Institute Of Food Techologists Inc
- Assets
- $45.1m
- Revenue
- $9.6m
- Investments
- $0.0
- Employees
- 95
- Location
- Chicago, IL
- Founding
- 02/1952
- Data as of
- 08/2021
- EIN
- 36-2136957
Organization Overview
Institute Of Food Techologists Inc is located in Chicago, IL. The organization was established in 1952. According to its NTEE Classification (K03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Food, Agriculture & Nutrition and related organizations. As of 08/2021, Institute Of Food Techologists Inc employed 95 individuals. This organization is the central organization for a national or regional group of organizations. Institute Of Food Techologists Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 08/2021, Institute Of Food Techologists Inc generated $9.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (12.8%) each year. All expenses for the organization totaled $15.8m during the year ending 08/2021. As we would expect to see with falling revenues, expenses have declined by (4.0%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE INSTITUTE OF FOOD TECHNOLOGISTS EXISTS TO ADVANCE THE SCIENCE OF FOOD. OUR LONG-RANGE VISION IS TO ENSURE A SAFE AND ABUNDANT FOOD SUPPLY CONTRIBUTING TO HEALTHIER PEOPLE EVERYWHERE. THE INSTITUTE OF FOOD TECHNOLOGISTS STRIVES TO PROVIDE AN INCLUSIVE AND WELCOMING COMMUNITY FOR ALL FOOD SCIENCE AND TECHNOLOGY PROFESSIONALS AND THE KNOWLEDGE AND TOOLS THEY NEED TO ENHANCE THEIR PROFESSIONAL COMPETENCY.
Describe the Organization's Program Activity:
ANNUAL MEETING AND FOOD EXPO:THE INSTITUTE'S ANNUAL MEETING AND FOOD EXPO BRINGS MEMBERS AND NONMEMBERS, APPROXIMATELY 18,000 TO 20,000 INDIVIDUALS ON AN ANNUAL BASIS, TOGETHER FOR THREE DAYS OF TECHNICAL SESSIONS, SYMPOSIA AND FORUMS DESIGNED TO UPDATE THEIR AWARENESS IN ALL AREAS OF FOOD TECHNOLOGY. MORE THAN 1,800 PAPERS AND PRESENTATIONS ARE AVAILABLE WHILE EXHIBITORS NUMBER APPROXIMATELY 900.
PUBLICATIONS AND COMMUNICATIONS:FOOD TECHNOLOGY IS THE LEADING PUBLICATION ADDRESSING ALL FACETS OF FOOD SCIENCE AND TECHNOLOGY. ITS IN-DEPTH AND BALANCE COVERAGE INCLUDES THE LATEST RESEARCH DEVELOPMENTS, INDUSTRY NEWS, CONSUMER PRODUCT INNOVATIONS, AND PROFESSIONAL OPPORTUNITIES.SINCE 1936, THE JOURNAL OF FOOD SCIENCE HAS BEEN THE INSTITUTE OF FOOD TECHNOLOGISTS' PREMIER SCIENCE JOURNAL, CONTAINING PEER-REVIEWED REPORTS OR ORIGINAL RESEARCH AND CRITICAL REVIEWS OF ALL ASPECTS OF FOOD SCIENCE. TODAY IT PUBLISHES MORE THAN 500 PAPERS A YEAR - OVER 3,000 PAGES OF ORIGINAL RESEARCH AND SCIENTIFIC REVIEWS.
MEMBERSHIP EXPERIENCES:THE INSTITUTE'S SERVICES ASSOCIATED WITH HELPING MEMBERS BECOME PART OF A VIBRANT COMMUNITY THAT IS SHAPING THE FOOD SCIENCE AND TECHNOLOGY PROFESSION.
OTHER PROGRAM SERVICES INCLUDE KNOWLEDGE AND LEARNING EXPERIENCES, SCIENCE TECHNOLOGY, SCIENCE AND POLICY INITIATIVES, THE GLOBAL FOOD TRACEABILITY CENTER, AND SUPPORT OF THE IFT FOUNDATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christie Tarantino-Dean CEO | Officer | 50 | $593,639 |
Mark Barenie Sr. Vice President And CFO | Officer | 45 | $355,951 |
Kelly Fox Sr Vice Presient, Meetings | 45 | $284,614 | |
Eric Schneider Sr VP Strategy & Communications | 45 | $267,193 | |
Terrence Merkley VP Information Technology | 45 | $219,902 | |
Kate Dockins Sr Vice President | 45 | $200,313 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
360 Live Media Llc Professional Services - Event Support Al | 8/30/21 | $837,577 |
Mp 525 Rent - Monthly Fees For Ift Office Renta | 8/30/21 | $1,173,476 |
Velir Studios Inc Monthly Support & Maintenance | 8/30/21 | $351,110 |
Ink Public Relations Professional Services - Monthly Fees For | 8/30/21 | $201,415 |
Cook & Kocher Insurance Ift Event Cancellation Policies | 8/30/21 | $190,492 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $180,500 |
| 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 | $180,500 |
| Total Program Service Revenue | $7,309,688 |
| Investment income | $797,646 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $945,868 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,557,520 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $57,819 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $949,590 |
| Compensation of current officers, directors, key employees. | $316,129 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,433,528 |
| Pension plan accruals and contributions | $491,809 |
| Other employee benefits | $904,148 |
| Payroll taxes | $500,306 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $127,227 |
| Fees for services: Accounting | $62,824 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,470,729 |
| Advertising and promotion | $346,412 |
| Office expenses | $205,594 |
| Information technology | $624,483 |
| Royalties | $0 |
| Occupancy | $1,241,045 |
| Travel | $15,008 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $558,113 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $355,637 |
| Insurance | $149,447 |
| All other expenses | $90,921 |
| Total functional expenses | $15,825,729 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,569,705 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $283,410 |
| 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 | $568,993 |
| Net Land, buildings, and equipment | $853,071 |
| Investments—publicly traded securities | $41,257,989 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $529,804 |
| Total assets | $45,062,972 |
| Accounts payable and accrued expenses | $2,570,443 |
| Grants payable | $0 |
| Deferred revenue | $8,143,086 |
| 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 | $2,985,780 |
| Other liabilities | $1,180,742 |
| Total liabilities | $14,880,051 |
| Net assets without donor restrictions | $31,717,589 |
| Net assets with donor restrictions | -$1,534,668 |
| 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 | $45,062,972 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Institute Of Food Techologists Inc has recieved totaling $1,234,434.
| Awarding Organization | Amount |
|---|---|
Seeding The Future Foundation Wilmington, DE PURPOSE: THE GLOBAL FOOD SYSTEM CHALLENGE | $1,157,334 |
Seeding The Future Foundation Wilmington, DE PURPOSE: THE GLOBAL FOOD SYSTEM CHALLENGE | $50,000 |
Seeding The Future Foundation Wilmington, DE PURPOSE: SEEDING THE FUTURE GLOBAL FOOD SYSTEM CHALLENGE SPECIAL SEED FUND FOR NUTRI POSH INITIATIVE | $25,000 |
Seeding The Future Foundation Wilmington, DE PURPOSE: FEEDING TOMORROW PROGRAM | $1,500 |
Seeding The Future Foundation Wilmington, DE PURPOSE: FEEDING TOMORROW PROGRAM | $600 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
American Veterinary Medical Association Schaumburg, IL | $94,136,501 | $52,810,298 |
United Dairy Industry Association Inc Rosemont, IL | $4,480,466 | $34,355,137 |
Academy Of Nutrition And Dietetics Chicago, IL | $59,938,358 | $38,120,377 |
Wisconsin Milk Marketing Board Inc Madison, WI | $22,618,845 | $31,706,679 |
Institute Of Food Techologists Inc Chicago, IL | $45,062,972 | $9,557,520 |
International Foodservice Manufacturers Association Chicago, IL | $7,373,988 | $7,253,013 |
American Society Of Agronomy Inc Madison, WI | $22,150,446 | $6,548,041 |
International Association For Food Protection Inc Des Moines, IA | $6,002,857 | $4,277,261 |
Soil Science Society Of America Inc Madison, WI | $6,203,929 | $2,979,765 |
Wisconsin Beef Council Inc Verona, WI | $611,387 | $1,897,284 |
Certified Pedigreed Swine Peoria, IL | $651,703 | $1,301,454 |
Certifying Board For The Dietary Managers St Charles, IL | $13,151,582 | $1,643,657 |