Innovation Works Inc
- Assets
- $49.0m
- Revenue
- $24.1m
- Investments
- $0.0
- Employees
- 34
- Location
- Pittsburgh, PA
- Founding
- 08/1989
- Data as of
- 06/2022
- EIN
- 25-1588611
Organization Overview
Innovation Works Inc is located in Pittsburgh, PA. The organization was established in 1989. According to its NTEE Classification (U40) the organization is classified as: Engineering & Technology, under the broad grouping of Science & Technology and related organizations. As of 06/2022, Innovation Works Inc employed 34 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Innovation Works 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 06/2022, Innovation Works Inc generated $24.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.4% each year. All expenses for the organization totaled $11.0m during the year ending 06/2022. While expenses have increased by 1.7% per year over the past 7 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.
Since 2015, Innovation Works Inc has awarded 53 individual grants totaling $2,036,192. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
INNOVATION WORKS' MISSION IS TO INCREASE THE SUCCESS RATE OF THE REGION'S TECHNOLOGY AND TECHNOLOGY ADOPTING COMPANIES THROUGH DIRECT INVESTMENT, BUSINESS ASSISTANCE, AND INFRASTRUCTURE DEVELOPMENT. UNDERLYING IW'S MISSION IS THE BELIEF THAT INNOVATION IS A KEY ENGINE OF GROWTH FOR THE SOUTHWESTERN PENNSYLVANIA REGION. ACTIVITIES UNDERTAKEN BY INNOVATION WORKS IN PURSUIT OF THIS MISSION HAVE RESULTED IN SIGNIFICANT COMMUNITY DEVELOPMENT BENEFITS, INCLUDING CREATION OF JOBS, ATTRACTION OF INVESTMENT, AND INCREASED COMPETITIVE ADVANTAGE FOR COMPANIES LOCATED IN SOUTHWESTERN PENNSYLVANIA.
Describe the Organization's Program Activity:
SEE SCHEDULE O
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ms Catherine Mott Board Chair | Trustee | 2.5 | $0 |
Mr Rob A Rutenbar Board Member | Trustee | 0.75 | $0 |
Mr Juan Garrett Board Member | Trustee | 0.75 | $0 |
Dr Steven Reis Board Member | Trustee | 0.75 | $0 |
Ms Rebecca Doerge Board Member | Trustee | 0.75 | $0 |
Mr Joe Ferrara Board Member | Trustee | 0.75 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Venture 2 Consulting | 6/29/20 | $166,900 |
Buchanan Ingersoll & Rooney Pc Legal | 6/29/20 | $135,287 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,801,144 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,789,329 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,590,473 |
| Total Program Service Revenue | $18,000,352 |
| Investment income | $528,037 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$46,133 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,072,729 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $101,727 |
| 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. | $1,924,300 |
| Compensation of current officers, directors, key employees. | $645,770 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,281,492 |
| Pension plan accruals and contributions | $504,696 |
| Other employee benefits | $217,939 |
| Payroll taxes | $225,436 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $271,974 |
| Fees for services: Accounting | $37,338 |
| Fees for services: Lobbying | $42,009 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $67,077 |
| Fees for services: Other | $185,726 |
| Advertising and promotion | $21,150 |
| Office expenses | $81,124 |
| Information technology | $188,470 |
| Royalties | $0 |
| Occupancy | $517,947 |
| Travel | $23,072 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $12,108 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $31,440 |
| Insurance | $52,284 |
| All other expenses | $218,600 |
| Total functional expenses | $10,978,543 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $177 |
| Savings and temporary cash investments | $20,554,779 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $745,092 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $74,611 |
| Net Land, buildings, and equipment | $96,921 |
| Investments—publicly traded securities | $21,546,429 |
| Investments—other securities | $0 |
| Investments—program-related | $5,927,267 |
| Intangible assets | $0 |
| Other assets | $53,394 |
| Total assets | $48,998,670 |
| Accounts payable and accrued expenses | $1,412,698 |
| Grants payable | $0 |
| Deferred revenue | $1,636,348 |
| 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 | $80,621 |
| Total liabilities | $3,129,667 |
| Net assets without donor restrictions | $45,458,574 |
| Net assets with donor restrictions | $410,429 |
| 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 | $48,998,670 |
Grants Awarded
Over the last fiscal year, Innovation Works Inc has awarded $46,393 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
ESTAT ACTUATION INC PURPOSE: INNOVATION ADOPTION PROGRAM ($3,893), INTERN PROGRAM ($2,500) | $6,393 |
RAVEN INDUSTRIES INC PURPOSE: INNOVATION ADOPTION PROGRAM ($15,000) | $15,000 |
CARNEGIE MELLON UNIVERSITY PURPOSE: UNIVERSITY INNOVATION GRANT ($25,000) | $25,000 |