Civic Intelligence

Friction Materials Standards Institute Inc

990 • Fiscal year 2018 • EIN 13-1606491

Jan 01, 2018 to Dec 31, 2018 • Filed on Aug 12, 2019

Organization ProfileWWW.FMSI.ORG

View Organization Page

3069 University Drive No 210Auburn Hills, MI 48326

(203) 245-8425

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

52nd percentile

0.08x

Higher debt load relative to assets than 52% of similar nonprofits.

2018 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2018

Liabilities / Revenue

64th percentile

0.15x

Higher debt load relative to revenue than 64% of similar nonprofits.

2018 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2018

Net Margin

14th percentile

-9.8%

Higher net margin than 14% of similar nonprofits.

2018 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2018

Top Officer Pay

42nd percentile

$0

Higher top officer pay than 42% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2018 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2018

Asset Growth

10th percentile

-17%

Faster asset growth than 10% of similar nonprofits.

2018 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2017 to 2018

Revenue Growth

80th percentile

17%

Faster revenue growth than 80% of similar nonprofits.

2018 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets52nd percentile

Assets

Down

$904,319

Down $190,614 (-17%) from 2017

Net Assets

Down

$830,294

Down $110,222 (-12%) from 2017

Liabilities

Down

$74,025

Down $80,392 (-52%) from 2017

Revenue And Expenses
Liabilities / Revenue64th percentileNet Margin14th percentile

Revenue

Up

$498,779

Up $70,818 (+17%) from 2017

Expenses

Up

$547,774

Up $105,933 (+24%) from 2017

Net Income

Down

-$48,995

Down $35,115 (-253%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth10th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.5M$1.0M$500K$0Assets 2010: $570,218Liabilities 2010: $73,243Net Assets 2010: $496,9752010Assets 2011: $660,850Liabilities 2011: $70,283Net Assets 2011: $590,5672011Assets 2012: $727,096Liabilities 2012: $71,420Net Assets 2012: $655,6762012Assets 2013: $750,794Liabilities 2013: $72,631Net Assets 2013: $678,1632013Assets 2014: $837,133Liabilities 2014: $74,559Net Assets 2014: $762,5742014Assets 2015: $938,382Liabilities 2015: $76,592Net Assets 2015: $861,7902015Assets 2016: $1,063,585Liabilities 2016: $90,192Net Assets 2016: $973,3932016Assets 2017: $1,094,933Liabilities 2017: $154,417Net Assets 2017: $940,5162017Assets 2018: $904,319Liabilities 2018: $74,025Net Assets 2018: $830,2942018Assets 2019: $919,986Liabilities 2019: $85,404Net Assets 2019: $834,5822019Assets 2020: $1,110,032Liabilities 2020: $110,227Net Assets 2020: $999,8052020Assets 2021: $1,034,616Liabilities 2021: $122,841Net Assets 2021: $911,7752021Assets 2022: $1,084,032Liabilities 2022: $250,431Net Assets 2022: $833,6012022Assets 2023: $946,936Liabilities 2023: $200,853Net Assets 2023: $746,0832023Assets 2024: $929,226Liabilities 2024: $216,145Net Assets 2024: $713,0812024

Highlighted filing

2018

Assets$904,319
Liabilities$74,025
Net Assets$830,294
Open 2018 Filing

Operations Trend

Revenue Growth80th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.0M$500K$0-$500KExpenses 2010: $275,8752010Expenses 2011: $317,0842011Expenses 2012: $306,6832012Revenue 2013: $344,666Expenses 2013: $320,503Net Income 2013: $24,1632013Revenue 2014: $377,976Expenses 2014: $290,932Net Income 2014: $87,0442014Revenue 2015: $400,343Expenses 2015: $299,826Net Income 2015: $100,5172015Revenue 2016: $473,611Expenses 2016: $365,331Net Income 2016: $108,2802016Revenue 2017: $427,961Expenses 2017: $441,841Net Income 2017: -$13,8802017Revenue 2018: $498,779Expenses 2018: $547,774Net Income 2018: -$48,9952018Revenue 2019: $508,598Expenses 2019: $513,474Net Income 2019: -$4,8762019Revenue 2020: $658,515Expenses 2020: $501,146Net Income 2020: $157,3692020Revenue 2021: $521,842Expenses 2021: $597,767Net Income 2021: -$75,9252021Revenue 2022: $575,953Expenses 2022: $637,598Net Income 2022: -$61,6452022Revenue 2023: $618,367Expenses 2023: $705,043Net Income 2023: -$86,6762023Revenue 2024: $738,661Expenses 2024: $771,049Net Income 2024: -$32,3882024

Highlighted filing

2018

Revenue$498,779
Expenses$547,774
Net Income-$48,995
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Aug 12, 2019
Return Version
2018v3.1
Gross Receipts
$498,779
Mission and Program Overview

Mission

NONE

Gathers information for manufacturers of automotive friction materials.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$580,378$496,182▼ $84,196
Savings and Temporary Cash Investments$232,259$173,161▼ $59,098
Cash and Non-Interest-Bearing Accounts$4,187$132,903▲ $128,716
Land, Buildings, and Equipment, Net$0$66,432▲ $66,432
Accounts Receivable$138,472$19,947▼ $118,525
Prepaid Expenses and Deferred Charges$7,971$12,069▲ $4,098
Total Assets$963,267$904,319▼ $58,948
Other Assets Total-$3,625-
Liabilities
Accounts Payable and Accrued Expenses$75,922$69,925▼ $5,997
Deferred Revenue-$4,100-
Total Liabilities$75,922$74,025▼ $1,897
Net Assets / Fund Balance
Temporarily Rstr Net Assets$486,844$451,047▼ $35,797
Unrestricted Net Assets$400,501$379,247▼ $21,254
Total Net Assets Fund Balance$887,345$830,294▼ $57,051
Total Liabilities and Net Assets / Fund Balance$963,267$904,319▼ $58,948

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$66,432$13,750$80,182
Compensation and Service Providers
Top Officer Pay42nd percentile

Board Members and Trustees

NameTitle
Frank OlivetoDirector/president
William CarneyDirector/vice Chairman
Bill MurrayDirector
Jerry ForystekDirector
Kirby PruittDirector
Mark PhippsDirector
Steve BirdDirector
Walter BritlandDirector
Rick JamiesonDirector/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$450,997
Program Service Revenue
$0
Investment Income
$14,651
Other Revenue
$33,131
Change in Net Assets
$-48,995

Audited Revenue Reconciliation

Revenue per Audited Statements
$498,779
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-8,056
Total Revenue per Audited Statements
$490,723
Total Revenue per Form 990
$498,779
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$472,127
Salaries, Compensation, and Employee Benefits$75,647
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Legal---$164,978
Other Salaries and Wages---$70,224
Conferences and Meetings---$62,740
All Other Expenses---$35,225
Occupancy---$23,100
Fees for Services Accounting---$20,534
Depreciation Depletion---$13,750
Travel---$10,270
Other Expenses---$9,450
Payroll Taxes---$5,423
Insurance---$3,853
Office Expenses---$2,732
Total Functional Expenses$0$0$0$547,774

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$547,774
Total Expenses per Audited Statements$547,774
Total Expenses per Form 990$547,774
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“A copy of the 990 is given to the president of the organization for review before filing. He will examine it for any discrepancies.”

Form 990, Part VI, Section C, Line 19

“All documents are available upon request”

Filing and Contact Details

Filer

Filer Name
Friction Materials Standards Institute
EIN
13-1606491
Phone
2032458425
Address
3069 UNIVERSITY DRIVE NO 210, AUBURN HILLS, MI 48326

Signing Officer

Name
Frank Oliveto
Title
President
Phone
2032458425
Signed
2019-08-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Frank Oliveto
Formed
1948
Legal Domicile
Mi
Voting Board Members
9
Independent Board Members
9
Employees
1
Volunteers
0

Preparer

Firm
Bailey Scarano LLC
Address
1224 MAIN STREET, BRANFORD, CT 06405
Preparer
Dominic Scarano Jr CPA
Phone
2034811120
Raw XML Appendix341 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0887345
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0830294
IRS990/TotalOtherCompensationAmt00
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt014651
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt033131
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0498779
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0963267
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0904319
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt010270
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0400501
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0379247
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt03069 UNIVERSITY DRIVE SUITE 210
IRS990/USAddress/CityNm0AUBURN HILLS
IRS990/USAddress/StateAbbreviationCd0MI
IRS990/USAddress/ZIPCd048326
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0WWW.FMSI.ORG
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02020-03-31 21:24:44Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0FRANK OLIVETO
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02032458425
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-08-12
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FRICTION MATERIALS STANDARDS INSTITUTE
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0INC
ReturnHeader/Filer/BusinessNameControlTxt0FRIC
ReturnHeader/Filer/EIN0131606491
ReturnHeader/Filer/PhoneNum02032458425
ReturnHeader/Filer/USAddress/AddressLine1Txt03069 UNIVERSITY DRIVE NO 210
ReturnHeader/Filer/USAddress/CityNm0AUBURN HILLS
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MI
ReturnHeader/Filer/USAddress/ZIPCd048326
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0DA39A3EE5E6B4B0D3255BFEF95601890AFD80709
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0222E18038DF0D43BAAFE770F501DAE6F6DD2ED52
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt074.93.19.201
ReturnHeader/FilingSecurityInformation/IPDt02019-08-12
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0ED
ReturnHeader/FilingSecurityInformation/IPTm007:39:58
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0272562250
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BAILEY SCARANO LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01224 MAIN STREET
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BRANFORD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0CT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd006405
ReturnHeader/PreparerPersonGrp/PhoneNum02034811120
ReturnHeader/PreparerPersonGrp/PreparationDt02019-08-12
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0DOMINIC SCARANO JR CPA
ReturnHeader/ReturnTs02019-11-15T15:40:27-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-01-01
ReturnHeader/TaxPeriodEndDt02018-12-31
ReturnHeader/TaxYr02018

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$904,319
Liabilities
$74,025
Net assets
$830,294
Revenue
$498,779
Expenses
$547,774
Net income
-$48,995
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.93$0.22$0.71$0.74$0.77$0.03
2023Detailed filing. Detailed filing data is available for this year.$0.95$0.20$0.75$0.62$0.71$0.09
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.08$0.25$0.83$0.58$0.64$0.06
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.03$0.12$0.91$0.52$0.60$0.08
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.11$0.11$1.00$0.66$0.50$0.16
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.92$0.09$0.83$0.51$0.51$0.00
2018Detailed filing. Detailed filing data is available for this year.$0.90$0.07$0.83$0.50$0.55$0.05
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.09$0.15$0.94$0.43$0.44$0.01
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.06$0.09$0.97$0.47$0.37$0.11
2015Detailed filing. Detailed filing data is available for this year.$0.94$0.08$0.86$0.40$0.30$0.10
2014Detailed filing. Detailed filing data is available for this year.$0.84$0.07$0.76$0.38$0.29$0.09
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.75$0.07$0.68$0.34$0.32$0.02
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.73$0.07$0.66$0.31
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.66$0.07$0.59$0.32
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.57$0.07$0.50$0.28