Indy Innovation Challenge Inc

Nonprofit profile at a glance

EIN
881138295
IRS 990 coverage
2022–2024
Forms available
Form 990 2024
Location
Indianapolis, IN, USA
Rating
28
Verdict
REVIEW
Rating confidence
Moderate
Sector
Professional Societies, Associations

Reported finances

Revenue
$6,131,279
Expenses
$6,849,254
Assets
$691,269
Liabilities
$1,157,004

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

Leadership & pay

3 people listed

Executive titles in this filing

  • PAUL MITCHELL (PRESIDENT/CE)

Highest reported compensation

  • PAUL MITCHELL (PRESIDENT/CE): $150,000 total reported compensation

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

Overview

Mission

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.

What it reported doing in 2024

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.

Operating model

Revenue model
Earned-program. 93% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

REVIEW - The strongest available result is that the filed numbers largely add up. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 56
  • Accountability: 50
  • Sustainability: 16
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90%; rating input score 90; 4th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: 2 of 8 controls in place; rating input score 25
    • Claims monitoring procedures: Pass
    • Requires narrative reports: Fail
    • Conducts field audits: Fail
    • May suspend future funding: Fail
    • Requires financial reports: Fail
    • Conducts site visits: Fail
    • Requires grant agreements: Pass
    • May require repayment: Fail
  • Grant itemization coverage: 0%; rating input score 0; 6th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 66.7%; rating input score 67; 11th percentile among comparable filings
  • Governance controls: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Fail
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -11.7%; rating input score 12; 12th percentile among comparable filings
  • Total-asset coverage ratio: 0.1; rating input score 3; 3rd percentile among comparable filings
  • Liabilities to assets ratio: 1.67; rating input score 2; 2nd percentile among comparable filings
  • Officer compensation ratio: 2.2%; rating input score 75; 75th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -25.5% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: -28.9% per year; rating input score 0; 0th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 2 of 3 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $150K · 3 people listed
  • Consistency: 12 of 14 current checks pass · 2 findings to review
  • Schedules: 4 filed schedules · includes major donors and foreign activity
  • Filing history: 3 filing years from 2022 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.

  • High — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • High — Accountability: Governance controls: 5 of 7 not reported.
  • High — Transparency & Controls: Foreign activity oversight: 6 of 8 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 12/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 3/100.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • Review — Transparency & Controls: Foreign grant itemization did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 2/100.