Friction Materials Standards
- Assets
- $946.9k
- Revenue
- $618.4k
- Investments
- $0.0
- Employees
- 2
- Location
- Auburn Hills, MI
- Founding
- 03/1951
- Data as of
- 12/2023
- EIN
- 13-1606491
Organization Overview
Friction Materials Standards is located in Auburn Hills, MI. The organization was established in 1951. According to its NTEE Classification (U40) the organization is classified as: Engineering & Technology, under the broad grouping of Science & Technology and related organizations. As of 12/2023, Friction Materials Standards employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Friction Materials Standards is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2023, Friction Materials Standards generated $618.4k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $705.0k during the year ending 12/2023. While expenses have increased by 8.6% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
COLLECT, CHARACTERIZE, AND COMMUNICATE TO FMSI MEMBERS THE VEHICLE MANUFACTURER OE SERVICE PRODUCT AND INCLUDE THIS IN THE FMSI'S STANDARDIZED PART NUMBERING SYSTEM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE INSTITUTE IS AN ASSOCIATION OF MANUFACTURERS OF AUTOMOTIVE FRICTION MATERIALS PRIMARILY FOR BRAKE LININGS AND CLUTCH FACINGS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Greg Vyletel Director | Trustee | 0 | $0 |
Frank Oliveto Director/president | OfficerTrustee | 0 | $0 |
Mark Phipps Director/chairman | OfficerTrustee | 0 | $0 |
William Carney Director/treasurer | OfficerTrustee | 0 | $0 |
Skip Carroll Director/vice Chairman | OfficerTrustee | 0 | $0 |
Kelisson DE Azevedo Director/second Vice Chairman | OfficerTrustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $566,313 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $566,313 |
| Total Program Service Revenue | $0 |
| Investment income | $32,349 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $19,705 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $618,367 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $166,458 |
| Pension plan accruals and contributions | $5,691 |
| Other employee benefits | $0 |
| Payroll taxes | $14,157 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $51,857 |
| Fees for services: Accounting | $19,634 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $2,634 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $34,909 |
| Travel | $15,699 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $212,933 |
| Interest | $808 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $23,715 |
| Insurance | $16,333 |
| All other expenses | $38,480 |
| Total functional expenses | $705,043 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $68,513 |
| Savings and temporary cash investments | $550,812 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $26,456 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $84,784 |
| Net Land, buildings, and equipment | $47,580 |
| Investments—publicly traded securities | $127,348 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $41,443 |
| Total assets | $946,936 |
| Accounts payable and accrued expenses | $45,315 |
| Grants payable | $0 |
| Deferred revenue | $116,345 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $39,193 |
| Total liabilities | $200,853 |
| Net assets without donor restrictions | $366,279 |
| Net assets with donor restrictions | $379,804 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $946,936 |