Northwest Innovation Resource Center
- Assets
- $406.6k
- Revenue
- $463.8k
- Investments
- $64.0
- Employees
- 4
- Location
- Bellingham, WA
- Founding
- 12/2010
- Data as of
- 12/2023
- EIN
- 27-3156063
Organization Overview
Northwest Innovation Resource Center is located in Bellingham, WA. The organization was established in 2010. 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 12/2023, Northwest Innovation Resource Center employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Northwest Innovation Resource Center 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 12/2023, Northwest Innovation Resource Center generated $463.8k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $377.1k during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
NWIRC IS DEDICATED TO CREATING ECONOMIC OPPORTUNITY AND JOBS THROUGH INNOVATION. THE NWIRC ACCELERATES EARLY-STAGE STARTUP COMPANIES AND THEIR RATE OF SUCCESS THROUGH MENTORSHIP, RESOURCES, AND ACCOUNTABILITY. THOUGH THE NWIRC PROVIDES ASSISTANCE TO ALL EARLY-STAGE STARTUP COMPANIES, THEY HAVE PARTICULAR FOCUS ON THE RENEWABLE RESOURCE TECHNOLOGIES AND PRODUCT INVENTORS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
1. RECEIVED GRANT FROM SNOHOMISH COUNTY TO INCREASE CAPACITY FOR DATA BOOTCAMP TRAINING. 2. RECEIVED COMMUNITY PROJECT FUNDING FOR RENOVATION OF TWO INNOVATION CENTERS (SEDRO WOOLLEY IN SKAGIT COUNTY AND ARLINGTON IN SNOHOMISH COUNTY). 3. COMPLETED THE THIRD BLUETECH/ CLEANTECH INNOVATION COHORT. 4. CONDUCTED SECOND ACCELERATOR FOR CANADIAN INDIGENOUS OWNED BUSINESS IN PARTNERSHIP WITH BC TRADE AND CANADIAN CONSULATE. 5. IMPLEMENTED PROGRAM TO ASSIST ENTREPRENEURS TO SUCCEED IN ACQUIRING FUNDING FOR THEIR STARTUP COMPANIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tom Doughty Past Chair | OfficerTrustee | $0 | |
Andrew Buchan Chair | OfficerTrustee | $0 | |
Ken Marzocco Vice Chair | OfficerTrustee | $0 | |
Guy Ellis Secretary/tr | OfficerTrustee | $0 | |
Grace Borsari Director | Trustee | $0 | |
Rw Duffy Cox Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $225,120 |
| All other contributions, gifts, grants, and similar amounts not included above | $42,113 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $267,233 |
| Total Program Service Revenue | $194,722 |
| Investment income | $1,884 |
| 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 | $463,839 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $186,443 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $16,169 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,785 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $91,953 |
| Advertising and promotion | $2,967 |
| Office expenses | $3,225 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $37,452 |
| Travel | $111 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,346 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,635 |
| Insurance | $3,519 |
| All other expenses | $944 |
| Total functional expenses | $377,060 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $352,306 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $51,700 |
| 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 | $2,270 |
| Net Land, buildings, and equipment | $218 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $64 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $406,558 |
| Accounts payable and accrued expenses | $87,664 |
| 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 | $167,500 |
| Other liabilities | $11,123 |
| Total liabilities | $266,287 |
| Net assets without donor restrictions | $140,271 |
| Net assets with donor restrictions | $0 |
| 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 | $406,558 |