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Nonprofiteer
← INNOVATION WORKS INC

Form 990 for tax year 2024

Filed by INNOVATION WORKS INC.

Totals

Total revenue
$14,610,000
Total expenses
$18,491,678
Contributions and grants received
$11,707,979
Grants paid
$485,450
Program service revenue
$1,496,403
Investment income
$1,397,460
Other revenue
$8,158
Total assets, end of year
$45,646,740
Total liabilities, end of year
$10,010,223
Net assets or fund balances, end of year
$35,636,517
Program services expenses (Part IX)
$14,972,126
Management and general expenses
$3,268,677
Fundraising expenses
$250,875
Program service expenses (Part III)
$14,972,126

Program services were 81.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $9,428,360

  • 1f · All other contributions, gifts and grants

    $2,279,619

  • 2a · Program service revenue: LOAN & EQUITY INCOME

    total $1,495,749 · related or exempt $1,495,749

  • 2b · Program service revenue: ROYALTIES

    total $654 · related or exempt $654

  • 3 · Investment income

    total $1,219,555 · excluded $1,219,555

  • 7a · Gross sales of assets other than inventory

    securities $4,386,618

  • 7b · Less cost or other basis and sales expenses

    securities $4,208,713

  • 7c · Gain or loss

    securities $177,905

  • 7d · Net gain or loss

    total $177,905 · excluded $177,905

  • 11a · Other revenue: MISCELLANEOUS REVENUE

    total $8,158 · related or exempt $8,158

  • 11e · Other revenue, total

    $8,158

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $485,450 · program services $485,450

  • 5 · Compensation of officers, directors and key employees

    total $1,691,656 · program services $849,448 · management and general $770,320 · fundraising $71,888

  • 7 · Other salaries and wages

    total $4,674,720 · program services $4,037,105 · management and general $542,229 · fundraising $95,386

  • 8 · Pension plan contributions

    total $529,280 · program services $425,967 · management and general $103,313

  • 9 · Other employee benefits

    total $562,393 · program services $420,437 · management and general $102,195 · fundraising $39,761

  • 10 · Payroll taxes

    total $354,781 · program services $285,530 · management and general $69,251

  • 11b · Fees: legal

    total $489,446 · program services $489,446

  • 11c · Fees: accounting

    total $56,933 · management and general $56,933

  • 11d · Fees: lobbying

    total $51,078 · program services $31,713 · management and general $19,365

  • 11f · Fees: investment management

    total $41,077 · management and general $41,077

  • 11g · Fees: other

    total $2,104,314 · program services $1,218,250 · management and general $870,564 · fundraising $15,500

  • 12 · Advertising and promotion

    total $43,474 · program services $42,624 · fundraising $850

  • 13 · Office expenses

    total $315,444 · program services $299,175 · management and general $14,384 · fundraising $1,885

  • 14 · Information technology

    total $498,131 · program services $216,146 · management and general $281,220 · fundraising $765

  • 16 · Occupancy

    total $886,033 · program services $798,285 · management and general $78,028 · fundraising $9,720

  • 17 · Travel

    total $22,611 · program services $4,003 · management and general $15,493 · fundraising $3,115

  • 19 · Conferences, conventions and meetings

    total $126,632 · program services $66,638 · management and general $48,450 · fundraising $11,544

  • 22 · Depreciation, depletion and amortization

    total $138,395 · program services $114,217 · management and general $24,178

  • 23 · Insurance

    total $62,119 · management and general $62,119

  • 24a · Other expenses: INVESTMENT IN PORTFOLIO

    total $4,229,993 · program services $4,229,993 · management and general $0 · fundraising $0

  • 24b · Other expenses: PROGRAM EXPENSES

    total $654,581 · program services $528,817 · management and general $125,764 · fundraising $0

  • 24c · Other expenses: OTHER MISCELLANEOUS EXP

    total $84,026 · program services $48,745 · management and general $34,820 · fundraising $461

  • 24d · Other expenses: SUBSCRIPTIONS AND MEMBE

    total $29,111 · program services $20,137 · management and general $8,974 · fundraising $0

  • 24e · All other expenses

    total $360,000 · program services $360,000

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $11,696,628 · end of year $12,861,782

  • 4 · Accounts receivable

    beginning of year $2,122,395 · end of year $2,773,676

  • 9 · Prepaid expenses and deferred charges

    beginning of year $103,323 · end of year $112,840

  • 10a · Land, buildings and equipment: cost or other basis

    $1,088,050

  • 10b · Land, buildings and equipment: accumulated depreciation

    $474,760

  • 10c · Land, buildings and equipment, net

    beginning of year $272,786 · end of year $613,290

  • 11 · Investments: publicly traded securities

    beginning of year $21,026,792 · end of year $18,302,704

  • 13 · Investments: program-related

    beginning of year $8,551,480 · end of year $9,719,287

  • 15 · Other assets

    beginning of year $1,999,041 · end of year $1,263,161

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,277,162 · end of year $2,516,691

  • 19 · Deferred revenue

    beginning of year $1,684,670 · end of year $6,217,082

  • 25 · Other liabilities

    beginning of year $2,031,461 · end of year $1,276,450

  • 27 · Net assets without donor restrictions

    beginning of year $39,219,190 · end of year $35,030,857

  • 28 · Net assets with donor restrictions

    beginning of year $559,962 · end of year $605,660

Mission and programs · 2024

Mission

SEE SCHEDULE OINNOVATION WORKS' MISSION IS TO INCREASE THE SUCCESS RATE OF THE REGION'S TECHNOLOGY AND TECHNOLOGY ADOPTING COMPANIES THROUGH DIRECT INVESTMENT, BUSINESS ASSISTANCE, AND INFRASTRUCTURE DEVELOPMENT. UNDERLYING IW'S MISSION IS THE BELIEF THAT INNOVATION IS A KEY ENGINE OF GROWTH FOR THE SOUTHWESTERN PENNSYLVANIA REGION. ACTIVITIES UNDERTAKEN BY INNOVATION WORKS IN PURSUIT OF THIS MISSION HAVE RESULTED IN SIGNIFICANT COMMUNITY DEVELOPMENT BENEFITS, INCLUDING CREATION OF JOBS, ATTRACTION OF INVESTMENT, AND INCREASED COMPETITIVE ADVANTAGE FOR COMPANIES LOCATED IN SOUTHWESTERN PENNSYLVANIA.

Activities or mission (Part I)

INNOVATION WORKS' MISSION IS TO INCREASE THE SUCCESS RATE OF THE REGION'S TECHNOLOGY AND TECHNOLOGY ADOPTING COMPANIES THROUGH DIRECT INVESTMENT, BUSINESS ASSISTANCE, AND INFRASTRUCTURE DEVELOPMENT. UNDERLYING IW'S MISSION IS THE BELIEF THAT INNOVATION IS A KEY ENGINE OF GROWTH FOR THE SOUTHWESTERN PENNSYLVANIA REGION. ACTIVITIES UNDERTAKEN BY INNOVATION WORKS IN PURSUIT OF THIS MISSION HAVE RESULTED IN SIGNIFICANT COMMUNITY DEVELOPMENT BENEFITS, INCLUDING CREATION OF JOBS, ATTRACTION OF INVESTMENT, AND INCREASED COMPETITIVE ADVANTAGE FOR COMPANIES LOCATED IN SOUTHWESTERN PENNSYLVANIA.

  • SEE SCHEDULE O

    Expenses $14,972,126 · Grants $485,450 · Revenue $1,504,561

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Mr Rob A Rutenbar

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.75

  • Dr Steven Reis

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.75

  • Mr Joe Ferrara

    BOARD MEMBER (THRU 12/24)

    Total calculated
    $0
    Hours/week
    0.75

  • Ms Donna Myers

    BOARD MEMBER (THRU 12/24)

    Total calculated
    $0
    Hours/week
    0.75

  • Mr Jimmy Williams

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.75

  • Mr William Sanders

    BOARD MEMBER (THRU 6/25)

    Total calculated
    $0
    Hours/week
    0.75

  • Mr Tom Jones

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    2.5

  • Mr Ron Bianchini Jr

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.75

  • Mr Stephen Chen

    BOARD MEMBER (AS OF 10/24)

    Total calculated
    $0
    Hours/week
    0.75

  • Mr David Roger

    BOARD MEMBER (AS OF 10/24)

    Total calculated
    $0
    Hours/week
    0.75

  • Mr Carl Daley

    BOARD MEMBER (AS OF 4/25)

    Total calculated
    $0
    Hours/week
    0.75

  • Mr Ven Raju

    PRESIDENT & CEO

    Total calculated
    $625,271
    From this org
    $569,820
    From related orgs
    $0
    Other
    $55,451
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $441,445
    Bonus
    $128,375
    Other
    $0
    Deferred
    $41,400
    Nontaxable benefits
    $14,831
    Filer's total
    $626,051

  • Mr Kirk Botula

    VP & CSOO

    Total calculated
    $450,853
    From this org
    $387,267
    From related orgs
    $0
    Other
    $63,586
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $358,589
    Bonus
    $28,678
    Other
    $0
    Deferred
    $35,656
    Nontaxable benefits
    $35,740
    Filer's total
    $458,663

  • Ms Kelli McMurray

    SECRETARY & CONTROLLER

    Total calculated
    $210,011
    From this org
    $179,828
    From related orgs
    $0
    Other
    $30,183
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,330
    Bonus
    $34,083
    Other
    $415
    Deferred
    $17,733
    Nontaxable benefits
    $13,042
    Filer's total
    $210,603

  • Ms Kelley Benson

    VP HR & INCLUSION

    Total calculated
    $272,655
    From this org
    $228,676
    From related orgs
    $0
    Other
    $43,979
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $181,390
    Bonus
    $46,773
    Other
    $513
    Deferred
    $21,934
    Nontaxable benefits
    $22,777
    Filer's total
    $273,387

  • Mr Robert Starzynski

    VP BUSINESS DEV. & TREASURER

    Total calculated
    $298,790
    From this org
    $251,690
    From related orgs
    $0
    Other
    $47,100
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $201,094
    Bonus
    $50,050
    Other
    $546
    Deferred
    $24,462
    Nontaxable benefits
    $23,408
    Filer's total
    $299,560

  • Ms Afshan Khan

    PORTFOLIO EXECUTIVE

    Total calculated
    $246,986
    From this org
    $198,145
    From related orgs
    $0
    Other
    $48,841
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $179,103
    Bonus
    $18,562
    Other
    $480
    Deferred
    $20,540
    Nontaxable benefits
    $28,987
    Filer's total
    $247,672

  • Mr Jeffery McDaniel

    PORTFOLIO EXECUTIVE

    Total calculated
    $259,392
    From this org
    $215,149
    From related orgs
    $0
    Other
    $44,243
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $196,587
    Bonus
    $18,562
    Other
    $0
    Deferred
    $22,594
    Nontaxable benefits
    $22,404
    Filer's total
    $260,147

  • Mr Aaron Tainter

    DIRECTOR OF ACCELERATOR PROGRAMS

    Total calculated
    $216,364
    From this org
    $197,241
    From related orgs
    $0
    Other
    $19,123
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,679
    Bonus
    $18,562
    Other
    $0
    Deferred
    $19,106
    Nontaxable benefits
    $655
    Filer's total
    $217,002

  • Ms Deborah Walker

    SR. LEGAL COUNSEL

    Total calculated
    $240,727
    From this org
    $220,411
    From related orgs
    $0
    Other
    $20,316
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $188,520
    Bonus
    $31,416
    Other
    $475
    Deferred
    $20,299
    Nontaxable benefits
    $695
    Filer's total
    $241,405

  • Mr Kevin Dowling

    PORTFOLIO EXECUTIVE

    Total calculated
    $299,417
    From this org
    $250,939
    From related orgs
    $0
    Other
    $48,478
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $218,127
    Bonus
    $32,252
    Other
    $560
    Deferred
    $25,637
    Nontaxable benefits
    $23,620
    Filer's total
    $300,196

  • Mr Richard R Lunak

    FORMER PRESIDENT & CEO

    Total calculated
    $143,162
    From this org
    $129,630
    From related orgs
    $0
    Other
    $13,532
    Hours/week
    10

    Schedule J breakdown matched by us

    Base
    $78,001
    Bonus
    $51,629
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $13,532
    Filer's total
    $143,162

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

  • ASTRIA BIOSCIENCES INC

    $125,000

    AWARD, UPPRIZE ($125,000)

  • PATHVU

    $100,000

    AWARD, UPPRIZE ($100,000)

  • BINDR INC

    $75,000

    AWARD, UPPRIZE ($75,000)

  • JOURNEY ROBOTICS INC

    $25,000

    SCALEABLE MANUFACTURING GRANTS ($25,000)

  • NEAR EARTH AUTONOMY INC

    $25,000

    SCALEABLE MANUFACTURING GRANTS ($25,000.00)

  • S & K COSMETICS

    $25,000

    EMERGING TECHNOLOGY ASSISTANCE PROGRAM ($25,000)

  • CELL X TECHNOLOGIES INC

    $22,586

    SCALEABLE MANUFACTURING GRANTS ($22,585.62)

  • LEAFICIENT INC

    $20,000

    SCALEABLE MANUFACTURING GRANTS ($20,000)

  • SEALION ENERGY INC

    $20,000

    SCALEABLE MANUFACTURING GRANTS ($20,000.00)

  • SUPER POWERS MOBILITY INC

    $6,769

    SCALEABLE MANUFACTURING GRANTS ($6,768.76)

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • RIVERFRONT VENTURES LLC

    RELATED · VENTURE FUND - INVESTMENTS IN EARLY STAGE TECH COMPANIES · PA · 61.42% owned · share of income -$177,813 · share of assets $5,503,459

    Directly controlled by IW MANAGEMENT COMPANY LLC

  • RIVERFRONT VENTURES II LLC

    RELATED · VENTURE FUND - INVESTMENTS IN EARLY STAGE TECH COMPANIES · PA · 97.98% owned · share of income $46,086 · share of assets $3,903,901

    Directly controlled by IW MANAGEMENT COMPANY II LLC

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • IW MANAGEMENT COMPANY LLC

    C · MANAGE RELATED ENTITY, RIVERFRONT VENTURES, LLC · PA · 100% owned · share of income $118,444 · share of assets $1,483,151 · controlled entity

    Directly controlled by INNOVATION WORKS INC

  • IW MANAGEMENT COMPANY II LLC

    C · MANAGE RELATED ENTITY, RIVERFRONT VENTURES II, LLC · PA · 100% owned · share of income $196,941 · share of assets $210,850 · controlled entity

    Directly controlled by INNOVATION WORKS INC

Provenance

Return type
form_990
Tax year
2024
Filed
15 May 2026
IRS schema version
2024v5.5
Source object
202611359349313176

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