Idea Foundry
- Assets
- $2.1m
- Revenue
- $250.1k
- Investments
- $0.0
- Employees
- 4
- Location
- Pittsburgh, PA
- Founding
- 04/2002
- Data as of
- 12/2022
- EIN
- 04-3587471
Organization Overview
Idea Foundry is located in Pittsburgh, PA. The organization was established in 2002. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Idea Foundry employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Idea Foundry is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Idea Foundry generated $250.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (20.3%) each year. All expenses for the organization totaled $594.6k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO FOSTER INNOVATION, NEW COMPANY CREATION AND JOB GROWTH IN THE WESTERN PENNSYLVANIA AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO FOSTER INNOVATION, NEW COMPANY CREATION AND JOB GROWTH IN THE WESTERN PENNSYLVANIA AREA. THE ORGANIZATION WAS ESTABLISHED TO TRANSFORM TECHNOLOGY-BASED IDEAS INTO FUNDABLE START-UP COMPANIES THROUGH BUSINESS DEVELOPMENT PROGRAMS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard K Riederer Chairman Of The Board | Trustee | 10 | $0 |
James C Stalder Director | Trustee | 0 | $0 |
Patrick B Stewart Director & Secretary | OfficerTrustee | 0 | $0 |
Michael M Matesic Director & CEO | OfficerTrustee | 50 | $220,000 |
Richard Danforth Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $96,706 |
| All other contributions, gifts, grants, and similar amounts not included above | $26,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $122,706 |
| Total Program Service Revenue | $94,549 |
| Investment income | $14,875 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $18,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $250,130 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $238,529 |
| Compensation of current officers, directors, key employees. | $71,559 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $133,958 |
| Pension plan accruals and contributions | $4,019 |
| Other employee benefits | $13,725 |
| Payroll taxes | $24,447 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,208 |
| Fees for services: Accounting | $12,123 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $4,050 |
| Office expenses | $7,997 |
| Information technology | $820 |
| Royalties | $0 |
| Occupancy | $20,268 |
| Travel | $3,623 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,618 |
| All other expenses | $150 |
| Total functional expenses | $594,583 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $244,553 |
| Savings and temporary cash investments | $866,325 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $481,957 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,290 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $548,379 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,143,504 |
| Accounts payable and accrued expenses | $103,662 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $103,662 |
| Net assets without donor restrictions | $2,039,842 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,143,504 |