Filene Research Institute Inc
- Assets
- $14.6m
- Revenue
- $8.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Madison, WI
- Founding
- 08/1990
- Data as of
- 06/2022
- EIN
- 39-1645910
Organization Overview
Filene Research Institute Inc is located in Madison, WI. The organization was established in 1990. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Filene Research Institute 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 06/2022, Filene Research Institute Inc generated $8.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.2% each year. All expenses for the organization totaled $7.6m during the year ending 06/2022. While expenses have increased by 5.3% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
CONDUCT CUTTING-EDGE ACTIONABLE RESEARCH TO INCREASE LEARNING AND TRANSFORM ORGANIZATIONS, ACCELERATE INCUBATION AND REDUCE RISK FROM NEW SOLUTIONS THROUGH FILENE INCUBATORS, CONNECT INNOVATIVE AND EMERGING LEADERS THROUGH COMMUNITIES AND EVENTS, PROVIDE ADVISORY SERVICES TO DRIVE LASTING AND IMPACTFUL CHANGE AND PROVIDE ACCESS TO GROWING, INNOVATION-MINDED CREDIT UNIONS DEDICATED TO THINKING FORWARD AND CHANGING LIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RESEARCH AND INNOVATION - FILENE RESEARCH INSTITUTE SEEKS OUT HIGH PRIORITY RESEARCH QUESTIONS FOR THE BENEFIT OF CONSUMERS AND THE COOPERATIVE FINANCE MOVEMENT. THE INSTITUTE REGULARLY PUBLISHES REPORTS ON ITS RESEARCH FINDINGS AND THE OUTPUTS TAKE MANY FORMS INCLUDING RESEARCH REPORTS, INFOGRAPHICS, AND SLIDE DECKS. FILENE PUBLISHED 32 RESEARCH AND INNOVATION REPORTS IN THE YEAR, AS WELL AS 28 OTHER RESEARCH AND INNOVATION OUTPUTS. ARTICLES SUMMARIZING THE RESEARCH ARE WIDELY DISTRIBUTED IN THE TRADE PRESS, SOCIAL MEDIA, GENERAL MEDIA AND IN PUBLICATIONS OF CREDIT UNION TRADE ORGANIZATIONS. THE ORGANIZATION ALSO REGULARLY SPEAKS ON ITS RESEARCH FINDINGS ACROSS NORTH AMERICA AS WELL AS PROVIDES RESEARCH INSIGHTS ON KEY CONSUMER FINANCE TOPICS AT INDUSTRY AND NONPROFIT CONFERENCES. FILENE'S INCUBATORS TAKE THE NEXT STEP IN INNOVATION BY TESTING PRODUCTS AND IDEAS TO HELP CREDIT UNIONS GROW AND MAKE A POSITIVE IMPACT ON THEIR MEMBERS AND COMMUNITIES. FILENE CURRENTLY HAS 4 INCUBATOR OFFERINGS AND TESTED 4 IN-MARKET PRODUCTS DURING THE PAST FISCAL YEAR.
OUTREACH AND EDUCATION - FILENE PROVIDES MEMBERS AND STRATEGIC PARTNERS OPPORTUNITIES TO ENGAGE WITH OUR BODY OF WORK THROUGH OUR EVENTS AND COMMUNITIES. THIS YEAR OVER 1,811 CREDIT UNION AFFILIATED INDIVIDUALS REGISTERED FOR ONE OF OUR 4 RESEARCH IN ACTION EVENTS. WE ALSO HAD OVER 3,995 REGISTER TO ATTEND ONE OF OUR 20 FILENE WEBINARS. OUR COMMUNITIES SUPPORTED 249 FUTURE LEADERS THROUGH THE COOPERATIVE TRUST, WHERE PARTICIPANTS CAN ATTEND AN IN-PERSON EVENT OR PARTICIPATE IN OUR LEARNING COMMUNITY CRASH COURSE. FILENE ALSO LAUNCHED I2 A NEW PROGRAM FOR EMERGING TALENT WITH AN INAUGURAL CLASS OF 14 PARTICIPANTS. IN ADDITION, OUR I3 PROGRAM WHICH PROVIDES INNOVATION TRAINING EXPANDED THE LEADERSHIP CAPACITY IN OVER 50 CREDIT UNIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
April Clobes Vice Chairperson | OfficerTrustee | 1 | $0 |
Ty Muse Treasurer | OfficerTrustee | 1 | $0 |
Keith Sultemeier Chairperson | OfficerTrustee | 1 | $0 |
Patsy Stewart Chief Finance & Operations Officer | Officer | 50 | $0 |
Jeremy Tollefson Dir Of Executive Relations / Secretary | Officer | 40 | $0 |
Mark Meyer President & Chief Executive Officer | Officer | 60 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cmfg Life Insurance Company Management And Administrative Services | 6/29/22 | $5,434,815 |
Andrea Espy Consulting Services | 6/29/22 | $141,491 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $2,396,500 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $500,711 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,596,151 |
| Noncash contributions included in lines 1a–1f | $10,859 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,493,362 |
| Total Program Service Revenue | $630,049 |
| Investment income | $56,440 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,466 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,184,489 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,523 |
| Fees for services: Accounting | $24,915 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $7,297 |
| Fees for services: Other | $5,975,492 |
| Advertising and promotion | $22,850 |
| Office expenses | $89,786 |
| Information technology | $479,946 |
| Royalties | $0 |
| Occupancy | $295,257 |
| Travel | $539,069 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $177,354 |
| Insurance | $15,212 |
| All other expenses | $16,591 |
| Total functional expenses | $7,646,292 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $32 |
| Savings and temporary cash investments | $4,529,722 |
| Pledges and grants receivable | $7,584,465 |
| Accounts receivable, net | $102,740 |
| 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 | $42,412 |
| Net Land, buildings, and equipment | $316,170 |
| Investments—publicly traded securities | $1,964,441 |
| Investments—other securities | $0 |
| Investments—program-related | $81,858 |
| Intangible assets | $0 |
| Other assets | $5,775 |
| Total assets | $14,627,615 |
| Accounts payable and accrued expenses | $1,425,886 |
| Grants payable | $0 |
| Deferred revenue | $60,823 |
| 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 | $55,472 |
| Total liabilities | $1,542,181 |
| Net assets without donor restrictions | $3,785,235 |
| Net assets with donor restrictions | $9,300,199 |
| 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 | $14,627,615 |
Grants Recieved
Over the last fiscal year, we have identified 9 grants that Filene Research Institute Inc has recieved totaling $384,511.
| Awarding Organization | Amount |
|---|---|
Target Foundation Minneapolis, MN PURPOSE: FINANCIAL SECURITY | $200,000 |
Defense Credit Union Council Inc Washington, DC PURPOSE: DONATION TO SUPPORT CENTER OF EXCELLENCE | $55,000 |
St Davids Foundation Austin, TX PURPOSE: HEALTH ACCESS GRANT | $50,000 |
Annie E Casey Foundation Baltimore, MD PURPOSE: SUPPORT FILENE RESEARCH INSTITUTE TO EXPLORE AND EXPAND ALTERNATIVE LENDING OPTIONS FOR CREDIT UNIONS | $25,000 |
Albuquerque Community Foundation Albuquerque, NM PURPOSE: ACF GRANT | $25,000 |
Con Alma Health Foundation Santa Fe, NM PURPOSE: HEALTHCARE | $12,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Filene Research Institute Inc Madison, WI | $14,627,615 | $8,184,489 |
American Association Of Individual Investors Chicago, IL | $3,907,493 | $7,934,060 |
Credit Unions Chartered In The State Of Michigan Grandville, MI | $56,189,015 | $3,931,995 |
Midwestern University Foundation Downers Grove, IL | $61,061,640 | $1,129,249 |
Iowa Independent Bankers Des Moines, IA | $1,000,484 | $761,605 |
Henry Strong Educational Foundation Po Box Chicago, IL | $14,214,951 | $483,093 |
Illinois Ventures For Community Action Springfield, IL | $7,084,723 | $38,041 |
Northwest Wisconsin Business Development Corporation Spooner, WI | $4,387,654 | $89,093 |
Honest Foundation Bloomfield Hills, MI | $89,766 | $110,496 |
Nebraska Medical Education Fund Inc Tabor, IA | $1,016,057 | $61,356 |
Michigan Cra Association Belleville, MI | $154,298 | $0 |