Innovation Works Inc
- Assets
- $31.6m
- Revenue
- $8.0m
- Investments
- $0.0
- Employees
- 32
- Location
- Pittsburgh, PA
- Founding
- 08/1989
- Data as of
- 06/2020
- 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 06/2021, Innovation Works Inc employed 32 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 06/2020, Innovation Works Inc generated $8.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (7.6%) each year. All expenses for the organization totaled $10.5m during the year ending 06/2020. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Innovation Works Inc has awarded 63 individual grants totaling $2,307,091. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
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:
Part 3 - Line 4a
SEE SCHEDULE O
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mr Richard R Lunak President & CEO | Officer | 40 | $427,935 |
Mr Jim Jen VP & COO | Officer | 40 | $256,520 |
Mr Gary Glausser Vp, Treasurer, & Cio | Officer | 40 | $247,571 |
Mr Louis Miller Jr Managing Director Of Life Sciences | 40 | $221,235 | |
Mr Jeffery Mcdaniel Portfolio Executive | 40 | $190,715 | |
Mr Robert Starzynski Director Of Business Development | 40 | $181,507 |
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 |
Buchanan Ingersoll & Rooney Pc Legal | 6/29/20 | $135,287 |
Venture 2 Consulting | 6/29/20 | $166,900 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,831,337 |
| Investment income | $658,510 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$274,269 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,003,735 |
| Statement of Expenses | |
|---|---|
| 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. | $1,121,305 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,729,200 |
| Pension plan accruals and contributions | $462,061 |
| Other employee benefits | $336,757 |
| Payroll taxes | $199,888 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $153,020 |
| Fees for services: Accounting | $33,574 |
| Fees for services: Lobbying | $40,298 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $48,125 |
| Fees for services: Other | $551,796 |
| Advertising and promotion | $40,603 |
| Office expenses | $110,660 |
| Information technology | $97,876 |
| Royalties | $0 |
| Occupancy | $412,622 |
| Travel | $44,695 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $14,154 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $79,557 |
| Insurance | $41,946 |
| All other expenses | $0 |
| Total functional expenses | $10,531,596 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $500 |
| Savings and temporary cash investments | $7,019,411 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $601,708 |
| 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 | $85,252 |
| Investments—publicly traded securities | $16,695,076 |
| Investments—other securities | $0 |
| Investments—program-related | $6,978,625 |
| Intangible assets | $0 |
| Other assets | $53,394 |
| Total assets | $31,593,952 |
| Accounts payable and accrued expenses | $982,716 |
| Grants payable | $0 |
| Deferred revenue | $3,383,336 |
| 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 | $101,766 |
| Total liabilities | $4,467,818 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $27,126,134 |
Grants Awarded
Over the last fiscal year, Innovation Works Inc has awarded $121,278 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
PATHWAY ACCESSIBILITY SOLUTIONS INC DBA PATHVU PURPOSE: SCALEABLE MANUFACTURING GRANT ($25,000), INTERN PROGRAM ($2,420) | $27,420 |
PIMIOS LLC PURPOSE: INNOVATION ADOPTION PROGRAM ($15,000), INTERN PROGRAM ($2,125) | $17,125 |
STERILE VISION INC PURPOSE: EMERGING TECHNOLOGY ASSISTANCE PROGRAM | $15,000 |
D SQUARED PLANT TRAPS LLC PURPOSE: SCALEABLE MANUFACTURING GRANT | $15,000 |
BANSEN LABS LLC PURPOSE: SCALEABLE MANUFACTURING GRANT | $13,092 |
LEADERS OF CHANGE LLC PURPOSE: EMERGING TECHNOLOGY ASSISTANCE PROGRAM | $11,000 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Innovation Works Inc has recieved totaling $1,185,000.
| Awarding Organization | Amount |
|---|---|
Bny Mellon Foundation Of Southwestern Pennsylvania Pittsburgh, PA PURPOSE: GENERAL OPERATING | $565,000 |
Richard King Mellon Foundation Dtd 01-01-47 Pittsburgh, PA PURPOSE: TO PROVIDE HANDSON BUSINESS ASSISTANCE TO TECHNOLOGY STARTUPS TO IDENTIFY THEIR MOST PRESSING NEEDS AND MAXIMIZE THEIR PROSPECTS FOR COMMERCIAL SUCCESS | $250,000 |
Richard King Mellon Foundation Dtd 01-01-47 Pittsburgh, PA PURPOSE: TO PROVIDE HANDSON BUSINESS ASSISTANCE TO TECHNOLOGY STARTUPS TO IDENTIFY THEIR MOST PRESSING NEEDS AND MAXIMIZE THEIR PROSPECTS FOR COMMERCIAL SUCCESS | $250,000 |
Ciervo Foundation Pittsburgh, PA PURPOSE: ALPHA LAB GEAR PROGRAM ($100,000) AND ARTIST-IN RESIDENCE ($5000) | $105,000 |
Eqt Foundation Pittsburgh, PA PURPOSE: EDUCATION & WORKFORCE | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Innovation Works Inc Pittsburgh, PA | $31,593,952 | $8,003,735 |
Catalyst Connection Pittsburgh, PA | $7,094,242 | $7,162,522 |
Military Health Research Foundation Inc Laurel, MD | $1,886,799 | $4,739,548 |
Ny Creates Albany, NY | $99,965 | $4,450,000 |
Mpc Corporation Pittsburgh, PA | $1,237,035 | $2,979,911 |
Western New York Technology Development Center Inc Buffalo, NY | $1,286,247 | $2,858,472 |
American Conference Of Governmental Industrial Hygienists Inc Sharonville, OH | $1,119,864 | $2,375,200 |
The Asme Foundation Inc New York, NY | $33,818,246 | $3,028,197 |
Hudson Valley Technology Development Center Inc Newburgh, NY | $824,479 | $1,255,790 |
International Microelectronics And Packaging Society Pittsburgh, PA | $1,413,550 | $1,247,201 |
Engineering Conferences International Inc New York, NY | $3,118,614 | $313,156 |
Alliance For Working Together Foundation Mentor, OH | $1,820,396 | $1,766,564 |