The Arkansas Regional Innovation Hub Inc is located in North Little Rock, AR. The organization was established in 2014. 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, Arkansas Regional Innovation Hub Inc employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Arkansas Regional Innovation Hub 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 12/2021, Arkansas Regional Innovation Hub Inc generated $1.0m 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 (16.6%) each year. All expenses for the organization totaled $1.2m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE INNOVATION HUB IS A NON PROFIT ORGANIZATION DEDICATED TO IMPROVING THE LIVES OF ARKANSANS BY INSPIRING INNOVATION AND EXPANDING OPPORTUNITIES. WE SEE AN ARKANSAS WHERE, REGARDLESS OF DEMOGRAPHIC IDENTIFIERS OR GEOGRAPHIC LOCATION, ARKANSANS ARE GENERATING AND INSPIRING INNOVATION IN CUTTING-EDGE TECHNOLOGY, BUSINESS, AND CREATIVE FIELDS. THE INNOVATION HUB USES TOOLS, SKILLS, AND EXPERTISE TO INSPIRE INNOVATORS AND ENTREPRENEURS WHO EXPAND THE RANGE OF EDUCATIONAL AND ECONOMIC OPPORTUNITIES FOR THEMSELVES, FOR THEIR COMMUNITIES, IN OUR STATE AND THROUGHOUT THE WORLD.
Describe the Organization's Program Activity:
MANUFACTURING/PRODUCTION - THE INNOVATION HUB HELPS INVENTORS, ENTREPRENEURS, AND MANUFACTURERS TO DESIGN, PROTOTYPE, BUILD, TEST, AND DELIVER NEW PRODUCTS. WE HAVE WORKED WITH A VARIETY OF COMPANIES AND INVENTORS TO DELIVER SUCCESSFUL PROTOTYPES AND PROJECTS, AND WE WORK CLOSELY WITH SOME OF ARKANSAS'S BEST DESIGNERS AND ENGINEERS TO MEET THE NEEDS OF OUR CLIENTS. MANUFACTURING USES SMART TOOLS LIKE 3D PRINTERS, CNC MILLS, INJECTION MOLDERS, AND LASER CUTTERS TO AUTOMATE AND MULTIPLY THE MANUFACTURING PROCESS. MASS MANUFACTURING IS DESIGNED TO CREATE TENS OF THOUSANDS OF A PRODUCT. BUT, WHAT IF YOU ONLY NEED A HUNDRED OR SO ITEMS TO LAUNCH YOUR BUSINESS? THAT'S MICROMANUFACTURING - A PROCESS WHICH USES MANY OF THE SAME AUTOMATED TOOLS AS A BIG INDUSTRY ON A SMALLER SCALE. MUCH OF THE WORK TRADITIONALLY HANDLED BY MANUFACTURING EQUIPMENT CAN NOW BE PERFORMED BY 3D PRINTERS. THE MICROMANUFACTURING PROCESS IS MORE EFFICIENT, USING FEWER RESOURCES AND ALLOWING YOU TO DECIDE JUST HOW MUCH PRODUCT YOU NEED AND WHEN YOU NEED IT. IT'S A COMBINATION OF OLD WORLD CRAFTSMANSHIP AND 21ST CENTURY TECHNOLOGIES. OUR PRODUCTION TEAM OFFERS 2D & 3D DESIGN SERVICES, AND FABRICATION SERVICES USING STATE-OF-THE-ART TECHNOLOGY.
STEM - OUR FIELD TRIPS, SUMMER CAMPS, AND AFTER SCHOOL PROGRAMS HELP INTRODUCE CHILDREN ACROSS THE ECONOMIC SPECTRUM TO THE ARTS AND TO CUTTING-EDGE STEM TECHNOLOGY AND EDUCATION. CLASSES DEVOTED TO ROBOTICS, ENGINEERING, CODING, PROGRAMMING AND VIDEO GAME DESIGN ENHANCE STUDENT'S STEM PATHWAYS. TO MAKE THESE PROGRAMS MORE ACCESSIBLE, WE PROVIDE SCHOLARSHIP FUNDS FOR EACH OF THESE PROGRAMS, BOTH ON GROUP AND INDIVIDUAL STUDENT LEVELS. FOR ADULTS AND OLDER TEENS, OUR CLASSES, WORKSHOPS AND EQUIPMENT PROVIDE OPPORTUNITIES FOR ENTREPRENEURSHIP TRAINING, PROFESSIONAL DEVELOPMENT, AND SELF-EMPLOYMENT AS ARTISTS, MAKERS, OR CRAFTSPEOPLE, SUCH AS WELDERS.
ART - WE HAVE CREATED A DESIGNATED STREET-FRONT GALLERY SPACE FOR SOLO AND GROUP ARTIST EXHIBITIONS, CONTINUED TO PARTICIPATE AS AN ANCHOR ORGANIZATION IN OUR LOCAL 3RD FRIDAY ART WALK, AND PARTNERED WITH SEVERAL ORGANIZATIONS TO SHOWCASE SEVERAL TYPES OF ARTWORK. WE ALSO LAUNCHED ENTREPRENEURIAL WORKSHOPS FOR ARTISTS ON E-COMMERCE THROUGH ETSY AND ASSISTED ARTISTS IN ENTREPRENEURIAL SKILLS THROUGH FREE 1-ON-1 CONSULTATION SERVICES. WE EXPANDED OUR ART AFTER SCHOOL OFFERINGS TO INCLUDE PRINTMAKING, WATERCOLOR, TIE DYE, LASER CUTTING, 3D PRINTING, WOODWORKING, AND MULTI-MEDIA. WE LAUNCHED A NEW PROGRAM, SHE THRIVES, FOR FEMALE AND NON-BINARY INDIVIDUAL AGES K-12 WHICH FOCUSES ON SEVERAL DIFFERENT STEAM PROJECTS. WE CONTINUE TO OFFER ART FIELD TRIPS IN CERAMICS, SCREEN PRINTING, PRINTMAKING, 3D PRINTING, AND LASER CUTTING. WE ALSO TOOK ART ON THE ROAD TO RURAL ARKANSAS SCHOOLS AND COMMUNITIES WITH THE MOBILE MAKERSPACE, TEACHING CERAMICS, SCREEN PRINTING, LASER CUTTING, 3D PRINTING, PRINTMAKING. AS AN EXTENSION OF THE MOBILE MAKERSPACE, WE ALSO PROVIDED DIGITAL LITERACY TRAINING TO STUDENTS, PARENTS AND GUARDIANS TO HELP THEM UNDERSTAND HOW TO NAVIGATE TECHNOLOGY DURING THE PANDEMIC.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Rodney Ferguson President | OfficerTrustee | 1 | $0 |
Mike Myers Treasurer | OfficerTrustee | 1 | $0 |
Joyjit Deb Roy Board Member | Trustee | 2 | $0 |
Charlotte Young Secretary | OfficerTrustee | 1 | $0 |
Christopher Jones Former Executive Director | Officer | 40 | $51,000 |
Errin Stanger Acting Director | Officer | 40 | $96,067 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $749,167 |
All other contributions, gifts, grants, and similar amounts not included above | $102,477 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $851,644 |
Total Program Service Revenue | $142,181 |
Investment income | $0 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $9,187 |
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 | $827 |
Miscellaneous Revenue | $0 |
Total Revenue | $1,003,839 |
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. | $154,705 |
Compensation of current officers, directors, key employees. | $44,486 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $362,094 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $0 |
Payroll taxes | $39,969 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $33,733 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $170,766 |
Advertising and promotion | $2,020 |
Office expenses | $38,536 |
Information technology | $22,613 |
Royalties | $0 |
Occupancy | $66,449 |
Travel | $1,510 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $2,868 |
Interest | $28,306 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $161,106 |
Insurance | $43,444 |
All other expenses | $2,171 |
Total functional expenses | $1,181,352 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $0 |
Savings and temporary cash investments | $0 |
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 | $0 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $0 |
Net Land, buildings, and equipment | $0 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $0 |
Total assets | $0 |
Accounts payable and accrued expenses | $0 |
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 | $0 |
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 |
Retained earnings, endowment, accumulated income, or other funds | $0 |
Total liabilities and net assets/fund balances | $0 |