Tech Foundry Inc
- Assets
- $588.8k
- Revenue
- $978.2k
- Investments
- $0.0
- Employees
- 10
- Location
- Springfield, MA
- Founding
- 06/2014
- Data as of
- 06/2023
- EIN
- 46-4389001
Organization Overview
Tech Foundry Inc is located in Springfield, MA. The organization was established in 2014. According to its NTEE Classification (B30) the organization is classified as: Vocational & Technical Schools, under the broad grouping of Education and related organizations. As of 06/2023, Tech Foundry Inc employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Tech Foundry 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 06/2023, Tech Foundry Inc generated $978.2k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.3% each year . All expenses for the organization totaled $809.7k during the year ending 06/2023. While expenses have increased by 7.3% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
FOUNDED BY CONCERNED AREA EMPLOYERS WHO SAW A DRAMATIC NEED FOR A SKILLED IT WORKFORCE, TECH FOUNDRY IS ON A MISSION TO BUILD THE MOST DYNAMIC AND FLUID IT WORKFORCE DEVELOPMENT AND TRAINING PROGRAMS EVER CREATED. DRIVEN BY SPECIFIC EMPLOYER DEMANDS, WE COMBINE HANDS-ON SKILL FOCUSED TECHNICAL TRAINING WITH PROFESSIONAL DEVELOPMENT, WHICH AIDS US IN OUR OVERARCHING DUTY TO ELEVATE AN UNDER-SERVED, AT-RISK POPULATION INTO TOMORROW'S IT WORKFORCE. THE GREATER SPRINGFIELD AREA OF MASSACHUSETTS IS A REGION RIPE WITH OPPORTUNITY. A LOW COST OF LIVING AND HIGH AND QUALITY OF LIFE MAKE IT AN ATTRACTIVE COMMUNITY FOR BUSINESSES AND EMPLOYEES ALIKE. THE OBSTACLE TO GROWTH FOR OUR REGION IS THE LACK OF A SKILLED WORKFORCE. WITHOUT A STRONG, SCALABLE, AND DYNAMIC WORKFORCE, EMPLOYERS ARE HESITANT TO LOCATE AND GROW JOBS HERE AND THE TALENT WE DO HAVE IS HESITANT TO STAY. AT NO COST TO THE STUDENTS, WE PREPARE A CROSS-SECTION OF THE POPULATION TO STEP INTO A SUSTAINABLE CAREER IN THE INFORMATION T
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL AND WORKFORCE DEVELOPMENT PROGRAM TO TRAIN CAREER-SEEKERS ON THE PROFESSIONAL SKILLS AND TECHNICAL SKILLS REQUIRED TO FILL ENTRY-LEVEL IT POSITIONS. TOTAL NUMBER OF STUDENTS SERVED - 51. THE ORGANIZATION RECEIVED IN-KIND REVENUE AND EXPENSES IN THE AMOUNT OF 13,424 FOR THE YEAR ENDED JUNE 30, 2023 WHICH CONSISTED OF VARIOUS SERVICES INCLUDING LEGAL AND INSTRUCTORS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Walker President | OfficerTrustee | 1 | $0 |
Scott W Foster Clerk | OfficerTrustee | 1 | $0 |
Lynne Mills Treasurer | OfficerTrustee | 1 | $0 |
Delcie D Bean IV Past Preside | Trustee | 1 | $0 |
Diane Doherty Director | Trustee | 0.5 | $0 |
Ann Burke Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $400,948 |
| All other contributions, gifts, grants, and similar amounts not included above | $556,156 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $957,104 |
| Total Program Service Revenue | $20,833 |
| Investment income | $271 |
| 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 | $978,208 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $508,472 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $12,498 |
| Payroll taxes | $60,003 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $29,456 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $50,806 |
| Advertising and promotion | $1,485 |
| Office expenses | $22,844 |
| Information technology | $7,181 |
| Royalties | $0 |
| Occupancy | $46,020 |
| Travel | $2,684 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $714 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $48,228 |
| Insurance | $5,685 |
| All other expenses | $0 |
| Total functional expenses | $809,710 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $36,765 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $318,043 |
| 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 | $1,656 |
| Net Land, buildings, and equipment | $232,339 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $588,803 |
| Accounts payable and accrued expenses | $160,479 |
| Grants payable | $0 |
| Deferred revenue | $15,720 |
| 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 | $15,000 |
| Total liabilities | $191,199 |
| Net assets without donor restrictions | $322,604 |
| Net assets with donor restrictions | $75,000 |
| 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 | $588,803 |