INNOVATION INSTITUTE FOR TOMORROW INC Charity Report

Public IRS 990 nonprofit record

INNOVATION INSTITUTE FOR TOMORROW INC

EIN 85-4226575 · Educational Services (B90)

What they do

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 INSTITUTES NETWORK of PARTNERSHIPS is COMPOSED of K-12 SCHOOLS, COLLEGES & UNIVERSITIES, BUSINESS & INDUSTRY, GOVERNMENT, NONPROFITS, EDUCATIONAL ROBOTICS COMPANIES, WORKFORCE & ECONOMIC DEVELOPMENT AGENCIES.

Before you give

Should I give to this charity?

Easy charity check

Look at where the money went

Of every $100 spent, about $85.40 was reported for mission work. Use the spending picture below and ask what results that work produced.

Plain answer: A tax form cannot prove that a charity is doing good. It can show how the charity says it spent its money—and point out questions you should ask.

Basic facts we verified

IRS warning checkNo IRS revocation warning appears in this data.

Money report from 2024The charity has a recent tax report to read.

They explain their jobThe charity tells us what it is trying to do.

They name their leaders10 people are listed in the latest report.

You can reach themThey list contact information, so you can ask questions.

Money made simple

89.89%of revenue went to mission work85.4% of expenses · Program services

0.01%of revenue went to fundraising0.0% of expenses

$105.32spent for every $100 of revenueSpending was higher than revenue this year.

15.41%of revenue went to management and office costs14.6% of expenses

$0.27in assets for every $1 spent this yearSome assets cannot be spent right away.

35.7%of its money came from giftsOther money may come from services or investments.

Ask these three easy questions

Who did you help? Ask for a recent story or report that shows real results.
What will my money do? Ask exactly what your gift will pay for.
Is this really the charity? Give only through its official website or confirmed phone number.

Worth asking: Expenses exceeded revenue by $18,257 this year. Ask whether that was planned or caused by a one-time event.

Pay context: The highest compensation shown in this filing is $88,000 for TIMOTHY HEFFERNAN (PRESIDENT/CEO). Compare pay with organizations of similar size and complexity.

Bottom line: Do not decide from a name, mission statement, or tax status alone. Look at where the money went, then ask what changed, who was helped, and what your gift will do. YouCanGiveBack does not endorse or grade organizations.

Money

Financial picture

Tax year 2024

A plain-language look at the latest Form 990 figures available. These numbers help you ask better questions; they do not, by themselves, rate whether a charity is good or bad.

$100revenue

How each $100 of revenue was used

The large number compares each expense with revenue. The smaller number shows its share of total expenses.

Total reported revenue$343,362

Mission workProgram services$308,64889.89% of revenue85.4% of expenses

ManagementOffice and general costs$52,92715.41% of revenue14.6% of expenses

FundraisingAsking for donations$440.01% of revenue0.0% of expenses

Total expenses$361,619105.32% of revenue

Expenses were greater than revenue, so the colored ring fills the available $100 and the total above 100% is shown below.

Has the pattern changed?

Colored bars = expense mix: how each year’s expenses were divided. Total expenses vs. revenue shows whether the charity spent less or more than it received. The current filing is first.

YearExpense mixDetails

2024CurrentExpense mix: 85.4% mission · 14.6% management · 0.0% fundraisingTotal expenses: 105.32% of revenue

2023Expense mix: 75.1% mission · 24.9% management · 0.0% fundraisingTotal expenses: 108.18% of revenue

2022Expense mix: 96.1% mission · 3.9% management · 0.0% fundraisingTotal expenses: 64.30% of revenue

2021Expense mix: 90.0% mission · 0.0% management · 0.0% fundraisingTotal expenses: 96.68% of revenue

Money in and money out

Revenue$343,362

Expenses$361,619

Annual shortfall $18,257 Expenses were higher than revenue for this filing year.

Reported spending amounts

Mission work means the Form 990 category called program services. These are reported accounting categories—not an independent measurement of results.

Mission work (program services)$308,648 · 85.4% of expenses

Management and office costs$52,927 · 14.6% of expenses

Fundraising$44 · 0.0% of expenses

See all reported dollar amounts

Revenue$343,362

Expenses$361,619

Assets$98,934

Income$343,362

Contributions$122,463

Mission work (program services)$308,648

Fundraising$44

Management and general$52,927

People

Leadership and board

Tax year 2024

Names, titles, time, and compensation below are reported by the organization on its Form 990.

People reported as paid

Person and titleCompensation

TIMOTHY HEFFERNANPRESIDENT/CEO · 40 hrs/week $88,000

Compensation alone does not tell whether pay is reasonable. Consider the charity’s size, work, location, and results.

See everyone listed on the board or leadership roster (10)

TIMOTHY HEFFERNANPRESIDENT/CEO

ALBERT ABRAMOVICTRUSTEE

CHARLES ROSENTRUSTEE

HAYDEN RIGOTRUSTEE

JILL FOYSTRUSTEE

MATTHEW LAVERDETRUSTEE

RACHEL BURCINTRUSTEE

SARAH PISTELLATRUSTEE

TIMOTHY JAMESTRUSTEE

WILLIAM VONADATRUSTEE

About this charity

Recognized since: January 2022
Location: 594 UPPER SAGE RUN RD, OIL CITY, PA 16301-3948
County: Venango
In care of: % TIMOTHY M HEFFERNAN
Primary officer: TIM HEFFERNAN, PRESIDENT/CEO

How to reach them

WebsiteVisit the charity’s website Phone(814) 673-5072

Filing and classification

Latest tax year: 2024
Tax period began: January 1, 2024
Return type: 990
Tax preparer: MCGILL POWER BELL & ASSOC LLP
NTEE classification: Educational Services (B90)
IRS tax category: Educational Services