IGNITE TECHNOLOGY AND INNOVATION I… - Form 990 Financial Data

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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

2018

Legal Domicile

Tax Period

2023-01-01 to 2023-12-31

IGNITE TECHNOLOGY AND INNOVATION INC, founded in 2018, is a micro nonprofit in the Community Improvement sector that reported $36K in total revenue in fiscal year 2023. Revenue fell 93% from the prior year — a significant decline worth monitoring. Expenses of $176K exceeded revenue, resulting in a 382% operating deficit.

Mission

TO CREATE EQUITABLE WEALTH AND SHARE PROSPERITY IN UNDER RESOURCED COMMUNITIES WE DEVELOP AFFORDABLE ACCESSIBLE COFFEE AND COWORKING SPACES ENRICHED WITH CLASSES AND PROGRAMS. OUR PROGRAMS INSPIRE ENCOURAGE NURTURE AND GROW THE UNTAPPED IDEAS OF UNDERREPRESENTED ENTREPRENEURS BY

Program Service Accomplishments

Program 1

Expenses: $171,722 Revenue: $37,092

IGNITES TECHNOLOGY CO WORKING SPACE SERVING AS A BUSINESS INCUBATOR AND TECHNOLOGY CENTER TO ASSIST EXISTING AND NEW BUSINESSES LOCATED IN ECONOMICALLY DEPRESSED OR BLIGHTED AREAS. IGNITES TARGET...

IGNITES TECHNOLOGY CO WORKING SPACE SERVING AS A BUSINESS INCUBATOR AND TECHNOLOGY CENTER TO ASSIST EXISTING AND NEW BUSINESSES LOCATED IN ECONOMICALLY DEPRESSED OR BLIGHTED AREAS. IGNITES TARGET MARKETS ARE LOW INCOME COMMUNITY ENTERPRISE ZONES AND OPPORTUNITY ZONES WHICH ARE INTENDED TO ENCOURAGE INVESTMENT IN DISTRESSED AREAS WITH A SPECIFIC FOCUS OF NEW AND START UP BUSINESSES THAT FURTHER THE MISSION OF ECONOMIC 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 $-644

Program Service Revenue $23,720

Investment Income $0

Other Revenue $13,372

TOTAL REVENUE $36,448

Expense Breakdown

Grants Paid $0

Salaries & Benefits $114,834

Fundraising Expenses $0

Program Expenses $171,722

Other Expenses $60,931

TOTAL EXPENSES $175,765

Year-over-Year Comparison

	2023	2022	Change
Revenue	$36,448	$502,508	-0.9%
Expenses	$175,765	$510,527	-0.7%
Net Income	$-139,317	$-8,019	+16.4%

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

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SANDRA BURKE	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
DEREK STEVENSON	BOARD OF DIRECTORS	20.00	Director	$0	$0	$0
DARRYL HOWARD	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
CHRISTOPHER POWELL	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
TRACY G POWELL	PRESIDENT AND CHAIRMAN	65.00	Officer Director	$0	$0	$0
NIKKI BRAVO	EXECUTIVE DIRECTOR AND SECRET	30.00	Officer	$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	$36,448	$175,765	$-90,718	$-139,317
2022	$502,508	$511,356	$119,050	$-8,848
2022	$502,508	$193,313	$532,182	$309,195
2021	$572,777	$605,104	$127,084	$-32,327
2020	$308,638	$475,540	No data	$-166,902
2020	$308,638	$475,540	No data	$-166,902
2019	$278,707	$331,457	No data	$-52,750
2018	$249,168	$202,479	No data	$46,689

IGNITE TECHNOLOGY AND INNOVATION INC