Institute for Workforce Advancement

Nonprofit profile at a glance

EIN
270685219
IRS 990 coverage
2014–2024
Forms available
Form 990 2024, Form 990-N 2013
Location
Melville, NY, USA
Phone
5165975455
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Science and Technology N.E.C.

Official website

Reported finances

Revenue
$260,315
Expenses
$534,428
Assets
$211,943
Liabilities
$55,965

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

Leadership & pay

7 people listed

Executive titles in this filing

  • JOSEPH GARONE (VICE PRESIDENT)

Highest reported compensation

  • MICHAEL MCQUILLAN (DIRECTOR OF FINANCE): $140,724 total reported compensation

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

Overview

Mission

Institute for workforce advancement (iwa) is a highly specialized visionary entryway into the future. Staffed by leading experts in the field of composites, the state of the art facility enables organizations to cross boundaries, expand manufacturing scope, and effectively compete in dynamic expanding marketplaces ranging from aerospace, automotive, and energy, to infrastructure, transportation and consumer products. At iwa, the full gamut of composite services and resources unite so that organizations can design, prototype, test, and train, all under a single roof.

What it reported doing in 2024

To provide small and medium sized manufactures the opportunity to address new markets that require the use of composite materials and help regional manufacturers produce composite products through training and equipment availability. Iwa will provide a full spectrum of services ranging from engineering, process development, product development, inspection, and testing to workforce training and development.

Operating model

Revenue model
Earned-program. 84% 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 - The filed numbers largely add up and a large share of available resources goes toward mission work. A relatively small share of total spending goes to programs and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 68
  • Transparency & Controls: 92
  • Accountability: 84
  • Sustainability: 10
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 95.1%; rating input score 95
  • Program expense ratio: 46.3%; rating input score 46
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • 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: Fail

Sustainability

  • Operating margin: -105.3%; rating input score 2; 2nd percentile among comparable filings
  • Total-asset coverage ratio: 0.4; rating input score 20; 20th percentile among comparable filings
  • Liabilities to assets ratio: 0.26; rating input score 17; 17th percentile among comparable filings
  • Officer compensation ratio: 26.3%; rating input score 13; 13th percentile among comparable filings

Growth

  • Program expense growth: -5.6% per year; rating input score 0; 16th percentile among comparable filings
  • Revenue growth: -4.1% per year; rating input score 0; 12th percentile among comparable filings
  • Asset growth: -0.1% per year; rating input score 0; 24th percentile among comparable filings

Details

  • Where the money goes: 95.1% of revenue deployed · 46.3% of spending went to programs
  • Governance: 6 of 6 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $248K in reported program spending
  • Leadership: top reported pay $141K · 7 people listed
  • Consistency: 30 of 30 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 10 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • 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 — Financial Efficiency: Program expense ratio scored 46/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Sustainability: Operating margin scored 2/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 20/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 13/100.
  • High — Sustainability: Liabilities to assets ratio scored 17/100.