Civic Intelligence

Friction Materials Standards Institute Inc

990 • Fiscal year 2022 • EIN 13-1606491

Jan 01, 2022 to Dec 31, 2022 • Filed on May 15, 2023

Organization ProfileWWW.FMSI.ORG

Refreshing map…

3069 University Drive 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

61st percentile

0.23x

Higher debt load relative to assets than 61% of similar nonprofits.

2022 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

76th percentile

0.43x

Higher debt load relative to revenue than 76% of similar nonprofits.

2022 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2022

Net Margin

14th percentile

-11%

Higher net margin than 14% of similar nonprofits.

2022 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

26th percentile

$0

Higher top officer pay than 26% of similar nonprofits.

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

2022 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2022

Asset Growth

58th percentile

4.8%

Faster asset growth than 58% of similar nonprofits.

2022 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

54th percentile

10%

Faster revenue growth than 54% of similar nonprofits.

2022 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets61st percentile

Assets

Up

$1,084,032

Up $49,416 (+4.8%) from 2021

Net Assets

Down

$833,601

Down $78,174 (-8.6%) from 2021

Liabilities

Up

$250,431

Up $127,590 (+104%) from 2021

Revenue And Expenses
Liabilities / Revenue76th percentileNet Margin14th percentile

Revenue

Up

$575,953

Up $54,111 (+10%) from 2021

Expenses

Up

$637,598

Up $39,831 (+6.7%) from 2021

Net Income

Up

-$61,645

Up $14,280 (+19%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth58th 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

2022

Assets$1,084,032
Liabilities$250,431
Net Assets$833,601
Open 2022 Filing

Operations Trend

Revenue Growth54th 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

2022

Revenue$575,953
Expenses$637,598
Net Income-$61,645
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
May 15, 2023
Return Version
2022v5.0
Gross Receipts
$587,965
Mission and Program Overview

Mission

NONE

Gathers information for manufacturers of automotive friction materials.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$465,402$573,445▲ $108,043
Investments in Publicly Traded Securities$240,321$128,190▼ $112,131
Accounts Receivable$14,175$81,782▲ $67,607
Cash and Non-Interest-Bearing Accounts$129,003$77,676▼ $51,327
Land, Buildings, and Equipment, Net$107,965$71,295▼ $36,670
Prepaid Expenses and Deferred Charges$74,125$59,098▼ $15,027
Total Assets$1,034,616$1,084,032▲ $49,416
Other Assets Total$3,625$92,546▲ $88,921
Liabilities
Accounts Payable and Accrued Expenses$85,516$102,175▲ $16,659
Deferred Revenue$37,325$74,272▲ $36,947
Other Liabilities$0$73,984▲ $73,984
Total Liabilities$122,841$250,431▲ $127,590
Net Assets / Fund Balance
Net Assets With Donor Restrictions$425,155$417,263▼ $7,892
Net Assets Without Donor Restrictions$486,620$416,338▼ $70,282
Total Net Assets Fund Balance$911,775$833,601▼ $78,174
Total Liabilities and Net Assets / Fund Balance$1,034,616$1,084,032▲ $49,416

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$71,295$56,352$127,647
Other Assets Org$3,625--
Compensation and Service Providers
Top Officer Pay26th percentile

Board Members and Trustees

NameTitle
Bill MurrayDirector/chairman
Frank OlivetoDirector/president
Skip CarrollDirector/second Vice Chair
Mark PhippsDirector/vice Chairman
Greg VyletelDirector
Jason LangDirector
Kelisson De AzevedoDirector
Mark LavelleDirector
William CarneyDirector/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$477,286
Program Service Revenue
$0
Investment Income
$29,837
Other Revenue
$68,830
Change in Net Assets
$-61,645

Audited Revenue Reconciliation

Revenue per Audited Statements
$0
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$0
Total Revenue per Form 990
$0
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$463,706
Salaries, Compensation, and Employee Benefits$173,892
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages-$154,279-$154,279
Conferences and Meetings$153,745--$153,745
All Other Expenses$17,434$25,345-$42,779
Occupancy-$36,012-$36,012
Fees for Services Legal$10,340$24,991-$35,331
Depreciation Depletion-$30,325-$30,325
Fees for Services Accounting-$20,430-$20,430
Payroll Taxes-$13,442-$13,442
Insurance-$12,508-$12,508
Travel-$10,119-$10,119
Other Expenses$20,250$7,824-$7,824
Pension Plan Contributions-$6,171-$6,171
Office Expenses-$2,495-$2,495
Interest-$1,157-$1,157
Total Functional Expenses$271,125$366,473$0$637,598

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$637,598
Total Expenses per Audited Statements$637,598
Total Expenses per Form 990$637,598
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease Liability Long Term$46,019
Operating Lease Liability Short Term$27,965
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
No
Business relationship with 35% controlled entity
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 210, AUBURN HILLS, MI 48326

Signing Officer

Name
Frank Oliveto
Title
President
Phone
2032458425
Signed
2023-05-15
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
2
Volunteers
0

Preparer

Firm
Bailey Scarano LLC
Address
1224 MAIN STREET, BRANFORD, CT 06405
Preparer
Dominic Scarano Jr CPA
Phone
2034811120
Raw XML Appendix389 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/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0465402
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0573445
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/EquipmentGrp/BookValueAmt071295
IRS990ScheduleD/EquipmentGrp/DepreciationAmt056352
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0127647
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0637598
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt016194
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt172727
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt23625
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0MISCELLANEOUS RECEIVABLE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1RIGHT OF USE ASSET
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2RENT DEPOSIT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt027965
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt146019
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0OPERATING LEASE LIABILITY SHORT TERM
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1OPERATING LEASE LIABILITY LONG TERM
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt00
IRS990ScheduleD/TotalBookValueLandBuildingsAmt071295
IRS990ScheduleD/TotalBookValueOtherAssetsAmt092546
IRS990ScheduleD/TotalExpensesPerForm990Amt0637598
IRS990ScheduleD/TotalLiabilityAmt073984
IRS990ScheduleD/TotalRevenuePerForm990Amt00
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt00
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0637598
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A COPY OF THE 990 IS GIVEN TO THE PRESIDENT OF THE ORGANIZATION FOR REVIEW BEFORE FILING. HE WILL EXAMINE IT FOR ANY DISCREPANCIES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ALL DOCUMENTS ARE AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0MI
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt01034616
IRS990/TotalAssetsEOYAmt01084032
IRS990/TotalAssetsGrp/BOYAmt01034616
IRS990/TotalAssetsGrp/EOYAmt01084032
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0477286
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0366473
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0271125
IRS990/TotalFunctionalExpensesGrp/TotalAmt0637598
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0122841
IRS990/TotalLiabilitiesEOYAmt0250431
IRS990/TotalLiabilitiesGrp/BOYAmt0122841
IRS990/TotalLiabilitiesGrp/EOYAmt0250431
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0911775
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0833601
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0271125
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt011849
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt086818
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0575953
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01034616
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01084032
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt010119
IRS990/TravelGrp/TotalAmt010119
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
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/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0FRANK OLIVETO
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02032458425
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-05-15
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 210
ReturnHeader/Filer/USAddress/CityNm0AUBURN HILLS
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MI
ReturnHeader/Filer/USAddress/ZIPCd048326
ReturnHeader/IRSResponsiblePrtyInfoCurrInd00
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/PreparationDt02023-05-15
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0DOMINIC SCARANO JR CPA
ReturnHeader/ReturnTs02023-05-15T14:27:21-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0FRANK
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0OLIVETO
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,084,032
Liabilities
$250,431
Net assets
$833,601
Revenue
$575,953
Expenses
$637,598
Net income
-$61,645
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
2022Detailed filing. Detailed filing data is available for this year.$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
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$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