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Nonprofiteer
← FILENE RESEARCH INSTITUTE INC

Form 990 for tax year 2022

Filed by FILENE RESEARCH INSTITUTE INC.

Totals

Total revenue
$8,172,458
Total expenses
$8,444,014
Contributions and grants received
$7,473,926
Grants paid
$0
Program service revenue
$540,840
Investment income
$97,692
Other revenue
$60,000
Total assets, end of year
$15,248,471
Total liabilities, end of year
$2,278,852
Net assets or fund balances, end of year
$12,969,619
Program services expenses (Part IX)
$6,556,264
Management and general expenses
$832,931
Fundraising expenses
$1,054,819
Program service expenses (Part III)
$6,556,264

Program services were 77.6% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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

    $2,526,824

  • 1f · All other contributions, gifts and grants

    $4,947,102

  • 1g · Noncash contributions included above

    $3,236

  • 2a · Program service revenue: RESEARCH AND INNOVATION

    total $437,204 · related or exempt $437,204

  • 2b · Program service revenue: OUTREACH AND EDUCATION

    total $103,636 · related or exempt $103,636

  • 3 · Investment income

    total $96,659 · excluded $96,659

  • 6a · Gross rents

    real property $60,000

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $60,000

  • 6d · Net rental income or loss

    total $60,000 · excluded $60,000

  • 7a · Gross sales of assets other than inventory

    securities $226,165

  • 7b · Less cost or other basis and sales expenses

    securities $225,132

  • 7c · Gain or loss

    securities $1,033

  • 7d · Net gain or loss

    total $1,033 · excluded $1,033

Functional expenses

Part IX, the statement of functional expenses.

  • 11b · Fees: legal

    total $5,898 · management and general $5,898

  • 11c · Fees: accounting

    total $66,804 · management and general $66,804

  • 11f · Fees: investment management

    total $7,748 · management and general $7,748

  • 11g · Fees: other

    total $6,262,380 · program services $4,988,311 · management and general $451,773 · fundraising $822,296

  • 12 · Advertising and promotion

    total $25,124 · fundraising $25,124

  • 13 · Office expenses

    total $54,768 · program services $15,655 · management and general $8,701 · fundraising $30,412

  • 14 · Information technology

    total $378,505 · program services $263,365 · management and general $44,736 · fundraising $70,404

  • 16 · Occupancy

    total $280,677 · program services $190,466 · management and general $45,105 · fundraising $45,106

  • 17 · Travel

    total $349,692 · program services $307,346 · management and general $11,896 · fundraising $30,450

  • 19 · Conferences, conventions and meetings

    total $815,994 · program services $673,667 · management and general $137,477 · fundraising $4,850

  • 22 · Depreciation, depletion and amortization

    total $147,294 · program services $99,949 · management and general $23,673 · fundraising $23,672

  • 23 · Insurance

    total $15,106 · program services $11,356 · management and general $1,295 · fundraising $2,455

  • 24e · All other expenses

    total $34,024 · program services $6,149 · management and general $27,825 · fundraising $50

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $32 · end of year $37

  • 2 · Savings and temporary cash investments

    beginning of year $4,529,722 · end of year $4,240,916

  • 3 · Pledges and grants receivable

    beginning of year $7,584,465 · end of year $7,826,671

  • 4 · Accounts receivable

    beginning of year $102,740 · end of year $232,985

  • 9 · Prepaid expenses and deferred charges

    beginning of year $42,412 · end of year $97,196

  • 10a · Land, buildings and equipment: cost or other basis

    $1,470,114

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,104,598

  • 10c · Land, buildings and equipment, net

    beginning of year $316,170 · end of year $365,516

  • 11 · Investments: publicly traded securities

    beginning of year $1,964,441 · end of year $1,965,330

  • 13 · Investments: program-related

    beginning of year $81,858 · end of year $298,658

  • 15 · Other assets

    beginning of year $5,775 · end of year $221,162

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,425,886 · end of year $1,666,961

  • 19 · Deferred revenue

    beginning of year $60,823 · end of year $56,823

  • 25 · Other liabilities

    beginning of year $55,472 · end of year $555,068

  • 27 · Net assets without donor restrictions

    beginning of year $3,785,235 · end of year $3,846,343

  • 28 · Net assets with donor restrictions

    beginning of year $9,300,199 · end of year $9,123,276

Mission and programs · 2022

Mission

STRENGTHENING ORGANIZATIONS THROUGH INNOVATIVE RESEARCH AND INCUBATION TO IMPROVE CONSUMER FINANCIAL WELL-BEING.

Activities or mission (Part I)

CONDUCT CUTTING-EDGE ACTIONABLE RESEARCH TO INCREASE LEARNING AND TRANSFORM ORGANIZATIONS, ACCELERATE INCUBATION AND REDUCE RISK FROM NEW SOLUTIONS THROUGH FILENE INCUBATORS, CONNECT INNOVATIVE AND EMERGING LEADERS THROUGH COMMUNITIES AND EVENTS, PROVIDE ADVISORY SERVICES TO DRIVE LASTING AND IMPACTFUL CHANGE AND PROVIDE ACCESS TO GROWING, INNOVATION-MINDED CREDIT UNIONS DEDICATED TO THINKING FORWARD AND CHANGING LIVES.

  • RESEARCH AND INNOVATION - FILENE RESEARCH INSTITUTE SEEKS OUT HIGH PRIORITY RESEARCH QUESTIONS FOR THE BENEFIT OF CONSUMERS AND THE COOPERATIVE FINANCE MOVEMENT. THE INSTITUTE REGULARLY PUBLISHES REPORTS AND OUTPUTS ON ITS RESEARCH FINDINGS INCLUDING PODCASTS, TOOLKITS, INFOGRAPHICS, AND SLIDE DECKS. FILENE PUBLISHED 29 RESEARCH AND INNOVATION REPORTS IN THE YEAR, AS WELL AS 19 OTHER RESEARCH AND INNOVATION OUTPUTS. ARTICLES SUMMARIZING THE RESEARCH ARE WIDELY DISTRIBUTED IN THE TRADE PRESS, SOCIAL MEDIA, GENERAL MEDIA AND IN PUBLICATIONS OF CREDIT UNION TRADE ORGANIZATIONS. THE ORGANIZATION ALSO REGULARLY SPEAKS ON ITS RESEARCH FINDINGS ACROSS NORTH AMERICA AS WELL AS PROVIDES RESEARCH INSIGHTS ON KEY CONSUMER FINANCE TOPICS AT INDUSTRY AND NONPROFIT CONFERENCES. FILENE'S INCUBATORS TAKE THE NEXT STEP IN INNOVATION BY TESTING PRODUCTS AND IDEAS TO HELP CREDIT UNIONS GROW AND MAKE A POSITIVE IMPACT ON THEIR MEMBERS AND COMMUNITIES. FILENE CURRENTLY HAS 4 INCUBATOR OFFERINGS AND TESTED 5 IN-MARKET PRODUCTS DURING THE PAST FISCAL YEAR.

    Expenses $4,104,870 · Revenue $437,204

  • OUTREACH AND EDUCATION - FILENE PROVIDES MEMBERS AND STRATEGIC PARTNERS OPPORTUNITIES TO ENGAGE WITH OUR BODY OF WORK THROUGH OUR EVENTS AND COMMUNITIES. THIS YEAR OVER 1872 CREDIT UNION AFFILIATED INDIVIDUALS REGISTERED FOR ONE OF OUR EVENTS. WE ALSO HAD OVER 5577 REGISTER TO ATTEND ONE OF OUR 30 FILENE WEBINARS. OUR COMMUNITIES SUPPORTED 306 FUTURE LEADERS THROUGH THE COOPERATIVE TRUST, WHERE PARTICIPANTS CAN ATTEND AN IN-PERSON EVENT OR PARTICIPATE IN OUR LEARNING COMMUNITY CRASH COURSE. FILENE ALSO CONTINUED I2, A PROGRAM FOR EMERGING TALENT WITH 2023 WAVE 2 CLASS OF 22 PARTICIPANTS. IN ADDITION, OUR I3 PROGRAM WHICH PROVIDES INNOVATION TRAINING EXPANDED THE LEADERSHIP CAPACITY IN OVER 50 CREDIT UNIONS AND CREDIT UNION INDUSTRY PARTNER ORGANIZATIONS.

    Expenses $2,451,394 · Revenue $103,636

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Keith Sultemeier

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • April Clobes

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Ty Muse

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Tracie Kenyon

    DIRECTOR (THRU JANUARY)

    Total calculated
    $0
    Hours/week
    1

  • Mike Schenk

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Maurice Smith

    DIRECTOR (THRU AUGUST)

    Total calculated
    $0
    Hours/week
    1

  • Rob Purtell

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Bill Cheney

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Patty Campbell

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lily Newfarmer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kevin Johnson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mark Meyer

    PRESIDENT & CHIEF EXECUTIVE OFFICER

    Total calculated
    $0
    Hours/week
    60

  • Patsy Stewart

    CHIEF FINANCE & OPERATIONS OFFICER

    Total calculated
    $0
    Hours/week
    50

  • Jeremy Tollefson

    DIR OF EXECUTIVE RELATIONS/SECRETARY

    Total calculated
    $0
    Hours/week
    40

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
2022
Filed
21 December 2023
IRS schema version
2022v5.0
Source object
202313569349300616

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