Overview
What is Ignite Technology And Innovation Inc?
Ignite Technology and Innovation Inc is a nonprofit organization situated in Chicago, Illinois, with a mission to foster economic development in underprivileged communities. Their primary focus is on low-income neighborhoods, enterprise zones, and opportunity zones, aiming to encourage investment in distressed areas. The organization operates as a business incubator and technology center, providing co-working space for both existing and new businesses. Their program offerings include affordable and accessible coffee and coworking spaces enriched with educational classes and programs. These initiatives inspire, encourage, nurture, and grow the untapped ideas of underrepresented entrepreneurs by offering local access to technology, resources, mentorship, and strategic connections to potential partners and inventors. The organization's goal is to create equitable wealth and share prosperity in under-resourced communities, ultimately striving to make a significant impact in the lives of those in need.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 58% (One-Star out of Four Star rating)
Ignite Technology And Innovation Inc has received a low rating of 58% from Charity Navigator, indicating significant areas for improvement in its accountability and financial practices. Despite this, the organization excels in several aspects, such as having a majority independent board and a high program expense ratio of 87.57%, which suggests that a substantial portion of its funds is directed towards its programs rather than administrative costs.
However, the nonprofit displays notable weaknesses, particularly in its governance and policy compliance. The absence of a whistleblower policy and deficiencies in document retention and destruction practices are concerning, as these are critical for transparency and risk management. Furthermore, the high liabilities to assets ratio of 349.18% raises questions about the organization's financial stability and ability to meet its obligations.
Overall, while Ignite Technology And Innovation Inc shows promise in its programmatic focus, stakeholders should be mindful of the governance issues highlighted by its low rating. Addressing these concerns could enhance the organization's credibility and effectiveness in serving its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Ignite Technology And Innovation Inc legitimate?
Ignite Technology And Innovation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Ignite Technology And Innovation 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:
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What is the mission statement of Ignite Technology And Innovation Inc?
Ignite Technology and Innovation Inc's mission is centered around fostering equity and prosperity in underprivileged communities. They accomplish this by establishing affordable and accessible co-working spaces, enriched with educational classes and programs. These programs serve to inspire, encourage, nurture, and grow the untapped entrepreneurial ideas of underrepresented individuals. By providing local access to technology, resources, mentorship, and strategic connections to potential partners and inventors, Ignite Technology and Innovation Inc aims to empower these entrepreneurs, contributing to the overall progress and development of their communities.
Who is the CEO of Ignite Technology And Innovation Inc?
Nikki Bravo is the President And Chairman of Ignite Technology And Innovation Inc.
What is the revenue of Ignite Technology And Innovation Inc?
Ignite Technology And Innovation Inc's revenue in 2022 was $502,508.
Who are the executives of Ignite Technology And Innovation Inc and what are their salaries?
There are 13 employees and 2 volunteers at Ignite Technology And Innovation Inc.
Here are 6 key members and their salaries:
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Where can I find the form 990 for Ignite Technology And Innovation Inc?
Ignite Technology And Innovation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Ignite Technology And Innovation Inc
Ignite Technology and Innovation Inc is committed to fostering equitable wealth and sharing prosperity within under-resourced communities. They achieve this goal by establishing affordable and accessible coffee and coworking spaces that are enriched with classes and programs. These spaces serve as a hub for underrepresented entrepreneurs, offering them local access to technology, resources, mentorship, and strategic connections to potential partners and inventors. The programs provided by Ignite Technology and Innovation Inc aim to inspire, encourage, nurture, and grow the untapped ideas of these entrepreneurs, thereby empowering them to succeed and contribute to their communities.
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Impact
July, 2024
Ignite Technology And Innovation Inc's impact is significant in creating equitable wealth and sharing prosperity in under-resourced communities. By developing affordable and accessible coffee and coworking spaces enriched with classes and programs, Ignite inspires, encourages, nurtures, and grows the untapped ideas of underrepresented entrepreneurs. They provide local access to technology, resources, mentorship, and strategic connections to potential partners and inventors, thereby fostering economic development in economically depressed or blighted areas. Ignite's focus on low-income communities, enterprise zones, and opportunity zones demonstrates their commitment to encouraging investment in distressed areas and supporting new and start-up businesses. Through their technology co-working space and business incubator, Ignite plays a vital role in advancing community improvement and empowerment in Chicago, IL.
This information is meant to be a general summary of Ignite Technology And Innovation 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.
- Gross Receipts: $502,508
Assets and Liabilities:
- Total Assets: $532,182
- Total Liabilities: $751,007
- Net Assets: -$218,825
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Organization Details
Founding Year
2018
Phone
(773) 405-8834Principal Officer
Nikki Bravo
Main Address
2150 S CANALPORT, CHICAGO, IL, 60608
NTEE Category
Code: S30 - Community improvement
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