Idea Works
- Assets
- $52.4k
- Revenue
- $285.2k
- Investments
- $0.0
- Employees
- 1
- Location
- Mansfield, OH
- Founding
- 09/2018
- Data as of
- 12/2021
- EIN
- 82-3865130
Organization Overview
Idea Works is located in Mansfield, OH. The organization was established in 2018. According to its NTEE Classification (S43) the organization is classified as: Small Business 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. Idea Works 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, Idea Works generated $285.2k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 14.0% each year . All expenses for the organization totaled $257.1k during the year ending 12/2021. While expenses have increased by 11.4% per year over the past 4 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE EDUCATION, RESOURCES, MENTORSHIP, AND A SHARED COMMUNITY TO ASPIRING ENTREPRENEURS OF ALL AGES; AND TO BECOME A CRITICAL CENTER OF GRAVITY FOR ENTREPRENEURIAL DEVELOPMENT, AND IN TURN, HELP BUSINESSES START, DEVELOP, AND THRIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE EDUCATION, RESOURCES, MENTORSHIP AND A SHARED WORKSPACE COMMUNITY TO ASPIRING ENTREPRENEUERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carlton Fernyak President & CEO | OfficerTrustee | 2 | $0 |
Annamarie Fernyak Vice President | OfficerTrustee | 2 | $0 |
Jay Allred Secretary | OfficerTrustee | 2 | $0 |
Barb Lindsay Director | Trustee | 0 | $0 |
Walt Bonham Director | Trustee | 0 | $0 |
Edward P Akinyemi Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $182,429 |
| Investment income | $2 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $889 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $285,245 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $67,915 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,973 |
| Fees for services: Management | $29,886 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $14,856 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $11,650 |
| Office expenses | $9,563 |
| Information technology | $2,682 |
| Royalties | $0 |
| Occupancy | $103,043 |
| Travel | $236 |
| 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 | $1,613 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $257,087 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $15,088 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $13,440 |
| Accounts receivable, net | $5,038 |
| 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 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $52,439 |
| Accounts payable and accrued expenses | $7,614 |
| 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 | $2,106 |
| Total liabilities | $9,720 |
| 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 |
| Total liabilities and net assets/fund balances | $42,719 |