Nonprofit · EIN 25-1588611
INNOVATION WORKS INC
Tax-exempt · PITTSBURGH, PA 15212
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $14,610,000 | $18,491,678 | -$3,881,678 | $45,646,740 | $10,010,223 | $35,636,517 |
| June 30, 2024 | 990 | $13,218,069 | $16,611,674 | -$3,393,605 | $45,772,445 | $5,993,293 | $39,779,152 |
| June 30, 2023 | 990 | $15,798,085 | $15,866,669 | -$68,584 | $49,208,659 | $7,710,198 | $41,498,461 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $11,707,979
- of which government grants
- $9,428,360
- Program service revenue
- $1,496,403
- Investment income
- $1,397,460
- Net gain from sales of assets
- $177,905
- Other revenue
- $8,158
Expenses
- Grants and similar amounts paid
- $485,450
- Compensation of officers, directors and key employees
- $1,691,656
- Other salaries and wages
- $4,674,720
- Salaries, compensation and benefits (total)
- $7,812,830
- Professional fundraising fees
- $0
- Legal fees
- $489,446
- Accounting fees
- $56,933
- Occupancy
- $886,033
- Travel
- $22,611
- Depreciation
- $138,395
- Program services (functional)
- $14,972,126
- Management and general (functional)
- $3,268,677
- Fundraising (functional)
- $250,875
Balance sheet and other
- Total assets, start of year
- $45,772,445
- Total assets, end of year
- $45,646,740
- Total liabilities, end of year
- $10,010,223
- Net assets, end of year
- $35,636,517
- Land, buildings and equipment
- $613,290
- Publicly traded securities
- $18,302,704
- Net assets without donor restrictions
- $35,030,857
- Net assets with donor restrictions
- $605,660
- Gross receipts
- $18,818,713
- Employees
- 43
- Volunteers
- 46
- Year formed
- 1988
- State of legal domicile
- PA
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| MR VEN RAJU | PRESIDENT & CEO Officer | 40 | $569,820 | $55,451 |
| MR KIRK BOTULA | VP & CSOO Officer | 40 | $387,267 | $63,586 |
| MR KEVIN DOWLING | PORTFOLIO EXECUTIVE Highest-paid employee | 40 | $250,939 | $48,478 |
| MR ROBERT STARZYNSKI | VP BUSINESS DEV. & TREASURER Officer | 40 | $251,690 | $47,100 |
| MS KELLEY BENSON | VP HR & INCLUSION Officer | 40 | $228,676 | $43,979 |
| MR JEFFERY MCDANIEL | PORTFOLIO EXECUTIVE Highest-paid employee | 40 | $215,149 | $44,243 |
| MS AFSHAN KHAN | PORTFOLIO EXECUTIVE Highest-paid employee | 40 | $198,145 | $48,841 |
| MS DEBORAH WALKER | SR. LEGAL COUNSEL Highest-paid employee | 40 | $220,411 | $20,316 |
| MR AARON TAINTER | DIRECTOR OF ACCELERATOR PROGRAMS Highest-paid employee | 40 | $197,241 | $19,123 |
| MS KELLI MCMURRAY | SECRETARY & CONTROLLER Officer | 40 | $179,828 | $30,183 |
| MR RICHARD R LUNAK | FORMER PRESIDENT & CEO Former | 10 | $129,630 | $13,532 |
| MR ROB A RUTENBAR | BOARD MEMBER Trustee or director | 0.75 | $0 | $0 |
| DR STEVEN REIS | BOARD MEMBER Trustee or director | 0.75 | $0 | $0 |
| MR JOE FERRARA | BOARD MEMBER (THRU 12/24) Trustee or director | 0.75 | $0 | $0 |
| MS DONNA MYERS | BOARD MEMBER (THRU 12/24) Trustee or director | 0.75 | $0 | $0 |
7 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| MR JIMMY WILLIAMS | BOARD MEMBER Trustee or director | 0.75 | $0 |
| MR WILLIAM SANDERS | BOARD MEMBER (THRU 6/25) Trustee or director | 0.75 | $0 |
| MR TOM JONES | BOARD CHAIR Trustee or director | 2.5 | $0 |
| MR RON BIANCHINI JR | BOARD MEMBER Trustee or director | 0.75 | $0 |
| MR STEPHEN CHEN | BOARD MEMBER (AS OF 10/24) Trustee or director | 0.75 | $0 |
| MR DAVID ROGER | BOARD MEMBER (AS OF 10/24) Trustee or director | 0.75 | $0 |
| MR CARL DALEY | BOARD MEMBER (AS OF 4/25) Trustee or director | 0.75 | $0 |
990 for the year ended June 30, 2024: 23 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| MR VEN RAJU | PRESIDENT & CEO Officer | 40 | $524,732 | $51,309 |
| MR JIM JEN | FORMER VP & COO Former | 40 | $320,952 | $22,902 |
| MR KIRK BOTULA | VP & CSOO Officer | 40 | $253,489 | $45,309 |
| MR ROBERT STARZYNSKI | VP BUSINESS DEV. & TREASURER Officer | 40 | $231,272 | $41,189 |
| MS KELLEY BENSON | VP HR & INCLUSION Officer | 40 | $217,606 | $39,476 |
| MR JEFFERY MCDANIEL | PORTFOLIO EXECUTIVE Highest-paid employee | 40 | $207,962 | $44,230 |
| MR RICHARD R LUNAK | FORMER PRESIDENT & CEO Former | 40 | $218,638 | $27,789 |
| MS TERRI GLUECK THRU 124 | VP OF COMMUNICATION & COMMUNITY DEV. Officer | 40 | $205,960 | $37,664 |
| MS AFSHAN KHAN | PORTFOLIO EXECUTIVE Highest-paid employee | 40 | $190,444 | $46,585 |
| MS DEBORAH WALKER | SR. LEGAL COUNSEL Highest-paid employee | 40 | $189,747 | $18,357 |
| MR AARON TAINTER | DIRECTOR OF ACCELERATOR PROGRAMS Highest-paid employee | 40 | $169,626 | $16,908 |
| MS KELLI MCMURRAY | SECRETARY & CONTROLLER Officer | 40 | $157,479 | $19,336 |
| MS CIGDEM HAJIPOURAN BENAM | PORTFOLIO EXECUTIVE Highest-paid employee | 40 | $148,114 | $15,289 |
| MS CATHERINE MOTT THRU 1223 | BOARD CHAIR Trustee or director | 2.5 | $0 | $0 |
| MR ROB A RUTENBAR | BOARD MEMBER Trustee or director | 0.75 | $0 | $0 |
| DR STEVEN REIS | BOARD MEMBER Trustee or director | 0.75 | $0 | $0 |
| MR JOE FERRARA | BOARD MEMBER Trustee or director | 0.75 | $0 | $0 |
| MS DONNA MYERS | BOARD MEMBER Trustee or director | 0.75 | $0 | $0 |
| MR JIMMY WILLIAMS | BOARD MEMBER Trustee or director | 0.75 | $0 | $0 |
| MR WILLIAM SANDERS | BOARD MEMBER Trustee or director | 0.75 | $0 | $0 |
| MR TOM JONES | BOARD CHAIR (AS OF 1/24) Trustee or director | 2.5 | $0 | $0 |
| MR RON BIANCHINI JR | BOARD MEMBER (AS OF 1/24) Trustee or director | 0.75 | $0 | $0 |
| MS REBECCA DOERGE | BOARD MEMBER (THRU 7/23) Trustee or director | 0.75 | $0 | $0 |
990 for the year ended June 30, 2023: 24 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| MR RICHARD R LUNAK | PRESIDENT & CEO (THRU 9/22) Officer | 40 | $513,325 | $52,721 |
| MR VEN RAJU | PRESIDENT & CEO (AS OF 10/22) Officer | 40 | $355,029 | $45,921 |
| MR JIM JEN | VP & COO (THRU 2/23) Officer | 40 | $285,880 | $51,126 |
| MR ROBERT STARZYNSKI | VP OF BUSINESS DEVELOPMENT, TREASURER Officer | 40 | $216,077 | $37,555 |
| MS MEGAN SHAW | PORTFOLIO EXECUTIVE (THRU 4/23) Highest-paid employee | 40 | $223,885 | $21,766 |
| MR JEFFERY MCDANIEL | PORTFOLIO EXECUTIVE Highest-paid employee | 40 | $203,468 | $40,090 |
| MS TERRI GLUECK | VP, COMMUNICATIONS & COMMU Officer | 40 | $198,235 | $38,391 |
| MS KELLEY BENSON | VP HUMAN RESOURCES & INCLU Officer | 40 | $201,004 | $35,372 |
| MR AFSHAN KHAN | PORTFOLIO EXECUTIVE Highest-paid employee | 40 | $184,884 | $42,628 |
| MR MICHAEL FORMICA | PORTFOLIO EXECUTIVE (THRU 6/23) Highest-paid employee | 40 | $184,876 | $36,236 |
| MR JAMES WRUBEL | PORTFOLIO EXECUTIVE Highest-paid employee | 40 | $183,224 | $29,277 |
| MS SUSAN KIJOWSKI | SECRETARY & CONTROLLER (THRU 7/22) Officer | 40 | $159,146 | $24,259 |
| MS KELLI MCMURRAY | SECRETARY & CONTROLLER (AS OF 7/22) Officer | 40 | $130,486 | $16,547 |
| MR KIRK BOTULA | VP & CSOO (AS OF 3/23) Officer | 40 | $0 | $0 |
| MS CATHERINE MOTT | BOARD CHAIR Trustee or director | 2.5 | $0 | $0 |
| MR ROBERT A RUTENBAR | BOARD MEMBER Trustee or director | 0.75 | $0 | $0 |
| DR STEVEN REIS | BOARD MEMBER Trustee or director | 0.75 | $0 | $0 |
| MS REBECCA DOERGE | BOARD MEMBER Trustee or director | 0.75 | $0 | $0 |
| MR JOE FERRARA | BOARD MEMBER Trustee or director | 0.75 | $0 | $0 |
| MR TOM JONES | BOARD MEMBER Trustee or director | 0.75 | $0 | $0 |
| MS DONNA MYERS | BOARD MEMBER Trustee or director | 0.75 | $0 | $0 |
| MR JIMMY WILLIAMS | BOARD MEMBER Trustee or director | 0.75 | $0 | $0 |
| MR WILLIAM SANDERS | BOARD MEMBER (AS OF 6/23) Trustee or director | 0.75 | $0 | $0 |
| MR JUAN GARRETT | BOARD MEMBER (THRU 12/22) Trustee or director | 0.75 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- ONE ALLEGHENY SQUARE NOVA TOWER 1 S, PITTSBURGH, PA 15212-0000
- Principal officer (990 for 2024)
- VEN RAJU, ONE ALLEGHENY SQ NOVA TOWER 1 401, PITTSBURGH, PA 15212
- Signed the 990
- VEN RAJU, PRESIDENT & CEO
- Phone
- (412) 681-1520
- Website
- WWW.INNOVATIONWORKS.ORG
- Return prepared by
- SISTERSON & CO LLP
Mission
SEE SCHEDULE OINNOVATION WORKS' MISSION IS TO INCREASE THE SUCCESS RATE OF THE REGION'S TECHNOLOGY AND TECHNOLOGY ADOPTING COMPANIES THROUGH DIRECT INVESTMENT, BUSINESS ASSISTANCE, AND INFRASTRUCTURE DEVELOPMENT. UNDERLYING IW'S MISSION IS THE BELIEF THAT INNOVATION IS A KEY ENGINE OF GROWTH FOR THE SOUTHWESTERN PENNSYLVANIA REGION. ACTIVITIES UNDERTAKEN BY INNOVATION WORKS IN PURSUIT OF THIS MISSION HAVE RESULTED IN SIGNIFICANT COMMUNITY DEVELOPMENT BENEFITS, INCLUDING CREATION OF JOBS, ATTRACTION OF INVESTMENT, AND INCREASED COMPETITIVE ADVANTAGE FOR COMPANIES LOCATED IN SOUTHWESTERN PENNSYLVANIA.
Program accomplishments
- SEE SCHEDULE OExpenses $14,972,126 · grants $485,450 · revenue $1,504,561
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 25-1588611
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1989
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $45,646,740
- Income (IRS master file)
- $18,818,713
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $14,610,000 | $18,491,678 | $45,646,740 | IRS |
| 990-T | June 2025 | – | – | – | IRS |
| 990 | June 2024 | $13,218,069 | $16,611,674 | $45,772,445 | IRS |
| 990-T | June 2024 | – | – | – | IRS |
| 990 | June 2023 | $15,798,085 | $15,866,669 | $49,208,659 | XML |
| 990-T | June 2023 | – | – | – | IRS |
| 990 | June 2022 | $24,072,729 | $10,978,543 | $48,998,670 | IRS |
| 990-T | June 2022 | – | – | – | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990-T | June 2021 | – | – | – | IRS |
| 990 | June 2020 | – | – | – | IRS |
| 990 | June 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 25-1588611).
Questions about INNOVATION WORKS INC
- What is the EIN of INNOVATION WORKS INC?
- The employer identification number (EIN) of INNOVATION WORKS INC is 25-1588611.
- Is INNOVATION WORKS INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1989.
- Are donations to INNOVATION WORKS INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does INNOVATION WORKS INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of INNOVATION WORKS INC due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did INNOVATION WORKS INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of INNOVATION WORKS INC?
- The 990 for the year ended June 30, 2025 names VEN RAJU.
- Who are the officers and directors of INNOVATION WORKS INC?
- The 990 for the year ended June 30, 2025 lists 22 people; 11 received compensation from the organization, the highest $569,820 (MR VEN RAJU, PRESIDENT & CEO).
- How much revenue does INNOVATION WORKS INC have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $14,610,000, expenses of $18,491,678 and total assets of $45,646,740 at year end.
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