INDY INNOVATION CHALLENGE INC

EIN: 881138295 Recreation & Sports

INDIANAPOLIS, IN

Total Revenue
$5,189,966
Total Expenses
$4,982,259
Total Assets
$1,314,889
Net Assets
$252,240
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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
2022
Legal Domicile
IN
Principal Officer
PAUL MITCHELL
Tax Period
2023-01-01 to 2023-12-31

INDY INNOVATION CHALLENGE INC, founded in 2022, is a community nonprofit in the Recreation & Sports sector that reported $5.2M in total revenue in fiscal year 2023. Revenue fell 47% from the prior year — a significant decline worth monitoring. Expenses of $5.0M left a modest 4% surplus.

Mission

BROADLY COLLABORATIVE EFFORT THAT BRINGS TOGETHER PUBLIC-PRIVATE PARTNERSHIPS AND ACADEMIC INSTITUTIONS TO CHALLENGE UNIVERSITY STUDENTS AROUND THE WORLD TO IMAGINE, INVENT AND PROVE A NEW GENERATION OF AUTOMATED VEHICLE SOFTWARE TO RUN FULLY AUTONOMOUS RACECARS AND INSPIRE THE NEXT GENERATION OF STEM TALENT.

Program Service Accomplishments

Program 1

ESTABLISH INDIANA AS THE GLOBAL HUB OF PERFORMANCE AUTOMATION INDUSTRY AND TO ATTRACT AND GROW OPERATIONS OF INDY INNOVATION CHALLENGE VIA CORPORATE SPONSORS AND UNIVERSITY TEAMS ALL OVER THE UNITED...

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ESTABLISH INDIANA AS THE GLOBAL HUB OF PERFORMANCE AUTOMATION INDUSTRY AND TO ATTRACT AND GROW OPERATIONS OF INDY INNOVATION CHALLENGE VIA CORPORATE SPONSORS AND UNIVERSITY TEAMS ALL OVER THE UNITED STATES.

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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 (2023)

Revenue Breakdown

Contributions & Grants $652,226
Program Service Revenue $4,537,740
Investment Income $0
Other Revenue $0
TOTAL REVENUE $5,189,966

Expense Breakdown

Grants Paid $50,000
Salaries & Benefits $186,153
Fundraising Expenses $0
Other Expenses $4,746,106
TOTAL EXPENSES $4,982,259

Year-over-Year Comparison

2023 2022 Change
Revenue $5,189,966 $9,701,368 -0.5%
Expenses $4,982,259 $9,656,835 -0.5%
Net Income $207,707 $44,533 +3.7%
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
3
Independent Members
2
Employees
N/A
Volunteers
36

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
3
$112,500
Total Directors
3
$112,500
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
PAUL MITCHELL PRESIDENT/CE 20.00
Officer Director
$112,500 $0 $112,500
CHAD PITTMAN DIRECTOR 1.00
Officer Director
$0 $0 $0
DAVE ROBERTSON DIRECTOR 1.00
Officer 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 $5,189,966 $4,982,259 $1,314,889 $207,707
2022 $9,701,368 $9,656,835 $1,335,152 $44,533
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