Frederick Innovative Technology Center I Inc
Nonprofit profile at a glance
- EIN
- 201262262
- IRS 990 coverage
- 2009–2024
- Forms available
- Form 990 2024
- Location
- Frederick, MD, USA
- Phone
- 3016942999
- Rating
- 74
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Economic Development
Reported finances
- Revenue
- $1,955,696
- Expenses
- $2,344,796
- Assets
- $9,536,262
- Liabilities
- $2,803,095
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
16 people listed
Executive titles in this filing
- KATHIE CALLAHAN BRADY (PRESIDENT/CEO)
Highest reported compensation
- KATHIE CALLAHAN BRADY (PRESIDENT/CEO): $154,327 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 entrepreneurial activity in the information technology and life science industries within frederick county, Maryland.
What it reported doing in 2024
Provides furnished offices and wet labs equipped with high-speed internet, telephones, and administrative services, supporting clients employing nearly a hundred people at any given time.
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 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.
- Includes noncash contributions: Reported contributions include donated property or goods.
The verdict
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 80
- Transparency & Controls: 70
- Accountability: 71
- Sustainability: 37
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 96%; rating input score 96
- Program expense ratio: 80.1%; rating input score 80
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 92.3%; rating input score 92; 16th percentile among comparable filings
- Pay-setting controls: 2 of 6 controls in place; rating input score 33
- Compensation committee: Pass
- Independent consultant: Pass
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Missing
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 93.8%; rating input score 94; 25th percentile among comparable filings
- Governance controls: 3 of 8 controls in place; rating input score 38
- Conflict-of-interest policy: Pass
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: Fail
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Fail
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: -19.9%; rating input score 9; 9th percentile among comparable filings
- Total-asset coverage ratio: 4.07; rating input score 81; 81st percentile among comparable filings
- Liabilities to assets ratio: 0.29; rating input score 25; 25th percentile among comparable filings
- Officer compensation ratio: 6.6%; rating input score 48; 48th percentile among comparable filings
Growth
- Program expense growth: 15.4% per year; rating input score 100; 76th percentile among comparable filings
- Revenue growth: 17.4% per year; rating input score 100; 82nd percentile among comparable filings
- Asset growth: 21.9% per year; rating input score 100; 84th percentile among comparable filings
Details
- Where the money goes: 96% of revenue deployed · 80.1% of spending went to programs
- Governance: 15 of 16 board members independent · 3 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $1.9M in reported program spending
- Leadership: top reported pay $154K · 16 people listed · 2 of 6 pay-setting controls reported
- Consistency: 30 of 31 current checks pass · 1 finding to review
- Schedules: 6 filed schedules · includes major donors and executive pay
- Filing history: 16 filing years from 2009 to 2024
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- 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.
- Moderate — Accountability: Governance controls: 5 of 8 not reported.
- High — Sustainability: Operating margin scored 9/100.
- Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
- High — Sustainability: Liabilities to assets ratio scored 25/100.
- Moderate — Sustainability: Officer compensation ratio scored 48/100.