THE ARKANSAS REGIONAL INNOVATION HUB INC

EIN: 463376034 501(c)(3)

NORTH LITTLE ROCK, AR

Total Revenue
$1,003,839
Total Expenses
$1,181,352
Total Assets
N/A
Net Assets
N/A
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Financial Trends

Organization Details

Formation Year
2013
Legal Domicile
AR
Principal Officer
ERRIN STANGER
Phone
5019076570
Tax Period
2021-01-01 to 2021-12-31

THE ARKANSAS REGIONAL INNOVATION HUB INC, founded in 2013, is a community nonprofit that reported $1.0M in total revenue in fiscal year 2021. Revenue fell 26% from the prior year — a significant decline worth monitoring. Expenses of $1.2M exceeded revenue, resulting in a 18% operating deficit.

Mission

TO INCREASE INNOVATIVE AND ENTREPRENEURIAL ACTIVITY IN ARKANSAS BY CREATING A COLLABORATIVE ECOSYSTEM THAT MOBILIZE THE RESOURCES, PROGRAMS, AND EDUCATIONAL OPPORTUNITIES NECESSARY TO DEVELOP, ATTRACT AND RETAIN TALENT TO BUILD THE STATE'S ECONOMY.

Program Service Accomplishments

Program 1
Expenses: $67,578

MANUFACTURING/PRODUCTION - THE INNOVATION HUB HELPS INVENTORS, ENTREPRENEURS, AND MANUFACTURERS TO DESIGN, PROTOTYPE, BUILD, TEST, AND DELIVER NEW PRODUCTS. WE HAVE WORKED WITH A VARIETY OF COMPANIES...

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MANUFACTURING/PRODUCTION - THE INNOVATION HUB HELPS INVENTORS, ENTREPRENEURS, AND MANUFACTURERS TO DESIGN, PROTOTYPE, BUILD, TEST, AND DELIVER NEW PRODUCTS. WE HAVE WORKED WITH A VARIETY OF COMPANIES AND INVENTORS TO DELIVER SUCCESSFUL PROTOTYPES AND PROJECTS, AND WE WORK CLOSELY WITH SOME OF ARKANSAS'S BEST DESIGNERS AND ENGINEERS TO MEET THE NEEDS OF OUR CLIENTS. MANUFACTURING USES SMART TOOLS LIKE 3D PRINTERS, CNC MILLS, INJECTION MOLDERS, AND LASER CUTTERS TO AUTOMATE AND MULTIPLY THE MANUFACTURING PROCESS. MASS MANUFACTURING IS DESIGNED TO CREATE TENS OF THOUSANDS OF A PRODUCT. BUT, WHAT IF YOU ONLY NEED A HUNDRED OR SO ITEMS TO LAUNCH YOUR BUSINESS? THAT'S MICROMANUFACTURING - A PROCESS WHICH USES MANY OF THE SAME AUTOMATED TOOLS AS A BIG INDUSTRY ON A SMALLER SCALE. MUCH OF THE WORK TRADITIONALLY HANDLED BY MANUFACTURING EQUIPMENT CAN NOW BE PERFORMED BY 3D PRINTERS. THE MICROMANUFACTURING PROCESS IS MORE EFFICIENT, USING FEWER RESOURCES AND ALLOWING YOU TO DECIDE JUST HOW MUCH PRODUCT YOU NEED AND WHEN YOU NEED IT. IT'S A COMBINATION OF OLD WORLD CRAFTSMANSHIP AND 21ST CENTURY TECHNOLOGIES. OUR PRODUCTION TEAM OFFERS 2D & 3D DESIGN SERVICES, AND FABRICATION SERVICES USING STATE-OF-THE-ART TECHNOLOGY.

Program 2
Expenses: $429,119 Revenue: $36,302

STEM - OUR FIELD TRIPS, SUMMER CAMPS, AND AFTER SCHOOL PROGRAMS HELP INTRODUCE CHILDREN ACROSS THE ECONOMIC SPECTRUM TO THE ARTS AND TO CUTTING-EDGE STEM TECHNOLOGY AND EDUCATION. CLASSES DEVOTED TO...

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STEM - OUR FIELD TRIPS, SUMMER CAMPS, AND AFTER SCHOOL PROGRAMS HELP INTRODUCE CHILDREN ACROSS THE ECONOMIC SPECTRUM TO THE ARTS AND TO CUTTING-EDGE STEM TECHNOLOGY AND EDUCATION. CLASSES DEVOTED TO ROBOTICS, ENGINEERING, CODING, PROGRAMMING AND VIDEO GAME DESIGN ENHANCE STUDENT'S STEM PATHWAYS. TO MAKE THESE PROGRAMS MORE ACCESSIBLE, WE PROVIDE SCHOLARSHIP FUNDS FOR EACH OF THESE PROGRAMS, BOTH ON GROUP AND INDIVIDUAL STUDENT LEVELS. FOR ADULTS AND OLDER TEENS, OUR CLASSES, WORKSHOPS AND EQUIPMENT PROVIDE OPPORTUNITIES FOR ENTREPRENEURSHIP TRAINING, PROFESSIONAL DEVELOPMENT, AND SELF-EMPLOYMENT AS ARTISTS, MAKERS, OR CRAFTSPEOPLE, SUCH AS WELDERS.

Program 3
Expenses: $124,278 Revenue: $28,807

ART - WE HAVE CREATED A DESIGNATED STREET-FRONT GALLERY SPACE FOR SOLO AND GROUP ARTIST EXHIBITIONS, CONTINUED TO PARTICIPATE AS AN ANCHOR ORGANIZATION IN OUR LOCAL 3RD FRIDAY ART WALK, AND PARTNERED...

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ART - WE HAVE CREATED A DESIGNATED STREET-FRONT GALLERY SPACE FOR SOLO AND GROUP ARTIST EXHIBITIONS, CONTINUED TO PARTICIPATE AS AN ANCHOR ORGANIZATION IN OUR LOCAL 3RD FRIDAY ART WALK, AND PARTNERED WITH SEVERAL ORGANIZATIONS TO SHOWCASE SEVERAL TYPES OF ARTWORK. WE ALSO LAUNCHED ENTREPRENEURIAL WORKSHOPS FOR ARTISTS ON E-COMMERCE THROUGH ETSY AND ASSISTED ARTISTS IN ENTREPRENEURIAL SKILLS THROUGH FREE 1-ON-1 CONSULTATION SERVICES. WE EXPANDED OUR ART AFTER SCHOOL OFFERINGS TO INCLUDE PRINTMAKING, WATERCOLOR, TIE DYE, LASER CUTTING, 3D PRINTING, WOODWORKING, AND MULTI-MEDIA. WE LAUNCHED A NEW PROGRAM, SHE THRIVES, FOR FEMALE AND NON-BINARY INDIVIDUAL AGES K-12 WHICH FOCUSES ON SEVERAL DIFFERENT STEAM PROJECTS. WE CONTINUE TO OFFER ART FIELD TRIPS IN CERAMICS, SCREEN PRINTING, PRINTMAKING, 3D PRINTING, AND LASER CUTTING. WE ALSO TOOK ART ON THE ROAD TO RURAL ARKANSAS SCHOOLS AND COMMUNITIES WITH THE MOBILE MAKERSPACE, TEACHING CERAMICS, SCREEN PRINTING, LASER CUTTING, 3D PRINTING, PRINTMAKING. AS AN EXTENSION OF THE MOBILE MAKERSPACE, WE ALSO PROVIDED DIGITAL LITERACY TRAINING TO STUDENTS, PARENTS AND GUARDIANS TO HELP THEM UNDERSTAND HOW TO NAVIGATE TECHNOLOGY DURING THE PANDEMIC.

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

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Financial Overview (2021)

Revenue Breakdown

Contributions & Grants $851,644
Program Service Revenue $142,181
Investment Income $0
Other Revenue $10,014
TOTAL REVENUE $1,003,839

Expense Breakdown

Grants Paid $0
Salaries & Benefits $556,768
Fundraising Expenses $0
Program Expenses $894,741
Other Expenses $624,584
TOTAL EXPENSES $1,181,352

Year-over-Year Comparison

2021 2020 Change
Revenue $1,003,839 $1,364,006 -0.3%
Expenses $1,181,352 $1,334,520 -0.1%
Net Income $-177,513 $29,486 -7.0%
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
4
Independent Members
N/A
Employees
14
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
$1,532,962
Total Directors
4
$1,768,135
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
RODNEY FERGUSON PRESIDENT 1.00
Officer Director
$0 $52,053 $672,409
MIKE MYERS TREASURER 1.00
Officer Director
$0 $50,145 $369,959
JOYJIT DEB ROY BOARD MEMBER 2.00
Director
$0 $43,193 $389,878
CHARLOTTE YOUNG SECRETARY 1.00
Officer Director
$0 $47,231 $335,889
CHRISTOPHER JONES FORMER EXECUTIVE DIRECTOR 40.00
Officer
$51,000 $1,409 $52,409
ERRIN STANGER ACTING DIRECTOR 40.00
Officer
$96,067 $6,229 $102,296
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
2021 $1,003,839 $1,181,352 No data $-177,513
2020 $1,364,006 $1,334,520 $5,088,957 $29,486
2019 $894,138 $1,563,403 $4,560,479 $-669,265
2018 $465,941 $1,462,806 $4,437,378 $-996,865
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