Innovate Washington Foundation
- Assets
- $8.5m
- Revenue
- $814.2k
- Investments
- $0.0
- Employees
- 3
- Location
- Spokane, WA
- Founding
- 05/1997
- Data as of
- 12/2023
- EIN
- 91-1726442
Organization Overview
Innovate Washington Foundation, operating under the name Ignite Northwest, is located in Spokane, WA. The organization was established in 1997. According to its NTEE Classification (T99) the organization is classified as: Philanthropy, Voluntarism & Grantmaking Foundations N.E.C., under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2023, Ignite Northwest employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ignite Northwest 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 12/2023, Ignite Northwest generated $814.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (9.0%) each year. All expenses for the organization totaled $1.1m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (7.3%) per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
INNOVATE WASHINGTON FOUNDATION COLLABORATES, CONVENES AND CONNECTS INNOVATORS AND RESEARCHERS WITH ENTREPRENEURIAL AND FINANCIAL CAPITAL NEEDS TO PRODUCE WORLD-CLASS COMPANIES AND HIGH-VALUE JOBS THAT WILL FORM THE BACKBONE OF THE REGION'S FUTURE ECONOMY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IGNITE NORTHWEST LEASES OUT SPACE IN THE SPOKANE TECHNOLOGY CENTER, A MULTI-PURPOSE FACILITY THAT IS PART OF THE LARGER TECHNOLOGY AND INNOVATION ECOSYSTEM IN SPOKANE SUPPORTING STARTUP COMPANIES.
THE TECHNOLOGY AND EMERGING GROWTH LOAN FUNDS HELP PROMISING STARTUPS EXPAND AND BRING INNOVATIVE PRODUCTS TO MARKET BY PROVIDING NON-DILUTIVE DEBT FINANCING TO COMPANIES THAT HAVE LIMITED ACCESS TO CONVENTIONAL BANK FINANCING. THE FUNDS PROVIDE A BRIDGE TO CONVENTIONAL FINANCING, ECONOMIC SUCCESS AND JOB CREATION. LOANS RANGE FROM $100,000 TO $500,000.
IGNITE NORTHWEST ACCELERATES STARTUPS THROUGH A VARIETY OF PROGRAMS DESIGNED TO STIMULATE THE FORMATION OF NEW COMPANIES AND EVENTS FEATURING SUCCESSFUL ENTREPRENEURS, SUBJECT MATTER EXPERTS ON TOPICS OF INTEREST TO EMERGING COMPANIES AND ANGEL, VENTURE AND PRIVATE EQUITY INVESTORS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Simpson CEO | OfficerTrustee | 40 | $115,021 |
Richard Denenny Chair | OfficerTrustee | 1 | $0 |
Skye Henderson Secretary | OfficerTrustee | 1 | $0 |
Shelly Colomb Director | Trustee | 1 | $0 |
Tyler Lafferty Director | Trustee | 1 | $0 |
Richard Repp Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $4,910 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $99,300 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $104,210 |
| Total Program Service Revenue | $697,232 |
| Investment income | $11,797 |
| 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 | $814,164 |
| 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. | $290,412 |
| Compensation of current officers, directors, key employees. | $121,301 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $109,280 |
| Pension plan accruals and contributions | $3,161 |
| Other employee benefits | -$10,236 |
| Payroll taxes | $30,893 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $31,871 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $61,484 |
| Advertising and promotion | $0 |
| Office expenses | $3,956 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $65,932 |
| Travel | $4,587 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $44,310 |
| Interest | $222,624 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $153,735 |
| Insurance | $37,018 |
| All other expenses | $10,362 |
| Total functional expenses | $1,136,223 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $82,120 |
| Savings and temporary cash investments | $597,977 |
| Pledges and grants receivable | $26,000 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,561,222 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $20,666 |
| Net Land, buildings, and equipment | $4,137,373 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $100,780 |
| Total assets | $8,526,138 |
| Accounts payable and accrued expenses | $282,730 |
| Grants payable | $0 |
| Deferred revenue | $64,087 |
| 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 | $8,707,154 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $100,780 |
| Total liabilities | $9,154,751 |
| Net assets without donor restrictions | -$628,613 |
| 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 | $8,526,138 |