Business Innovation Factory
- Assets
- $560.0k
- Revenue
- $652.0k
- Investments
- $0.0
- Employees
- 13
- Location
- Barrington, RI
- Founding
- 09/2006
- Data as of
- 12/2021
- EIN
- 52-2446909
Organization Overview
Business Innovation Factory is located in Barrington, RI. The organization was established in 2006. According to its NTEE Classification (S99) the organization is classified as: Community Improvement & Capacity Building N.E.C., under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Business Innovation Factory employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Business Innovation Factory 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, Business Innovation Factory generated $652.0k 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 (18.1%) each year. All expenses for the organization totaled $817.2k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (14.5%) per year over the past 7 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SOLVING MAJOR PROBLEMS IN AREAS LIKE HEALTHCARE, EDUCATION AND CITIZEN ACTION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXPERIENCE LABS - OUR WORK IS A MASHUP OF HUMAN CENTERED DESIGN, RAPID PROTOTYPING, STORYTELLING AND ENGAGEMENT. WE DO PROJECT WORK WITH ORGANIZATIONS THAT THEY ARE READY TO GO FROM TWEAKS TO TRANSFORMATION. WE OFFER STRATEGY, DESIGN, AND CAPACITY SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Saul Kaplan Chief Catalyst | OfficerTrustee | 40 | $132,553 |
Victoria Drew Chief Of Operations | Officer | 40 | $125,909 |
Donald Stanford Treasurer | OfficerTrustee | 0 | $0 |
Robert Taylor Secretary | OfficerTrustee | 0 | $0 |
Mickey Ackerman Director | Officer | 0 | $0 |
Lorne Adrian Director | Officer | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $394,600 |
| All other contributions, gifts, grants, and similar amounts not included above | $252,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $647,100 |
| Total Program Service Revenue | $4,577 |
| Investment income | $329 |
| 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 | $652,006 |
| 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. | $258,462 |
| Compensation of current officers, directors, key employees. | $124,845 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $287,637 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $46,106 |
| Payroll taxes | $39,635 |
| Fees for services: Management | $20,827 |
| Fees for services: Legal | $5,044 |
| Fees for services: Accounting | $10,350 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,168 |
| Advertising and promotion | $4,127 |
| Office expenses | $1,442 |
| Information technology | $121,997 |
| Royalties | $0 |
| Occupancy | $11,771 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,683 |
| All other expenses | $0 |
| Total functional expenses | $817,249 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $199,646 |
| Savings and temporary cash investments | $351,346 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $9,028 |
| 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 | $560,020 |
| Accounts payable and accrued expenses | $18,875 |
| 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 | $18,875 |
| Net assets without donor restrictions | $541,145 |
| 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 | $560,020 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Business Innovation Factory has recieved totaling $250,000.
| Awarding Organization | Amount |
|---|---|
Planning For Tomorrow Washington, DC PURPOSE: GENERAL SUPPORT | $250,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Bottom Line Inc Boston, MA | $17,407,844 | $19,309,420 |
Neighborhood Stabilization Corporation Boston, MA | $29,880,510 | $6,854,139 |
The Fund For Parks And Recreation In Boston Boston, MA | $15,922,090 | $6,711,889 |
128 West Transportation Council Inc Waltham, MA | $2,138,696 | $3,791,714 |
Mass Mentoring Partnership Inc Boston, MA | $3,908,855 | $3,737,455 |
New Garden Park Inc Worcester, MA | $35,860,729 | $21,019,526 |
Society Of St Vincent De Paul Svdp Rhode Island Cranston, RI | $2,227,449 | $2,629,698 |
Associated General Contractors Of Massachusetts Inc Wellesley, MA | $1,261,141 | $1,745,997 |
Building Trades Employers Association Of Boston & Eastern Ma Braintree, MA | $2,429,269 | $1,872,935 |
Econometric Society Inc New Haven, CT | $5,742,597 | $1,788,083 |
Norwalk Acts Inc Norwalk, CT | $998,508 | $1,624,311 |
United Association Of Journeymen & Apprentices Of The Plumbing & Pipe Meriden, CT | $676,278 | $1,006,213 |