Since 1940, the Hobart Institute of Welding Technology has operated as a nonprofit charitable organization, meaning that all profits go directly back into the school aiding its students rather than into dividends for stakeholders.  This has been a well-kept secret, but not intentionally.  Most people assumed the school was purchased by ITW along with the Hobart Brothers Company back in 1996, but it was not.  As a result, the school’s independence has brought to light a number of opportunities that have never surfaced previously.

Operating as a 501(c)3 nonprofit organization makes the Hobart Institute a candidate for charitable contributions, that is a tax deductible gift of money or in-kind items.  With the new tax bill proposed by President Bush, it appears that even those individuals who do not itemize tax returns can deduct between $250-$500 for standardized tax deductions and these dollars could be directed to the school.

“When you think of the good we do for youth, developing their skills to create contributing, tax-paying individuals with high paying jobs, the importance of these donations is significant,” according to Phil Pratt, President.  “We have taken some people from welfare to $40,000 per year jobs.”  The fact that over 70% of the students are on financial aid also supports the need for more donations.  Pratt mentioned, “As our expenses continue to rise, we have had to pass it on in the form of tuition increases.  Donations would slow down this process.”

As you and/or your company consider charitable contributions this year, we hope you would add the Hobart Institute of Welding Technology to your list.