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International Colored Gemstone Association

Not tax-deductible

New York, NY501(c)(6)Mutual / membership EIN 95-3901200Revenue $1.8M in FY2024

On file with the IRSgemstone.org132 W 31st Street, 10001-3406 · New York, NYTax-exempt since Oct 1992

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Promote an understanding and appreciation of natural Colored gem stones

501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
74¢ of each $1 spent went to programs.
$175K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

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
2 of 6
filings with a surplus
Average deficit $104K a year · 9% of revenue · last 6 filings
Concern: a surplus in 2 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
74%
of spending
Fine: 74% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$175K
to officers and key staff · 10% of spending
Looks good: pay to officers and key staff is 10% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
2 mo
of spending, in cash
Fine: 2.1 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $15K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$1.5M
97% of total assets
Concern: liabilities are 97% of assets; over 80%.
Pt X · Ln 26
Independent board members
24
of 24 voting members
Looks good: 24 of 24 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.8M
-14% vs prior year
Spent
$1.8M
To programs
74%
Net assets
$50K
By yearFY2019–FY2024
Revenue
$1.8M
FY2024▼ -14%
Tap a bar for its year
Revenue by fiscal year
FY2019$2.0M
FY2020$621K
FY2021$427K
FY2022$340K
FY2023$2.0M
FY2024$1.8M
Expenses
$1.8M
FY2024▼ -7%
Tap a bar for its year
Expenses by fiscal year
FY2019$1.8M
FY2020$853K
FY2021$581K
FY2022$958K
FY2023$1.9M
FY2024$1.8M
Net assets
$50K
FY2024▼ -31%
Tap a bar for its year
Net assets by fiscal year
FY2019$939K
FY2020$707K
FY2021$553K
FY2022−$65K
FY2023$73K
FY2024$50K

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 Oct 1992.

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

Where the money goes

74 cents of each dollar spent went to programs.

Program services 74% · $1.3M Management & general 26% · $464K

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

25 people listed on the 990; $175K paid to officers and key staff.

Part VII, Section A · reportable compensation
$175,000Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Sushil Goyal
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
Altaf Iqbal
Secretary
$0Pt VII · Sec A
Clement Sabbagh
Immediate Past President
$0Pt VII · Sec A
$0Pt VII · Sec A

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

NameFY2024FY2023FY2022FY2021FY2020FY2019
Douglas Hucker$175,000$175,000$87,500———
Gary Roskin———$135,577$134,615$132,212

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.

See International Colored Gemstone Association 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

Educates people about natural colored gemstones to foster understanding and appreciation.

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Provided by the organization

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1 program · $1.3M · in their own filed words · FY2024
01

Promote understanding appreciation and sale of natural colored gemstones throughout the world via trade shows, conferences and information bureau in new york, europe and asia.

$1.3Mprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · funders on record
Grants received · FY2023
Gemological Institute of America INCFY2023$15K
Total grants receivedfrom 1 funder$15K

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.8M
Ln 12
Fees for servicesLn 2g$1.8M
Investment incomeLn 3$8
Money outPt IX
$1.8M
Ln 25
Programscol B$1.3M
Managementcol C$464K
Owns and owesPt X
$50K
net assets · Ln 32
Cash and savingsLn 1–2$315K
Total assetsLn 16$1.5M
LiabilitiesLn 26$1.5M
PeoplePt VI, VII
25
listed · VII A
PaidVII A1
Voting boardVI 1a24
IndependentVI 1b24
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$1.8M
Investment incomeLn 3$8
Total revenueLn 12$1.8M
Assets in detailPt X, end of year
CashLn 1$315K
Cash and savings togetherLn 1–2$315K
Total assetsLn 16$1.5M
LiabilitiesLn 26$1.5M
Net assetsLn 32$50K
OperationsPt I, VI
EmployeesI 53
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
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$154K$315K
Total assetsLn 16$1.3M$1.5M
LiabilitiesLn 26$1.3M$1.5M
Net assetsLn 32$73K$50K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$175K$175K
Other salaries and wagesLn 7$93K$93K
Other employee benefitsLn 9$3K$3K
Payroll taxesLn 10$16K$16K
Legal feesLn 11b$480$480
Accounting feesLn 11c$9K$9K
Advertising and promotionLn 12$2K$2K
Office expensesLn 13$1K$1K
OccupancyLn 16$4K$4K
TravelLn 17$12K$12K
Depreciation, depletion and amortizationLn 22$7K$7K
InsuranceLn 23$13K$13K
Other expenses (24a–d)Ln 24$1.3M$1.3M$24K
All other expensesLn 24e$108K$3K$105K
Total functional expensesLn 25$1.8M$1.3M$464K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $1.8M$1.8M−$23K$50K 990 PDF
FY2023 $2.0M$1.9M$138K$73K 990 PDF
FY2022 $340K$958K−$618K−$65K 990 PDF
FY2021 $427K$581K−$154K$553K 990 PDF
FY2020 $621K$853K−$232K$707K 990 PDF
FY2019 $2.0M$1.8M$267K$939K 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 J · Pay O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $1,754,617 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $2,049,156$1,754,609
I-10 Investment incomePrior year $0$8
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $2,049,156$1,754,617
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 $271,023$286,670
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,640,062$1,490,605
I-18 Total expensesPrior year $1,911,085$1,777,275
I-19 Revenue less expensesPrior year $138,071−$22,658
Part VI · Governance 24 of 24 board members independent, 3 to look at
VI-1a Voting members of the governing body24
VI-1b Independent voting members24
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
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $1,754,617 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,754,609$1,754,609
VIII-3 Investment incomeUnrelated business $8$8
VIII-12 Total revenueRelated to mission $1,754,609 · Unrelated business $8 · Excluded from tax $0$1,754,617
Part IX · Statement of functional expenses $1,777,275 across 14 lines filed
IX-5 Pay of current officers, directors and key staffManagement $175,000$175,000
IX-7 Other salaries and wagesManagement $93,185$93,185
IX-9 Other employee benefitsManagement $2,521$2,521
IX-10 Payroll taxesManagement $15,964$15,964
IX-11b Legal feesManagement $480$480
IX-11c Accounting feesManagement $9,075$9,075
IX-12 Advertising and promotionManagement $1,500$1,500
IX-13 Office expensesManagement $1,195$1,195
IX-16 OccupancyManagement $4,147$4,147
IX-17 TravelManagement $12,220$12,220
IX-22 Depreciation, depletion and amortizationManagement $7,200$7,200
IX-23 InsuranceManagement $12,690$12,690
IX-24 Other expenses (24a–d)Programs $1,310,472 · Management $23,968$1,334,440
IX-24e All other expensesPrograms $2,507 · Management $105,151$107,658
IX-25 Total functional expensesPrograms $1,312,979 · Management $464,296 · Fundraising $0$1,777,275
Part X · Balance sheet $1,507,457 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $153,865$314,699
X-4 Accounts receivableStart of year $541,306$523,675
X-8 Inventories for sale or useStart of year $3,196$3,196
X-9 Prepaid expenses and deferred chargesStart of year $614,796$647,887
X-14 Intangible assetsStart of year $25,200$18,000
X-16 Total assetsStart of year $1,338,363$1,507,457
X-17 Accounts payable and accrued expensesStart of year $268,404$278,180
X-19 Deferred revenueStart of year $997,354$1,179,330
X-26 Total liabilitiesStart of year $1,265,758$1,457,510
X-27 Net assets without donor restrictionsStart of year $72,605$49,947
X-32 Total net assets or fund balancesStart of year $72,605$49,947
X-33 Total liabilities and net assetsStart of year $1,338,363$1,507,457
Part XI · Reconciliation of net assets $49,947 net assets at year end
XI-1 Total revenue$1,754,617
XI-2 Total expenses$1,777,275
XI-3 Revenue less expenses−$22,658
XI-4 Net assets at start of year$72,605
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$49,947

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

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