Form 990 for tax year 2023

Totals

Total revenue

$722,488

Total expenses

$684,759

Contributions and grants received

$387,897

Grants paid

$5,000

Program service revenue

$319,842

Investment income

$14,749

Other revenue

$0

Total assets, end of year

$1,008,462

Total liabilities, end of year

$127,892

Net assets or fund balances, end of year

$880,570

Program services expenses (Part IX)

— not reported

Management and general expenses

— not reported

Fundraising expenses

— not reported

Program service expenses (Part III)

— not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Mission and programs · 2023

• MEETINGS: MEETINGS PROVIDE UNITED STATES CUTTING TOOL INSTITUTE MEMBER COMPANY EXECUTIVES WITH AN OPPORTUNITY TO SHARE IDEAS AND INFORMATION WITH OTHER SENIOR LEVEL EXECUTIVES. THE TWO NATIONAL MEETINGS HELD EACH YEAR INCLUDE PANEL DISCUSSIONS AND SPEAKERS COVERING TIMELY BUSINESS ISSUES SUCH AS, MANUFACTURING AND MACHINING TRENDS, MARKET FORECASTING, TRADEMARKS AND PATENTS, THE INTERNET, E-COMMERCE, AND ENVIRONMENTAL REGULATIONS. THESE MEETINGS HELP FULFILL AT LEAST TWO OF THE MAIN PURPOSES OF THE INSTITUTE WHICH ARE; "TO SPONSOR EDUCATIONAL AND INFORMATIONAL PROGRAMS OF BENEFIT TO ITS MEMBERS", AND "TO SECURE THE BENEFITS TO BE DERIVED FROM FRIENDLY COMMUNICATION AMONG, AND EXCHANGE OF INFORMATION BY ITS MEMBERS FOR THEIR OWN WELFARE". A SEPARATE REGISTRATION FEE IS CHARGED TO THOSE (CONTINUED ON SCH O) MEMBERS WHO ATTEND MEETINGS IN ORDER TO OFFSET MEETING COSTS. SPONSORSHIP FEES ALSO HELP DEFER MEETING COSTS.

• STATISTICS: THE INSTITUTE'S STATISTICS PROGRAM PROVIDES MEMBER COMPANIES WITH ACCURATE AND TIMELY INDUSTRY DATA AND INFORMATION. THIS INFORMATION HELPS MEMBERS MONITOR INDUSTRY AND BUSINESS TRENDS. REPORTS COMPILED BY THE INSTITUTE COVER AGGREGATE INCOMING ORDERS AND SHIPMENTS/BILLINGS, ON A MONTHLY BASIS. A THIRD PARTY IS RETAINED TO PROVIDE A QUARTERLY ANALYSIS AND FORECAST FOR THE CUTTING TOOL INDUSTRY AND THE ECONOMY AS A WHOLE. THE INSTITUTE ALSO CONDUCTS SEVERAL OTHER SURVEYS TO MONITOR MEMBERS' WAGE AND BENEFIT COSTS AND FINANCIAL OPERATING RATIOS. THE STATISTICS PROGRAM FULFILLS ONE OF THE MAIN PURPOSES OF THE INSTITUTE WHICH IS "TO COLLECT AND DISSEMINATE STATISTICS RELATING TO THE CUTTING TOOL INDUSTRY THROUGH A SIMPLE, ADEQUATE REPORTING SYSTEM."

• WEBSITE: THE MAIN PURPOSE OF THE UNITED STATES CUTTING TOOL INSTITUTE WEBSITE IS TO KEEP INSTITUTE MEMBERS AND OTHER INTERESTED PARTIES INFORMED ABOUT THE INSTITUTE ACTIVITES. THE WEBSITE ALSO PROVIDES A LISTING OF INSTITUTE MEMBERS, ALLOWING VISITORS TO OBTAIN ADDITIONAL CUTTING TOOL INFORMATION DIRECTLY FROM THESE COMPANIES. THE INSTITUTE WEBSITE HELPS FULFILL ONE OF THE MAIN PURPOSES OF THE INSTITUTE WHICH IS "TO FOSTER, ADVANCE, AND PROMOTE THE INTERESTS OF ITS MEMBERS."

• PUBLICATIONS: UNITED STATES CUTTING TOOL INSTITUE HAS DEVELOPED AND SOLD SEVERAL DIFFERENT TECHNICAL PUBLICATIONS COVERING CUTTING TOOLS. THESE PUBLICATIONS ARE INTENDED TO ASSIST MANUFACTURERS AND USERS OF CUTTING TOOLS IN UNDERSTANDING THE DIMENSIONS AND TOLERANCES FOR CUTTING TOOLS, AS WELL AS PROPER USES OF THESE TOOLS. THE INSTITUTE ALSO PUBLISHED, IN COOPERATION WITH AN OUTSIDE PUBLISHING FIRM, THE METAL CUTTING TOOL HANDBOOK AS A COMPREHENSIVE GUIDE TO THE SELECTION, USE, AND PERFORMANCE OF CUTTING TOOLS. INSTITUTE PUBLICATIONS FULFILL ONE OF THE MAIN PURPOSES OF THE INSTITUTE WHICH IS "TO PROMOTE THE STANDARDIZATION OF SIZES, DIMENSIONS AND TOLERANCES, AND SIMPLIFY THE SAME IN COOPERATION WITH... OTHER NATIONAL AND INTERNATIONAL BODIES."

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type

form_990

Tax year

2023

Filed

12 November 2024

IRS schema version

2023v5.1

Source object

202433199349301743

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.