FREDERICK INNOVATIVE TECHNOLOGY CENTER I INC

EIN: 201262262 501(c)(3) Community Improvement

FREDERICK, MD

Total Revenue
$1,955,696
Total Expenses
$2,344,796
Total Assets
$9,536,262
Net Assets
$6,733,167
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2004
Legal Domicile
MD
Principal Officer
KATHIE CALLAHAN BRADY
Phone
3016942999
Tax Period
2024-07-01 to 2025-06-30

FREDERICK INNOVATIVE TECHNOLOGY CENTER I INC, founded in 2004, is a community nonprofit in the Community Improvement sector that reported $2.0M in total revenue in fiscal year 2024. Revenue fell 75% from the prior year — a significant decline worth monitoring. Expenses of $2.3M exceeded revenue, resulting in a 20% operating deficit.

Mission

TO PROVIDE A NURTURING AND SUPPORTIVE ENVIRONMENT TO START-UP TECHNOLOGY-BASED BUSINESSES.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $995,763
Program Service Revenue $953,030
Investment Income $1,957
Other Revenue $4,946
TOTAL REVENUE $1,955,696

Expense Breakdown

Grants Paid $0
Salaries & Benefits $550,221
Fundraising Expenses $0
Program Expenses $1,877,128
Other Expenses $1,794,575
TOTAL EXPENSES $2,344,796

Year-over-Year Comparison

2024 2023 Change
Revenue $1,955,696 $7,751,754 -0.7%
Expenses $2,344,796 $1,772,567 +0.3%
Net Income $-389,100 $5,979,187 -1.1%
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

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Governance

Voting Members
16
Independent Members
15
Employees
9
Volunteers
46

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
3
$154,327
Total Directors
16
$154,327
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
KATHIE CALLAHAN BRADY PRESIDENT/CEO 57.19
Officer Director
$154,327 $0 $154,327
PATRICK WHEELER CHAIRMAN 1.19
Officer Director
$0 $0 $0
SEAN WALKER TREASURER/SECRETARY 0.69
Director
$0 $0 $0
ANDRES MENDOZA VICE CHAIRMAN 0.54
Director
$0 $0 $0
VELEKA PEEPLES - DYER MEMBER 0.27
Director
$0 $0 $0
THERESA BETHUNE MEMBER 0.65
Officer Director
$0 $0 $0
JON ROWLEY MEMBER 0.54
Director
$0 $0 $0
ANNE BALDUZZI MEMBER 0.54
Director
$0 $0 $0
RICHARD GRIFFIN MEMBER 0.23
Director
$0 $0 $0
JODIE BOLLINGER MEMBER 0.23
Director
$0 $0 $0
DAVID PALANK MEMBER 0.35
Director
$0 $0 $0
JEANNE O'CONNELL MEMBER 0.23
Director
$0 $0 $0
TIEN WONG MEMBER 0.23
Director
$0 $0 $0
MEI SUN MEMBER 0.23
Director
$0 $0 $0
JOHN MOLNAR MEMBER 0.35
Director
$0 $0 $0
DAVID GURZICK MEMBER 0.23
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
2025 $1,955,696 $2,344,796 $9,536,262 $-389,100
2024 $7,751,754 $1,772,567 $10,993,146 $5,979,187
2023 $1,638,890 $1,103,012 $2,908,352 $535,878
2022 $794,175 $959,989 $867,854 $-165,814
2021 $1,004,662 $728,296 $806,151 $276,366
2020 $667,649 $722,720 $696,197 $-55,071
2019 $765,041 $875,669 $675,418 $-110,628
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