Form 990 for tax year 2022

Totals

Total revenue

$1,723,186

Total expenses

$2,252,650

Contributions and grants received

$420,389

Grants paid

$0

Program service revenue

$914,597

Investment income

$12

Other revenue

$388,188

Total assets, end of year

$487,657

Total liabilities, end of year

$714,700

Net assets or fund balances, end of year

-$227,043

Program services expenses (Part IX)

$1,540,425

Management and general expenses

$712,225

Fundraising expenses

$0

Program service expenses (Part III)

$1,540,425

Program services were 68.4% 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.

Mission and programs · 2022

• DISTRICT HALL BOSTON & BOSTON SEAPORT PARTNERSHIPS: DISTRICT HALL IS THE RESULT OF A COLLABORATIVE PUBLIC (CITY OF BOSTON), PRIVATE PARTNERSHIP THAT OPENED IN THE FALL OF 2013. DISTRICT HALL IS A DEDICATED CIVIC SPACE WITH THE GOAL CREATING AN ENVIRONMENT THAT FOSTERS INNOVATION, COLLABORATION, AND ENTREPRENEURSHIP. DISTRICT HALL HAS OPEN WORKSPACE, CLASSROOMS, ASSEMBLY SPACE, FLEXIBLE USE 'POD', AND WRITABLE SURFACES EVERYWHERE. THE ORGANIZATION WORKS WITH MUNICIPALITIES, NON-PROFIT GROUPS, COLLEGE AND UNIVERSITIES, INDUSTRY ASSOCIATIONS, LOCAL NEIGHBORHOOD GROUPS, AND COMPANIES TO MAKE INFORMATIONAL RESOURCES AVAILABLE AND PRESENTS EDUCATIONAL PROGRAMS AND ACTIVITIES THAT ENCOURAGE INNOVATORS TO CONNECT, COLLABORATE AND START A NEW BUSINESS. THESE TYPES OF PROGRAMS THAT HAVE ALREADY BEEN RUN AT DISTRICT HALL INCLUDE HACKATHONS, PITCH COMPETITIONS, PANEL DISCUSSIONS, FIRESIDE CHATS, INTERVIEWS, DEMONSTRATIONS, CONFERENCES, COMPANY MEETINGS, BRAINSTORMING AND COMMUNITY GATHERINGS. AS A RESULT OF THE ORGANIZATION'S SUCCESS WITH DISTRICT HALL, OTHER BOSTON SEAPORT INNOVATION AND WORK SPACES HAVE SOUGHT OUT INNOVATION STUDIO FORMING PARTNERSHIPS TO ACTIVATE THEIR EXISTING INNOVATION SPACES. INNOVATION STUDIO FORMED A PARTNERSHIP WITH WORCESTER POLYTECHNIC INSTITUTE, WHO HAS INNOVATION AND MEETING SPACE IN THE SEAPORT, HELPING TO INCREASE TRAFFIC TO THEIR LOCATION AND BRING AWARENESS TO THEIR PRESENCE IN THE CITY. A PARTNERSHIP WITH ECHELON SEAPORT ALLOWED INNOVATION STUDIO TO DEMONSTRATE HOW TO SUCCESSFULLY RUN THEIR ON-SITE INNOVATION CENTER THAT IS AVAILABLE TO THEIR RESIDENTS AND LOCAL AREA BUSINESSES AND INDIVIDUALS.

  Expenses $770,769 · Revenue $877,568

• BIZ BODEGA AND RHODE ISLAND PROGRAMS: WITH THE INTENTION OF INCREASING SOCIAL AND ECONOMIC MOBILITY FOR RESIDENTS IN PROVIDENCE, INNOVATION STUDIO PARTNERED WITH ONE NEIGHBORHOOD BUILDERS TO OPEN AND OPERATE BIZ BODEGA, A COMPREHENSIVE AND VIBRANT BUSINESS SUPPORT OFFICE FOR NEW AND GROWING SMALL BUSINESSES LOCATED IN CENTRAL PROVIDENCE. INNOVATION STUDIO PROVIDES LIVE AND VIRTUAL PROGRAMS TO CREATE IMPACTFUL AND INCLUSIVE PATHWAYS TO COLLABORATION. THIS IS ACHIEVED BY CULTIVATING RELATIONSHIPS AND PROVIDING RESOURCES FOR ANYONE TO SUCCESSFULLY LAUNCH AND GROW A BUSINESS. INNOVATION STUDIO IS COMMITTED TO EQUITABLE AVAILABILITY OF RESOURCES TO RESIDENTS IN PROVIDENCE AND RHODE ISLAND.

  Expenses $365,728

• ROXBURY INNOVATION CENTER (RIC): THE ROXBURY INNOVATION CENTER IS A CIVIC INNOVATION CENTER THAT WILL SUPPORT LOCAL ECONOMIC DEVELOPMENT BY ENCOURAGING INNOVATION AND ENTREPRENEURSHIP FOCUSED ON THE CITY OF BOSTON NEIGHBORHOODS OF ROXBURY, DORCHESTER AND MATTAPAN. THESE NEIGHBORS HAVE A HIGHER UNEMPLOYMENT RATE AND A GREATER WEALTH INCOME GAP FROM THE REST OF THE CITY OF BOSTON. SINCE OPENING IN THE FALL OF 2015, RIC HAS ACTIVATED PROGRAMS AND EVENTS TO HELP ADULTS AND YOUTH LEARN SMALL BUSINESS/STARTUP AND TECHNICAL SKILLS TO MAKE ENTREPRENEURSHIP AND INNOVATION VIABLE CAREER OPTIONS FOR ALL. IT HAS ALWAYS BEEN THE MISSION OF THE ORGANIZATION THAT "INNOVATION IS FOR EVERYONE- AND THROUGH PROGRAMMING AT RIC, THE ORGANIZATION HAS CONTINUED THIS MISSION. RIC ALSO PROVIDES A PLACE FOR THE LOCAL COMMUNITY TO GATHER, OBTAIN ADVICE AND CONNECT WITH OTHER RESOURCES FROM AROUND GREATER BOSTON AND THE WORLD THROUGH PITCH NIGHTS AND OTHER PROGRAMMING. THE ORGANIZATION ALSO PRODUCES PROGRAMMING TO ACTIVATE AND CONNECT THE THREE PHYSICAL SPACES TO THE INNOVATION COMMUNITY LOCALLY, NATIONALLY, AND INTERNATIONALLY.

  Expenses $64,792 · Revenue $7,318

• MASSACHUSETTS PROGRAMS: INNOVATION STUDIO'S PATHWAYS TO ENTREPRENEURSHIP CONTINUUM OF SMALL BUSINESS AND STARTUP PROGRAMS PROVIDES AN INDIVIDUALIZED APPROACH TO INNOVATION. THROUGH BUSINESS ACCELERATORS, 1-2-1 ADVISING SERVICES, AND NETWORKING OPPORTUNITIES ENTREPRENEURS AND BUSINESS OWNERS GAIN ACCESS TO THE RESOURCES AND SKILLS THEY NEED TO BE SUCCESSFUL.

  Expenses $339,136

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

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

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

No itemized grants to organizations on this return.

Provenance

Return type

form_990

Tax year

2022

Filed

30 October 2023

IRS schema version

2022v5.0

Source object

202303199349314145

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.