INNOVATION INSTITUTE FOR TOMORROW INC (EIN 854226575) - 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

2020

Legal Domicile

Principal Officer

TIM HEFFERNAN

Phone

8146735072

Tax Period

2023-01-01 to 2023-12-31

INNOVATION INSTITUTE FOR TOMORROW INC, founded in 2020, is a small nonprofit in the Education sector that reported $331K in total revenue in fiscal year 2023. Revenue decreased 13% compared to the prior year.

Mission

THE INNOVATION INSTITUTE FOR TOMORROW PROVIDES SUSTAINABLE, WORLD-CLASS STEM EDUCATION OPPORTUNITIES TO EVERY CHILD TO PERPARE THEM FOR 21ST CENTURY CAREERS. WITH A FOCUS ON EQUITY & ACCESS, THE INSTITUTE STRIVES TO TURN THE RUST BELT TO THE SMART BELT THROUGH ROBOTICS, AI & COMPUTER SCIENCE. THE INNOVATION INSTITUTE'S NETWORK OF PARTNERSHIPS IS COMPOSED OF K-12 SCHOOLS, COLLEGES & UNIVERSITIES, BUSINESS & INDUSTRY, GOVERNMENT, NONPROFITS, EDUCATIONAL ROBOTICS COMPANIES, WORKFORCE & ECONOMIC DEVELOPMENT AGENCIES.

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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 $181,087

Program Service Revenue $148,986

Investment Income $61

Other Revenue $499

TOTAL REVENUE $330,633

Expense Breakdown

Grants Paid $0

Salaries & Benefits $145,707

Fundraising Expenses $54

Program Expenses $268,648

Other Expenses $211,958

TOTAL EXPENSES $357,665

Year-over-Year Comparison

	2023	2022	Change
Revenue	$330,633	$378,688	-0.1%
Expenses	$357,665	$243,514	+0.5%
Net Income	$-27,032	$135,174	-1.2%

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

N/A

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

$91,000

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JILL FOYS	TRUSTEE	1.00	Director	$0	$0	$0
RACHEL BURCIN	TRUSTEE	1.00	Director	$0	$0	$0
ALBERT ABRAMOVIC	TRUSTEE	1.00	Director	$0	$0	$0
WILLIAM VONADA	TRUSTEE	1.00	Director	$0	$0	$0
MATTHEW LAVERDE	TRUSTEE	1.00	Director	$0	$0	$0
CHARLES ROSEN	TRUSTEE	1.00	Director	$0	$0	$0
JUDD PITTMAN	TRUSTEE	1.00	Director	$0	$0	$0
HAYDEN RIGO	TRUSTEE	1.00	Director	$0	$0	$0
TIMOTHY HEFFERNAN	PRESIDENT/CEO	40.00	Officer	$91,000	$0	$91,000

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	$330,633	$357,665	$117,543	$-27,032
2022	$378,688	$243,514	$144,030	$135,174

INNOVATION INSTITUTE FOR TOMORROW INC