INNOVATION STUDIO INC

EIN: 455191933 501(c)(3) Community Improvement

ROXBURY, MA

Total Revenue
$1,723,186
Total Expenses
$2,252,650
Total Assets
$487,657
Net Assets
$-227,043
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Financial Trends

Organization Details

Formation Year
2012
Legal Domicile
MA
Principal Officer
DANIEL VIDANA
Phone
8572541857
Tax Period
2022-01-01 to 2022-12-31

INNOVATION STUDIO INC, founded in 2012, is a community nonprofit in the Community Improvement sector that reported $1.7M in total revenue in fiscal year 2022. Revenue decreased 17% compared to the prior year. Expenses of $2.3M exceeded revenue, resulting in a 31% operating deficit.

Mission

THE MISSION AT INNOVATION STUDIO IS TO MAKE INNOVATION, ENTREPRENEURSHIP, AND BUSINESS OWNERSHIP ATTAINABLE THROUGH AN EMPOWERING AND INCLUSIVE NETWORK OF COMMUNITY SPACES AND INDIVIDUALIZED PATHWAYS. INNOVATION STUDIO'S VISION IS TO BE THE HOME WHERE ASPIRING INDIVIDUALS ARE ENCOURAGED TO CONFIDENTLY GROW THEIR IDEAS INTO SUCCESSFUL BUSINESSES.

Program Service Accomplishments

Program 1
Expenses: $770,769 Revenue: $877,568

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...

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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.

Program 2
Expenses: $365,728

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...

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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.

Program 3
Expenses: $64,792 Revenue: $7,318

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...

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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.

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

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Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $420,389
Program Service Revenue $914,597
Investment Income $12
Other Revenue $388,188
TOTAL REVENUE $1,723,186

Expense Breakdown

Grants Paid $0
Salaries & Benefits $1,375,380
Fundraising Expenses $0
Program Expenses $1,540,425
Other Expenses $877,270
TOTAL EXPENSES $2,252,650

Year-over-Year Comparison

2022 2021 Change
Revenue $1,723,186 $2,069,490 -0.2%
Expenses $2,252,650 $2,293,396 0.0%
Net Income $-529,464 $-223,906 +1.4%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
12
Independent Members
12
Employees
21
Volunteers
50

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
5
$158,094
Total Directors
14
$158,094
Key Employees
0
$0
Highest Compensated
1
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
DANIEL VIDANA PRESIDENT 40.00
Officer Director
$132,150 $25,944 $158,094
MITCH TYSON IM. PAST BOA 1.00
Officer Director
$0 $0 $0
KEVIN WIANT PAST FINANCE 1.00
Officer Director
$0 $0 $0
VINIT NIHJAWAN VICE CHAIR 1.50
Officer Director
$0 $0 $0
CHRISTOPHER MULLER EXTERNAL AFF 1.50
Officer Director
$0 $0 $0
DAMON COX MEMBER 1.00
Director
$0 $0 $0
MELISSA JAMES MEMBER (TERM 1.00
Director
$0 $0 $0
ZALIKA WINITZER MEMBER (TERM 1.00
Director
$0 $0 $0
CARMEN DIAZ-JUSINO BOARD CHAIR 1.50
Director
$0 $0 $0
CHRISTIAN PONCE TREASURER 1.00
Director
$0 $0 $0
ROSANNA GARCIA MEMBER 1.00
Director
$0 $0 $0
HOLLY JAMES MEMBER 1.00
Director
$0 $0 $0
DAVID LUCIER MEMBER 1.00
Director
$0 $0 $0
ANGEL SILVESTRINI MEMBER 1.00
Director
$0 $0 $0
ASHLEY MEDIROS VP STRATEGY 40.00
Highest
$107,308 $24,996 $132,304
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
2022 $1,723,186 $2,252,650 $487,657 $-529,464
2021 $2,069,490 $2,293,396 $968,961 $-223,906
2020 $4,064,836 $4,144,891 $1,389,900 $-80,055
2018 $1,763,324 $2,049,449 $979,709 $-286,125
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