Overview
What is Frederick Innovative Technology Center I Inc?
Frederick Innovative Technology Center I Inc, based in Frederick, Maryland, is a nonprofit organization that offers a nurturing and supportive environment for technology-driven startups. They provide fully-equipped offices and wet labs, equipped with high-speed internet, telephones, and administrative services. With a mission to foster entrepreneurial activity in the information technology and life science industries within Frederick County, MD, they support nearly a hundred employees at any given time. The center's primary goal is to provide a conducive environment for these businesses, enabling their growth and success.
Official website here: www.fitci.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: One-Star out of Four Stars (58%)
Frederick Innovative Technology Center I Inc received a 58% score, which reflects a one-star rating. The organization shows some strengths, particularly in governance, with a high percentage of independent board members and no reported diversion of assets, indicating a commitment to accountability. Additionally, their program expense ratio is strong, suggesting that a significant portion of their expenditures is directed towards their programs.
However, there are notable weaknesses in their accountability practices. The organization is missing key policies like a whistleblower policy and document retention and destruction policy, which may raise concerns about transparency and risk management. Furthermore, the absence of their tax form on their website could hinder public access to important financial information.
In terms of financial health as indicated by the liabilities to assets ratio, the organization is somewhat concerning with a ratio of 71.17%. This raises questions about the organization’s financial stability and its ability to sustain operations in the long term. Overall, while there are positive aspects, the limitations highlighted in governance and financial health suggest that potential donors should exercise caution.
This AI summary has been generated from information found on Charity Navigator.
Is Frederick Innovative Technology Center I Inc legitimate?
Frederick Innovative Technology Center I Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Frederick Innovative Technology Center I Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $154,435
Professional Fundraising Fees: $0
Other Salaries and Wages: $165,121
For more financial information, click here
Official website here: www.fitci.org
What is the mission statement of Frederick Innovative Technology Center I Inc?
Frederick Innovative Technology Center I Inc's mission is focused on encouraging entrepreneurial activity within the fields of information technology and life sciences. The organization aims to create a conducive environment for start-up technology-based businesses, providing them with the necessary support and resources. This is achieved through the provision of furnished offices and well-equipped wet labs, complete with high-speed internet, telephones, and administrative services. At any given time, the center supports businesses employing nearly a hundred people.
Official website here: www.fitci.org
Who is the CEO of Frederick Innovative Technology Center I Inc?
Kathie Callahan Brady is the President/Ceo of Frederick Innovative Technology Center I Inc. The CEO's salary of Frederick Innovative Technology Center I Inc is $65,692 and their total compensation is $65,692.
Official website here: www.fitci.org
What is the revenue of Frederick Innovative Technology Center I Inc?
Frederick Innovative Technology Center I Inc's revenue in 2022 was $794,175.
Official website here: www.fitci.org
Who are the executives of Frederick Innovative Technology Center I Inc and what are their salaries?
The average compensation at Frederick Innovative Technology Center I Inc during 2022 was $45,651. There are 7 employees and 54 volunteers at Frederick Innovative Technology Center I Inc.
Here are 14 key members and their salaries (Frederick Innovative Technology Center I Inc's CEO's salary is $65,692 and their total compensation is $65,692):
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Official website here: www.fitci.org
Where can I find the form 990 for Frederick Innovative Technology Center I Inc?
Frederick Innovative Technology Center I Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.fitci.org
Learn more at the official website: www.fitci.org
Mission Statement of Frederick Innovative Technology Center I Inc
Frederick Innovative Technology Center I Inc is committed to creating a nurturing and supportive environment for start-up technology-based businesses. Their mission extends beyond this, as they aim to stimulate entrepreneurial activity in the realms of information technology and life sciences within Frederick County, Maryland. By providing furnished offices and well-equipped wet labs, equipped with high-speed internet, telephones, and administrative services, Frederick Innovative Technology Center I Inc supports businesses that employ nearly a hundred people at any given time. This infrastructure and support system enable these businesses to thrive, contributing to the growth and development of the technology and life sciences industries in the region.
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Impact
August, 2024
Frederick Innovative Technology Center I Inc's impact can be seen in its support of technology-based startup businesses in Frederick County, Maryland. By providing a nurturing and supportive environment, equipped with necessary resources such as furnished offices, wet labs, high-speed internet, and administrative services, the center plays a crucial role in fostering entrepreneurial activity in the information technology and life science industries. At any given time, the center supports clients who collectively employ nearly a hundred people, contributing to the growth of the local economy and the development of innovative solutions. The center's efforts align with its mission to drive community improvement by encouraging the advancement of technology and life science ventures in the region.
This information is meant to be a general summary of Frederick Innovative Technology Center I Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $154
- Program Service Revenue: $563,389
- Gross Receipts: $794,175
Assets and Liabilities:
- Total Assets: $867,854
- Total Liabilities: $565,515
- Net Assets: $302,339
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME FROM TEN
Revenue
$509,322
SERVICE FEES FROM CLIE
Revenue
$54,067
Organization Details
Founding Year
2004
Phone
(301) 694-2999Principal Officer
Kathie Callahan Brady
Main Address
4539 METROPOLITAN COURT, FREDERICK, MD, 21704
Website
www.fitci.orgNTEE Category
Code: S300 - Community improvement
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