Idea Works Inc

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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

2017

Legal Domicile

Principal Officer

Korinna Goettel

Phone

4195654495

Tax Period

2023-01-01 to 2023-12-31

Idea Works Inc, founded in 2017, is a small nonprofit in the Community Improvement sector that reported $172K in total revenue in fiscal year 2023. Revenue fell 52% from the prior year — a significant decline worth monitoring. Expenses of $244K exceeded revenue, resulting in a 42% operating deficit.

Mission

Connecting professionals with the community and resources that strengthen their business.

Program Service Accomplishments

Program 1

Expenses: $86,788 Revenue: $94,023

The Organization strives every day to nurture entrepreneurs providing them with the space they need to help turn their ideas into successful businesses. At Idea Works, we offer a variety of coworking...

Program 2

Expenses: $41,745 Revenue: $42,411

The Organization provides space in the Entrepreneur's Kitchen to support food-based businesses.

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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 $35,199

Program Service Revenue $136,434

Investment Income $3

Other Revenue $0

TOTAL REVENUE $171,636

Expense Breakdown

Grants Paid $1,275

Salaries & Benefits $104,092

Fundraising Expenses $31,228

Program Expenses $128,533

Other Expenses $138,317

TOTAL EXPENSES $243,684

Year-over-Year Comparison

	2023	2022	Change
Revenue	$171,636	$355,897	-0.5%
Expenses	$243,684	$270,740	-0.1%
Net Income	$-72,048	$85,157	-1.8%

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Jay Allred	President	2.00	Officer Director	$0	$0	$0
Annamarie Fernyak	Director	2.00	Director	$0	$0	$0
Carl Fernyak	Director	2.00	Director	$0	$0	$0
Barbara Lindsay	Director	1.00	Director	$0	$0	$0
Walter Bonham	Director	1.00	Director	$0	$0	$0
Donnie Clark	Director	1.00	Director	$0	$0	$0
Edward Patrick Akinyemi	Director	1.00	Director	$0	$0	$0
Vincent Palombo	Director	1.00	Director	$0	$0	$0
Matt Ayers	Director	1.00	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	$171,636	$243,684	$61,501	$-72,048
2022	$355,897	$270,740	$132,702	$85,157
2021	$285,245	$257,087	$52,439	$28,158
2020	$182,724	$198,421	$23,455	$-15,697
2019	$240,649	$212,839	$36,681	$27,810
2018	$169,150	$167,046	$37,971	$2,104