Vma INC FY2023 filing

Not tax-deductible

Ormond Beach, FL501(c)(6)EIN 59-2119052Revenue $212K in FY2023

On file with the IRSvmaonline.com50 Wildwood Trl, 32174-4345 · Ormond Beach, FLTax-exempt since Jun 1982

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The purpose of the Vma is to provide information, education, & networking opportunities for local manufacturers. In addition, the association holds an annual golf tournament whose funds help support stem programs in all schools and colleges in the area.

$141K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2023 · 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
2 of 5
filings with a surplus
Average deficit $3K a year · 1% of revenue · last 5 filings
Concern: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$141K
to officers and key staff · 57% of spending
Concern: pay to officers and key staff is 57% of spending; over 30%.
Pt VII · Sec A
Cash reserves
5 mo
of spending, in cash
Looks good: 5.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$8K
8% of total assets
Looks good: liabilities are 8% of assets; 50% or less.
Pt X · Ln 26
Independent board members
12
of 12 voting members
Looks good: 12 of 12 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$212K
-9% vs prior year
Spent
$245K
Net assets
$94K
By yearFY2020–FY2024
Revenue
$212K
FY2023▼ -9%
Tap a bar for its year
Revenue by fiscal year
FY2020$194K
FY2021$274K
FY2022$233K
FY2023$212K
FY2024$222K
Expenses
$245K
FY2023▼ -6%
Tap a bar for its year
Expenses by fiscal year
FY2020$194K
FY2021$255K
FY2022$262K
FY2023$245K
FY2024$192K
Net assets
$94K
FY2023▼ -26%
Tap a bar for its year
Net assets by fiscal year
FY2020$137K
FY2021$156K
FY2022$127K
FY2023$94K
FY2024$123K

From the FY2023 Form 990 · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jun 1982.

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

Who runs it and what they're paid

14 people listed on the 990; $141K paid to officers and key staff.

Part VII, Section A · reportable compensation
President/CEO
$87,000Pt VII · Sec A
Director of Education
$53,833Pt VII · Sec A
$0Pt VII · Sec A
Vice Chairman
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A

Compensation history total reportable pay by year · 2 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Jessica Lovatt$97,583$87,000$87,000$69,053—
Jayne Fifer—$53,833$56,000$75,620$94,215

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 15aNo

Programs and updates

Connects local manufacturers, educates them, and funds STEM programs through an annual golf tournament.

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Provided by the organization

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1 program · in their own filed words · FY2023
01

Networking in the business sector. Six plant tours (215 attendees). In addition, the organization held two annual events: the awards banquet and the robot brawl. Robot brawl pits student built robots against each other. Manufacturers sponsor the schools. Event takes place at the jackie robinson baseball field.

Pt IX · col B

Funders

Who pays for it.

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

Grants

Schedule I · this organization's grantmaking
Grants paid · 4 grants · $37K · 2021–2024
Unitemized GrantFY2024$13,800
Unitemized GrantFY2023$11,875

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$212K
Ln 12
Fees for servicesLn 2g$144K
Other incomeLn 4–11$65K
Investment incomeLn 3$2K
Money outPt IX
$245K
Ln 25
Owns and owesPt X
$94K
net assets · Ln 32
Cash and savingsLn 1–2$102K
Total assetsLn 16$102K
LiabilitiesLn 26$8K
PeoplePt VI, VII
14
listed · VII A
PaidVII A2
Voting boardVI 1a12
IndependentVI 1b12
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2K
Fees for servicesLn 2g$144K
Investment incomeLn 3$2K
Other incomeLn 4–11$65K
Total revenueLn 12$212K
Assets in detailPt X, end of year
CashLn 1$17K
SavingsLn 2$85K
Cash and savings togetherLn 1–2$102K
Total assetsLn 16$102K
LiabilitiesLn 26$8K
Net assetsLn 32$94K
OperationsPt I, VI
EmployeesI 52
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$131K$102K
Total assetsLn 16$131K$102K
LiabilitiesLn 26$4K$8K
Net assetsLn 32$127K$94K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$12K
Pay of current officers, directors and key staffLn 5$149K
Payroll taxesLn 10$11K
Accounting feesLn 11c$1K
Advertising and promotionLn 12$3K
Office expensesLn 13$3K
Information technologyLn 14$5K
OccupancyLn 16$4K
TravelLn 17$539
Conferences, conventions and meetingsLn 19$21K
InterestLn 20$333
InsuranceLn 23$2K
Other expenses (24a–d)Ln 24$34K
Total functional expensesLn 25$245K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $222K$192K$30K$123K 990 PDF
FY2023 Viewing $212K$245K−$33K$94K 990 PDF
FY2022 $233K$262K−$29K$127K 990 PDF
FY2021 $274K$255K$19K$156K 990 PDF
FY2020 $194K$194K−$26$137K 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 FY2023 990 (6 parts)
Part I · Summary $211,941 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $5,863$1,500
I-9 Program service revenuePrior year $138,360$143,544
I-10 Investment incomePrior year $17$1,962
I-11 Other revenuePrior year $88,385$64,935
I-12 Total revenuePrior year $232,625$211,941
I-13 Grants and similar amounts paidPrior year $55,335$11,875
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $162,324$159,278
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $44,314$74,056
I-18 Total expensesPrior year $261,973$245,209
I-19 Revenue less expensesPrior year −$29,348−$33,268
Part VI · Governance 12 of 12 board members independent, 4 to look at
VI-1a Voting members of the governing body12
VI-1b Independent voting members12
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $211,941 across 7 lines filed
VIII-1f All other contributions, gifts and grants$1,500
VIII-1h Total contributions, gifts and grants$1,500
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $143,544$143,544
VIII-3 Investment incomeExcluded from tax $1,962$1,962
VIII-8 Net income from fundraising eventsExcluded from tax $56,166$56,166
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $8,769$8,769
VIII-12 Total revenueRelated to mission $143,544 · Unrelated business $0 · Excluded from tax $66,897$211,941
Part IX · Statement of functional expenses $245,209 across 13 lines filed
IX-2 Grants to domestic individuals$11,875
IX-5 Pay of current officers, directors and key staff$148,764
IX-10 Payroll taxes$10,514
IX-11c Accounting fees$1,232
IX-12 Advertising and promotion$2,850
IX-13 Office expenses$2,718
IX-14 Information technology$5,178
IX-16 Occupancy$4,083
IX-17 Travel$539
IX-19 Conferences, conventions and meetings$21,332
IX-20 Interest$333
IX-23 Insurance$1,988
IX-24 Other expenses (24a–d)$33,803
IX-25 Total functional expenses$245,209
Part X · Balance sheet $102,049 assets, 7 lines filed
X-1 Cash, non-interest-bearingStart of year $27,542$16,755
X-2 Savings and temporary cash investmentsStart of year $103,812$85,294
X-16 Total assetsStart of year $131,354$102,049
X-17 Accounts payable and accrued expensesStart of year $4,227$8,365
X-26 Total liabilitiesStart of year $4,227$8,365
X-32 Total net assets or fund balancesStart of year $127,127$93,684
X-33 Total liabilities and net assetsStart of year $131,354$102,049
Part XI · Reconciliation of net assets $93,684 net assets at year end
XI-1 Total revenue$211,941
XI-2 Total expenses$245,209
XI-3 Revenue less expenses−$33,268
XI-4 Net assets at start of year$127,127
XI-8 Prior period adjustments−$175
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$93,684

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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