Franklin Center for Innovation Inc

Nonprofit profile at a glance

EIN
842628215
IRS 990-EZ coverage
2022–2023
Forms available
Form 990-EZ 2023, Form 990-N 2020
Location
Frankfort, KY, USA
Phone
5023820367
Rating
91
Verdict
STRONG
Rating confidence
Moderate
Sector
Educational Services and Schools - Other

Reported finances

Revenue
$124,223
Expenses
$129,387
Assets
$11,895
Liabilities
$5,644

Source: IRS Form 990-EZ. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • GARY STRATTON (PRESIDENT)

People named in this filing

  • GARY STRATTON (PRESIDENT)
  • KELLEY ANDERSON (SECRETARY)
  • JAMIE RUE (TREASURER)

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 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Franklin center for innovation is a collaborative community where makers, entrepreneurs, families, individuals, and children will learn new skills, start a business, be entertained, and build a culture of making new and innovative things. Our mission is to encourage to make, we strive to see people discuss and build their dreams. Our goal is to promote stem education, open source values, and skill sharing among our members, industry, and the community.

What it reported doing in 2023

Provide a makerspace, which is a collaborative work space for making, learning, exploring and sharing that uses high tech to no tech tools. This space is open to kids, adults, adn entrepreneurs and have a variety of maker equipment including 3d printers, cnc machines, soldering irons, etc.

Operating model

Revenue model
Donor-supported. 93% of the money available for current operations came from contributions and gifts.
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. Program spending has declined or grown slowly and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 100
  • Transparency & Controls: 100
  • Sustainability: 18
  • Growth: 0

Detailed rating inputs

Financial Efficiency

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

Transparency & Controls

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

Sustainability

  • Operating margin: -4.2%; rating input score 25; 25th percentile among comparable filings
  • Total-asset coverage ratio: 0.09; rating input score 10; 10th percentile among comparable filings
  • Liabilities to assets ratio: 0.47; rating input score 11; 11th percentile among comparable filings
  • Officer compensation ratio: 19.5%; rating input score 17; 17th percentile among comparable filings

Growth

  • Program expense growth: -0.2% per year; rating input score 0; 30th percentile among comparable filings
  • Revenue growth: -4.5% per year; rating input score 0; 11th percentile among comparable filings
  • Asset growth: -46.7% per year; rating input score 0; 3rd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: Filed governance answers
  • Accomplishments: 1 filed program accomplishment · $129K in reported program spending
  • Leadership: top reported pay $0 · 7 people listed
  • Consistency: 7 of 7 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 2 filing years from 2022 to 2023
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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 — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 25/100.
  • High — Sustainability: Total-asset coverage ratio scored 10/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 11/100.
  • High — Sustainability: Officer compensation ratio scored 17/100.