Palouse Knowledge Corridor Corporation Aka One Palouse

What it reported doing in 2024

2024 marked a year of significant achievement and strategic transition for One Palouse, a regional initiative dedicated to fostering collaboration, innovation, and economic growth in the Palouse region. The year began with the election of a new Board of Directors in January, with Chris Nomura as President, Michael Wolcott as Vice President, Tom Lamar as Secretary, and Tom Handy as Treasurer. This leadership team provided valuable guidance throughout the year.One Palouse maintained a strong presence in the regional economic development landscape by actively participating in key events. The organization regularly attended quarterly Washington Economic Development Association (WEDA) events, broadening its network and staying abreast of statewide economic trends. One Palouse also attended the Idaho Economic Development Event and participated in Regards to Rural, a conference focused on rural economic development strategies. Locally, One Palouse maintained close ties with the Port of Whitman County by attending their monthly Economic Development Meetings.One Palouse was invited to join the Port of Whitmans Technology Transfer and Commercialization Facility grant team. This collaborative effort aimed to secure funding for the construction of a regional Scale Up facility in the Palouse, a project with the potential to significantly boost the regions innovation ecosystem.Recognizing the crucial role of funding in business success, One Palouse hosted the One Palouse Funding Summit. This event provided valuable insights into various funding avenues, featuring presentations from experts in venture capital, angel investing, and traditional and alternative lending options. The summit equipped entrepreneurs with the knowledge and connections needed to pursue their funding goals.Further enhancing support for entrepreneurs, One Palouse launched two new modules for INWConnect, its online resource platform. The first, a Guides module, provides focused training on essential information for entrepreneurial success. The second, Pathways, offers a step-by-step guide to starting and growing a business in the Palouse region, including contact information for relevant federal, state, and regional organizations. These modules significantly broadened the scope and utility of INWConnect.In December, the One Palouse Board of Directors made the strategic decision to wind down operations by the end of 2024. This decision was based on the successful completion of the initiatives strategic planning milestones and the limited funding opportunities available for 2025, which would have hampered the organization's effectiveness. While One Palouse concludes its formal operations, the impact of its work, particularly the continued availability of INWConnect under the management of the Spokane Independent Metro Business Alliance (SIMBA), will continue to benefit the Palouse region for years to come.

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 92.2%; rating input score 92

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 52nd percentile among comparable filings
• Major donor itemization: Limited

Sustainability

• Operating margin: -496.6%; rating input score 3; 3rd 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: 94.9% per year; rating input score 100; 97th percentile among comparable filings
• Revenue growth: -7.7% per year; rating input score 0; 28th percentile among comparable filings
• Asset growth: -14.5% per year; rating input score 0; 13th percentile among comparable filings