Innovation Works Inc
- Assets
- $1.2m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 10
- Location
- Baltimore, MD
- Founding
- 05/2018
- Data as of
- 06/2022
- EIN
- 82-3417166
Organization Overview
Innovation Works Inc is located in Baltimore, MD. The organization was established in 2018. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Innovation Works Inc employed 10 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 06/2022, Innovation Works Inc generated $1.2m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 36.5% each year . All expenses for the organization totaled $965.4k during the year ending 06/2022. 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
REDUCE BALTIMORE'S NEIGHBORHOOD AND RACIAL WEALTH DIVIDE. TEACH MEMBERS OF DISINVESTED COMMUNITIES HOW TO BUILD AND OWN SUCCESSFUL SOCIAL ENTERPRISES THAT CREATE SUSTAINABLE NEIGHBORHOOD ECONOMIES AND RESULT IN BETTER FAMILY LIVING, MORE RESILIENT NEIGHBORHOODS AND A SAFER MORE VIBRANT CITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SOCIAL ENTERPRISE DEVELOPMENT PIPELINE
STRATEGIC INITIATIVES, FOCUSED ON SECTOR-BASED ECONOMIC DEVELOPMENT.
PROGRAM SUPPORT CONTRACTS, FOR ORGANIZATIONAL CAPACITY DEVELOPMENT INCLUDING CURRICULUM DEVELOPMENT AND IMPACT DATA MEASUREMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Francis Knott Director | Trustee | 4 | $0 |
A Jay Nwachu President And CEO | OfficerTrustee | 40 | $112,821 |
Nicholas Napolitano Treasurer | OfficerTrustee | 4 | $0 |
William Heiser Secretary | OfficerTrustee | 4 | $0 |
Anthony Day Director | Trustee | 4 | $0 |
John J Ciccone Director | Trustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,200,720 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,200,720 |
| Total Program Service Revenue | $40,000 |
| Investment income | $357 |
| 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 | $1,241,077 |
| 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 | $480,267 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $63,669 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $63,829 |
| Advertising and promotion | $0 |
| Office expenses | $2,295 |
| Information technology | $31,347 |
| Royalties | $0 |
| Occupancy | $8,205 |
| Travel | $3,847 |
| 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 | $39,967 |
| Insurance | $1,541 |
| All other expenses | $16,926 |
| Total functional expenses | $965,386 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $799,556 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $350,079 |
| Accounts receivable, net | $7,471 |
| 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 | $4,800 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $84,933 |
| Total assets | $1,246,839 |
| Accounts payable and accrued expenses | $34,409 |
| 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 | $60,000 |
| Total liabilities | $94,409 |
| Net assets without donor restrictions | $695,405 |
| Net assets with donor restrictions | $457,025 |
| 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 | $1,246,839 |
Grants Awarded
Over the last fiscal year, Innovation Works Inc has awarded $87,500 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
INFINTE FOCUS SCHOOLS INC PURPOSE: BUILD SUCCESSFUL ENTERPRISE | $42,500 |
THE CHILL STATION INC PURPOSE: BUILD SUCCESSFUL ENTERPRISE | $20,000 |
PARITY HOMES INC PURPOSE: BUILD SUCCESSFUL ENTERPRISE | $25,000 |