Brite Energy Innovators
- Assets
- $4.2m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Warren, OH
- Founding
- 05/2011
- Data as of
- 12/2022
- EIN
- 27-2660738
Organization Overview
Brite Energy Innovators is located in Warren, OH. The organization was established in 2011. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Brite Energy Innovators 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, Brite Energy Innovators generated $2.2m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 29.8% each year . All expenses for the organization totaled $2.2m during the year ending 12/2022. While expenses have increased by 12.8% 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
BRITE IS AN INNOVATION-FIRST ECOSYSTEM ADVANCING THE TRANSITION TO A CLEAN ENERGY ECONOMY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BRITE ENERGY INNOVATORS COMMERCIALIZES AND DEVELOPS EARLY STAGE ENERGY TECHNOLOGIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Hripko Chair | OfficerTrustee | 1 | $0 |
Anthony Trevena Vice Chair | OfficerTrustee | 1 | $0 |
Stan Feret Treasurer | OfficerTrustee | 1 | $0 |
Djifa Amefia Director | Trustee | 1 | $0 |
Jonathan Bridges Director | Trustee | 1 | $0 |
Muhammad Ejaz Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Youngstown Business Incubator Program Consulting | 12/30/21 | $153,214 |
Chris Mather Program Consulting | 12/30/21 | $132,441 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $28,000 |
| Fundraising events | $19,702 |
| Related organizations | $0 |
| Government grants | $296,309 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,504,017 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,848,028 |
| Total Program Service Revenue | $371,807 |
| Investment income | $21 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $2,132 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,228,427 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $112,126 |
| 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. | $241,292 |
| Compensation of current officers, directors, key employees. | $75,693 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $429,982 |
| Pension plan accruals and contributions | $8,451 |
| Other employee benefits | $102,228 |
| Payroll taxes | $62,103 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,467 |
| Fees for services: Accounting | $22,340 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $56,578 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $584,424 |
| Advertising and promotion | $970 |
| Office expenses | $103,299 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $70,521 |
| Travel | $31,023 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,335 |
| Interest | $23,246 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $124,157 |
| Insurance | $11,668 |
| All other expenses | $3,385 |
| Total functional expenses | $2,153,189 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $148,793 |
| Savings and temporary cash investments | $80,736 |
| Pledges and grants receivable | $309,501 |
| Accounts receivable, net | $0 |
| 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 | $2,510 |
| Net Land, buildings, and equipment | $3,698,110 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,671 |
| Total assets | $4,246,321 |
| Accounts payable and accrued expenses | $321,685 |
| 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 | $563,160 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $6,671 |
| Total liabilities | $891,516 |
| Net assets without donor restrictions | $3,307,864 |
| Net assets with donor restrictions | $46,941 |
| 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 | $4,246,321 |
Grants Awarded
Over the last fiscal year, Brite Energy Innovators has awarded $112,126 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
NEW RESOURCE SOLUTIONS LLC PURPOSE: ESP PROGRAM | $15,000 |
SPECIAL POWER SOURCES LLC PURPOSE: ESP PROGRAM | $17,102 |
LAND ENERGY INC PURPOSE: ESP PROGRAM | $22,000 |
SOLARSPACE PURPOSE: ESP PROGRAM | $10,000 |
NEXTECH MATERIALS LTD PURPOSE: ESP PROGRAM | $33,000 |
POWER TO HYDROGEN PURPOSE: ESP PROGRAM | $15,024 |