The Training Source Inc
- Assets
- $3.0m
- Revenue
- $770.3k
- Investments
- $0.0
- Employees
- 9
- Location
- Seat Pleasant, MD
- Founding
- 06/1994
- Data as of
- 12/2021
- EIN
- 52-1843341
Organization Overview
The Training Source Inc is located in Seat Pleasant, MD. The organization was established in 1994. According to its NTEE Classification (J22) the organization is classified as: Job Training, under the broad grouping of Employment and related organizations. As of 12/2021, Training Source Inc employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Training Source 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 12/2021, Training Source Inc generated $770.3k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.8%) each year. All expenses for the organization totaled $620.6k 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
PROVIDE EDUCATION, TRAINING & SERVICES THAT PROMOTE POSITIVE ECONOMIC MOBILITY. OUR PROGRAMS & SERVICES IN THE MARYLAND AND WASHINGTON, DC AREA ASSIST LOW-TO-MODERATE INCOME YOUTH & ADULTS & INCLUDE WORKFORCE TRAINING, COLLEGE & CAREER PLANNING,COMMUNITY & EMPLOYER SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OFFICE & PROFESSIONAL SKILLS TRAINING WITH JOB PLACEMENT ASSISTANCE AND FOLLOW-UP SERVICES; SUMMER YOUTH JOB READINESS TRAINING; YOUTH LEADERSHIP PROGRAM; SNAP APPLICATION ASSISTANCE, FREE PROFESSIONAL CLOTHING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Evelyn Kim Rhim Executive Director | Officer | 40 | $125,530 |
Heather Deacon Secretary | OfficerTrustee | 2 | $0 |
Perry Foreman Chair | OfficerTrustee | 2 | $0 |
Michael Russell Treasurer | OfficerTrustee | 2 | $0 |
Carolyn Fleming-Williams Vice-Chair | OfficerTrustee | 2 | $0 |
Gabriel Parker Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $1,195 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $509,036 |
| All other contributions, gifts, grants, and similar amounts not included above | $184,446 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $694,677 |
| Total Program Service Revenue | $28,296 |
| Investment income | $37,594 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $9,759 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $770,326 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $9,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $144,553 |
| Compensation of current officers, directors, key employees. | $21,683 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $233,426 |
| Pension plan accruals and contributions | $4,413 |
| Other employee benefits | $10,821 |
| Payroll taxes | $30,734 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $34,005 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $37,680 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $11,200 |
| Advertising and promotion | $1,775 |
| Office expenses | $10,144 |
| Information technology | $10,916 |
| Royalties | $0 |
| Occupancy | $24,409 |
| Travel | $6,108 |
| 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 | $26,426 |
| Insurance | $8,314 |
| All other expenses | $0 |
| Total functional expenses | $620,619 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $291,912 |
| Savings and temporary cash investments | $1,467,255 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $373,942 |
| 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 | $10,136 |
| Net Land, buildings, and equipment | $282,721 |
| Investments—publicly traded securities | $598,776 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,024,742 |
| Accounts payable and accrued expenses | $194,166 |
| 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 | $0 |
| Total liabilities | $194,166 |
| Net assets without donor restrictions | $2,748,076 |
| Net assets with donor restrictions | $82,500 |
| 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 | $3,024,742 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that The Training Source Inc has recieved totaling $135,426.
| Awarding Organization | Amount |
|---|---|
Morris And Gwendolyn Cafritz Foundation Washington, DC PURPOSE: COMMUNITY SERVICE | $35,000 |
Venture Philanthropy Partners Inc Washington, DC PURPOSE: FUND INITIATIVES | $25,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $25,000 |
Greater Washington Community Foundation Washington, DC PURPOSE: GENERAL SUPPORT | $20,000 |
William S Abell Foundation Inc Chevy Chase, MD PURPOSE: INTELLECTUAL DISABILTIIES GRANT | $20,000 |
Network For Good Inc Washington, DC PURPOSE: UNRESTRICTED | $10,298 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Home Builders Institute Washington, DC | $13,142,245 | $43,277,759 |
National Electrical Contractors Association Inc Washington, DC | $44,117,861 | $37,605,708 |
Electrical Training Alliance Bowie, MD | $46,161,520 | $37,934,095 |
International Union Of Operating Engineers National Training Fund Washington, DC | $30,318,039 | $21,521,073 |
Electrical Local No 26 Joint Apprenticeship & Training Tr Fund Lanham, MD | $29,794,692 | $14,296,333 |
Nueva Esperanza Philadelphia, PA | $22,032,264 | $12,218,705 |
Mm&p Maritime Advancement Training Ed & Safety Program Linthicum Heights, MD | $12,191,670 | $4,959,385 |
Baltimore Corps Inc Baltimore, MD | $9,476,399 | $10,474,967 |
Eastern Atlantic States Carpenters Technical College Philadelphia, PA | $14,328,660 | $6,924,336 |
Heating Piping & Refrigeration Training Fund Landover, MD | $40,125,047 | $11,368,274 |
Northeastern Joint Apprenticeship And Training Trust Fund Douglassville, PA | $22,903,103 | $9,711,696 |
Kml Carpenters Apprenticeship And Training Fund Pittsburgh, PA | $21,491,518 | $8,157,568 |