6M

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 1990.

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

Who runs it and what they're paid

25 people listed on the 990; $791K paid to officers and key staff.

Part VII, Section A · reportable compensation
Chief Executive Officer
$452,295Pt VII · Sec A
Senior Director of Finance
$118,587Pt VII · Sec A
Senior Director of Marketing
$112,194Pt VII · Sec A
Director of Operations
$107,853Pt VII · Sec A
Chapter Member-At-Large
$0Pt VII · Sec A
Chapter Member-At-Large
$0Pt VII · Sec A
Corporate Secretary
$0Pt VII · Sec A
Member-At-Large
$0Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Scott Y Stuart$452,295————
Scott Stuart—$438,414$382,366$317,138$306,426
Thomas P Jurczak—$159,045$150,060$28,035—
Jodi Talley$112,194$128,698$132,801$106,615—
Stacey Williams——$128,763$102,230$107,021
Laura Caputo——$118,705$112,304$114,218
Thomas Jurczak Ends 92524$118,587————
Eddy McNeil——$116,922——

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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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 15aYes

Programs and updates

Promotes corporate renewal and turnaround management through international trade.

Provided by the organization

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3 programs · in their own filed words · FY2024
01

The association promotes the many facets of the turnaround industry through public forums, traditional communication pieces and web-based offerings, while also providing educational and networking opportunities through its periodical, journal of corporate renewal and other miscellaneous publications and newsletters.

Pt IX · col B
02

The association holds five global conferences annually which include tma annual meeting, distressed investing conference, network of women (now) global conference, nextgen leadership conference and tma global international symposium for educational programs to improve methodologists in turnaround management and provide networking…

Pt IX · col B
03

The assocation provides certification to professionals in the turnaround industry. National on-line education programs are offered, and an examination program is in place for certification.

Pt IX · col B

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$5.4M
Ln 12
Fees for servicesLn 2g$5.3M
Investment incomeLn 3$147K
Other incomeLn 4–11$8K
Money outPt IX
$6.1M
Ln 25
Owns and owesPt X
$3.6M
net assets · Ln 32
Cash and savingsLn 1–2$442K
Total assetsLn 16$7.1M
LiabilitiesLn 26$3.5M
PeoplePt VI, VII
25
listed · VII A
PaidVII A4
Voting boardVI 1a21
IndependentVI 1b21
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$5.3M
Investment incomeLn 3$147K
Other incomeLn 4–11$8K
Total revenueLn 12$5.4M
Assets in detailPt X, end of year
CashLn 1$383K
SavingsLn 2$60K
Cash and savings togetherLn 1–2$442K
InvestmentsLn 11–13$4.7M
Land, buildings, equipmentLn 10c$542K
Other assetsLn 15$866K
Total assetsLn 16$7.1M
LiabilitiesLn 26$3.5M
Net assetsLn 32$3.6M
OperationsPt I, VI
EmployeesI 517
VolunteersI 6100
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$327K$442K
InvestmentsLn 11–13$5.5M$4.7M
Land, buildings, equipmentLn 10c$539K$542K
Total assetsLn 16$7.7M$7.1M
LiabilitiesLn 26$3.2M$3.5M
Net assetsLn 32$4.5M$3.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$617K
Pay of disqualified personsLn 6$1.2M
Pension plan contributionsLn 8$32K
Other employee benefitsLn 9$127K
Payroll taxesLn 10$119K
Legal feesLn 11b$48K
Investment management feesLn 11f$14K
Other fees for servicesLn 11g$826K
Advertising and promotionLn 12$325
Office expensesLn 13$74K
Information technologyLn 14$400K
OccupancyLn 16$158K
TravelLn 17$525K
Conferences, conventions and meetingsLn 19$1.6M
InterestLn 20$42K
Payments to affiliatesLn 21$61K
Depreciation, depletion and amortizationLn 22$112K
InsuranceLn 23$55K
Other expenses (24a–d)Ln 24$2K
Total functional expensesLn 25$6.1M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $5.4M$6.1M−$645K$3.6M 990 PDF
FY2023 $5.1M$5.2M−$117K$4.5M 990 PDF
FY2022 $4.8M$5.1M−$224K$4.1M 990 PDF
FY2021 $4.6M$4.4M$223K$5.6M 990 PDF
FY2020 $4.1M$4.5M−$417K$5.1M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $5,434,030 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $762,518$0
I-9 Program service revenuePrior year $4,197,581$5,279,180
I-10 Investment incomePrior year $157,625$147,008
I-11 Other revenuePrior year $1,157$7,842
I-12 Total revenuePrior year $5,118,881$5,434,030
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 $2,082,380$2,141,511
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $3,153,523$3,937,747
I-18 Total expensesPrior year $5,235,903$6,079,258
I-19 Revenue less expensesPrior year −$117,022−$645,228
Part VI · Governance 21 of 21 board members independent, no flags
VI-1a Voting members of the governing body21
VI-1b Independent voting members21
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
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $5,434,030 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $5,065,963 · Unrelated business $213,217$5,279,180
VIII-3 Investment incomeExcluded from tax $147,008$147,008
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $7,842$7,842
VIII-12 Total revenueRelated to mission $5,073,805 · Unrelated business $213,217 · Excluded from tax $147,008$5,434,030
Part IX · Statement of functional expenses $6,079,258 across 19 lines filed
IX-5 Pay of current officers, directors and key staff$617,073
IX-6 Pay of disqualified persons$1,246,038
IX-8 Pension plan contributions$32,074
IX-9 Other employee benefits$127,289
IX-10 Payroll taxes$119,037
IX-11b Legal fees$47,966
IX-11f Investment management fees$13,822
IX-11g Other fees for services$825,774
IX-12 Advertising and promotion$325
IX-13 Office expenses$73,799
IX-14 Information technology$400,462
IX-16 Occupancy$157,785
IX-17 Travel$525,288
IX-19 Conferences, conventions and meetings$1,621,653
IX-20 Interest$42,228
IX-21 Payments to affiliates$60,667
IX-22 Depreciation, depletion and amortization$111,549
IX-23 Insurance$54,800
IX-24 Other expenses (24a–d)$1,629
IX-25 Total functional expenses$6,079,258
Part X · Balance sheet $7,144,402 assets, 17 lines filed
X-1 Cash, non-interest-bearingStart of year $215,763$382,691
X-2 Savings and temporary cash investmentsStart of year $111,225$59,659
X-4 Accounts receivableStart of year $734,897$362,703
X-9 Prepaid expenses and deferred chargesStart of year $619,972$218,866
X-10c Land, buildings and equipment, netStart of year $539,066$541,872
X-11 Publicly traded securitiesStart of year $5,472,985$4,712,549
X-15 Other assetsStart of year $0$866,062
X-16 Total assetsStart of year $7,693,908$7,144,402
X-17 Accounts payable and accrued expensesStart of year $136,812$482,740
X-19 Deferred revenueStart of year $2,253,204$1,381,262
X-24 Unsecured notes and loans payableStart of year $435,690$424,196
X-25 Other liabilitiesStart of year $386,154$1,231,041
X-26 Total liabilitiesStart of year $3,211,860$3,519,239
X-27 Net assets without donor restrictionsStart of year $4,480,048$3,620,663
X-28 Net assets with donor restrictionsStart of year $2,000$4,500
X-32 Total net assets or fund balancesStart of year $4,482,048$3,625,163
X-33 Total liabilities and net assetsStart of year $7,693,908$7,144,402
Part XI · Reconciliation of net assets $3,625,163 net assets at year end
XI-1 Total revenue$5,434,030
XI-2 Total expenses$6,079,258
XI-3 Revenue less expenses−$645,228
XI-4 Net assets at start of year$4,482,048
XI-5 Net unrealized gains (losses) on investments$381,642
XI-8 Prior period adjustments−$593,299
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$3,625,163

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

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