INSTITUTE FOR WORKFORCE ADVANCEMENT (EIN 270685219) - 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

2008

Legal Domicile

Principal Officer

RAY FARRELL

Phone

5165975455

Tax Period

2023-01-01 to 2023-12-31

INSTITUTE FOR WORKFORCE ADVANCEMENT, founded in 2008, is a small nonprofit in the Science & Technology sector that reported $490K in total revenue in fiscal year 2023. Revenue surged 240% from the prior year, signaling strong growth momentum. Expenses of $564K exceeded revenue, resulting in a 15% operating deficit.

Mission

TO PROVIDE SMALL AND MEDIUM SIZED MANUFACTURERS THE OPPORTUNITY TO ADDRESS NEW MARKETS THAT REQUIRE THE USE OF COMPOSITE MATERIALS AND HELP REGIONAL MANUFACTURERS PRODUCE COMPOSITE PRODUCTS THROUGH TRAINING AND EQUIPMENT AVAILABILITY. IWA WILL PROVIDE A FULL SPECTRUM OF SERVICES RANGING FROM ENGINEERING, PROCESS DEVELOPMENT, PRODUCT DEVELOPMENT, INSPECTION, AND TESTING, TO WORKFORCE TRAINING AND DEVELOPMENT.

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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 $15,000

Program Service Revenue $474,482

Investment Income $0

Other Revenue $354

TOTAL REVENUE $489,836

Expense Breakdown

Grants Paid $0

Salaries & Benefits $418,369

Fundraising Expenses $0

Program Expenses $257,645

Other Expenses $146,105

TOTAL EXPENSES $564,474

Year-over-Year Comparison

	2023	2022	Change
Revenue	$489,836	$143,957	+2.4%
Expenses	$564,474	$499,738	+0.1%
Net Income	$-74,638	$-355,781	-0.8%

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

$154,700

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RAY FARRELL	CHAIRMAN OF THE BOARD	2.50	Officer Director	$0	$0	$0
BARRY SHORTEN	SECRETARY	4.50	Officer Director	$0	$0	$0
JEFFREY BASS	TREASURER	4.50	Officer Director	$0	$0	$0
JOSEPH GARONE	VICE PRESIDENT	2.50	Officer Director	$0	$0	$0
ANNMARIE SCHEIDT	BOARD MEMBER	2.50	Director	$0	$0	$0
JOHN SMITH	BOARD MEMBER	2.50	Director	$0	$0	$0
MICHAEL MCQUILLAN	DIRECTOR OF FINANCE	40.00	Officer	$115,199	$39,501	$154,700

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	$489,836	$564,474	$476,667	$-74,638
2022	$143,957	$499,738	$93,382	$-355,781
2021	$148,227	$478,361	$46,090	$-330,134
2020	$59,093	$707,422	$25,738	$-648,329
2019	$502,003	$1,084,439	$577,276	$-582,436
2018	$829,748	$1,422,709	$906,397	$-592,961
2018	$828,498	$1,338,998	$1,006,440	$-510,500
2017	$1,068,037	$1,306,261	$1,019,967	$-238,224

INSTITUTE FOR WORKFORCE ADVANCEMENT