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Promostandards INC

Not tax-deductible

Bethlehem, PA501(c)(6)Community Development EIN 83-2319420Revenue $687K in FY2024

On file with the IRSpromostandards.orgVta - 2591 Baglyos Circle Ste C53, 18020-0000 · Bethlehem, PATax-exempt since May 2020

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See attached statement. The promotional products industry is in the business of customizing tangible products and related services. The logistics of researching, procuring, producing, and delivering promotional products is complex, laborious, and error-prone. Unlike other industries, industry standards associated with business commerce DO not readily apply and as a result are not readily adopted nor implemented among trading partners within the industry. In response for the need for business commerce integration standards for both competitive and efficiency reasons, Promostandards was founded. Promostandards was started by leading suppliers, distributors, and service providers doing business in the north american promotional products industry with the express goal of collaborating on the development of industry electronic interoperability standards. The organization is composed of members, approved by the Promostandards board, to contribute to the creation and management of standards t

501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
78¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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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
2 of 3
filings with a surplus
Average surplus $112K a year · 25% of revenue · last 3 filings
Fine: a surplus in 2 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
78%
of spending
Looks good: 78% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
13 mo
of spending, in cash
Looks good: 13.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$2K
0.5% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
11
of 11 voting members
Looks good: 11 of 11 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$687K
+76% vs prior year
Spent
$450K
To programs
78%
Net assets
$494K
By yearFY2020–FY2024
Revenue
$687K
FY2024▲ +76%
Tap a bar for its year
Revenue by fiscal year
FY2020$64K
FY2021$83K
FY2022$254K
FY2023$391K
FY2024$687K
Expenses
$450K
FY2024▲ +6%
Tap a bar for its year
Expenses by fiscal year
FY2020Not on file
FY2021Not on file
FY2022$120K
FY2023$425K
FY2024$450K
Net assets
$494K
FY2024▲ +92%
Tap a bar for its year
Net assets by fiscal year
FY2020$78K
FY2021$157K
FY2022$291K
FY2023$257K
FY2024$494K

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 May 2020.

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

Where the money goes

78 cents of each dollar spent went to programs.

Program services 78% · $350K Management & general 22% · $100K

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

11 people listed on the 990.

Part VII, Section A · reportable compensation
Daniel Becker
Board Member
$0Pt VII · Sec A
Dustin Downing
Board Member
$0Pt VII · Sec A
Philip Gergen
Board Member
$0Pt VII · Sec A
Irwin Goldstein
Borad Member
$0Pt VII · Sec A
Erica Griffitt
Board Member
$0Pt VII · Sec A
$0Pt VII · Sec A
Jonathan O Norris
Board Member
$0Pt VII · Sec A
Edward Streiff
Board Member
$0Pt VII · Sec A
See Promostandards 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

Develops and promotes industry standards for promotional product businesses.

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Provided by the organization

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1 program · in their own filed words · FY2024
01

Workshops and related events in furtherance of the organization's express exempt purpose.

Pt IX · col B

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$687K
Ln 12
Fees for servicesLn 2g$443K
Gifts and grantsLn 1h$244K
Money outPt IX
$450K
Ln 25
Programscol B$350K
Managementcol C$100K
Owns and owesPt X
$494K
net assets · Ln 32
Cash and savingsLn 1–2$496K
Total assetsLn 16$496K
LiabilitiesLn 26$2K
PeoplePt VI, VII
11
listed · VII A
PaidVII A0
Voting boardVI 1a11
IndependentVI 1b11
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$244K
Fees for servicesLn 2g$443K
Total revenueLn 12$687K
Assets in detailPt X, end of year
CashLn 1$496K
Cash and savings togetherLn 1–2$496K
Total assetsLn 16$496K
LiabilitiesLn 26$2K
Net assetsLn 32$494K
OperationsPt I, VI
EmployeesI 50
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 FY24End FY24
Cash and savingsLn 1–2$277K$496K
Total assetsLn 16$277K$496K
LiabilitiesLn 26$20K$2K
Net assetsLn 32$257K$494K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$50K$50K
Legal feesLn 11b$886$886
Accounting feesLn 11c$4K$4K
Advertising and promotionLn 12$33K$26K$7K
Office expensesLn 13$359K$324K$35K
InsuranceLn 23$3K$3K
Total functional expensesLn 25$450K$350K$100K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $687K$450K$237K$494K 990 PDF
FY2023 $391K$425K−$34K$257K 990 PDF
FY2022 $254K$120K$133K$291K 990 PDF
FY2021 $83K$157K 990 PDF
FY2020 $64K$78K 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 $687,119 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $391,281$243,881
I-9 Program service revenue$443,238
I-10 Investment income$0
I-11 Other revenue$0
I-12 Total revenuePrior year $391,281$687,119
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $424,904$449,996
I-18 Total expensesPrior year $424,904$449,996
I-19 Revenue less expensesPrior year −$33,623$237,123
Part VI · Governance 11 of 11 board members independent, 4 to look at
VI-1a Voting members of the governing body11
VI-1b Independent voting members11
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 $687,119 across 4 lines filed
VIII-1b Membership dues$243,881
VIII-1h Total contributions, gifts and grants$243,881
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $443,238$443,238
VIII-12 Total revenueRelated to mission $443,238$687,119
Part IX · Statement of functional expenses $449,996 across 6 lines filed
IX-11a Management feesManagement $49,889$49,889
IX-11b Legal feesManagement $886$886
IX-11c Accounting feesManagement $3,605$3,605
IX-12 Advertising and promotionPrograms $26,407 · Management $7,000$33,407
IX-13 Office expensesPrograms $323,895 · Management $35,143$359,038
IX-23 InsuranceManagement $3,171$3,171
IX-25 Total functional expensesPrograms $350,302 · Management $99,694 · Fundraising $0$449,996
Part X · Balance sheet $496,162 assets, 7 lines filed
X-1 Cash, non-interest-bearingStart of year $276,908$496,162
X-16 Total assetsStart of year $277,408$496,162
X-17 Accounts payable and accrued expensesStart of year $20,127$2,261
X-26 Total liabilitiesStart of year $20,127$2,261
X-27 Net assets without donor restrictionsStart of year $257,281$493,901
X-32 Total net assets or fund balancesStart of year $257,281$493,901
X-33 Total liabilities and net assetsStart of year $277,408$496,162
Part XI · Reconciliation of net assets $493,901 net assets at year end
XI-1 Total revenue$687,119
XI-2 Total expenses$449,996
XI-3 Revenue less expenses$237,123
XI-4 Net assets at start of year$257,281
XI-9 Other changes in net assets−$503
XI-10 Net assets at end of year$493,901

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

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