Innovate Raleigh

Nonprofit profile at a glance

EIN
262891963
IRS 990-EZ coverage
2014–2022
Forms available
Form 990-EZ 2022
Location
Raleigh, NC, USA
Phone
9196647030
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Human Services N.E.C.

Reported finances

Revenue
$40,774
Expenses
$110,685
Assets
$0
Liabilities
$0

Source: IRS Form 990-EZ. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

6 people listed

People named in this filing

  • DERRICK MINOR (CHAIRMAN)
  • JASON WIDEN (DIRECTOR)
  • DR TERRI LOMAX (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 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide technical, administrative, and infrastructure support to entrepreneurs and serve as a catalyst for innovation and economic growth in the raleigh and triangle area

What it reported doing in 2022

Providing technical, administrative, and infrastructure support to entrepreneurs

Operating model

Revenue model
Donor-supported. 98% 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. A relatively small share of total spending goes to programs and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 83
  • Transparency & Controls: 100
  • Sustainability: 10
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 54.5%; rating input score 54

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: -171.5%; rating input score 6; 6th 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: 4% per year; rating input score 100; 63rd percentile among comparable filings
  • Revenue growth: -1.6% per year; rating input score 0; 50th percentile among comparable filings
  • Asset growth: -8.5% per year; rating input score 0; 18th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 54.5% of spending went to programs
  • Governance: Filed governance answers
  • Accomplishments: 2 filed program accomplishments · $60K in reported program spending
  • Leadership: top reported pay $0 · 6 people listed
  • Consistency: 8 of 8 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 9 filing years from 2014 to 2022
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • Review — Financial Efficiency: Program expense ratio scored 54/100.
  • High — Sustainability: Operating margin scored 6/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 2/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Officer compensation ratio scored 56/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.