Innovation For Equity Inc
- Assets
- $476.5k
- Revenue
- $676.5k
- Investments
- $0.0
- Employees
- 3
- Location
- Washington, DC
- Founding
- Data as of
- 12/2023
- EIN
- 84-2709943
Organization Overview
Innovation For Equity Inc is located in Washington, DC. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. As of 12/2023, Innovation For Equity Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Innovation For Equity 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 12/2023, Innovation For Equity Inc generated $676.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (15.9%) each year. All expenses for the organization totaled $970.9k 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
IFE IS A CONVENER OF EDUCATION AND WORKFORCE SECTOR LEADERS ACROSS THE COUNTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INNOVATION FOR EQUITY (IFE) CONVENES AND SUPPORTS INSPIRING LEADERS FROM ACROSS THE EDUCATION AND WORKFORCE SECTOR WHO ARE UNITED IN THEIR COMMITMENT TO DISRUPT THE STATUS QUO AND IMPROVE OUTCOMES FOR BLACK LEARNERS OF ALL AGES. IFE'S SENIOR LEADERS FELLOWSHIP PROGRAM IS DESIGNED TO INCREASE THE PIPELINE OF BLACK SENIOR LEADERS ACROSS THE EDUCATION ECOSYSTEM. SINCE 2019 IFE HAS HOSTED ANNUAL IN-PERSON AND VIRTUAL SUMMITS ALLOWING BLACK LEADERS AND ALLIES ACROSS THE EDUCATION ECOSYSTEM TO CONNECT, COLLABORATE, AND DISSEMINATE THOUGHT LEADERSHIP. IFE ALSO LEVERAGES RESEARCH TO IDENTIFY, CODIFY, AND SHARE WHAT IS DRIVING OUTCOMES FOR BLACK LEADERS. FINALLY, IFE HAS CREATED ANNUAL AWARDS FOR LEADERS THAT HAVE LEVERAGED INNOVATION TO IMPROVE OUTCOMES FOR BLACK LEARNERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthew Mugo Fields President | OfficerTrustee | 2 | $0 |
Margaret Wright Treasurer | OfficerTrustee | 2 | $0 |
Angelia Dickens Secretary | OfficerTrustee | 2 | $0 |
Phil Alphonse Director | Trustee | 2 | $0 |
Jannah Garfio Director | Trustee | 2 | $0 |
Lisa Herring Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $663,160 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $663,160 |
| Total Program Service Revenue | $13,384 |
| 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 | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $676,544 |
| 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. | $216,400 |
| Compensation of current officers, directors, key employees. | $42,952 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $118,642 |
| Pension plan accruals and contributions | $1,801 |
| Other employee benefits | $13,157 |
| Payroll taxes | $22,865 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $40,788 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $291,014 |
| Advertising and promotion | $0 |
| Office expenses | $9,170 |
| Information technology | $11,929 |
| Royalties | $0 |
| Occupancy | $20,516 |
| Travel | $218,636 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $6,017 |
| All other expenses | $0 |
| Total functional expenses | $970,935 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $245,977 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $225,697 |
| Accounts receivable, net | $2,500 |
| 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 | $2,328 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $476,502 |
| Accounts payable and accrued expenses | $35,420 |
| Grants payable | $0 |
| Deferred revenue | $63,629 |
| 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 | $0 |
| Total liabilities | $99,049 |
| Net assets without donor restrictions | $152,453 |
| Net assets with donor restrictions | $225,000 |
| 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 | $476,502 |