Metals Innovation Initiative Inc
Nonprofit profile at a glance
- EIN
- 883325386
- IRS 990 coverage
- 2022–2024
- Forms available
- Form 990 2024
- Location
- Bowling Green, KY, USA
- Phone
- 7703786670
- Rating
- 77
- Verdict
- SUPPORTED
- Rating confidence
- Standard
- Sector
- Economic Development
Reported finances
- Revenue
- $1,010,094
- Expenses
- $1,207,418
- Assets
- $568,857
- Liabilities
- $223,122
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
14 people listed
Executive titles in this filing
- MIKE BUCKENTIN (CEO)
Highest reported compensation
- MIKE BUCKENTIN (CEO): $157,675 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 metals innovation initiative brings together state and local government, metals companies, universities, and economic and workforce development partners for the mission to make Kentucky the destination for metals innovation by addressing industry challenges and opportunities in areas like talent and workforce development, recycling of raw materials, energy, technology innovation, and strategic communications about the metals manufacturing industry.
What it reported doing in 2024
Mi2 was founded to facilitate an ecosystem for metals innovation. Activities include facilitating ecosystem collaboration for metals-related precompetitive r&d, technology commercialization, talent and workforce development, information sharing, entrepreneurial activity and supply chain development. Current activities include: 1.) ecosystem building: outreach to build, maintain, and facilitate connection to a diverse metals ecosystem through events, meeting with members and partners organizations, and dissemination of information. Convening industry members set high-level priorities for precompetitive collaboration. Our board is comprised of executives from companies involved with mi2, as well as ecosystem partners from government, higher education, and non-government entities involved with our work. 2.) metals innovation ecosystem events: mi2 is lead organizer of the annual Kentucky industry conference, focused on the manufacturing sector. We sponsor an annual nationwide innovation search for pressing problems and innovative solutions for the metals industry, as well as case studies of innovation implementations. We also organize other engagement events throughout the year for metals industry participants and ecosystem partners. 3.) mi2 programs: we are engaged in community and k-12 education programs raising awareness of the metals industry, attracting talent into pathways for metals industry jobs, getting talent prepared for the requisite knowledge and skills required for the industry, providing community education and pathways for recycling, and other topics. We are also focused on research projects and pilots that match university researchers and startups with metals companies to pilot new solutions and approaches for the industry, in an open, collaborative, precompetitive r&d environment. Mi2 is working with various state and federal government programs to achieve this mission, and may find opportunities to provide specialized technical and consulting services that are not readily available within the ecosystem, such as acquiring equipment for specialized metals testing or helping provide access to certain specialized expertise not currently readily available in the region.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- 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. Some filing-based governance responses are negative or unanswered and fundraising costs are high for each dollar raised.
Rating breakdown
- Financial Efficiency: 70
- Transparency & Controls: 100
- Accountability: 79
- Sustainability: 17
- Growth: 40
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 81.8%; rating input score 82
- Program expense ratio: 68.4%; rating input score 68
- Fundraising efficiency: $5.13 raised per $1 spent on fundraising; rating input score 18; 18th percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd 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: 4 of 8 controls in place; rating input score 50
- Conflict-of-interest policy: Pass
- 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: Fail
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -19.5%; rating input score 10; 10th percentile among comparable filings
- Total-asset coverage ratio: 0.47; rating input score 22; 22nd percentile among comparable filings
- Liabilities to assets ratio: 0.39; rating input score 20; 20th percentile among comparable filings
- Officer compensation ratio: 13.1%; rating input score 28; 28th percentile among comparable filings
Growth
- Program expense growth: 21.3% per year; rating input score 100; 84th percentile among comparable filings
- Revenue growth: -3.3% per year; rating input score 0; 7th percentile among comparable filings
- Asset growth: -0.7% per year; rating input score 0; 15th percentile among comparable filings
Details
- Where the money goes: 81.8% of revenue deployed · 68.4% of spending went to programs
- Governance: 11 of 11 board members independent · 4 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $825K in reported program spending
- Leadership: top reported pay $158K · 14 people listed
- Consistency: 28 of 28 current checks pass
- Schedules: 4 filed schedules · includes major donors
- Filing history: 3 filing years from 2022 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.
- Review — Accountability: Governance controls: 4 of 8 not reported.
- High — Financial Efficiency: Fundraising efficiency scored 18/100.
- High — Sustainability: Operating margin scored 10/100.
- High — Growth: Revenue growth scored 0/100.
- High — Sustainability: Total-asset coverage ratio scored 22/100.
- High — Growth: Asset growth scored 0/100.
- High — Sustainability: Liabilities to assets ratio scored 20/100.
- High — Sustainability: Officer compensation ratio scored 28/100.