INNOVATION WORKS INC (EIN 251588611) - Form 990 Financial Analysis & Trantor Score

🔒

Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

Sign in with your work email to view Tuckman-Chang indicators

Financial Trends

Organization Details

Formation Year

1988

Legal Domicile

Principal Officer

VEN RAJU

Phone

4126811520

Tax Period

2024-07-01 to 2025-06-30

INNOVATION WORKS INC, founded in 1988, is a mid-sized nonprofit that reported $14.6M in total revenue in fiscal year 2024. Revenue grew 11% year-over-year, indicating healthy expansion. Expenses of $18.5M exceeded revenue, resulting in a 27% operating deficit.

Mission

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.

🔒

Trantor Score

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

Sign in to view Trantor Score and financial metrics

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

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $11,707,979

Program Service Revenue $1,496,403

Investment Income $1,397,460

Other Revenue $8,158

TOTAL REVENUE $14,610,000

Expense Breakdown

Grants Paid $485,450

Salaries & Benefits $7,812,830

Fundraising Expenses $250,875

Program Expenses $14,972,126

Other Expenses $10,193,398

TOTAL EXPENSES $18,491,678

Year-over-Year Comparison

	2024	2023	Change
Revenue	$14,610,000	$13,218,069	+0.1%
Expenses	$18,491,678	$16,611,674	+0.1%
Net Income	$-3,881,678	$-3,393,605	+0.1%

Key Indicators

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

🔒

Financial Health Indicators

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

Financial Distress Indicator

Liquidity & Cash Position

Sign in to view all financial metrics

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

Governance

Voting Members

Independent Members

Employees

Volunteers

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

$1,857,580

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MR ROB A RUTENBAR	BOARD MEMBER	0.75	Director	$0	$0	$0
DR STEVEN REIS	BOARD MEMBER	0.75	Director	$0	$0	$0
MR JOE FERRARA	BOARD MEMBER (THRU 12/24)	0.75	Director	$0	$0	$0
MS DONNA MYERS	BOARD MEMBER (THRU 12/24)	0.75	Director	$0	$0	$0
MR JIMMY WILLIAMS	BOARD MEMBER	0.75	Director	$0	$0	$0
MR WILLIAM SANDERS	BOARD MEMBER (THRU 6/25)	0.75	Director	$0	$0	$0
MR TOM JONES	BOARD CHAIR	2.50	Director	$0	$0	$0
MR RON BIANCHINI JR	BOARD MEMBER	0.75	Director	$0	$0	$0
MR STEPHEN CHEN	BOARD MEMBER (AS OF 10/24)	0.75	Director	$0	$0	$0
MR DAVID ROGER	BOARD MEMBER (AS OF 10/24)	0.75	Director	$0	$0	$0
MR CARL DALEY	BOARD MEMBER (AS OF 4/25)	0.75	Director	$0	$0	$0
MR VEN RAJU	PRESIDENT & CEO	40.00	Officer	$569,820	$55,451	$625,271
MR KIRK BOTULA	VP & CSOO	40.00	Officer	$387,267	$63,586	$450,853
MS KELLI MCMURRAY	SECRETARY & CONTROLLER	40.00	Officer	$179,828	$30,183	$210,011
MS KELLEY BENSON	VP HR & INCLUSION	40.00	Officer	$228,676	$43,979	$272,655
MR ROBERT STARZYNSKI	VP BUSINESS DEV. & TREASURER	40.00	Officer	$251,690	$47,100	$298,790
MS AFSHAN KHAN	PORTFOLIO EXECUTIVE	40.00	Highest	$198,145	$48,841	$246,986
MR JEFFERY MCDANIEL	PORTFOLIO EXECUTIVE	40.00	Highest	$215,149	$44,243	$259,392
MR AARON TAINTER	DIRECTOR OF ACCELERATOR PROGRAMS	40.00	Highest	$197,241	$19,123	$216,364
MS DEBORAH WALKER	SR. LEGAL COUNSEL	40.00	Highest	$220,411	$20,316	$240,727
MR KEVIN DOWLING	PORTFOLIO EXECUTIVE	40.00	Highest	$250,939	$48,478	$299,417
MR RICHARD R LUNAK	FORMER PRESIDENT & CEO	10.00		$129,630	$13,532	$143,162

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	$14,610,000	$18,491,678	$45,646,740	$-3,881,678
2024	No data	No data	No data	No data
2023	$15,798,085	$15,866,669	$49,208,659	$-68,584
2022	$24,072,729	$10,978,543	$48,998,670	$13,094,186
2021	$14,661,317	$10,207,940	$37,710,828	$4,453,377
2020	$8,003,735	$10,531,596	$31,593,952	$-2,527,861
2019	$9,154,339	$10,232,669	$34,547,924	$-1,078,330
2018	$17,409,236	$12,471,434	$35,705,589	$4,937,802

INNOVATION WORKS INC