Innovation Institute For Tomorrow Inc
- Assets
- $144.0k
- Revenue
- $378.7k
- Investments
- $0.0
- Employees
- 2
- Location
- Oil City, PA
- Founding
- Data as of
- 12/2022
- EIN
- 85-4226575
Organization Overview
Innovation Institute For Tomorrow Inc is located in Oil City, PA. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. As of 12/2022, Innovation Institute For Tomorrow Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Innovation Institute For Tomorrow 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 12/2022, Innovation Institute For Tomorrow Inc generated $378.7k in total revenue. This organization has experienced exceptional growth, as over the past 2 years, it has increased revenue by an average of 46.7% each year . All expenses for the organization totaled $243.5k during the year ending 12/2022. While expenses have increased by 19.6% per year over the past 2 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
THE INNOVATION INSTITUTE FOR TOMORROW PROVIDES SUSTAINABLE, WORLD-CLASS STEM EDUCATION OPPORTUNITIES TO EVERY CHILD TO PERPARE THEM FOR 21ST CENTURY CAREERS. WITH A FOCUS ON EQUITY & ACCESS, THE INSTITUTE STRIVES TO TURN THE RUST BELT TO THE SMART BELT THROUGH ROBOTICS, AI & COMPUTER SCIENCE. THE INNOVATION INSTITUTE'S NETWORK OF PARTNERSHIPS IS COMPOSED OF K-12 SCHOOLS, COLLEGES & UNIVERSITIES, BUSINESS & INDUSTRY, GOVERNMENT, NONPROFITS, EDUCATIONAL ROBOTICS COMPANIES, WORKFORCE & ECONOMIC DEVELOPMENT AGENCIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ROBOTICS EDUCATION & COMPETITION (REC) AERIAL DRONE COMPETITION (RADC) - AS A PARTNERSHIP WITH FOR THE WIN (FTW) ROBOTICS & THE AERIAL DRONE COMPETITION (RAD), RADC DRONE COMPETITIONS ARE USED TO EDUCATE & EXCITE THE NEXT GENERATION OF AEROSPACE ENGINEERS & PILOTS.VEX ROBOTICS - VEX ROBOTICS IS AN EDUCATIONAL ROBOTICS DEVELOPER THAT AIMS TO CREATE HANDS-ON STEM LEARNING EXPERIENCES FOR STUDENTS. THIS PLATFORM HAS BOTH A CIRRICULAR & COMPETITVE COMPONENT. AGRICULTURE WORKFORCE EDUCATION PROGRAM - THE INSTITUTE WORKS WITH FTW ROBOTICS TO CREATE AN AGRICULTURE & WORKFORCE EDUCATION PROJECT THAT NOT ONLY PROMOTES STEM EDUCATION IN SCHOOLS, BUT WILL ALSO HELP FARMERS IN RURAL PA.EDUCATOR & PROFESSIONAL DEVELOPMENT (PD)CREATING & PROVIDING PROFESSIONAL DEVELOPMENT OPPORTUNITIES TO TRAIN & EMPOWER TEACHERS. THESE ACTIVITIES ARE CONDUCTED BY THE INSTITUTE'S STAFF AND BY THE EFFORTS OF POSTSECONDARY & INDUSTRY PARTNERS. THESE ACTIVIES INCLUDE THE FOLLOWING PROGRAMS: THE ROBOT DOCTOR - AN EIGHT-PART MINISERIES CREATED BY PUBLIC BROADCASTING SERVICE (PBS) AFFILIATE WQED, CARNEGIE MELLON UNIVERSITY (DR. MAX LICKACHEV & ROBOTWITS & THE INSTITUTE (PENNSYLVANIA (PA) RURAL ROBOTICS PROJECT).CSINPA BUILD/FLY/CODE - DEVLEOPED FOR PA GOVERNOR TOM WOLF'S PASMART INITIATIVE, IN PARTNERSHIP WITH PA TRAINING & TECHNICAL ASSISTANCE NETWORK (PATTAN), PARTICIPANTS BUILD DRONES FROM THE GROUND UP, EARN THEIR PILOT WINGS THROUGH THE SCIENCE OF FLIGHT, & UTILIZE BLOCK-BASED CODING TO MANIPULATE THE DRONE'S FLIGHT. PARTICIPANTS DEVELOP THEIR COMPUTER SCIENCE (CS) KNOWLEDGE & SKILLS, DESIGN & IMPLEMENT CS LEARNING EXPERIENCES WITH DONES IN THEIR CLASSES, & EXPLORE WAYS TO EXPAN CS OPPORT. PARTICIPANTS ARE GIVEN ACCESS TO DRONE CLASS-PACKS, WHICH ALLOW FOR 1:1 STUDENT ENGAGEMENT.AMBASSADORS SERVE AS LEADERS OF THEIR LOCAL EDUCATION AGENCY (LEA) TEAM & AS PEER MENTORS FOR ALL PROGRAM PARTICIPANTS. DRAWING ON THEIR OWN EFFORTS & EXPERIENCE WITH THE BUILD/FLY/CODE CURRICULUM, AMBASSADORS OFFER INSIGHT, ENCOURAGEMENT, & ASSISTANCE.EACH PART OF THE CURRICULUM IS MULTI-MODEL & CAN BE TAUGHT THROUGH IN-CLASS INSTRUCTION & REMOTE/DISTANCE LEARNING. THE CURRICULUM IS ALSO ALIGNED WITH PERTINENT STANDARDS, UNIVERSALLY DESIGNED & CULTURALLY RELEVANT.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jill Foys Trustee | Trustee | 1 | $0 |
Rachel Burcin Trustee | Trustee | 1 | $0 |
Albert Abramovic Trustee | Trustee | 1 | $0 |
William Vonada Trustee | Trustee | 1 | $0 |
Matthew Laverde Trustee | Trustee | 1 | $0 |
Charles Rosen Trustee | Trustee | 1 | $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 | $203,275 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $203,275 |
| Total Program Service Revenue | $167,497 |
| Investment income | $11 |
| 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 | $378,688 |
| 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. | $88,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $19,760 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $8,335 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,512 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $527 |
| Office expenses | $9,460 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,665 |
| Travel | $6,250 |
| 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 | $1,053 |
| Insurance | $1,898 |
| All other expenses | $5,558 |
| Total functional expenses | $243,514 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $84,653 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $59,377 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $144,030 |
| Accounts payable and accrued expenses | $2,763 |
| 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 | $0 |
| Total liabilities | $2,763 |
| Net assets without donor restrictions | $141,267 |
| 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 | $144,030 |