Innovation Institute for Tomorrow Inc

Nonprofit profile at a glance

EIN
854226575
IRS 990 coverage
2022–2024
Forms available
Form 990 2024, Form 990-EZ 2021, Form 990-N 2020
Location
Oil City, PA, USA
Phone
8146735072
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Educational Services and Schools - Other

Official website

Reported finances

Revenue
$343,362
Expenses
$361,619
Assets
$98,934
Liabilities
$3,670

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

Leadership & pay

10 people listed

Executive titles in this filing

  • TIMOTHY HEFFERNAN (PRESIDENT/CEO)

Highest reported compensation

  • TIMOTHY HEFFERNAN (PRESIDENT/CEO): $88,000 total reported compensation

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

Overview

Mission

The innovation institute for tomorrow provides sustainable, world-class stem education opportunities to every child to perpare them for 21st century careers. With a focus on equity & access, the institute strives to turn the rust belt to the smart belt through robotics, ai & computer science. The innovation institute's network of partnerships is composed of k-12 schools, colleges & universities, business & industry, government, nonprofits, educational robotics companies, workforce & economic development agencies.

What it reported doing in 2024

Robotics education & competition (rec) aerial drone competition (radc) - as a partnership with for the win (ftw) robotics & the aerial drone competition (rad), radc drone competitions are used to educate & excite the next generation of aerospace engineers & pilots.vex robotics - vex robotics is an educational robotics developer that aims to create hands-on stem learning experiences for students. This platform has both a cirricular & competitve component. Agriculture workforce education program - the institute works with ftw robotics to create an agriculture & workforce education project that not only promotes stem education in schools, but will also help farmers in rural pa.educator & professional development (pd)creating & providing professional development opportunities to train & empower teachers. These activities are conducted by the institute's staff and by the efforts of postsecondary & industry partners. These activies include the following programs: the robot doctor - an eight-part miniseries created by public broadcasting service (pbs) affiliate wqed, carnegie mellon university (dr. Max lickachev & robotwits & the institute (Pennsylvania (pa) rural robotics project).csinpa build/fly/code - devleoped for pa governor tom wolf's pasmart initiative, in partnership with pa training & technical assistance network (pattan), participants build drones from the ground up, earn their pilot wings through the science of flight, & utilize block-based coding to manipulate the drone's flight. Participants develop their computer science (cs) knowledge & skills, design & implement cs learning experiences with dones in their classes, & explore ways to expan cs opport. Participants are given access to drone class-packs, which allow for 1:1 student engagement.ambassadors serve as leaders of their local education agency (lea) team & as peer mentors for all program participants. Drawing on their own efforts & experience with the build/fly/code curriculum, ambassadors offer insight, encouragement, & assistance.each part of the curriculum is multi-model & can be taught through in-class instruction & remote/distance learning. The curriculum is also aligned with pertinent standards, universally designed & culturally relevant.

Operating model

Revenue model
Earned-program. 64% 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

STRONG - 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: 89
  • Transparency & Controls: 86
  • Accountability: 84
  • Sustainability: 24
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 89.9%; rating input score 90
  • Program expense ratio: 85.4%; rating input score 85
  • Fundraising efficiency: $2,783.25 raised per $1 spent on fundraising; rating input score 99; 99th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 91.7%; rating input score 92; 19th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -5.3%; rating input score 29; 29th percentile among comparable filings
  • Total-asset coverage ratio: 0.27; rating input score 15; 15th percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 35; 35th percentile among comparable filings
  • Officer compensation ratio: 24.3%; rating input score 15; 15th percentile among comparable filings

Growth

  • Program expense growth: 13.8% per year; rating input score 100; 77th percentile among comparable filings
  • Revenue growth: 14.8% per year; rating input score 100; 82nd percentile among comparable filings
  • Asset growth: 27.5% per year; rating input score 100; 90th percentile among comparable filings

Details

  • Where the money goes: 89.9% of revenue deployed · 85.4% of spending went to programs
  • Governance: 9 of 9 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $309K in reported program spending
  • Leadership: top reported pay $88K · 10 people listed
  • Consistency: 24 of 25 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 3 filing years from 2022 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.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Sustainability: Operating margin scored 29/100.
  • High — Sustainability: Total-asset coverage ratio scored 15/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 15/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 35/100.