Illinois Soybean Board
- Assets
- $24.5m
- Revenue
- $20.5m
- Investments
- $0.0
- Employees
- 51
- Location
- Bloomington, IL
- Founding
- 07/1975
- Data as of
- 08/2024
- EIN
- 37-6152654
Organization Overview
Illinois Soybean Board is located in Bloomington, IL. The organization was established in 1975. According to its NTEE Classification (K20) the organization is classified as: Agricultural Programs, under the broad grouping of Food, Agriculture & Nutrition and related organizations. As of 08/2024, Illinois Soybean Board employed 51 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Illinois Soybean Board is a 501(c)(5) and as such, is described as a "Labor, Agricultural, and Horticultural Organization" by the IRS.
For the year ending 08/2024, Illinois Soybean Board generated $20.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.4% each year. All expenses for the organization totaled $24.9m during the year ending 08/2024. While expenses have increased by 6.7% per year over the past 7 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO ENSURE ILLINOIS SOY IS THE HIGHEST QUALITY, MOST DEPENDABLE, SUSTAINABLE AND COMPETITIVE IN THE GLOBAL MARKETPLACE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNICATIONS: TO COMMUNICATE INFORMATION TO HELP ILLINOIS SOYBEAN FARMERS BECOME MARKET LEADERS IN SUSTAINABLE SOYBEAN PRODUCTION AND PROFITABILITY.
MARKET DEVELOPMENT: SUPPORT THE EFFORTS TO DEVELOP MARKETS AND INCREASE PUBLIC KNOWLEDGE OF VALUE AND BENEFITS OF SOYBEANS AND SOYBEAN PRODUCTION.
SOYBEAN PRODUCTION: IDENTIFYING NEW USES FOR SOY, BETTER MEASURING CONSERVATION PRACTICES, IDENTIFYING BEST MANAGEMENT PRACTICES FOR PRODUCERS AND INCREASING DOMESTIC BIODIESEL CONSUMPTION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ron Kindred Chairperson | OfficerTrustee | 2 | $0 |
Brad Daugherty Vice-Chairperson | OfficerTrustee | 2 | $0 |
Tim Scates Treasurer | OfficerTrustee | 2 | $0 |
Dwayne Anderson Secretary | OfficerTrustee | 2 | $0 |
David Wessel Asst Secretary-Treasurer | OfficerTrustee | 2 | $0 |
Ryan Frieders Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| 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 | $0 |
| Total Program Service Revenue | $19,888,306 |
| Investment income | $591,882 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$10,973 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $20,469,215 |
| 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. | $380,418 |
| Compensation of current officers, directors, key employees. | $190,209 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,248,419 |
| Pension plan accruals and contributions | $516,662 |
| Other employee benefits | $419,159 |
| Payroll taxes | $278,259 |
| Fees for services: Management | $18,509,578 |
| Fees for services: Legal | $67,401 |
| Fees for services: Accounting | $17,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $92,374 |
| Advertising and promotion | $0 |
| Office expenses | $69,798 |
| Information technology | $329,964 |
| Royalties | $0 |
| Occupancy | $274,640 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $243,003 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $361,718 |
| Insurance | $45,018 |
| All other expenses | $92,958 |
| Total functional expenses | $24,946,369 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,576,799 |
| Savings and temporary cash investments | $6,822,016 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $27,626 |
| 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 | $113,097 |
| Net Land, buildings, and equipment | $8,354,220 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $647,134 |
| Total assets | $24,540,892 |
| Accounts payable and accrued expenses | $4,741,423 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $672,538 |
| Total liabilities | $5,413,961 |
| Net assets without donor restrictions | $19,126,931 |
| Net assets with donor restrictions | $0 |
| 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 | $24,540,892 |