16 Tech Community Corporation

Nonprofit profile at a glance

EIN
810853467
IRS 990 coverage
2017–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Indianapolis, IN, USA
Phone
8477219943
Rating
77
Verdict
SUPPORTED
Rating confidence
Standard
Sector
Economic Development

Official website

Reported finances

Revenue
$10,977,439
Expenses
$11,322,528
Assets
$156,978,815
Liabilities
$47,862,995

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

23 people listed

Executive titles in this filing

  • EMILY KRUEGER (PRESIDENT AND CEO)

Highest reported compensation

  • MELINA KENNEDY (CHAIR): $765,873 total reported compensation
  • EMILY KRUEGER (PRESIDENT AND CEO): $477,507 total reported compensation
  • DAN HASLER SR (DIRECTOR): $450,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To foster and enhance entrepreneurship, innovation and economic opportunity through a place-based strategy.

What it reported doing in 2024

The 16 tech innovation district is a growing, 50-acre destination for innovation and entrepreneurship and a driver of the tech enablement of the life-sciences and advanced manufacturing industries key to Indiana's economy. The district has attracted more than $400m of investment since inception and four years after opening, is home to three innovation facilities with a variety of office, wet and dry lab spaces and makerspaces, 300+ innovation related entities that employ more than 1,200 people, onsite residential options, a food hall with 20+ local food and retail options. In addition, 16tcc has provided more than $2.2m in community investment grants to support quality of life initiatives in the adjacent neighborhoods. An additional $165m of lab-enabled space is in active development and eight development parcels remain in 16 tech. At full build-out, 16 tech anticipates more 2 million square feet of innovation related space that supports 3,000 jobs, providing opportunities to train, retrain and attract talent.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 96% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 79
  • Transparency & Controls: 87
  • Accountability: 73
  • Sustainability: 43
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 81.8%; rating input score 82
  • Program expense ratio: 78.1%; rating input score 78
  • Fundraising efficiency: $32.34 raised per $1 spent on fundraising; rating input score 68; 68th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 10th percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 88.1%; rating input score 88; 19th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 53.3%; rating input score 53; 9th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -3.1%; rating input score 20; 20th percentile among comparable filings
  • Total-asset coverage ratio: 13.86; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: 0.3; rating input score 46; 46th percentile among comparable filings
  • Officer compensation ratio: 15%; rating input score 8; 8th percentile among comparable filings

Growth

  • Program expense growth: 3.6% per year; rating input score 100; 30th percentile among comparable filings
  • Revenue growth: -0.1% per year; rating input score 0; 8th percentile among comparable filings
  • Asset growth: 24.1% per year; rating input score 100; 93rd percentile among comparable filings

Details

  • Where the money goes: 81.8% of revenue deployed · 78.1% of spending went to programs
  • Governance: 8 of 15 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $8.8M in reported program spending
  • Leadership: top reported pay $766K · 23 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $12.8M reported
  • Consistency: 32 of 33 current checks pass · 1 finding to review
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 8 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • Money network: 15 filed money-flow records
  • Related organizations: 18 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Independent voting board scored 53/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 20/100.
  • High — Sustainability: Officer compensation ratio scored 8/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Moderate — Sustainability: Liabilities to assets ratio scored 46/100.