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Nonprofiteer
← THE ASME FOUNDATION INC

Form 990 for tax year 2022

Filed by THE ASME FOUNDATION INC.

Totals

Total revenue
$4,680,772
Total expenses
$3,882,309
Contributions and grants received
$3,655,294
Grants paid
$2,295,326
Program service revenue
$0
Investment income
$966,303
Other revenue
$59,175
Total assets, end of year
$35,928,467
Total liabilities, end of year
$3,169,177
Net assets or fund balances, end of year
$32,759,290
Program services expenses (Part IX)
$3,771,802
Management and general expenses
$110,507
Fundraising expenses
$0
Program service expenses (Part III)
$3,771,802

Program services were 97.2% 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.

  • 1c · Fundraising events

    $54,050

  • 1d · Related organizations

    $1,286,500

  • 1f · All other contributions, gifts and grants

    $2,314,744

  • 3 · Investment income

    total $966,303 · excluded $966,303

  • 8a · Fundraising events: gross income

    $59,175

  • 8a · Fundraising events: contributions included on line 1c

    $54,050

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $59,175 · excluded $59,175

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,372,517 · program services $1,372,517

  • 2 · Grants to domestic individuals

    total $922,809 · program services $922,809

  • 7 · Other salaries and wages

    total $1,331,291 · program services $1,331,291

  • 11b · Fees: legal

    total $14,484 · management and general $14,484

  • 11c · Fees: accounting

    total $18,000 · management and general $18,000

  • 11f · Fees: investment management

    total $40,813 · management and general $40,813

  • 11g · Fees: other

    total $123 · management and general $123

  • 13 · Office expenses

    total $2,162 · management and general $2,162

  • 16 · Occupancy

    total $16,128 · management and general $16,128

  • 17 · Travel

    total $53,356 · program services $34,559 · management and general $18,797

  • 24a · Other expenses: CERTIFICATES &, PLAQUES

    total $110,626 · program services $110,626

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,868,131 · end of year $4,366,549

  • 2 · Savings and temporary cash investments

    beginning of year $293 · end of year $344

  • 3 · Pledges and grants receivable

    beginning of year $245,049 · end of year $1,014,298

  • 7 · Other notes and loans receivable

    beginning of year $19,225 · end of year $8,115

  • 8 · Inventories for sale or use

    beginning of year $274,440 · end of year $262,432

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

    $94,504

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

    $94,504

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $27,291,257 · end of year $30,276,729

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,277,484 · end of year $1,571,738

  • 25 · Other liabilities

    beginning of year $1,467,110 · end of year $1,597,439

  • 27 · Net assets without donor restrictions

    beginning of year $12,205,377 · end of year $12,494,124

  • 28 · Net assets with donor restrictions

    beginning of year $17,748,424 · end of year $20,265,166

Mission and programs · 2022

Mission

THE ASME FOUNDATION, INC. THROUGH GENEROUS SUPPORT OF THE ENGINEERING COMMUNITY, FUNDS PROGRAMS IN K-12 STEM EDUCATION, STUDENT AND EARLY CAREER DEVELOPMENT, ENGINEERING FOR GLOBAL DEVELOPMENT, AND PUBLIC POLICY.

Activities or mission (Part I)

THE ASME FOUNDATION, INC. FUNDS AND DEVELOPS PROGRAMS THAT SUPPORT, CREATE, (CONTINUED ON SCH. O) THE ASME FOUNDATION, INC. FUNDS AND DEVELOPS PROGRAMS THAT SUPPORT, CREATE, AND ADVANCE THE FIELD OF ENGINEERING.

  • SCHOLARSHIPS: ASME IS COMMITED TO ENSURING THAT TOMORROW'S ENGINEERING LEADERS HAVE THE TALENT AND EDUCATION TO SOLVE THE UNIQUE CHALLENGES OF TOMORROW. BY AWARDING SCHOLARSHIPS TO THE BRIGHTEST, MOST PROMISING MECHANICAL ENGINEERING STUDENTS IN NEED, THE ASME FOUNDATION, INC. IS WORKING TOWARDS A FUTURE WHERE ENGINEERING CHANGEMAKERS ARE AS DIVERSE AS THE COMMUNITIES THEY TRANSFORM THROUGH INNOVATION. IN FISCAL YEAR 2023 WE AWARDED OVER $629,809 TO 176 DESERVING STUDENTS.

    Expenses $1,036,631 · Grants $680,492

  • FEDERAL FELLOWS AND GLOBAL DEVELOPMENT: AS PART OF A CONTINUED EFFORT TO HELP ENGINEERS PLAY CRITICAL ROLES AS ADVISORS, RESEARCHERS, AND TEACHERS, THE ASME FOUNDATION, INC. SUPPORTED 10 FELLOWSHIPS. INCLUDED ARE: GRADUATE TEACHING FELLOWS WHO ARE OUTSTANDING DOCTORAL CANDIDATES IN MECHANICAL ENGINEERING EDUCATION, ENGINEERING FOR CHANGE RESEARCH FELLOWS WHO SOLVE CRITICAL QUALITY-OF-LIFE CHALLENGES IN UNDERSERVED COMMUNITIES, AND FEDERAL FELLOWS WHO SERVED IN EXECUTIVE AND LEGISLATIVE BRANCHES OF THE FEDERAL GOVERNMENT AND ADVISE ON ENERGY, MANUFACTURING, INFRASTRUCTURE, AND TECHNOLOGY.

    Expenses $1,136,581 · Grants $651,197

  • STEM: IN ORDER TO SPARK A PASSION FOR STEM IN YOUTH, PROVIDING STUDENTS WITH A DYNAMIC LOOK AT THE WORLD OF ENGINEERING INNOVATION IS A CRITICAL FIRST STEP TO A REWARDING, FULLFILLING CAREER IN THE FIELD. ASME FOUNDATION, INC. SUPPORTS INITIATIVES IN K-12 SCIENCE, TECHNOLOGY, ENGINEERING AND MATHEMATICS (STEM); UNIVERSITY STUDENT & EARLY CAREER DEVELOPMENT; INCLUDING INSPIRE. INSPIRE IS A UNIQUE DIGITAL PLATFORM THAT UTILIZES DIGITAL TOOLS LIKE GAMING AND VIRTUAL SIMULATIONS TO TEACH CRITICAL, CAREER-FOCUSED TECHNOLOGY AND CODING SKILLS WHILE EXPOSING STUDENTS TO STEM OPPORTUNITIES THAT THEY MIGHT NEVER HAVE DREAMED WERE WITHIN THEIR REACH. DURING ITS SEVENTH YEAR, THE ASME INSPIRE PROGRAMS WERE MADE AVAILABLE TO OVER 100,000 STUDENTS IN OVER 1,300 SCHOOLS IN ALL 50 STATES.

    Expenses $1,598,590 · Grants $963,638

As filed on the 2022 return.

Listed in Part VII

  • Thomas Costabile

    DIRECTOR,EX-OFFICIO

    Total calculated
    $1,179,732
    From this org
    $0
    From related orgs
    $1,059,774
    Other
    $119,958
    Hours/week
    2.5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $601,337 related
    Bonus
    $0 + $356,000 related
    Other
    $0 + $102,437 related
    Deferred
    $0 + $84,235 related
    Nontaxable benefits
    $0 + $35,723 related
    Filer's total
    $0 + $1,179,732 related

  • Kathleen Lobb

    FORMER EXEC. DIRECTOR

    Total calculated
    $437,307
    From this org
    $0
    From related orgs
    $407,433
    Other
    $29,874
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $319,306 related
    Bonus
    $0 + $82,809 related
    Other
    $0 + $5,318 related
    Deferred
    $0 + $11,584 related
    Nontaxable benefits
    $0 + $18,290 related
    Filer's total
    $0 + $437,307 related

  • Anand Sethupathy

    FORMER INTERIM EXEC. DIRECTOR

    Total calculated
    $404,541
    From this org
    $0
    From related orgs
    $369,798
    Other
    $34,743
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $278,175 related
    Bonus
    $0 + $90,748 related
    Other
    $0 + $875 related
    Deferred
    $0 + $16,994 related
    Nontaxable benefits
    $0 + $17,749 related
    Filer's total
    $0 + $404,541 related

  • Thomas J Meehan

    TREASURER

    Total calculated
    $384,145
    From this org
    $0
    From related orgs
    $346,593
    Other
    $37,552
    Hours/week
    2.5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $238,358 related
    Bonus
    $0 + $89,278 related
    Other
    $0 + $18,957 related
    Deferred
    $0 + $18,929 related
    Nontaxable benefits
    $0 + $18,623 related
    Filer's total
    $0 + $384,145 related

  • Stephanie Viola

    EXECUTIVE DIRECTOR

    Total calculated
    $255,950
    From this org
    $0
    From related orgs
    $203,462
    Other
    $52,488
    Hours/week
    2.5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $182,012 related
    Bonus
    $0 + $21,060 related
    Other
    $0 + $390 related
    Deferred
    $0 + $11,762 related
    Nontaxable benefits
    $0 + $40,726 related
    Filer's total
    $0 + $255,950 related

  • Gretchen Crutchfield

    SECRETARY

    Total calculated
    $125,460
    From this org
    $0
    From related orgs
    $107,325
    Other
    $18,135
    Hours/week
    2.5 + 40 related

  • Oscar Barton

    CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Sonya Smith

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Frank Adamek

    PAST CHAIR

    Total calculated
    $0
    Hours/week
    2

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
THE ASME FOUNDATION, INC. DOES NOT PAY COMPENSATION. ALL COMPENSATION IS PAID BY THE AMERICAN SOCIETY OF MECHANICAL ENGINEERS WITH GUIDANCE FROM A RELATED COMPENSATION COMMITTEE, INDEPENDENT CONSULTANT, COMPENSATION SURVEY AND/OR COMPENSATION COMMITTEE IN ORDER TO ESTABLISH THE COMPENSATION OF ITS ORGANIZATION. THE AMERICAN SOCIETY OF MECHANICAL ENGINEERS USES A STUDY, FORM 990 OF OTHER ORGANIZATIONS AND AN APPROVAL BY THE BOARD OR CEO/EXECUTIVE DIRECTOR IN ORDER TO ESTABLISH THE COMPENSATION OF ITS OFFICERS.
PART I, LINE 4B
THE FOLLOWING INDIVIDUAL PARTICIPATED IN SUPPLIMENTAL NONQUALIFIED RETIREMENT PLAN DURING 2022 AND THE AMOUNTS ARE REPORTED IN SCHEDULE J, PART II, COLUMN (C): THOMAS COSTABILE, $65,935

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • TWINIFY TECHNOLOGIES LLC

    DIGITAL TWINNING · DE

Related corporations and trusts

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

  • FBO JOHN A SWANSON 2006 ASME CHARITABLE REMAINDER TRUST

    T · TRUST · NJ

  • ASME INDIA PRIVATE LIMITED

    C · MARKETING · IN

  • THE INTERNATIONAL SOCIETY OF INTERDISCIPLINARY ENGINEERS LLC

    C · ENGINEERING SOCIETY · NY

  • METRIX CONNECT LLC

    C · INDUSTRY EVENTS · DE

  • ISIE HOLDINGS II LLC

    C · HOLDING COMPANY · DE

Provenance

Return type
form_990
Tax year
2022
Filed
13 May 2024
IRS schema version
2022v5.0
Source object
202401349349306130

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