Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $139,264

• 2a · Program service revenue: MEMBERSHIP DUES

  total $1,446,010 · related or exempt $1,446,010

• 2b · Program service revenue: EDUCATIONAL SEMINARS

  total $626,011 · related or exempt $626,011

• 2c · Program service revenue: TRADE SHOWS/SEMINARS

  total $405,463 · related or exempt $405,463

• 2d · Program service revenue: MEMBERSHIP DUES - LAC

  total $275,967 · related or exempt $275,967

• 3 · Investment income

  total $43,512 · excluded $43,512

• 5 · Royalties

  total $200,384 · excluded $200,384

• 7a · Gross sales of assets other than inventory

  securities $63,512 · other assets $66,683

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

  securities $0 · other assets $65,448

• 7c · Gain or loss

  securities $63,512 · other assets $1,235

• 7d · Net gain or loss

  total $64,747 · excluded $64,747

• 11a · Other revenue: MANAGEMENT FEES

  total $375,000 · unrelated business $375,000

• 11b · Other revenue: PROMOTIONAL FEES

  total $367,959 · unrelated business $367,959

• 11c · Other revenue: PUBLICATION

  total $112,089 · unrelated business $112,089

• 11d · All other revenue

  total $87,562 · unrelated business $87,562

• 11e · Other revenue, total

  $942,610

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $474,058

• 7 · Other salaries and wages

  total $997,245

• 8 · Pension plan contributions

  total $32,273

• 9 · Other employee benefits

  total $87,199

• 10 · Payroll taxes

  total $116,272

• 11b · Fees: legal

  total $14,977

• 11c · Fees: accounting

  total $30,970

• 11d · Fees: lobbying

  total $385,893

• 11f · Fees: investment management

  total $10,102

• 11g · Fees: other

  total $108,581

• 12 · Advertising and promotion

  total $105,883

• 13 · Office expenses

  total $76,616

• 14 · Information technology

  total $45,703

• 16 · Occupancy

  total $176,486

• 17 · Travel

  total $76,451

• 19 · Conferences, conventions and meetings

  total $263,149

• 22 · Depreciation, depletion and amortization

  total $122,480

• 23 · Insurance

  total $9,282

• 24a · Other expenses: EDUCATIONAL EXPENSES

  total $151,072

• 24b · Other expenses: EVENT EXPENSE

  total $115,431

• 24c · Other expenses: OPERATIONAL EXPENSE

  total $45,811

• 24d · Other expenses: BANK FEES

  total $19,617

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,073,404 · end of year $1,474,329

• 2 · Savings and temporary cash investments

  beginning of year $2,197,533 · end of year $2,494,802

• 4 · Accounts receivable

  beginning of year $171,706 · end of year $319,035

• 9 · Prepaid expenses and deferred charges

  beginning of year $170,262 · end of year $230,053

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

  $4,030,746

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

  $1,688,826

• 10c · Land, buildings and equipment, net

  beginning of year $2,433,622 · end of year $2,341,920

• 12 · Investments: other securities

  end of year $810,267

• 17 · Accounts payable and accrued expenses

  beginning of year $146,015 · end of year $143,158

• 19 · Deferred revenue

  beginning of year $748,418 · end of year $775,891

• 25 · Other liabilities

  beginning of year $184,256 · end of year $136,899

• 27 · Net assets without donor restrictions

  beginning of year $4,967,838 · end of year $6,614,458

The filer's explanations (Part III)

PART I, LINE 3

THE BOARD OF DIRECTORS HAS A COMPENSATION COMMITTEE THAT USES COMPENSATION STUDIES AND OTHER MARKET INFORMATION TO GATHER DATA ON INDUSTRY STANDARDS. AFTER ANALYZING THE DATA, THE COMMITTEE DETERMINES THE COMPENSATION FOR THE PRESIDENT/CEO. THE COMPENSATION COMMITTEE ALSO GATHERS INFORMATION ON INDUSTRY STANDARDS FOR ALL STAFF POSITIONS. HOWEVER, THE PRESIDENT/CEO DETERMINES THE COMPENSATION AMOUNT FOR EACH STAFF MEMBER.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• HOSPITALITY TRAINING INSTITUTE OF MICHIGAN INC

  C · TO PROVIDE EDUCATIONAL OPPORTUNITIES · MI · 100% owned · share of income $4,642,969 · share of assets $1,407,654