INNOVATIVE CONCEPTS INC (EIN 061816677) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2007

Legal Domicile

Principal Officer

MICHAEL SLAUGHTER

Phone

3014407908

Tax Period

2023-01-01 to 2023-12-31

INNOVATIVE CONCEPTS INC, founded in 2007, is a small nonprofit in the Employment sector that reported $654K in total revenue in fiscal year 2023. Revenue decreased 13% compared to the prior year.

Mission

INNOVATIVE CONCEPTS, INC. PROVIDES RESIDENTIAL SERVICES TO INDIVIDUALS WITH INTELLECTUAL AND DEVELOPMENTAL DISSABILITIES. ITS SERVICES CONSIST OF BASIC HOUSING FACILITIES, VOCATIONAL AND MENTORSHIP PROGRAMS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $654,339

Program Service Revenue $0

Investment Income $0

Other Revenue $0

TOTAL REVENUE $654,339

Expense Breakdown

Grants Paid $0

Salaries & Benefits $418,556

Fundraising Expenses $0

Program Expenses $557,170

Other Expenses $239,988

TOTAL EXPENSES $658,544

Year-over-Year Comparison

	2023	2022	Change
Revenue	$654,339	$753,983	-0.1%
Expenses	$658,544	$654,654	+0.0%
Net Income	$-4,205	$99,329	-1.0%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$53,450

Total Directors

$53,450

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MICHAEL SLAUGHTER	PRESIDENT	20.00	Officer Director	$53,450	$0	$53,450
KEVIN MOATES	VICE PRESIDE	12.00	Director	$0	$0	$0
ANTHONY GILMER	SECRETARY	12.00	Officer Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$654,339	$658,544	$45,178	$-4,205
2022	$753,983	$654,654	$51,946	$99,329
2021	$707,267	$719,431	$35,126	$-12,164
2020	$724,213	$748,247	$134,390	$-24,034
2019	$678,884	$690,654	$2,484	$-11,770

INNOVATIVE CONCEPTS INC