INSPIRE INNOVATION LAB

EIN: 470973679 501(c)(3) Education

MOORHEAD, MN

Total Revenue
$391,434
Total Expenses
$383,244
Total Assets
$38,316
Net Assets
$17,126
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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
2014
Legal Domicile
MN
Principal Officer
CARRIE LEOPOLD
Phone
2184771370
Tax Period
2022-07-01 to 2023-06-30

INSPIRE INNOVATION LAB, founded in 2014, is a small nonprofit in the Education sector that reported $391K in total revenue in fiscal year 2022. Revenue surged 35% from the prior year, signaling strong growth momentum.

Mission

TO PROVIDE PROFESSIONAL DEVELOPMENT, STUDENT PROGRAMMING, AND INNOVATIVE LEARNING EXPERIENCES FOR TEACHERS, STUDENTS AND THE COMMUNITY IN AN EFFORT TO ACHIEVE WIDESPREAD EDUCATIONAL IMPACT WITH A FOCUS TOWARD THE EMPOWERMENT OF UNDERREPRESENTED GROUPS.

Program Service Accomplishments

Program 1
Expenses: $360,141 Revenue: $334,472

DEVELOP AND PROVIDE STEM EDUCATIONAL RESOURCES AND STEM CONTINUING EDUCATION TO INSTRUCTORS, DEVELOP AND IMPLEMENT STEM, ENTREPRENEURIAL, AND ART EDUCATIONAL PROGRAMS AND SUPPORT TO PRIMARY AND...

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DEVELOP AND PROVIDE STEM EDUCATIONAL RESOURCES AND STEM CONTINUING EDUCATION TO INSTRUCTORS, DEVELOP AND IMPLEMENT STEM, ENTREPRENEURIAL, AND ART EDUCATIONAL PROGRAMS AND SUPPORT TO PRIMARY AND SECONDARY STUDENTS, DEVELOP AND IMPLEMENT STEM, ENTREPRENEURIAL, AND ART EDUCATIONAL PROGRAMS TO THE COMMUNITY, AND FOSTER A NETWORK OF COMMUNITY BUSINESSES SEEKING TO PROVIDE VOLUNTEER, FINANCIAL, AND MENTORING ASSETS TO INCREASE STEM ENTREPRENEURIAL AND ART FLUENCY WITHIN THE EDUCATIONAL MILIEU OF THE REGION.

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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%)

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Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $56,846
Program Service Revenue $334,472
Investment Income $116
Other Revenue $0
TOTAL REVENUE $391,434

Expense Breakdown

Grants Paid $0
Salaries & Benefits $235,794
Fundraising Expenses $0
Program Expenses $360,141
Other Expenses $147,450
TOTAL EXPENSES $383,244

Year-over-Year Comparison

2022 2021 Change
Revenue $391,434 $289,326 +0.4%
Expenses $383,244 $273,186 +0.4%
Net Income $8,190 $16,140 -0.5%
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

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Governance

Voting Members
6
Independent Members
6
Employees
16
Volunteers
10

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
2
$0
Total Directors
6
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
RUTH BUFFALO BOARD MEMBER N/A
Director
$0 $0 $0
LILLIAN JONES BOARD MEMBER N/A
Director
$0 $0 $0
CARRIE LEOPOLD PRES/BOARD C N/A
Officer Director
$0 $0 $0
ALLEN RALSTON VICE PRESIDE N/A
Officer Director
$0 $0 $0
PATRICIA SMITH BOARD MEMBER N/A
Director
$0 $0 $0
LATHA SWENSON BOARD MEMBER N/A
Director
$0 $0 $0
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 $391,434 $383,244 $38,316 $8,190
2022 $289,326 $273,186 $34,551 $16,140
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