Frederick Innovative Technology Center Inc
- Assets
- $867.9k
- Revenue
- $794.2k
- Investments
- $0.0
- Employees
- 7
- Location
- Frederick, MD
- Founding
- 11/2006
- Data as of
- 06/2022
- EIN
- 20-1262262
Organization Overview
Frederick Innovative Technology Center Inc is located in Frederick, MD. The organization was established in 2006. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Frederick Innovative Technology Center Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Frederick Innovative Technology Center Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Frederick Innovative Technology Center Inc generated $794.2k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.8% each year. All expenses for the organization totaled $960.0k during the year ending 06/2022. While expenses have increased by 13.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE A NURTURING AND SUPPORTIVE ENVIRONMENT TO START-UP TECHNOLOGY-BASED BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES FURNISHED OFFICES AND WET LABS EQUIPPED WITH HIGH-SPEED INTERNET, TELEPHONES, AND ADMINISTRATIVE SERVICES, SUPPORTING CLIENTS EMPLOYING NEARLY A HUNDRED PEOPLE AT ANY GIVEN TIME.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kathie Callahan Brady President/ceo | OfficerTrustee | 57.58 | $65,692 |
Ted Gregory Chairman | OfficerTrustee | 0.69 | $0 |
Theresa Bethune Treasurer/secretary | OfficerTrustee | 1.73 | $0 |
John Nowell Vice Chairman | OfficerTrustee | 0.77 | $0 |
Jodie Bollinger Member | Trustee | 0.46 | $0 |
Angie Collier Member | Trustee | 0.23 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $224,657 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,975 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $230,632 |
| Total Program Service Revenue | $563,389 |
| Investment income | $154 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $794,175 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $154,435 |
| Compensation of current officers, directors, key employees. | $50,964 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $165,121 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $32,830 |
| Payroll taxes | $29,514 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,049 |
| Fees for services: Accounting | $15,823 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $82,363 |
| Advertising and promotion | $36,731 |
| Office expenses | $29,369 |
| Information technology | $660 |
| Royalties | $0 |
| Occupancy | $317,195 |
| Travel | $1,294 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $628 |
| Interest | $12 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $64,895 |
| Insurance | $6,908 |
| All other expenses | $0 |
| Total functional expenses | $959,989 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $586,333 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $12,500 |
| Accounts receivable, net | $41,101 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $227,920 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $867,854 |
| Accounts payable and accrued expenses | $136,804 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $428,711 |
| Total liabilities | $565,515 |
| Net assets without donor restrictions | -$885,161 |
| Net assets with donor restrictions | $1,187,500 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $867,854 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Frederick Innovative Technology Center Inc has recieved totaling $5.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $5 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Marshall University Research Corporation Huntington, WV | $66,297,155 | $55,595,334 |
Pidc-Developement Management Corporation Philadelphia, PA | $0 | $30,722,052 |
Calvert Impact Capital Inc Bethesda, MD | $679,643,317 | $23,234,500 |
Delaware River Waterfront Corporation Philadelphia, PA | $26,551,411 | $24,883,136 |
T R W I B Inc Pittsburgh, PA | $14,392,055 | $22,959,509 |
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |
Riverfront Development Corporation Of Delaware Wilmington, DE | $140,150,021 | $1,670,893 |
East Baltimore Development Inc Baltimore, MD | $12,751,192 | $30,262,944 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Alexandria Economic Development Partnership Inc Alexandria, VA | $1,919,174 | $9,268,061 |