Winston-Salem Industries For The Blind Inc
- Assets
- $96.6m
- Revenue
- $36.3m
- Investments
- $0.0
- Employees
- 957
- Location
- Winstonsalem, NC
- Founding
- 03/1968
- Data as of
- 09/2021
- EIN
- 56-6001467
Organization Overview
Winston-Salem Industries For The Blind Inc, operating under the name Ifb Solutions, is located in Winstonsalem, NC. The organization was established in 1968. According to its NTEE Classification (J33) the organization is classified as: Sheltered Employment, under the broad grouping of Employment and related organizations. As of 09/2021, Ifb Solutions employed 957 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ifb Solutions 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 09/2021, Ifb Solutions generated $36.3m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.2%) each year. All expenses for the organization totaled $35.1m during the year ending 09/2021. As we would expect to see with falling revenues, expenses have declined by (0.7%) per year over the past 6 years. 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 TRAIN, EMPLOY AND SERVE VISUALLY-IMPAIRED INDIVIDUALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF A QUALIFIED ABILITYONE AGENCY THAT PROVIDES TRAINING, EMPLOYMENT AND SERVICES FOR THE BLIND AND VISUALLY-IMPAIRED. THROUGH THESE EFFORTS, WE SELL MERCHANDISE THAT IS PRODUCED BY OUR EMPLOYEES, MOST OF WHOM ARE BLIND OR VISUALLY-IMPAIRED. WE ALSO OPERATE STORES THAT SELL PRODUCTS MADE BY THE BLIND AND VISUALLY-IMPAIRED ALONG WITH OTHER MERCHANDISE. THE RESULTS OF THESE EFFORTS ARE THE EMPLOYMENT OF 468 INDIVIDUALS WHO ARE BLIND AND THE GENERATION OF 642,362 BLIND DIRECT LABOR HOURS AND 108,401 BLIND INDIRECT LABOR HOURS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Horton President / CEO | Officer | 40 | $508,292 |
Daniel Kelly Executive VP Of Strategy & Programs | Officer | 40 | $325,961 |
Robert Burgess Chief Financial Officer | Officer | 40 | $265,496 |
Silas Martin Chief Operating Officer | Officer | 40 | $262,469 |
David Hampton VP Of Human Resources | Officer | 40 | $238,973 |
Kenneth Edwards Chief Revenue Officer | Officer | 40 | $238,539 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Samtech Llc Purchase Of Materials | 9/29/21 | $11,121,289 |
84 Lumber Company Purchase Of Materials | 9/29/21 | $1,083,419 |
Beth Partners Llc Purchase Of Resell Items (Bsc) | 9/29/21 | $1,778,784 |
Michael Smith Cafe / Meal Services | 9/29/21 | $311,377 |
Schuyler Line Navigation Company Llc Freight Services | 9/29/21 | $353,575 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $135,322 |
| Related organizations | $0 |
| Government grants | $7,090,432 |
| All other contributions, gifts, grants, and similar amounts not included above | $996,150 |
| Noncash contributions included in lines 1a–1f | $8,775 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,221,904 |
| Total Program Service Revenue | $0 |
| Investment income | $11,486 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$24,244 |
| Net Income from Fundraising Events | -$40,289 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $28,089,311 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $36,296,744 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $199,525 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,830,492 |
| Compensation of current officers, directors, key employees. | $1,047,282 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,059,053 |
| Pension plan accruals and contributions | $780,536 |
| Other employee benefits | $8,355,783 |
| Payroll taxes | $1,602,594 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $445,215 |
| Fees for services: Accounting | $276,421 |
| Fees for services: Lobbying | $371,479 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $6,980 |
| Fees for services: Other | $2,679,758 |
| Advertising and promotion | $491,545 |
| Office expenses | $969,043 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $565,311 |
| Travel | $251,213 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $42,286 |
| Payments to affiliates | $3,992,235 |
| Depreciation, depletion, and amortization | $2,325,820 |
| Insurance | $0 |
| All other expenses | $856,884 |
| Total functional expenses | $35,102,173 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,845,189 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $117,120 |
| Accounts receivable, net | $30,726,692 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $30,790,305 |
| Prepaid expenses and deferred charges | $455,708 |
| Net Land, buildings, and equipment | $22,740,567 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $3,449,274 |
| Other assets | $6,496,296 |
| Total assets | $96,621,151 |
| Accounts payable and accrued expenses | $46,564,591 |
| 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 | $178,603 |
| Secured mortgages and notes payable | $7,173,155 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,921,212 |
| Total liabilities | $55,837,561 |
| Net assets without donor restrictions | $39,728,837 |
| Net assets with donor restrictions | $1,054,753 |
| 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 | $96,621,151 |
Grants Awarded
Over the last fiscal year, Winston-Salem Industries For The Blind Inc has awarded $10,017,514 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Winstonsalem, NC PURPOSE: TRANSFER OF RESERVE FUND INVESTMENTS TO SUPPORTING ORGANIZATION | $9,998,514 |
Pfafftown, NC PURPOSE: SUPPORT OF AN ENTITY THAT PROVIDES SERVICES TO THE BLIND | $19,000 |
Grants Recieved
Over the last fiscal year, we have identified 8 grants that Winston-Salem Industries For The Blind Inc has recieved totaling $177,910.
| Awarding Organization | Amount |
|---|---|
Winston-Salem Foundation Winstonsalem, NC PURPOSE: 21 GRANT(S) FOR VARYING PURPOSES | $69,400 |
National Industries For The Blind Alexandria, VA PURPOSE: PRODUCTIVITY, TRAINING AND COMPENSATION | $49,132 |
The Community Foundation Of Western North Carolina Inc Asheville, NC PURPOSE: ASSISTING PEOPLE IN NEED | $21,290 |
The Beck Trust New Orleans, LA PURPOSE: GENERAL SUPPORT | $19,578 |
Foundation For The Carolinas Charlotte, NC PURPOSE: CHARITABLE GIFT | $10,100 |
Schwab Charitable Fund San Francisco, CA PURPOSE: HUMAN SERVICES | $5,200 |
Endowment Analysis
| Beg. Balance | $383,966 |
| Earnings | $83,819 |
| Admin Expense | $4,178 |
| Ending Balance | $463,607 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Older Worker Career Center Inc Arlington, VA | $5,908,422 | $45,760,008 |
Winston-Salem Industries For The Blind Inc Winstonsalem, NC | $96,621,151 | $36,296,744 |
Haywood Vocational Opportunities Inc Hazelwood, NC | $19,964,107 | $20,245,549 |
Good Vocations Inc Macon, GA | $12,856,222 | $11,950,736 |
Coastal Enterprises Of Jacksonville Inc Jacksonville, NC | $28,700,774 | $9,959,201 |
Watauga Opportunities Inc Boone, NC | $6,174,593 | $4,894,434 |
Liberty Corner Enterprises Inc Asheville, NC | $1,499,174 | $4,141,112 |
Polk County Sheltered Workshop Inc Columbus, NC | $2,694,853 | $2,928,986 |
Rochelle Center Nashville, TN | $4,236,048 | $3,830,558 |
Union Diversified Industries Inc Monroe, NC | $2,733,673 | $2,447,061 |
Wayne Opportunity Center Inc Goldsboro, NC | $2,444,644 | $2,788,957 |
Shen-Paco Industries Inc Quicksburg, VA | $2,025,312 | $2,326,690 |