Civic Intelligence

MID-West Fastener Association

990 • Fiscal year 2021 • EIN 36-3035148

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 04, 2022

Organization ProfileWWW.MWFA.NET
PO Box 5Lake Zurich, IL 60047

(847) 438-8338

Siviq Scores

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

Liabilities / Assets

63rd percentile

0.04x

Higher debt load relative to assets than 63% of similar nonprofits.

2021 filings • 501(c)6 • <$500k nonprofits • Source year 2021

Liabilities / Revenue

67th percentile

0.06x

Higher debt load relative to revenue than 67% of similar nonprofits.

2021 filings • 501(c)6 • <$500k nonprofits • Source year 2021

Net Margin

57th percentile

13%

Higher net margin than 57% of similar nonprofits.

2021 filings • 501(c)6 • <$500k nonprofits • Source year 2021

Top Officer Pay

94th percentile

$83,000

Higher top officer pay than 94% of similar nonprofits.

Top officer pay equals 30.1% of source-year revenue.

2021 filings • 501(c)6 • <$500k nonprofits • Source year 2021

Asset Growth

45th percentile

4.5%

Faster asset growth than 45% of similar nonprofits.

2021 filings • 501(c)6 • <$500k nonprofits • Annualized from 2020 to 2021

Revenue Growth

93rd percentile

143%

Faster revenue growth than 93% of similar nonprofits.

2021 filings • 501(c)6 • <$500k nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets63rd percentile

Assets

Up

$455,114

Up $19,512 (+4.5%) from 2020

Net Assets

Up

$437,685

Up $34,645 (+8.6%) from 2020

Liabilities

Down

$17,429

Down $15,133 (-46%) from 2020

Revenue And Expenses
Liabilities / Revenue67th percentileNet Margin57th percentile

Revenue

Up

$275,349

Up $161,833 (+143%) from 2020

Expenses

Up

$240,704

Up $71,539 (+42%) from 2020

Net Income

Up

$34,645

Up $90,294 (+162%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth45th percentile

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

$600K$400K$200K$0Assets 2020: $435,602Liabilities 2020: $32,562Net Assets 2020: $403,0402020Assets 2021: $455,114Liabilities 2021: $17,429Net Assets 2021: $437,6852021Assets 2022: $516,879Liabilities 2022: $0Net Assets 2022: $516,8792022Assets 2023: $495,868Liabilities 2023: $0Net Assets 2023: $495,8682023Assets 2024: $472,825Liabilities 2024: $2,707Net Assets 2024: $470,1182024

Highlighted filing

2021

Assets$455,114
Liabilities$17,429
Net Assets$437,685
Open 2021 Filing

Operations Trend

Revenue Growth93rd percentile

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

$400K$200K$0-$200KRevenue 2020: $113,516Expenses 2020: $169,165Net Income 2020: -$55,6492020Revenue 2021: $275,349Expenses 2021: $240,704Net Income 2021: $34,6452021Revenue 2022: $325,385Expenses 2022: $246,191Net Income 2022: $79,1942022Revenue 2023: $361,273Expenses 2023: $393,748Net Income 2023: -$32,4752023Revenue 2024: $349,294Expenses 2024: $355,843Net Income 2024: -$6,5492024

Highlighted filing

2021

Revenue$275,349
Expenses$240,704
Net Income$34,645
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 4, 2022
Return Version
2021v4.2
Gross Receipts
$305,918
Mission and Program Overview

Mission

The mid-west fastener association's (mwfa) purpose is to serve and promote the fastener industry and the ever changing needs of its membership. Specifically, the mwfa is dedicated to representing all segments of the industry; manufacturers, distributors, importers and suppliers to the industry.

Trade service organization for fastener industry in the midwest area

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$403,040$437,685▲ $34,645
Investments in Publicly Traded Securities$377,020$378,606▲ $1,586
Cash and Non-Interest-Bearing Accounts$49,239$76,508▲ $27,269
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$435,605$455,114▲ $19,509
Other Assets Total$9,346$0▼ $9,346
Liabilities
Other Liabilities$16,650$17,650▲ $1,000
Deferred Revenue$15,915$-221▼ $16,136
Total Liabilities$32,565$17,429▼ $15,136
Net Assets / Fund Balance
Total Net Assets Fund Balance$403,040$437,685▲ $34,645
Total Liabilities and Net Assets / Fund Balance$435,605$455,114▲ $19,509
Compensation and Service Providers
Top Officer Pay94th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Nancy RichExecutive DirectorPT$83,000$83,000

Board Members and Trustees

NameTitle
George HuntPresident
Matt DelawderVice President
Jake DavisSecretary
Bob BaerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$241,753
Investment Income
$0
Other Revenue
$33,596
Change in Net Assets
$34,645
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$151,225
Salaries, Compensation, and Employee Benefits$89,479
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$83,000
All Other Expenses---$25,693
Other Expenses---$9,493
Payroll Taxes---$6,479
Office Expenses---$4,537
Fees for Services Accounting---$1,789
Total Functional Expenses$0$0$0$240,704
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$44,685
Fundraising Direct Expenses$30,569
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
In-house lobbying only
Yes
Subject to proxy tax
Yes
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Fasterner Tech$17,650
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“The organization does have members”

Form 990, Part VI, Section A, Line 7A

“The members do elect fellow members to represent them on the board”

Form 990, Part VI, Section A, Line 7B

“Changes to the bylaws require approval by two thirds of the members present at the meeting.”

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

“Form 990 is prepared by an outside cpa, reviewed by the executive director, then given to a board member for further review.”

Form 990, Part VI, Section B, Line 12C

“On an annual basis, conlict of interest policy statements are signed by officers and directors which are then periodically reviewed by the board.”

Form 990, Part VI, Section B, Line 15A

“The executive committee of the board of directors reviews comparability data in determining the executive directors annual salary.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Mid-west Fastener Association
EIN
36-3035148
Phone
8474388338
Address
PO BOX 5, LAKE ZURICH, IL 60047

Signing Officer

Name
Nancy Rich
Title
Executive Director
Phone
8474388338
Signed
2022-11-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Nancy Rich
Formed
1946
Legal Domicile
Il
Voting Board Members
9
Independent Board Members
9
Employees
0
Volunteers
0

Preparer

Firm
Dennis Saviano CPA Pc
Address
787 NORTH INDUSTRIAL DRIVE, ELMHURST, IL 60126-1130
Preparer
Dennis Saviano
Phone
8478701040
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 24E

“Insurance 8,578. Service charge 5,453. Phone 2,958. Internet/website 2,260. Membership expense 2,255. Education expense 1,908. Board expense 1,781. Donations 500.”

Raw XML Appendix325 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/MissionDesc0THE MID-WEST FASTENER ASSOCIATION'S (MWFA) PURPOSE IS TO SERVE AND PROMOTE THE FASTENER INDUSTRY AND THE EVER CHANGING NEEDS OF ITS MEMBERSHIP. SPECIFICALLY, THE MWFA IS DEDICATED TO REPRESENTING ALL SEGMENTS OF THE INDUSTRY; MANUFACTURERS, DISTRIBUTORS, IMPORTERS AND SUPPLIERS TO THE INDUSTRY.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION DOES HAVE MEMBERS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE MEMBERS DO ELECT FELLOW MEMBERS TO REPRESENT THEM ON THE BOARD
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2CHANGES TO THE BYLAWS REQUIRE APPROVAL BY TWO THIRDS OF THE MEMBERS PRESENT AT THE MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3FORM 990 IS PREPARED BY AN OUTSIDE CPA, REVIEWED BY THE EXECUTIVE DIRECTOR, THEN GIVEN TO A BOARD MEMBER FOR FURTHER REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4ON AN ANNUAL BASIS, CONLICT OF INTEREST POLICY STATEMENTS ARE SIGNED BY OFFICERS AND DIRECTORS WHICH ARE THEN PERIODICALLY REVIEWED BY THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS COMPARABILITY DATA IN DETERMINING THE EXECUTIVE DIRECTORS ANNUAL SALARY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7INSURANCE 8,578. SERVICE CHARGE 5,453. PHONE 2,958. INTERNET/WEBSITE 2,260. MEMBERSHIP EXPENSE 2,255. EDUCATION EXPENSE 1,908. BOARD EXPENSE 1,781. DONATIONS 500.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART IX, LINE 24E
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IRS990/WebsiteAddressTxt0WWW.MWFA.NET
IRS990/WhistleblowerPolicyInd01
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ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd03
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0NANCY RICH
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum08474388338
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-11-04
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ReturnHeader/Filer/BusinessNameControlTxt0MID-
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ReturnHeader/ReturnTs02022-11-04T08:47:13-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0NANCY
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ReturnHeader/TaxPeriodBeginDt02021-01-01
ReturnHeader/TaxPeriodEndDt02021-12-31
ReturnHeader/TaxYr02021

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$455,114
Liabilities
$17,429
Net assets
$437,685
Revenue
$275,349
Expenses
$240,704
Net income
$34,645
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.73$0.03$4.70$3.49$3.56$0.07
2023Detailed filing. Detailed filing data is available for this year.$4.96$0.00$4.96$3.61$3.94$0.32
2022Detailed filing. Detailed filing data is available for this year.$5.17$0.00$5.17$3.25$2.46$0.79
2021Detailed filing. Detailed filing data is available for this year.$4.55$0.17$4.38$2.75$2.41$0.35
2020Detailed filing. Detailed filing data is available for this year.$4.36$0.33$4.03$1.14$1.69$0.56