Innovate Washington Foundation
Nonprofit profile at a glance
- EIN
- 911726442
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Spokane, WA, USA
- Phone
- 5099532989
- Rating
- 69
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Philanthropy, Voluntarism, and Grantmaking Foundations N.E.C.
Reported finances
- Revenue
- $944,051
- Expenses
- $1,079,172
- Assets
- $8,589,866
- Liabilities
- $9,353,600
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
7 people listed
Executive titles in this filing
- THOMAS SIMPSON (CEO)
Highest reported compensation
- THOMAS SIMPSON (CEO): $168,583 total reported compensation
- APRIL STOLTZ (CFO): $162,713 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Innovate Washington foundation collaborates, convenes and connects innovators and researchers with entrepreneurial and financial capital needs to produce world-class companies and high-value jobs that will form the backbone of the region's future economy.
What it reported doing in 2024
The technology and emerging growth loan funds help promising startups expand and bring innovative products to market by providing non-dilutive debt financing to companies that have limited access to conventional bank financing. The funds provide a bridge to conventional financing, economic success and job creation. Loans range from $100,000 to $500,000.
Operating model
- Revenue model
- Earned-program. 85% of the money available for current operations came from fees and other program 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
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and program spending has declined or grown slowly.
Rating breakdown
- Financial Efficiency: 70
- Transparency & Controls: 70
- Accountability: 90
- Sustainability: 34
- Growth: 0
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 82.8%; rating input score 83
- Program expense ratio: 72.9%; rating input score 73
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: 1 of 6 controls in place; rating input score 17
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 83.3%; rating input score 83; 19th percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -14.3%; rating input score 13; 13th percentile among comparable filings
- Total-asset coverage ratio: 7.96; rating input score 90; 90th percentile among comparable filings
- Liabilities to assets ratio: 1.09; rating input score 5; 5th percentile among comparable filings
- Officer compensation ratio: 30.7%; rating input score 6; 6th percentile among comparable filings
Growth
- Program expense growth: -8.7% per year; rating input score 0; 5th percentile among comparable filings
- Revenue growth: -7% per year; rating input score 0; 4th percentile among comparable filings
- Asset growth: -0% per year; rating input score 0; 18th percentile among comparable filings
Details
- Where the money goes: 82.8% of revenue deployed · 72.9% of spending went to programs
- Governance: 5 of 6 board members independent · 9 of 9 filing controls reported
- Programs: 3 filed program accomplishments · $787K in reported program spending
- Leadership: top reported pay $169K · 7 people listed · 1 of 6 pay-setting controls reported
- Consistency: 29 of 29 current checks pass
- Schedules: 5 filed schedules · includes major donors and executive pay
- Filing history: 13 filing years from 2010 to 2024
- 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.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Sustainability: Operating margin scored 13/100.
- High — Growth: Program expense growth scored 0/100.
- High — Growth: Revenue growth scored 0/100.
- High — Growth: Asset growth scored 0/100.
- High — Sustainability: Liabilities to assets ratio scored 5/100.
- High — Sustainability: Officer compensation ratio scored 6/100.