Forging Industry Educational and Research Foundation

Analysis

Forging Industry Educational and Research Foundation is a registered charity in United States, based in Independence, OH. It received its IRS tax-exemption ruling in September 1964, 62 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending May 2023, Forging Industry Educational and Research Foundation reported income of $544k and spending of $421k, leaving 23% of income unspent that year. Across the 5 years on record, from May 2019 to May 2023, income grew from $474k to $544k (+15%), an average of +3.5% a year. The sharpest change came in the year to May 2022, when income rose by 201%. Over the whole period it spent 70% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Forging Industry Educational and Research Foundation sits at the 68th percentile: it is larger than about 68% of them. Against every charity in United States with reported income it ranks in the 71st percentile, and in the 72nd percentile within OH. Charities of a similar size with the same main cause include Oloc Inc ($543k), Putnam County Community Improvement Corporation ($544k) and Northern Bedrock Conservation Corps ($543k).

On its Form 990 for the period ending May 2023, revenue came from contributions and grants 62% and program service revenue 19% of the total. At year end it held assets of $3.2m against liabilities of $118k, net assets of $3.0m.