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Promostandards INC FY2022 filing

Not tax-deductible

Bethlehem, PA501(c)(6)Community Development EIN 83-2319420Revenue $254K in FY2022

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.
33¢ 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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FY2022 · 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
33%
of spending
Concern: 33% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
30 mo
of spending, in cash
Looks good: 29.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$6K
2% of total assets
Looks good: liabilities are 2% 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
$254K
+204% vs prior year
Spent
$120K
To programs
33%
Net assets
$291K
By yearFY2020–FY2024
Revenue
$254K
FY2022▲ +204%
Tap a bar for its year
Revenue by fiscal year
FY2020$64K
FY2021$83K
FY2022$254K
FY2023$391K
FY2024$687K
Expenses
$120K
FY2022
Tap a bar for its year
Expenses by fiscal year
FY2020Not on file
FY2021Not on file
FY2022$120K
FY2023$425K
FY2024$450K
Net assets
$291K
FY2022▲ +85%
Tap a bar for its year
Net assets by fiscal year
FY2020$78K
FY2021$157K
FY2022$291K
FY2023$257K
FY2024$494K

From the FY2022 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2022 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 May 2020.

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

Where the money goes

33 cents of each dollar spent went to programs.

Program services 33% · $39K Management & general 67% · $81K

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

12 people listed on the 990.

Part VII, Section A · reportable compensation
Irwin Goldstein
Borad Member
$0Pt VII · Sec A
Catherine Graham
Board Member
$0Pt VII · Sec A
Tuan Huynh
Board Member
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Jonathan O Norris
Board Member
$0Pt VII · Sec A
Amy Rabideau
Board Member
$0Pt VII · Sec A
$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 · FY2022
01

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

Pt IX · col B

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$254K
Ln 12
Gifts and grantsLn 1h$254K
Money outPt IX
$120K
Ln 25
Programscol B$39K
Managementcol C$81K
Owns and owesPt X
$291K
net assets · Ln 32
Cash and savingsLn 1–2$296K
Total assetsLn 16$297K
LiabilitiesLn 26$6K
PeoplePt VI, VII
12
listed · VII A
PaidVII A0
Voting boardVI 1a12
IndependentVI 1b12
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$254K
Total revenueLn 12$254K
Assets in detailPt X, end of year
CashLn 1$296K
Cash and savings togetherLn 1–2$296K
Other assetsLn 15$500
Total assetsLn 16$297K
LiabilitiesLn 26$6K
Net assetsLn 32$291K
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 FY22End FY22
Cash and savingsLn 1–2$159K$296K
Total assetsLn 16$160K$297K
LiabilitiesLn 26$2K$6K
Net assetsLn 32$158K$291K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$30K$30K
Legal feesLn 11b$4K$4K
Accounting feesLn 11c$4K$4K
Advertising and promotionLn 12$25K$25K
Office expensesLn 13$58K$39K$19K
Total functional expensesLn 25$120K$39K$81K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $687K$450K$237K$494K 990 PDF
FY2023 $391K$425K−$34K$257K 990 PDF
FY2022 Viewing $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 FY2022 990 (6 parts)
Part I · Summary $253,729 revenue, 12 lines filed
I-8 Contributions and grants$253,729
I-9 Program service revenue$0
I-10 Investment income$0
I-11 Other revenue$0
I-12 Total revenue$253,729
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 expenses$120,490
I-18 Total expenses$120,490
I-19 Revenue less expenses$133,239
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 $253,729 across 3 lines filed
VIII-1b Membership dues$253,729
VIII-1h Total contributions, gifts and grants$253,729
VIII-12 Total revenue$253,729
Part IX · Statement of functional expenses $120,490 across 5 lines filed
IX-11a Management feesManagement $30,000$30,000
IX-11b Legal feesManagement $3,673$3,673
IX-11c Accounting feesManagement $3,796$3,796
IX-12 Advertising and promotionManagement $24,748$24,748
IX-13 Office expensesPrograms $39,484 · Management $18,789$58,273
IX-25 Total functional expensesPrograms $39,484 · Management $81,006 · Fundraising $0$120,490
Part X · Balance sheet $296,893 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $159,214$296,393
X-15 Other assetsStart of year $500$500
X-16 Total assetsStart of year $159,714$296,893
X-17 Accounts payable and accrued expensesStart of year $2,049$5,989
X-26 Total liabilitiesStart of year $2,049$5,989
X-27 Net assets without donor restrictionsStart of year $157,665$290,904
X-32 Total net assets or fund balancesStart of year $157,665$290,904
X-33 Total liabilities and net assetsStart of year $159,714$296,893
Part XI · Reconciliation of net assets $290,904 net assets at year end
XI-1 Total revenue$253,729
XI-2 Total expenses$120,490
XI-3 Revenue less expenses$133,239
XI-4 Net assets at start of year$157,665
XI-10 Net assets at end of year$290,904

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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