2024-02-17T13:40:39-07:00 2023-12-31 990 2023-01-01 821137996 YPO Gold EuroChapter Inc YPOG 4129791441 431 Maple Ave Pittsburgh PA 15218 Mark Gitomer Treasurer 4129791441 2024-02-17 Mark Gitomer 999009999 1 1 11 1 AAL2 2023 2023-04-26 12:10:37Z Mark Gitomer 431 Maple Ave Pittsburgh PA 15218 570490 0 7096 X www.ypo.org X 2017 PA To provide an association for international executives who have mutual interests. To develop, promote, and exchange experiences, ideas, and business practices for the purpose of improving executive performance, assisting community development and services. 7 7 0 0 0 0 0 0 29953 565786 0 4704 0 0 29953 570490 0 0 0 0 0 0 0 0 0 -31332 547101 -31332 547101 61285 23389 335145 465541 168668 275675 166477 189866 To provide an association for international executives who have mutual interests. To develop, promote, and exchange experiences, ideas, and business practices for the purpose of improving executive performance. To develop more efficient and effective business practices for the benefit of customers, employees, shareholders, communities, and the industries served. To visit and engage with community leaders around the world to discuss issues and problems. To gain understanding of local characteristics and offer ideas and solutions from experiences of business and community leaders in the more than 20 countries represented. To assist in economic development of areas visited by meeting locals and sharing ideas. 0 0 111351 -3947 The Chapter's May program was in Sweden with a focus on recycling, circularity, sustainability, and climate effects. The first presentation was at Sweden's largest waste management facility just outside of Stockholm and given by Lars Linden, the CEO of the facility. With his masters in physics, bachelors in economics and an MBA, Lars was able to present the realities of what they have found to be realizable as well as what challenges remain. Sweden is quite far ahead of the US in addressing these matters. His company has constructed a gargantuan recycling facility which attempts to recover all elements of value from both residential and industrial waste. The facility is not merely a garbage dump but rather a state of the art recycling and recovery business. Next was Anders Kihl who is head of strategy, research, and development. Anders described the company's efforts to process mining refuse to both render it safer for disposal as well as to recover some valuable elements from mine waste. The next day's speakers dealt with Sweden's exposed position between NATO and Russia. Mikael Odenberg, a member of the Swedish parliament for 16 years depicted clearly the "unfortunate" necessity of Sweden's desired NATO membership, after having tried to steer a course of neutrality between East and West. Russia's aggression is what necessitated it with Russian submarines routinely making deliberate incursions in the Swedish archipelago and even into Stockholm harbor. The NATO membership, which had been stalled by Turkey and Poland is finally being realized. The next speaker was Diamant Salihu, a journalist at the Swedish Public Service Television. He discussed how previously very homogenous and enviably peaceful Sweden had become subject to severe gang violence from immigrant groups. Assimilation which had never an issue but has become a very serious one, diminishing safety and life quality in most of the major Swedish cities. A very spirited discussion ensued with members from Chicago, San Francisco, London, and Paris sharing their cities' problems and attempted solutions. Finally, there was exposure to Swedish culture and arts by way of a presentation and discussion with M.A.P. Music, a group which spawned some of the members of ABBA. Other time was spent seeing Old Stockholm and one of the King's palaces, a tour led by the sister of the King who is a member of the Chapter. Finally, the group moved on to Gotland for a day and a half to experience another side of Sweden. Please note that nearly all of the Swedish program revenue was collected prior to Covid and retained as deposits. The actual net event revenue for fiscal 2023 was -3,947 representing refunds for members' cancellations. Actual total event revenue was $142,725 while expenses totaled $123,806 for a net revenue of $18,919. 198325 194654 The year's second event was held in Italy with fewer attendees than normal since it had been organized quite late in the calendar. The Global Investment Forum was very interesting as three focus areas were presented and discussed. First, crypto currency was discussed at a time when the valuations were quite low (having since recovered and more). As usual, some ascribed value to the tokens while others thought them worthless. Next was a presentation on European real estate which like in the US, was in a state of flux. And, finally, the ballooning sovereign debts were considered, being a looming issue in nearly every one of the 13 countries represented in the meeting, ranging from Romania to Panama. Confusion reigned. The primary focus of the main program was what Italy does well. That meant food, drink, and other luxury items. The highlight of the first day was a presentation by a member of the Ferragamo family, describing the business and family challenges encountered in three generations. It included a visit to their headquarters manufacturing facility and then to one of their flagship stores. While the price of luxury goods seems elevated, the business often struggles to be profitable like a lot of others. Being in Florence, visits were organized to the Duomo terraces and museum, Santa Maria del Fiore Cathedral, Medici, and Uffizi Gallery. All were attended by tourism professionals who shared their stories of struggling through Covid and the subsequent slow return of tourists. Next, the group moved on to Bologna to focus on the design and production of very high end luxury products including visits to and presentations by the Ferrari and Pagani automobile factories, Parmesan cheese manufacturing co-ops, and Balsamic vinegar production shops. Lastly was a visit to the home of Luciano Pavarotti and presentations by the staff. All noted that Italy is indeed different from most other economies with the focus on luxury items. Including prior year's fee deposits, cancellations, and expenses, total Italy event revenue was $176,958 while expenses were $198,326 for a negative net revenue of -$21,368. 82408 0 329991 Attendance deposits were collected in 2023 for the two 2024 events. These totaled $141,222 for the forthcoming US event and $188,769 for the 2024 UK event. Expenses incurred to date for the two events were $79,237 for the US event and $3,171 for the UK event. As the accrual accounting method is utilized, the net amount of deposits in excess of expenses is offset by a deferred program expense. Events are budgeted at a breakeven until all revenue and expense is collected or incurred. 0 0 0 392084 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 X 0 0 1 0 0 1 BE 0 0 1 0 0 0 0 X 7 7 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 1 0 0 0 X X Mark Gitomer 4129791441 431 Maple Ave Pittsburgh PA 15218 Erik Sellberg Membership Engagement Officer 1 0 X X 0 0 0 Willem Kok Chapter Membership Officer 2 0 X X 0 0 0 Mike Saltman Chapter Chair 4 0 X X 0 0 0 Giles Clarke Education Chair 2 0 X X 0 0 0 Michael Chesser Forum Chair 1 0 X X 0 0 0 Mark Gitomer Treasurer 2 X X 0 0 0 Anthony Vidergauz Assistant Learning Officer 2 0 X X 0 0 0 0 0 0 0 0 0 0 0 0 Program Service Fees 813910 48174 48174 0 0 SF LV Program Fees 813910 141222 141222 0 0 UK Program Fees 813910 188769 188769 0 0 Event Cancellation Refunds 813910 -3883 -3883 0 0 Italy Program Fees 813910 191504 191504 0 0 0 0 0 0 565786 4704 4704 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 570490 570490 0 0 X 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 41145 0 41145 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6467 5012 1455 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 387072 387072 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net Deferred Program Expense 106236 0 106236 0 Bank Fees 1144 0 1144 0 EUR TO USD Exchange Rate Differential 5037 0 5037 0 547101 392084 155017 0 X 332006 224258 202275 0 3139 39008 0 0 0 0 0 0 0 0 0 0 335145 465541 0 0 168668 275675 0 0 0 0 0 168668 275675 X 166477 189866 0 0 166477 189866 335145 465541 X 23389 0 0 0 0 0 X 0 0 0 0 1 0 Schedule C, Part I-A, Line 2 There are no political campaign activity expenditures. Schedule C, Part I-A, Line 3 There are no volunteer hours undertaken by members under the auspices of the Chapter. Schedule C, Part I-C, Line 1 No amounts were expended for by the Chapter for section 527 exempt function activities. Schedule C, Part III-A, Line 2 The Chapter does not engage in any lobbying and has no lobbying expenditures. No funds were contributed to other organizations. Europe (including Iceland and Greenland) 0 0 Program Services The Chapter is comprised of mostly European members. Most program service events are held in Europe. There are no employees of the Chapter other than independent contractors and local agencies which may be used from time to time to assist with events. The below 2023 expenditures were for the program service events in Sweden ($109,549) and Italy ($195,116) as well as Administrative Expenses ($41,145) and Office Expenses ($6,467). In addition, $3,171 was prepaid for a 2024 event to be held in the United Kingdom. 352277 0 0 352277 0 0 0 0 0 0 Schedule F, Part I, Line 1 No grants are made. Schedule F, Part I, Line 2 No grants or other forms of assistance are made. Schedule F, Part I, Line 3 The Chapter's membership is primarily from European countries. Most program service events are held in Europe. The Chapter has no employees. Independent contractors are used from time to time to assist with events. Member networking and Program Service events were held in Sweden and Italy. Form 990, Header, Line A The YPO Gold Euro Chapter is a separate corporation from the Young President's Organization Inc. (12-1770417) but is included in its 501c6 blanket exemption number 7096. In April 2017, the Chapter was incorporated in Pennsylvania after previously having been domiciled in Sweden. Most of the Chapter members are European and most of the Chapter events are held in Europe. The Chapter accounts are primarily denominated in Euros since Program Service Fees and Event Fees are collected in the form of Euros. Euro funds are either deposited at the Wise Europe SA Bank in Brussels, Belgium or converted to USD and deposited at PNC Bank NA in Pittsburgh. At year end, all accounts are revalued in USD as per IRS regulation which results in currency gains or losses which are reflected in the Profit and Loss Statement. Form 990, Part V, Line 4a Since most of the Chapter members and events are in Europe, a Euro account is maintained with Wise, an internet wire transfer platform with its associated commercial bank located in Brussels, Belgium. Form 990, Part V, Line 6b There are no solicitations of contributions. All revenue is either Program Service Fees or Event Fees. Form 990, Part VI, Section A, Line 8b There are no committees with authority to act on behalf of the governing body. All decisions are made and directed by the Board. Minutes of each Board meeting are written up and distributed to the Board and any other interested party. Form 990, Part VI, Section B, Line 11b A draft of Form 990 and required schedules are prepared and reviewed by the Treasurer of the Chapter. Upon completion of this review, a complete copy of Form 990 and related Schedules is provided to each member of teh Board in advance of filing with the Internal Revenue Service. Form 990, Part VI, Section B, Line 12c At the end of every fiscal (calendar) year, when the new Board s constituted, a questionnaire is provided to each Board member which must be completed to identify any conflicts with the organization. If a conflict is noted, the individual Board member shall not vote or use his / her personal influence on the matter which gives rise to the conflict. Form 990, Part VI, Section C, Line 18 The Chapter makes its governance documents, financial statements, and conflict of interest policy available to the public upon request. It is also available on the Internal Revenue Service website. Form 990, Part VI, Section C, Line 19 The Chapter makes its governance documents, financial statements, and conflict of interest policy available o the public upon request. It is also available on the Internal Revenue Service website. Form 990, Part IX, Line 11a A part time Chapter administrator, living in Berlin, Germany, provides services to the Chapter on a contract basis. Due to a maternity leave, an additional part time administrator living in Amsterdam, Netherlands was a temporary replacement in 2023. Form 990, Part IX, Line 24a - 24d Since the Chapter invoices event participants approximately one year in advance, the fees collected are not recorded as income but rather are recognized as deferred revenue. A corresponding deferred program expense is recorded. Depending upon the balance at the end of the year, this amount is adjusted to actual at the end of the fiscal year and offset by any prepaid future program expenses. Members are permitted to cancel attendance and request fee refunds in varying amounts depending upon the closeness to the date of the event. This can create negative program fee amounts per event, within a fiscal year. Form 990, Part X, Line 19 Deferred revenue is generated when Event Fees and Program Service Fees are collected in years prior to the date of the event or activity. It is customary for the Chapter to invoice attending members 12 to 15 months prior to the event. Form 990, Part XI, Line 9 There were no significant changes in net assets or fund balances in 2023. The effect of the change in the Euro to USD exchange rate is indicated in Part IX, Line 24.