ILLINOIS MANUFACTURING EXCELLENCE … - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1996

Legal Domicile

Principal Officer

David Boulay

Phone

3096773765

Tax Period

2024-10-01 to 2025-09-30

ILLINOIS MANUFACTURING EXCELLENCE CENTER, founded in 1996, is a mid-sized nonprofit in the Human Services sector that reported $17.8M in total revenue in fiscal year 2024. Expenses of $16.6M left a modest 7% surplus.

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.

Program Service Accomplishments

Program 1

Expenses: $15,355,799 Revenue: $8,394,484

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.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $9,197,388

Program Service Revenue $8,394,484

Investment Income $215,945

Other Revenue $0

TOTAL REVENUE $17,807,817

Expense Breakdown

Grants Paid $6,239,770

Salaries & Benefits $1,092,245

Fundraising Expenses $0

Program Expenses $15,355,799

Other Expenses $9,243,947

TOTAL EXPENSES $16,575,962

Year-over-Year Comparison

	2024	2023	Change
Revenue	$17,807,817	$17,029,628	+0.0%
Expenses	$16,575,962	$16,748,628	0.0%
Net Income	$1,231,855	$281,000	+3.4%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✓ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

Key Employees

$360,050

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
David Boulay	President	40	Key Emp	$360,050	$0	$360,050
Marcia Ayala	Director	0.70	Director	$0	$0	$0
Robert Barnett	Director	0.7	Director	$0	$0	$0
David Carroll	Director	0.7	Director	$0	$0	$0
Pedro DeJesus	Director	0.7	Director	$0	$0	$0
David Fox	Director	0.7	Director	$0	$0	$0
Mike Loquercio	Director	0.7	Director	$0	$0	$0
Robert Herrmann	Director	0.7	Director	$0	$0	$0
Ashley Moy	Director	0.7	Director	$0	$0	$0
Caitlin Simhauser	Director	0.7	Director	$0	$0	$0
Jeff Taylor	Director	0.7	Director	$0	$0	$0
Craig Van den Avont	Past Chair	0.7	Director	$0	$0	$0
Karen Watson	Director	0.7	Director	$0	$0	$0
Jim Nelson	Director	0.7	Director	$0	$0	$0
Mauro Frangipani	Director	0.7	Director	$0	$0	$0
Michele Drew Rodriguez	Chair	0.7	Director	$0	$0	$0
Scott Rempala	Finance Committee Chair	0.7	Director	$0	$0	$0
Margy Sweeney	Governance Committee Chair	0.7	Director	$0	$0	$0
Alex Nadotichy	Director	0.7	Director	$0	$0	$0
Anthony Browning	Director	0.7	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$17,807,817	$16,575,962	$12,018,256	$1,231,855
2024	$17,029,628	$16,748,628	$11,459,263	$281,000
2023	$13,667,518	$12,819,960	$9,657,150	$847,558
2022	$12,151,075	$11,400,742	$8,493,504	$750,333
2021	$12,752,185	$12,473,956	$8,782,364	$278,229
2020	$12,762,253	$11,926,331	$8,280,173	$835,922

ILLINOIS MANUFACTURING EXCELLENCE CENTER