Civic Intelligence

Tech Foundry Inc.

990 • Fiscal year 2023 • EIN 46-4389001

Jul 01, 2022 to Jun 30, 2023 • Filed on Jan 02, 2024

Organization ProfileTHETECHFOUNDRY.ORG
1391 Main Street 9th FloorSpringfield, MA 01103

(413) 276-0609

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

81st percentile

0.32x

Higher debt load relative to assets than 81% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2023

Liabilities / Revenue

76th percentile

0.20x

Higher debt load relative to revenue than 76% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2023

Net Margin

70th percentile

17%

Higher net margin than 70% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2023

Top Officer Pay

93rd percentile

$135,000

Higher top officer pay than 93% of similar nonprofits.

Top officer pay equals 13.8% of source-year revenue.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2023

Asset Growth

95th percentile

130%

Faster asset growth than 95% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Revenue Growth

91st percentile

115%

Faster revenue growth than 91% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets81st percentile

Assets

Up

$588,803

Up $332,808 (+130%) from 2022

Net Assets

Up

$397,604

Up $188,659 (+90%) from 2022

Liabilities

Up

$191,199

Up $144,149 (+306%) from 2022

Revenue And Expenses
Liabilities / Revenue76th percentileNet Margin70th percentile

Revenue

Up

$978,208

Up $523,723 (+115%) from 2022

Expenses

Up

$809,710

Up $216,210 (+36%) from 2022

Net Income

Up

$168,498

Up $307,513 (+221%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth95th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.5M$1.0M$500K$0Assets 2016: $277,112Liabilities 2016: $11Net Assets 2016: $277,1012016Assets 2017: $259,349Liabilities 2017: $15,975Net Assets 2017: $243,3742017Assets 2018: $192,622Liabilities 2018: $18,634Net Assets 2018: $173,9882018Assets 2019: $103,302Liabilities 2019: $29,006Net Assets 2019: $74,2962019Assets 2020: $190,587Liabilities 2020: $39,428Net Assets 2020: $151,1592020Assets 2021: $506,892Liabilities 2021: $158,932Net Assets 2021: $347,9602021Assets 2022: $255,995Liabilities 2022: $47,050Net Assets 2022: $208,9452022Assets 2023: $588,803Liabilities 2023: $191,199Net Assets 2023: $397,6042023Assets 2025: $1,493,550Liabilities 2025: $405,955Net Assets 2025: $1,087,5952025

Highlighted filing

2023

Assets$588,803
Liabilities$191,199
Net Assets$397,604
Open 2023 Filing

Operations Trend

Revenue Growth91st percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$2.0M$1.0M$0-$1.0MRevenue 2016: $386,677Expenses 2016: $462,511Net Income 2016: -$75,8342016Revenue 2017: $497,679Expenses 2017: $531,406Net Income 2017: -$33,7272017Revenue 2018: $499,427Expenses 2018: $568,813Net Income 2018: -$69,3862018Revenue 2019: $419,400Expenses 2019: $519,092Net Income 2019: -$99,6922019Revenue 2020: $490,576Expenses 2020: $413,713Net Income 2020: $76,8632020Revenue 2021: $704,218Expenses 2021: $507,417Net Income 2021: $196,8012021Revenue 2022: $454,485Expenses 2022: $593,500Net Income 2022: -$139,0152022Revenue 2023: $978,208Expenses 2023: $809,710Net Income 2023: $168,4982023Revenue 2025: $1,956,783Expenses 2025: $1,652,095Net Income 2025: $304,6882025

Highlighted filing

2023

Revenue$978,208
Expenses$809,710
Net Income$168,498
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Jan 2, 2024
Return Version
2022v5.0
Gross Receipts
$978,208
Mission and Program Overview

Mission

Founded by concerned area employers who saw a dramatic need for a skilled it workforce, tech foundry is on a mission to build the most dynamic and fluid it workforce development and training programs ever created. Driven by specific employer demands, we combine hands-on skill focused technical training with professional development, which aids us in our overarching duty to elevate an under-served, at-risk population into tomorrow's it workforce. The greater springfield area of massachusetts is a region ripe with opportunity. A low cost of living and high and quality of life make it an attractive community for businesses and employees alike. The obstacle to growth for our region is the lack of a skilled workforce. Without a strong, scalable, and dynamic workforce, employers are hesitant to locate and grow jobs here and the talent we do have is hesitant to stay. At no cost to the students, we prepare a cross-section of the population to step into a sustainable career in the information t

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$12,355$318,043▲ $305,688
Land, Buildings, and Equipment, Net$189,967$232,339▲ $42,372
Cash and Non-Interest-Bearing Accounts$48,100$36,765▼ $11,335
Prepaid Expenses and Deferred Charges$5,573$1,656▼ $3,917
Total Assets$255,995$588,803▲ $332,808
Liabilities
Accounts Payable and Accrued Expenses$31,330$160,479▲ $129,149
Deferred Revenue$15,720$15,720→ $0
Other Liabilities-$15,000-
Total Liabilities$47,050$191,199▲ $144,149
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$208,945$322,604▲ $113,659
Net Assets With Donor Restrictions-$75,000-
Total Net Assets Fund Balance$208,945$397,604▲ $188,659
Total Liabilities and Net Assets / Fund Balance$255,995$588,803▲ $332,808

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$221,032$121,501$342,533
Leasehold Improvements$11,307$22,035$33,342
Compensation and Service Providers
Top Officer Pay93rd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Patricia CanavanCEOFT$135,000$135,000

Board Members and Trustees

NameTitle
Mike WalkerPresident
Ann BurkeDirector
Christina RoyalDirector
Dawn CreightonDirector
Diane DohertyDirector
Greg BialeckiDirector
Tinsae ErkailoDirector
Scott W FosterClerk
Delcie D Bean IvPast Preside
Lynne MillsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$957,104
Program Service Revenue
$20,833
Investment Income
$271
Other Revenue
$0
All Other Contributions
$556,156
Change in Net Assets
$168,498
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$580,973
Other Expenses$228,737
Total Fundraising Expense$41,093
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$418,255$56,012$34,205$508,472
Payroll Taxes$49,203$6,600$4,200$60,003
Fees for Services Other$19,923$29,403$1,480$50,806
Depreciation Depletion$48,118$55$55$48,228
Occupancy$44,180$920$920$46,020
Fees for Services Accounting-$29,456-$29,456
Office Expenses$8,097$14,747-$22,844
Other Employee Benefits$10,220$2,278-$12,498
Information Technology$3,870$3,311-$7,181
Insurance$4,614$838$233$5,685
Travel-$2,684-$2,684
Advertising$1,050$435-$1,485
Interest-$714-$714
Other Expenses$1,562$444-$444
Total Functional Expenses$617,105$151,512$41,093$809,710
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Line of Credit$15,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“The form 990 is disseminated to various board members before it is filed. Board members have the opportunity to review the form, ask questions and recommend changes as appropriate.”

Form 990, Page 6, Part VI, Line 12C

“When a new board member is recruited and voted in, we present them with the conflict of interest policy and ask them to review and sign. At least annually, it is discussed with all board members who are required to notify the organization of any changes.”

Form 990, Page 6, Part VI, Line 19

“Governing documents are available to the public on the ma secretary of state's website. The financial statements and a copy of the form 990 are available to the public on the ma attorney general's website with the form pc filing”

Filing and Contact Details

Filer

Filer Name
Tech Foundry Inc
EIN
46-4389001
Phone
4132760609
Address
1391 MAIN STREET 9TH FLOOR, SPRINGFIELD, MA 01103

Signing Officer

Name
Lynne Mills
Title
Treasurer
Phone
4132760609
Signed
2024-01-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mike Walker
Formed
2013
Legal Domicile
Ma
Voting Board Members
10
Independent Board Members
10
Employees
10

Preparer

Firm
Burgess Robb & Grassetti Pc
Address
2 CENTER SQUARE, EAST LONGMEADOW, MA 01028
Preparer
N Andrew Robb
Phone
4135250025
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“An error was discovered in the previously issued financial statements (reviewed) for the year ending june 30, 2022. Grant income that was received in july, 2022 in the amount of 20,161 should have been recorded as accounts receivable and grant income for the year ending june 30, 2022.”

Raw XML AppendixShowing 400 of 424 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0FOUNDED BY CONCERNED AREA EMPLOYERS WHO SAW A DRAMATIC NEED FOR A SKILLED IT WORKFORCE, TECH FOUNDRY IS ON A MISSION TO BUILD THE MOST DYNAMIC AND FLUID IT WORKFORCE DEVELOPMENT AND TRAINING PROGRAMS EVER CREATED. DRIVEN BY SPECIFIC EMPLOYER DEMANDS, WE COMBINE HANDS-ON SKILL FOCUSED TECHNICAL TRAINING WITH PROFESSIONAL DEVELOPMENT, WHICH AIDS US IN OUR OVERARCHING DUTY TO ELEVATE AN UNDER-SERVED, AT-RISK POPULATION INTO TOMORROW'S IT WORKFORCE. THE GREATER SPRINGFIELD AREA OF MASSACHUSETTS IS A REGION RIPE WITH OPPORTUNITY. A LOW COST OF LIVING AND HIGH AND QUALITY OF LIFE MAKE IT AN ATTRACTIVE COMMUNITY FOR BUSINESSES AND EMPLOYEES ALIKE. THE OBSTACLE TO GROWTH FOR OUR REGION IS THE LACK OF A SKILLED WORKFORCE. WITHOUT A STRONG, SCALABLE, AND DYNAMIC WORKFORCE, EMPLOYERS ARE HESITANT TO LOCATE AND GROW JOBS HERE AND THE TALENT WE DO HAVE IS HESITANT TO STAY. AT NO COST TO THE STUDENTS, WE PREPARE A CROSS-SECTION OF THE POPULATION TO STEP INTO A SUSTAINABLE CAREER IN THE INFORMATION T
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IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0490576
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt0121501
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0342533
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt011307
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt022035
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt033342
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt015000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0LINE OF CREDIT
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0232339
IRS990ScheduleD/TotalLiabilityAmt015000
IRS990/ScheduleJRequiredInd0false
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE FORM 990 IS DISSEMINATED TO VARIOUS BOARD MEMBERS BEFORE IT IS FILED. BOARD MEMBERS HAVE THE OPPORTUNITY TO REVIEW THE FORM, ASK QUESTIONS AND RECOMMEND CHANGES AS APPROPRIATE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1WHEN A NEW BOARD MEMBER IS RECRUITED AND VOTED IN, WE PRESENT THEM WITH THE CONFLICT OF INTEREST POLICY AND ASK THEM TO REVIEW AND SIGN. AT LEAST ANNUALLY, IT IS DISCUSSED WITH ALL BOARD MEMBERS WHO ARE REQUIRED TO NOTIFY THE ORGANIZATION OF ANY CHANGES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC ON THE MA SECRETARY OF STATE'S WEBSITE. THE FINANCIAL STATEMENTS AND A COPY OF THE FORM 990 ARE AVAILABLE TO THE PUBLIC ON THE MA ATTORNEY GENERAL'S WEBSITE WITH THE FORM PC FILING
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3AN ERROR WAS DISCOVERED IN THE PREVIOUSLY ISSUED FINANCIAL STATEMENTS (REVIEWED) FOR THE YEAR ENDING JUNE 30, 2022. GRANT INCOME THAT WAS RECEIVED IN JULY, 2022 IN THE AMOUNT OF 20,161 SHOULD HAVE BEEN RECORDED AS ACCOUNTS RECEIVABLE AND GRANT INCOME FOR THE YEAR ENDING JUNE 30, 2022.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XI, LINE 9
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IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0255995
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0588803
IRS990/TravelGrp/ManagementAndGeneralAmt02684
IRS990/TravelGrp/TotalAmt02684
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IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01391 MAIN STREET 9TH FLOOR
IRS990/USAddress/CityNm0SPRINGFIELD
IRS990/USAddress/StateAbbreviationCd0MA
IRS990/USAddress/ZIPCd001103
IRS990/VotingMembersGoverningBodyCnt010
IRS990/VotingMembersIndependentCnt010
IRS990/WebsiteAddressTxt0THETECHFOUNDRY.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0LYNNE MILLS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum04132760609
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-01-02
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0TECH FOUNDRY INC

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$588,803
Liabilities
$191,199
Net assets
$397,604
Revenue
$978,208
Expenses
$809,710
Net income
$168,498
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.49$0.41$1.09$1.96$1.65$0.30
2023Detailed filing. Detailed filing data is available for this year.$0.59$0.19$0.40$0.98$0.81$0.17
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.26$0.05$0.21$0.45$0.59$0.14
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.51$0.16$0.35$0.70$0.51$0.20
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.19$0.04$0.15$0.49$0.41$0.08
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.10$0.03$0.07$0.42$0.52$0.10
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.19$0.02$0.17$0.50$0.57$0.07
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.26$0.02$0.24$0.50$0.53$0.03
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.28$0.00$0.28$0.39$0.46$0.08