Illinois Manufacturing Excellence Center

Nonprofit profile at a glance

EIN
371368934
IRS 990 coverage
2019–2024
Forms available
Form 990 2024
Location
Peoria, IL, USA
Phone
3096773765
Rating
83
Verdict
STRONG
Rating confidence
Moderate
Sector
Human Service Organizations

Official website

Reported finances

Revenue
$17,807,817
Expenses
$16,575,962
Assets
$12,018,256
Liabilities
$3,118,153

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

20 people listed

Executive titles in this filing

  • David Boulay (President)

Highest reported compensation

  • David Boulay (President): $360,050 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To foster the long-term economic and workforce competitiveness of the state and nation by stimulating innovation and the development of new practices, products, services, and production practices and to operate exclusively for educational and charitable purposes.

What it reported doing in 2024

The Illinois Manufacturing Excellence Center (IMEC) is a not-for-profit organization dedicated to providing technical, management and financial assistance as well as consulting and training service to manufacturing and technology-related firms, and to related industries that impact such enterprises. Activities during the period include service to 3709 smaller manufacturers involving 772 technical assistance projects, 479 other informal assistance engagements, and dissemination of information to over 10,000 smaller manufacturers and manufacturing-related enterprises.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Hybrid. The nonprofit split its reported program spending across 59% for direct work, and 41% for grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Total assets are small relative to annual expenses; liquid coverage is unknown and some filed totals do not add up.

Rating breakdown

  • Financial Efficiency: 79
  • Transparency & Controls: 79
  • Accountability: 100
  • Sustainability: 50
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 86.4%; rating input score 86
  • Program expense ratio: 92.6%; rating input score 93
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 6.9%; rating input score 60; 60th percentile among comparable filings
  • Total-asset coverage ratio: 0.73; rating input score 25; 25th percentile among comparable filings
  • Liabilities to assets ratio: 0.26; rating input score 51; 51st percentile among comparable filings
  • Officer compensation ratio: 2.2%; rating input score 75; 75th percentile among comparable filings

Growth

  • Program expense growth: 8.3% per year; rating input score 100; 63rd percentile among comparable filings
  • Revenue growth: 7.9% per year; rating input score 100; 64th percentile among comparable filings
  • Asset growth: 8.1% per year; rating input score 100; 56th percentile among comparable filings

Details

  • Where the money goes: 86.4% of revenue deployed · 92.6% of spending went to programs
  • Governance: 16 of 16 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $15.4M in reported program spending
  • Leadership: top reported pay $360K · 20 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $2.7M reported
  • Consistency: 44 of 45 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 6 filing years from 2019 to 2024
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • Related organizations: 4 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Sustainability: Total-asset coverage ratio scored 25/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Sustainability: Liabilities to assets ratio scored 51/100.