Erie Innovation District

Nonprofit profile at a glance

EIN
842345250
IRS 990-EZ coverage
2020–2020
Forms available
Form 990-EZ 2020
Location
Erie, PA, USA
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Economic Development

Reported finances

Revenue
$3,500
Expenses
$169,311
Assets
$0
Liabilities
$31,250

Source: IRS Form 990-EZ. Selected filing: tax year 2020. Amounts in USD.

Leadership & pay

4 people listed

People named in this filing

  • JIM MARTIN (CHAIRMAN)
  • KARL SANCHACK (PRES, SEC, T)
  • JOE NECASTRO (DIRECTOR)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990-EZ. Selected filing: tax year 2020. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To attract, retain and increase both profit and nonprofit enterprises, capital investment and employment opportunities in the greater erie, Pennsylvania area.

What it reported doing in 2020

The organization was formed to attract, retain and increase both profit and nonprofit enterprises, capital investment and employment opportunities in the greater erie, Pennsylvania area. Through 2019, the organization was housed within mercyhurst university. Erie innovation district was formed to take over the operations commencing in 2020. However, it was determined in mid-2020 that the erie chamber of commerce would be a better fit to house these operations. In mid-2020, the organization's operations were moved to the erie chamber of commerce with the exception of a ppp loan outstanding as of 12/31/20. Forgiveness has been applied for in 2021 and full forgiveness of the amount outstanding is anticipated. Upon forgiveness of this loan, erie innovation district's operations will have fully ceased and a final tax return will be filed.

Operating model

Revenue model
Other-operating. 100% of the money available for current operations came from other operating revenue.
Distribution model
Direct operator. The filing allocates 100% 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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 95
  • Transparency & Controls: 82
  • Sustainability: 8
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 86.9%; rating input score 87

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 51st percentile among comparable filings
  • Major donor itemization: Limited

Sustainability

  • Operating margin: -4,737.5%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 2; 2nd percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 56; 56th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • Where the money goes: 100% of revenue deployed · 86.9% of spending went to programs
  • Governance: Filed governance answers
  • Accomplishments: 1 filed program accomplishment · $147K in reported program spending
  • Leadership: top reported pay $0 · 4 people listed
  • Consistency: 7 of 7 current checks pass
  • Schedules: 2 filed schedules
  • Contacts: How to reach this organization
  • 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.

  • High — Sustainability: Operating margin scored 1/100.
  • High — Sustainability: Total-asset coverage ratio scored 2/100.
  • Review — Sustainability: Officer compensation ratio scored 56/100.