Innovative Concepts Inc
- Assets
- $51.9k
- Revenue
- $754.0k
- Investments
- $0.0
- Employees
- 20
- Location
- Silver Spring, MD
- Founding
- 06/2008
- Data as of
- 12/2022
- EIN
- 06-1816677
Organization Overview
Innovative Concepts Inc is located in Silver Spring, MD. The organization was established in 2008. According to its NTEE Classification (J22) the organization is classified as: Job Training, under the broad grouping of Employment and related organizations. As of 12/2022, Innovative Concepts Inc employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Innovative Concepts Inc 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, Innovative Concepts Inc generated $754.0k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.7% each year. All expenses for the organization totaled $654.7k during the year ending 12/2022. While expenses have increased by 2.7% per year over the past 8 years. They've been increasing with an increasing level of total revenue. 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
INNOVATIVE CONCEPTS, INC. PROVIDES RESIDENTIAL SERVICES TO INDIVIDUALS WITH INTELLECTUAL AND DEVELOPMENTAL DISSABILITIES. ITS SERVICES CONSIST OF BASIC HOUSING FACILITIES, VOCATIONAL AND MENTORSHIP PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INNOVATIVE CONCEPTS, INC, PROVIDED SERVICES FOR RESIDENTS OF THE DISTRICT OF COLUMBIA WITH DEVELOPMENTAL DISABILITES, INCLUDING BASIC HOUSING FACILITIES, VOCATIONAL AND MENTORSHIP PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Slaughter President | OfficerTrustee | 20 | $57,082 |
Kevin Moates Vice Preside | Trustee | 12 | $0 |
Anthony Gilmer Secretary | OfficerTrustee | 12 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $753,983 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $753,983 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $753,983 |
| 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. | $57,082 |
| Compensation of current officers, directors, key employees. | $5,708 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $342,039 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $36,510 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,279 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $66,120 |
| Advertising and promotion | $0 |
| Office expenses | $13,526 |
| Information technology | $16,250 |
| Royalties | $0 |
| Occupancy | $50,850 |
| Travel | $10,385 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $43 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,708 |
| Insurance | $15,369 |
| All other expenses | $31,493 |
| Total functional expenses | $654,654 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $25,358 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $15,396 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $6,038 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,154 |
| Total assets | $51,946 |
| Accounts payable and accrued expenses | $2,578 |
| 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 | $2,578 |
| Net assets without donor restrictions | $49,368 |
| 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 | $51,946 |