Idea Foundry
- Assets
- $2.5m
- Revenue
- $591.0k
- Investments
- $0.0
- Employees
- 4
- Location
- Pittsburgh, PA
- Founding
- 04/2002
- Data as of
- 12/2021
- 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 12/2021, 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 12/2021, Idea Foundry generated $591.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (12.8%) each year. All expenses for the organization totaled $975.7k during the year ending 12/2021. 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
2021
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 |
|---|---|---|---|
Michael M Matesic Director & CEO | OfficerTrustee | 50 | $220,000 |
Patrick B Stewart Director & Secretary | OfficerTrustee | 0 | $0 |
Richard K Riederer Chairman Of The Board | Trustee | 10 | $0 |
James C Stalder Director | Trustee | 0 | $0 |
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 | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $480,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $480,000 |
| Total Program Service Revenue | $52,283 |
| Investment income | $30,388 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $28,324 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $590,995 |
| 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. | $237,625 |
| Compensation of current officers, directors, key employees. | $71,288 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $120,000 |
| Pension plan accruals and contributions | $3,600 |
| Other employee benefits | $9,851 |
| Payroll taxes | $23,033 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,204 |
| Fees for services: Accounting | $11,284 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $849 |
| Office expenses | $4,193 |
| Information technology | $690 |
| Royalties | $0 |
| Occupancy | $27,710 |
| Travel | $3,367 |
| 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 | $3,577 |
| All other expenses | $250 |
| Total functional expenses | $975,668 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $341,349 |
| Savings and temporary cash investments | $1,054,370 |
| 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 | $540,996 |
| 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 | $583,379 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,522,384 |
| Accounts payable and accrued expenses | $103,089 |
| 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 | $103,089 |
| Net assets without donor restrictions | $2,419,295 |
| 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 | $2,522,384 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Idea Foundry has recieved totaling $388,000.
| Awarding Organization | Amount |
|---|---|
Founders Pledge Inc New York, NY PURPOSE: GENERAL SUPPORT OF PO-SHEN LOH'S WORK ON NOVID PLATFORM AND FOR EXPII, INC. (EXPII@IDEAFOUNDRY) | $247,000 |
Centre For Effective Altruism Usa Inc San Francisco, CA PURPOSE: Long-term future fund | $100,000 |
Silicon Valley Community Foundation Mountain View, CA PURPOSE: Community Development | $41,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Marshall University Research Corporation Huntington, WV | $66,297,155 | $55,595,334 |
Pidc-Developement Management Corporation Philadelphia, PA | $0 | $30,722,052 |
Calvert Impact Capital Inc Bethesda, MD | $679,643,317 | $23,234,500 |
Delaware River Waterfront Corporation Philadelphia, PA | $26,551,411 | $24,883,136 |
T R W I B Inc Pittsburgh, PA | $14,392,055 | $22,959,509 |
Wright Brothers Institute Inc Dayton, OH | $23,307,656 | $22,085,089 |
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Insitech Inc Warren, NJ | $450,270 | $14,466,949 |
The Convention And Visitors Bureau Of Greater Cleveland Inc Cleveland, OH | $25,296,918 | $17,425,666 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Columbus Downtown Development Corporation Columbus, OH | $118,710,723 | $12,117,471 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |