International Food And Beverage Technology Association Technology Association
- Assets
- $113.4k
- Revenue
- $332.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Potomac, MD
- Founding
- Data as of
- 12/2021
- EIN
- 47-2240906
Organization Overview
International Food And Beverage Technology Association Technology Association is located in Potomac, MD. International Food And Beverage Technology Association Technology Association 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 12/2021, International Food And Beverage Technology Association Technology Association generated $332.8k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 15.8% each year . All expenses for the organization totaled $424.9k during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE TECHNOLOGY USAGE IN THE GLOBAL FOOD AND BEVERAGE INDUSTRIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE THE USE OF TECHNOLOGY WITHIN THE GLOBAL FOOD AND BEVERAGE INDUSTRIES WITH A SPECIFIC FOCUS ON EDUCATION, NETWORKING, CERTIFICATION, STANDARDS, RESEARCH AND EVENTS, WHILE ALIGNING WITH OTHER INDUSTRY ASSOCIATIONS AND GROUPS IN SUPPORT OF THEIR TECHNOLOGY RELATED INITIATIVES. ALSO, TO FURTHER THE COMMON BUSINESS INTERESTS OF THE INFORMATION TECHNOLOGY INDUSTRY BY PROMOTING THE UTILIZATION OF TECHNOLOGY WITHIN ALL SEGMENTS OF THE GLOBAL FOOD AND BEVERAGE INDUSTRY, INCLUDING RESTAURANT/FOOD SERVICE, HOSPITALITY/LODGING, GAMING, ON-SITE, BEER/WINE/SPIRITS RETAILING, C-STORES, CATERING, TRAVEL AND OTHER RELATED SEGMENTS OF THE FOOD AND BEVERAGE INDUSTRY.
THE ORGANIZATION HAS CHAPTERS THAT HOST QUARTERLY MEETINGS FOR NETWORKING AND EDUCATION. THE CHAPTERS PARTICIPATE IN MAJOR INDUSTRY EVENTS, AND SUPPORTS OTHER INDUSTRY ORGANIZATIONS TO PROVIDE CONTENT AND EXPERTISE IN AREAS WHERE TECHNOLOGY SUPPORTS THEIR MEMBERSHIP AND EFFORTS. THE KEY AREAS OF FOCUS ARE: NETWORKING, STANDARDS, ADVOCACY, RESEARCH, COMMUNICATIONS, CERTIFICATION, EDUCATION AND INNOVATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Director | Trustee | 0.8 | $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 | $332,811 |
| Investment income | $0 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $332,811 |
| 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. | $100,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $52,220 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $40,451 |
| Payroll taxes | $6,818 |
| Fees for services: Management | $98,400 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $20,000 |
| Advertising and promotion | $1,206 |
| Office expenses | $6,396 |
| Information technology | $6,499 |
| Royalties | $11,037 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $174 |
| Insurance | $0 |
| All other expenses | $35,731 |
| Total functional expenses | $424,930 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,426 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $104,500 |
| 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 | $0 |
| Net Land, buildings, and equipment | $520 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $113,446 |
| Accounts payable and accrued expenses | $2,500 |
| 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 | $578,772 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $581,272 |
| Net assets without donor restrictions | -$467,826 |
| 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 | $113,446 |
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