THE INNOVATION PROJECT (EIN 463120883) - 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

2013

Legal Domicile

Principal Officer

DR SHARON CONTRERAS

Phone

9846645411

Tax Period

2024-07-01 to 2025-06-30

THE INNOVATION PROJECT, founded in 2013, is a community nonprofit in the Education sector that reported $5.9M in total revenue in fiscal year 2024. Revenue fell 35% from the prior year — a significant decline worth monitoring. Expenses of $6.6M exceeded revenue, resulting in a 12% operating deficit.

Mission

THE INNOVATION PROJECT IS A COLLABORATIVE OF FORWARD-THINKING EDUCATION LEADERS UNLEASHING STUDENT POTENTIAL AND SHAPING THE FUTURE OF LEARNING. MEMBERS INCLUDE PUBLIC SCHOOL DISTRICTS ACROSS NC THAT VARY IN SIZE, GEOGRAPHY AND DEMOGRAPHICS AND ARE COMMITTED TO IMPLEMENTING PIONEERING INNOVATIONS TO IMPROVE STUDENT OUTCOMES.

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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 (2024)

Revenue Breakdown

Contributions & Grants $5,394,508

Program Service Revenue $520,136

Investment Income $9,650

Other Revenue $4,666

TOTAL REVENUE $5,928,960

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,287,606

Fundraising Expenses $101,482

Program Expenses $6,202,754

Other Expenses $5,356,217

TOTAL EXPENSES $6,643,823

Year-over-Year Comparison

	2024	2023	Change
Revenue	$5,928,960	$9,147,389	-0.4%
Expenses	$6,643,823	$8,796,080	-0.2%
Net Income	$-714,863	$351,309	-3.0%

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

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

$743,458

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DR AARON WOODY	CHAIR	2.00	Officer Director	$0	$0	$0
DR CRYSTAL HILL	VICE CHAIR	2.00	Officer Director	$0	$0	$0
DR KEITH PARKER	TREASURER	2.00	Officer Director	$0	$0	$0
DR KAREN ROSEBORO	BOARD MEMBER	1.00	Director	$0	$0	$0
DR RODNEY TRICE	BOARD MEMBER	1.00	Director	$0	$0	$0
DR JESSE PRATT	BOARD MEMBER	1.00	Director	$0	$0	$0
DR JAMIE KING	BOARD MEMBER	1.00	Director	$0	$0	$0
DR ROBERT TAYLOR	BOARD MEMBER	1.00	Director	$0	$0	$0
DR SHARON CONTRERAS	CEO	40.00	Officer	$287,630	$48,127	$335,757
MR JOE ABLEIDNGER	EXECUTIVE DIRECTOR	40.00	Officer	$191,680	$20,490	$212,170
WINSTON MCGREGOR	COO	40.00	Officer	$163,304	$32,227	$195,531
DR BLAKE WIGGS	DIRECTOR OF STRATEGIC INIA	40.00	Highest	$125,254	$22,723	$147,977
DR KIMBERLY BLACKBURN MORRSION	SUPERINTENDENT IN RESIDENCE	40.00	Highest	$100,269	$9,724	$109,993

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	$5,928,960	$6,643,823	$968,410	$-714,863
2024	No data	No data	No data	No data
2023	$3,548,948	$3,822,958	$2,850,535	$-274,010
2022	$1,427,147	$961,090	$1,668,418	$466,057
2021	$523,652	$661,508	$1,127,877	$-137,856
2020	$1,103,561	$974,742	$1,257,320	$128,819
2019	$1,061,233	$1,046,513	$1,136,334	$14,720
2018	$1,733,211	$1,028,950	$1,240,971	$704,261

THE INNOVATION PROJECT