Idea Works
- Assets
- $23.5k
- Revenue
- $182.7k
- Investments
- $0.0
- Employees
- 1
- Location
- Mansfield, OH
- Founding
- 09/2018
- Data as of
- 12/2020
- 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 12/2020, Idea Works generated $182.7k in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $198.4k during the year ending 12/2020. While expenses have increased by 5.9% per year over the past 3 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
2020
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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PDF Copies of 990 Filings
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 |
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 | $142,276 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $142,276 |
| Total Program Service Revenue | $39,681 |
| Investment income | $4 |
| 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 | $182,724 |
| 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 | $44,402 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,531 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,020 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,500 |
| Advertising and promotion | $705 |
| Office expenses | $5,592 |
| Information technology | $695 |
| Royalties | $0 |
| Occupancy | $124,767 |
| Travel | $100 |
| 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 | $1,899 |
| Insurance | $0 |
| All other expenses | $492 |
| Total functional expenses | $198,421 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $15,701 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,905 |
| 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 | $2,849 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $23,455 |
| Accounts payable and accrued expenses | $489 |
| 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 | $8,405 |
| Total liabilities | $8,894 |
| 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 | $14,561 |
| Total liabilities and net assets/fund balances | $23,455 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Idea Works has recieved totaling $75,000.
| Awarding Organization | Amount |
|---|---|
Richland County Foundation Of Mansfield Mansfield, OH PURPOSE: GENERAL SUPPORT | $75,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Action Prgm Corp Of Washington-Morgan Counties Ohio Marietta, OH | $5,593,568 | $15,680,729 |
Ben Franklin Technology Center Of Southeastern Pennsylvania Philadelphia, PA | $114,107,980 | $9,362,495 |
Economic Progress Alliance Of Crawford County Meadville, PA | $32,588,545 | $5,037,136 |
Dayton-Miami Valley Entrepreneurs Center Dayton, OH | $1,732,141 | $5,542,266 |
Small Business Aid Inc Shipshewana, IN | $1,429,380 | $3,351,237 |
Manufacturers Resource Center Allentown, PA | $3,950,399 | $3,151,417 |
Spedd Inc Vandergrift, PA | $27,841,148 | $4,019,412 |
Detroit Development Fund Detroit, MI | $19,500,518 | $2,941,920 |
Allentown Economic Development Corporation Allentown, PA | $28,611,870 | $1,731,246 |
Premier Capital Corporation Indianapolis, IN | $2,695,127 | $1,528,792 |
Assets Lancaster Lancaster, PA | $1,401,857 | $1,513,730 |
Regional Development Funding Corporation Pittsburgh, PA | $15,281,796 | $3,181,210 |