Overview
What is Innovation Works Inc?
Innovation Works Inc is a nonprofit organization situated in Baltimore, dedicated to uplifting marginalized communities. Their mission is to reduce the wealth divide in neighborhoods and between races by teaching residents of disadvantaged areas how to establish and manage successful social enterprises. These enterprises aim to create sustainable neighborhood economies, leading to improved family living conditions, more resilient neighborhoods, and a safer, more vibrant city. This is achieved through igniting interest in sustainable social entrepreneurship, transforming challenges into opportunities, creating enterprises, fostering family-wage jobs, and scaling local solutions to national markets. Training and education of entrepreneurs are prioritized through various programs and workshops.
Official website here: www.iwbmore.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% - Four-Star out of Four Star Rating
Innovation Works Inc has achieved an impressive Four-Star rating from Charity Navigator, reflecting its strong performance in accountability and finance. The 96% score is derived solely from its accountability metrics, indicating a commitment to transparency and responsible financial management. This high rating is particularly significant as it shows the organization’s dedication to maintaining high standards in governance and financial oversight.
One of the key strengths of Innovation Works Inc is its governance structure, with 100% of its board members being independent. This independence, combined with a robust financial oversight committee and well-documented policies on conflicts of interest and whistleblower protections, fosters a trustworthy environment for donors and stakeholders. Additionally, the organization maintains a low liability-to-assets ratio of 2.83%, suggesting a solid financial foundation.
The organization also allocates a substantial portion of its funds to programs, as evidenced by a program expense ratio of 77.53%. This commitment to funding programs rather than administrative costs is a critical factor for donors looking to maximize their charitable impact. Overall, Innovation Works Inc demonstrates a strong commitment to accountability and financial integrity, making it a reliable choice for potential donors.
This AI summary has been generated from information found on Charity Navigator.
Is Innovation Works Inc legitimate?
Innovation Works Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Innovation Works 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: $0
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Other Salaries and Wages: $480,267
For more financial information, click here
Official website here: www.iwbmore.org
What is the mission statement of Innovation Works Inc?
Innovation Works Inc's mission is centered around reducing the wealth divide in neighborhoods and fostering racial equity. They accomplish this by teaching individuals from disinvested communities how to establish and manage successful social enterprises. These enterprises aim to create sustainable neighborhood economies, leading to improved family living conditions, more resilient neighborhoods, and a safer, more vibrant city. The corporation focuses on igniting interest in sustainable social entrepreneurship, helping individuals transform challenges into opportunities, developing sustainable social enterprises, creating family-wage jobs, and scaling local solutions to national markets. Training and developing entrepreneurs is a top priority, achieved through programming and education.
Official website here: www.iwbmore.org
Who is the CEO of Innovation Works Inc?
A Jay Nwachu is the Director of Innovation Works Inc. The CEO's salary of Innovation Works Inc is $112,821 and their total compensation is $112,821.
Official website here: www.iwbmore.org
What is the revenue of Innovation Works Inc?
Innovation Works Inc's revenue in 2022 was $1,241,077.
Official website here: www.iwbmore.org
Who are the executives of Innovation Works Inc and what are their salaries?
The average compensation at Innovation Works Inc during 2022 was $48,027. There are 10 employees and 83 volunteers at Innovation Works Inc.
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Official website here: www.iwbmore.org
Where can I find the form 990 for Innovation Works Inc?
Innovation Works Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.iwbmore.org
Learn more at the official website: www.iwbmore.org
Mission Statement of Innovation Works Inc
Innovation Works Inc, a nonprofit organization, is dedicated to reducing the neighborhood and racial wealth divide in various communities. Their primary mission is to teach residents of disadvantaged areas how to establish and manage successful social enterprises. These enterprises aim to create sustainable neighborhood economies, leading to improved family living conditions, more resilient neighborhoods, and a safer, more vibrant city.
Innovation Works Inc employs a proactive approach to achieve its goals. They ignite interest in sustainable social enterprise within these communities, helping individuals transform challenges into opportunities. Through their programming and education, they assist in establishing sustainable social enterprises. As these enterprises grow, they create family-wage jobs, providing a steady source of income for local residents. Furthermore, Innovation Works Inc works to scale local solutions to national markets, increasing their impact and reaching a wider audience.
The organization places a high priority on training and developing entrepreneurs within these communities. By providing them with the necessary skills and resources, Innovation Works Inc empowers individuals to take control of their economic future, ultimately contributing to a more prosperous and equitable society.
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Impact
July, 2024
Innovation Works Inc's impact can be seen in its efforts to reduce Baltimore's neighborhood and racial wealth divide. By teaching members of disinvested communities how to build and own successful social enterprises, Innovation Works is not only creating sustainable neighborhood economies but also fostering better family living conditions, more resilient neighborhoods, and a safer, more vibrant city. Through its programs and education initiatives, Innovation Works is igniting interest in sustainable social enterprise, helping individuals transform challenges into opportunities, creating sustainable social enterprises, growing family wage jobs, and scaling local solutions to national markets. By prioritizing training and developing entrepreneurs, Innovation Works is playing a crucial role in economic development and community improvement in Baltimore.
This information is meant to be a general summary of Innovation Works 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: $357
- Program Service Revenue: $40,000
- Gross Receipts: $1,241,077
Assets and Liabilities:
- Total Assets: $1,246,839
- Total Liabilities: $94,409
- Net Assets: $1,152,430
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TRAINING PROGRAM SERVI
Revenue
$40,000
Organization Details
Founding Year
2017
Phone
(410) 921-1035Principal Officer
A Jay Nwachu
Main Address
1400 GREENMOUNT AVE STE B01, BALTIMORE, MD, 21202
Website
www.iwbmore.orgNTEE Category
Code: S31 - Community improvement
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