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Nonprofiteer
← POWER TOOL INSTITUTE INC

Form 990 for tax year 2023

Filed by POWER TOOL INSTITUTE INC.

Totals

Total revenue
$991,021
Total expenses
$1,084,088
Contributions and grants received
$620,235
Grants paid
$0
Program service revenue
$360,786
Investment income
$0
Other revenue
$10,000
Total assets, end of year
$433,064
Total liabilities, end of year
$259,312
Net assets or fund balances, end of year
$173,752
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.

Revenue

Part VIII, the statement of revenue.

  • 1b · Membership dues

    $620,235

  • 2a · Program service revenue: PROGRAM REVENUE

    total $358,503 · related or exempt $358,503

  • 2b · Program service revenue: COMMISSION REVENUE

    total $2,283 · related or exempt $2,283

  • 11a · Other revenue: MISCELLANEOUS REVENUE

    total $10,000 · related or exempt $10,000

  • 11e · Other revenue, total

    $10,000

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $464,538

  • 11b · Fees: legal

    total $44,667

  • 11c · Fees: accounting

    total $7,700

  • 11d · Fees: lobbying

    total $298,215

  • 17 · Travel

    total $3,568

  • 19 · Conferences, conventions and meetings

    total $33,597

  • 23 · Insurance

    total $2,272

  • 24a · Other expenses: SAFETY PROGRAMS

    total $60,665

  • 24b · Other expenses: SPECIAL PROJECTS

    total $57,863

  • 24c · Other expenses: GLOBAL HARMONIZATION

    total $48,549

  • 24d · Other expenses: JOINT VENTURES

    total $44,955

  • 24e · All other expenses

    total $17,499

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $531,022 · end of year $347,385

  • 4 · Accounts receivable

    beginning of year $7,916 · end of year $56,927

  • 9 · Prepaid expenses and deferred charges

    beginning of year $31,390 · end of year $28,752

  • 17 · Accounts payable and accrued expenses

    beginning of year $51,540 · end of year $99,008

  • 19 · Deferred revenue

    beginning of year $251,969 · end of year $160,304

  • 27 · Net assets without donor restrictions

    beginning of year $266,819 · end of year $173,752

Mission and programs · 2023

Mission

TO PROMOTE THE BUSINESS INTERESTS OF THE POWER TOOL INDUSTRY; TO REPRESENT THE INDUSTRY BEFORE GOVERNMENT; TO EDUCATE THE PUBLIC AS TO THE USEFULNESS AND IMPORTANCE OF POWER TOOLS; TO ENCOURAGE HIGH STANDARDS OF SAFETY AND QUALITY CONTROL IN (CONTINUED ON SCHEDULE O) THE MANUFACTURING OF POWER TOOLS; AND TO PREPARE AND DISTRIBUTE INFORMATION ABOUT SAFE USE OF POWER TOOLS.

Activities or mission (Part I)

SEE PART III, LINE 1

  • JOINT VENTURE: POWER TOOL INSTITUTE HAS DEVELOPED A LICENSE AGREEMENT AND CONTINUES TO MONITOR PATENTS WHICH FURTHERS THE EXEMPT PURPOSE OF PROMOTING THE BUSINESS INTERESTS OF THE INDUSTRY AND ENCOURAGE HIGH STANDARDS OF SAFETY AND QUALITY CONTROL IN MANUFACTURING POWER TOOLS.

  • CONSUMER PRODUCT SAFETY COMMISSION PETITION: POWER TOOL INSTITUTE HAS A PROJECT TO ADDRESS A PETITION FILED BEFORE CPSC BY STEPHEN GASS REQUESTING A MANDATORY SAFETY STANDARD FOR TABLE SAWS WHICH FURTHERS THE EXEMPT PURPOSE OF SAFETY AND QUALITY CONTROL IN THE MANUFACTURING OF POWER TOOLS.

  • GLOBAL HARMONIZATION: POWER TOOL INSTITUTE HAS A PROJECT TO HARMONIZE POWER TOOL STANDARDS WITH EUROPE AND JAPAN WHICH FURTHERS THE EXEMPT PURPOSE OF SAFETY AND QUALITY CONTROL IN THE MANUFACTURING OF POWER TOOLS.

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

Listed in Part VII

  • Colleen Hart

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Robert Hatfield

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Ken Hefley

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Mark Hickok

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Frank Mannarino

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Mike McGowan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Susan Orenga

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5

  • Darlene Ralicki

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Steve Shepherd

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Ravi Voruganti

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Kris Williams

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

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
11 November 2024
IRS schema version
2023v5.1
Source object
202413199349301741

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