Fortyx80 Inc
- Assets
- $442.9k
- Revenue
- $557.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Pittsburgh, PA
- Founding
- 05/2014
- Data as of
- 08/2022
- EIN
- 46-1691722
Organization Overview
Fortyx80 Inc, operating under the name Fka Ptc Techcelerate Inc, is located in Pittsburgh, PA. The organization was established in 2014. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fka Ptc Techcelerate 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 08/2022, Fka Ptc Techcelerate Inc generated $557.4k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.1% each year. All expenses for the organization totaled $533.9k during the year ending 08/2022. While expenses have increased by 12.4% 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 CATAPULT THE GROWTH OF ENTREPRENEURS ACROSS SOUTHWESTERN PENNSYLVANIA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AN IT APPRENTICESHIP PROGRAM THAT IS DESIGNED TO ELIMINATE THE BARRIERS COMMONLY FACED BY TECH INTERESTED INDIVIDUALS FROM UNDERREPRESENTED GROUPS AS WELL AS GIVE EMPLOYERS ACCESS TO A WIDER, MORE DIVERSE TALENT BASE.
SUPPORT EDUCATION AND TRAINING AT SECONDARY, VOCATIONAL AND HIGHER EDUCATION INSTITUTIONS, AND BY PROVIDING TECHNICAL ASSISTANCE AND EDUCATION SERVICES TO POTENTIAL AND EARLY STAGE ENTREPRENEURS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Maria Fattore Dir. Of Growth Capital Unt | Officer | 30 | $63,650 |
John Friel Board Chairman | OfficerTrustee | 1 | $0 |
Audrey Russo President & CEO | Officer | 14 | $0 |
Albert Gusky Director Of Finance | Officer | 10 | $0 |
Mark Kurtzrock Board Member | Trustee | 1 | $0 |
Francois Estellon Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $33,505 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $517,283 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $550,788 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $6,595 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $557,383 |
| 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. | $88,570 |
| Compensation of current officers, directors, key employees. | $19,485 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $118,420 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $12,937 |
| Payroll taxes | $15,343 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $10,846 |
| Advertising and promotion | $0 |
| Office expenses | $797 |
| Information technology | $1,100 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $4,043 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $33 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $225 |
| Total functional expenses | $533,854 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $205,798 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $170,233 |
| Accounts receivable, net | $26,000 |
| 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 | $847 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $40,000 |
| Total assets | $442,878 |
| Accounts payable and accrued expenses | $1,851 |
| Grants payable | $0 |
| Deferred revenue | $55,667 |
| 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 | $195,249 |
| Total liabilities | $252,767 |
| Net assets without donor restrictions | $46,228 |
| Net assets with donor restrictions | $143,883 |
| 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 | $442,878 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Fortyx80 Inc has recieved totaling $216,500.
| Awarding Organization | Amount |
|---|---|
Richard King Mellon Foundation Dtd 01-01-47 Pittsburgh, PA PURPOSE: TO ESTABLISH PENNSYLVANIAS FIRST REGISTERED TECH APPRENTICESHIP PROGRAM WITH THE GOAL OF PROVIDING NEW OPPORTUNITIES FOR ECONOMIC MOBILITY TO UNDERREPRESENTED POPULATIONS | $100,000 |
Richard King Mellon Foundation Dtd 01-01-47 Pittsburgh, PA PURPOSE: TO ESTABLISH PENNSYLVANIAS FIRST REGISTERED TECH APPRENTICESHIP PROGRAM WITH THE GOAL OF PROVIDING NEW OPPORTUNITIES FOR ECONOMIC MOBILITY TO UNDERREPRESENTED POPULATIONS | $100,000 |
Mendel E And Sylvia G Solomon Charitable Trust Pittsburgh, PA PURPOSE: LAUNCH (LEARN, ASPIRE, | $15,000 |
Citrone Foundation Inc Norwalk, CT PURPOSE: TO ASSIST PITTSBURGH'S ENTREPRENEURS WITH GLOBAL RESOURCES TO FUEL A VIBRANT ECONOMY. | $1,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cincinnati Center City Development Corporation Cincinnati, OH | $365,563,062 | $43,403,938 |
Gateway Economic Development Corporation Of Greater Cleveland Cleveland, OH | $401,423,840 | $30,122,951 |
43north Bpc Inc Buffalo, NY | $13,425,800 | $3,001,464 |
Capitol South Community Urban Redevelopment Corporation Columbus, OH | $40,052,734 | $27,422,003 |
Anne Arundel Economic Development Corporation Annapolis, MD | $15,670,028 | $30,337,180 |
City Of Baltimore Development Corporation Baltimore, MD | $22,115,045 | $13,864,142 |
Grameen America Inc Jackson Heights, NY | $237,127,552 | $50,248,348 |
Harristown Development Corporation Harrisburg, PA | $29,766,695 | $19,028,512 |
Community Action Of South Eastern West Virginia Bluefield, WV | $9,324,400 | $12,779,130 |
Cintrifuse Cincinnati, OH | $9,097,086 | $17,758,065 |
Walnut Hills Redevelopment Foundation Inc Cincinnati, OH | $7,399,538 | $1,025,062 |
Greater Jamaica Development Corp Jamaica, NY | $43,416,674 | $8,397,998 |