United States Cutting Tool Institute

Nonprofit profile at a glance

EIN
341568258
IRS 990 coverage
2018–2024
Forms available
Form 990 2024
Location
Cleveland, OH, USA
Phone
2162417333
Rating confidence
Limited

Official website

Reported finances

Revenue
$606,822
Expenses
$549,696
Assets
$1,057,448
Liabilities
$119,752

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

Leadership & pay

12 people listed

Executive titles in this filing

  • STEVE BOYER (PRESIDENT)
  • JEFF MAJOR (IMMEDIATE PAST PRESIDENT)
  • MIKE STOKEY (SENIOR VICE PRESIDENT)
  • BRENT WILLIAMS (VICE PRESIDENT)

People named in this filing

  • PETER BARTOS (DIRECTOR)
  • STEVE BOYER (PRESIDENT)
  • JEFF CEDERSTROM (DIRECTOR)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

To promote, enhance, and expand participation by all u.s. Cutting tool manufacturers and to obtain the advantages associated with establishing a joint and concentrated industry effort designed to promote quality products, safety and environmental awareness.

What it reported doing in 2024

Meetings: meetings provide united states cutting tool institute member company executives with an opportunity to share ideas and information with other senior level executives. The two national meetings held each year include panel discussions and speakers covering timely business issues such as, manufacturing and machining trends, market forecasting, trademarks and patents, the internet, e-commerce, and environmental regulations. These meetings help fulfill at least two of the main purposes of the institute which are; "to sponsor educational and informational programs of benefit to its members", and "to secure the benefits to be derived from friendly communication among, and exchange of information by its members for their own welfare". A separate registration fee is charged to those (continued on sch o) members who attend meetings in order to offset meeting costs. Sponsorship fees also help defer meeting costs.

Operating model

Revenue model
Membership-supported. 61% of the money available for current operations came from membership dues.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 93
  • Accountability: 82
  • Sustainability: 61
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 9.4%; rating input score 60; 60th percentile among comparable filings
  • Total-asset coverage ratio: 1.92; rating input score 63; 63rd percentile among comparable filings
  • Liabilities to assets ratio: 0.11; rating input score 41; 41st percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 0.3% per year; rating input score 100; 16th percentile among comparable filings
  • Asset growth: 5.5% per year; rating input score 100; 41st percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 12 of 12 board members independent · 4 of 7 filing controls reported
  • Programs: 4 filed program accomplishments
  • Leadership: top reported pay $0 · 12 people listed
  • Highest-paid contractors: 1 contractor listed · $304K reported
  • Consistency: 13 of 13 current checks pass
  • Schedules: 4 filed schedules · includes grants
  • Filing history: 7 filing years from 2018 to 2024
  • Contacts: How to reach this organization
  • 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.

  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • Moderate — Sustainability: Liabilities to assets ratio scored 41/100.