Civic Intelligence

The Ingenuity Project Inc

990 • Fiscal year 2023 • EIN 52-1942495

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

Organization Profilewww.ingenuityproject.org

View Organization Page

1400 W Cold Spring Lane 100Baltimore, MD 21209

(410) 662-8665

Siviq Scores

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

Liabilities / Assets

44th percentile

0.04x

Higher debt load relative to assets than 44% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

38th percentile

0.04x

Higher debt load relative to revenue than 38% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

76th percentile

22%

Higher net margin than 76% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

84th percentile

$156,906

Higher top officer pay than 84% of similar nonprofits.

Top officer pay equals 6.4% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

86th percentile

38%

Faster asset growth than 86% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

74th percentile

28%

Faster revenue growth than 74% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets44th percentile

Assets

Up

$2,111,411

Up $583,777 (+38%) from 2022

Net Assets

Up

$2,022,285

Up $543,881 (+37%) from 2022

Liabilities

Up

$89,126

Up $39,896 (+81%) from 2022

Revenue And Expenses
Liabilities / Revenue38th percentileNet Margin76th percentile

Revenue

Up

$2,444,839

Up $538,561 (+28%) from 2022

Expenses

Up

$1,900,958

Up $60,604 (+3.3%) from 2022

Net Income

Up

$543,881

Up $477,957 (+725%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth86th percentile

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

$3.0M$2.0M$1.0M$0Assets 2011: $249,218Liabilities 2011: $24,462Net Assets 2011: $224,7562011Assets 2012: $248,090Liabilities 2012: $48,105Net Assets 2012: $199,9852012Assets 2013: $212,657Liabilities 2013: $22,893Net Assets 2013: $189,7642013Assets 2014: $273,410Liabilities 2014: $31,226Net Assets 2014: $242,1842014Assets 2015: $507,965Liabilities 2015: $16,976Net Assets 2015: $490,9892015Assets 2016: $497,177Liabilities 2016: $11,437Net Assets 2016: $485,7402016Assets 2017: $446,804Liabilities 2017: $24,075Net Assets 2017: $422,7292017Assets 2018: $816,033Liabilities 2018: $30,997Net Assets 2018: $785,0362018Assets 2019: $651,180Liabilities 2019: $21,559Net Assets 2019: $629,6212019Assets 2020: $1,205,621Liabilities 2020: $246,372Net Assets 2020: $959,2492020Assets 2021: $1,662,658Liabilities 2021: $250,178Net Assets 2021: $1,412,4802021Assets 2022: $1,527,634Liabilities 2022: $49,230Net Assets 2022: $1,478,4042022Assets 2023: $2,111,411Liabilities 2023: $89,126Net Assets 2023: $2,022,2852023Assets 2024: $1,285,508Liabilities 2024: $62,122Net Assets 2024: $1,223,3862024

Highlighted filing

2023

Assets$2,111,411
Liabilities$89,126
Net Assets$2,022,285
Open 2023 Filing

Operations Trend

Revenue Growth74th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2011: $1,040,5752011Expenses 2012: $1,039,3532012Expenses 2013: $1,052,9702013Revenue 2014: $1,114,564Expenses 2014: $1,062,144Net Income 2014: $52,4202014Revenue 2015: $1,362,414Expenses 2015: $1,113,609Net Income 2015: $248,8052015Revenue 2016: $1,290,679Expenses 2016: $1,295,928Net Income 2016: -$5,2492016Revenue 2017: $1,315,866Expenses 2017: $1,378,878Net Income 2017: -$63,0122017Revenue 2018: $1,696,752Expenses 2018: $1,334,445Net Income 2018: $362,3072018Revenue 2019: $1,233,039Expenses 2019: $1,388,454Net Income 2019: -$155,4152019Revenue 2020: $1,809,069Expenses 2020: $1,479,441Net Income 2020: $329,6282020Revenue 2021: $1,946,133Expenses 2021: $1,492,902Net Income 2021: $453,2312021Revenue 2022: $1,906,278Expenses 2022: $1,840,354Net Income 2022: $65,9242022Revenue 2023: $2,444,839Expenses 2023: $1,900,958Net Income 2023: $543,8812023Revenue 2024: $1,275,902Expenses 2024: $2,074,801Net Income 2024: -$798,8992024

Highlighted filing

2023

Revenue$2,444,839
Expenses$1,900,958
Net Income$543,881
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Apr 30, 2024
Return Version
2022v5.0
Gross Receipts
$2,444,839
Mission and Program Overview

Mission

The mission of The Ingenuity Project is to prepare highly capable and motivated Baltimore students to achieve at nationally competitive levels in mathematics, science and related fields with the expectation that Ingenuity students will graduate from high school, attend college, and ultimately be prepared to become leaders in their chosen profession.

The mission of The Ingenuity Project is to prepare and launch the next diverse generation of nationally competitive STEM (Science, Technology, Engineering and Mathematics) leaders from Baltimore City Public Schools.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$779,451$1,168,543▲ $389,092
Pledges and Grants Receivable$385,000$740,000▲ $355,000
Accounts Receivable$295,425$0▼ $295,425
Cash and Non-Interest-Bearing Accounts$57,390$163,836▲ $106,446
Prepaid Expenses and Deferred Charges$805$34,627▲ $33,822
Land, Buildings, and Equipment, Net$9,563$4,405▼ $5,158
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$1,527,634$2,111,411▲ $583,777
Other Assets Total-$0-
Liabilities
Accounts Payable and Accrued Expenses$49,230$89,126▲ $39,896
Total Liabilities$49,230$89,126▲ $39,896
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,073,404$1,652,285▲ $578,881
Net Assets With Donor Restrictions$405,000$370,000▼ $35,000
Total Net Assets Fund Balance$1,478,404$2,022,285▲ $543,881
Total Liabilities and Net Assets / Fund Balance$1,527,634$2,111,411▲ $583,777

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$3,230$162,897$166,127
Other Land Buildings$1,175$32,510$33,685
Compensation and Service Providers
Top Officer Pay84th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Lisette MorrisExecutive DirectorFT$145,428$11,478$156,906

Board Members and Trustees

NameTitle
Peter Griffin IIIChair
Ariel BowersCo-Chair
Joshua BarnesDirector
Lara Ohanian PhDDirector
Maria Sanchez PhDDirector
Michael HinkeyDirector
Torin CaverlyDirector
Tya KellyDirector
Maxwell Eblaghie PhDSecretary
Jenny Lindvall MSC PMPTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,421,076
Program Service Revenue
$0
Investment Income
$4,563
Other Revenue
$19,200
All Other Contributions
$1,538,277
Change in Net Assets
$543,881

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,444,839
Revenue Not Reported on Form 990
$133,301
Total Revenue per Audited Statements
$2,578,140
Total Revenue per Form 990
$2,444,839
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,591,544
Other Expenses$294,414
Total Fundraising Expense$162,471
Grants and Similar Amounts Paid$15,000
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$996,070$102,367$67,960$1,166,397
Current Officers, Directors, Trustees, and Key Employees$58,749$44,062$44,062$146,873
Other Employee Benefits$88,731$12,318$9,423$110,472
Payroll Taxes$82,850$11,501$8,799$103,150
Pension Plan Contributions$51,928$7,209$5,515$64,652
Travel$33,210$16,339-$49,549
Fees for Services Other$21,444$12,123$2,277$35,844
Fees for Services Accounting-$27,639-$27,639
Other Expenses$26,021$456$17,878$18,334
Grants to Domestic Individuals$15,000--$15,000
All Other Expenses$6,074$2,075$412$8,561
Occupancy$3,398$3,398$1,699$8,495
Depreciation Depletion$4,143$575$440$5,158
Total Functional Expenses$1,491,775$246,712$162,471$1,900,958

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,034,259
Expenses per Audited Statements$1,900,958
Total Expenses per Form 990$1,900,958
Expenses Not Reported on Form 990$133,301
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$19,200
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Student Showcases$19,200$19,200-$19,200
Total Events$19,200$19,200-$19,200
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
Yes
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, Part VI, Section B, Line 11B

“The Ingenuity Project works to ensure the highest standards in review of its Form 990. The Executive Director and Business Manager review a copy of Final Form 990.”

Form 990, Part VI, Section B, Line 12C

“The Ingenuity Project has a Board that annually reviews, monitors, and approves policies to stay in compliance.”

Form 990, Part VI, Section B, Line 15A

“Compensation has been determined by the Board of Directors based on merit and Organization's budget.”

Form 990, Part VI, Section C, Line 19

“The Ingenuity Project makes its Form 990, governing documents and financial statements available upon request for inspection at the Organization's headquarters.”

Filing and Contact Details

Filer

Filer Name
The Ingenuity Project Inc
EIN
52-1942495
Phone
4106628665
Address
1400 W Cold Spring Lane 100, Baltimore, MD 21209

Signing Officer

Name
Lisette Morris
Title
Executive Director
Signed
2024-04-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lisette Morris
Formed
1995
Legal Domicile
Md
Voting Board Members
10
Independent Board Members
10
Employees
129
Volunteers
66

Preparer

Firm
KL Hoffman & Company PC
Address
2809 BOSTON ST, BALTIMORE, MD 21224
Preparer
Karen L Hoffman CPA
Phone
4439901005
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“The Internal Revenue Service has not examined (audited) any income tax returns of the Organization thus the previous three (3) years are subject to examination. The Organization has not taken any questionable tax positions with respect to unrelated business income tax or anything that would jeopardize its 501(c)(3) status.”

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IRS990/Desc0The Ingenuity Project is a comprehensive, advanced math, science, and research instructional program for students in grades six through twelve with more than 25 years of positive, demonstrated student achievement outcomes. The program identifies, recruits, and supports gifted and advanced students who represent Baltimore City. Ingenuity's curriculum is developed by experienced teachers with backgrounds in STEM. Through a unique high school research practicum, students conduct independent investigations into topics of interest, with research mentors who guide their pursuit of scientific and technological discoveries. Alumni enroll in some of the nations' most competitive colleges and enter STEM careers.
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IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
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IRS990/MissionDesc0The mission of The Ingenuity Project is to prepare and launch the next diverse generation of nationally competitive STEM (Science, Technology, Engineering and Mathematics) leaders from Baltimore City Public Schools.
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IRS990/OccupancyGrp/FundraisingAmt01699
IRS990/OccupancyGrp/ManagementAndGeneralAmt03398
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IRS990/OccupancyGrp/TotalAmt08495
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IRS990/Organization501c3Ind0X
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IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt012318
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt088731
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0110472
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IRS990/OtherExpensesGrp/Desc2Miscellaneous
IRS990/OtherExpensesGrp/Desc3Postage, printing & promotion
IRS990/OtherExpensesGrp/FundraisingAmt01894
IRS990/OtherExpensesGrp/FundraisingAmt12112
IRS990/OtherExpensesGrp/FundraisingAmt217878
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt03831
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt12819
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt2456
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IRS990/OtherExpensesGrp/ProgramServicesAmt131505
IRS990/OtherExpensesGrp/ProgramServicesAmt226021
IRS990/OtherExpensesGrp/TotalAmt078377
IRS990/OtherExpensesGrp/TotalAmt131505
IRS990/OtherExpensesGrp/TotalAmt230952
IRS990/OtherExpensesGrp/TotalAmt318334
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IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0102367
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IRS990/OtherSalariesAndWagesGrp/TotalAmt01166397
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IRS990/PartialLiquidationInd0false
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IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt08799
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt011501
IRS990/PayrollTaxesGrp/ProgramServicesAmt082850
IRS990/PayrollTaxesGrp/TotalAmt0103150
IRS990/PensionPlanContributionsGrp/FundraisingAmt05515
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt07209
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt051928
IRS990/PensionPlanContributionsGrp/TotalAmt064652
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt0385000
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt0740000
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0805
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt034627
IRS990/PrincipalOfficerNm0Lisette Morris
IRS990/ProfessionalFundraisingInd0false
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt01881402
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt015000
IRS990/PYInvestmentIncomeAmt0350
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0274700
IRS990/PYOtherRevenueAmt024526
IRS990/PYRevenuesLessExpensesAmt065924
IRS990/PYSalariesCompEmpBnftPaidAmt01550654
IRS990/PYTotalExpensesAmt01840354
IRS990/PYTotalRevenueAmt01906278
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IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0543881
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0779451
IRS990/SavingsAndTempCashInvstGrp/EOYAmt01168543
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IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionControllerInd0false
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionFamilyInd0false
IRS990ScheduleA/Form990SchASupportingOrgGrp/ControlledDisqualifiedPrsnInd0false
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnControllIntInd0false
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnOwnrIntInd0false
IRS990ScheduleA/Form990SchASupportingOrgGrp/ExcessBusinessHoldingsRulesInd0false
IRS990ScheduleA/Form990SchASupportingOrgGrp/ListedByNameGoverningDocInd0true
IRS990ScheduleA/Form990SchASupportingOrgGrp/LoanDisqualifiedPersonInd0false
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IRS990ScheduleA/Form990SchASupportingOrgGrp/PaymentSubstantialContribtrInd0false
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgNotOrganizedUSInd0false
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgSectionC456Ind0false
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportNonSupportedOrgInd0false
IRS990ScheduleA/Form990SchASupportingOrgGrp/SuprtOrgNoIRSDeterminationInd0false
IRS990ScheduleA/Form990SchAType3FuncIntGrp/GovernmentalEntityInd0X
IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/OfficersCloseRelationshipInd0true
IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/SupportedOrgVoiceInvestmentInd0true
IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/TimelyProvidedDocumentsInd0true
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0The Organization's supported Organization elected Board of Directors and related committees.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1The Organization provides educational alternatives to Baltimore City Public Schools.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Part IV, Section D, Line 3: Role The Organization's Supported Orgs. Played
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc1Part IV, Section E, Line 1c: Explain How Organization Supports Government Entity
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IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt00
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0Baltimore City Public Schools
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IRS990ScheduleA/SupportingOrgType3FuncIntInd0X
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt0162897
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0166127
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IRS990ScheduleD/RevenueNotReportedAmt0133301
IRS990ScheduleD/RevenueSubtotalAmt02444839
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Internal Revenue Service has not examined (audited) any income tax returns of the Organization thus the previous three (3) years are subject to examination. The Organization has not taken any questionable tax positions with respect to unrelated business income tax or anything that would jeopardize its 501(c)(3) status.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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IRS990ScheduleD/TotalExpensesPerForm990Amt01900958

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$2,111,411
Liabilities
$89,126
Net assets
$2,022,285
Revenue
$2,444,839
Expenses
$1,900,958
Net income
$543,881
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.29$0.06$1.22$1.28$2.07$0.80
2023Detailed filing. Detailed filing data is available for this year.$2.11$0.09$2.02$2.44$1.90$0.54
2022Detailed filing. Detailed filing data is available for this year.$1.53$0.05$1.48$1.91$1.84$0.07
2021Detailed filing. Detailed filing data is available for this year.$1.66$0.25$1.41$1.95$1.49$0.45
2020Detailed filing. Detailed filing data is available for this year.$1.21$0.25$0.96$1.81$1.48$0.33
2019Detailed filing. Detailed filing data is available for this year.$0.65$0.02$0.63$1.23$1.39$0.16
2018Detailed filing. Detailed filing data is available for this year.$0.82$0.03$0.79$1.70$1.33$0.36
2017Detailed filing. Detailed filing data is available for this year.$0.45$0.02$0.42$1.32$1.38$0.06
2016Detailed filing. Detailed filing data is available for this year.$0.50$0.01$0.49$1.29$1.30$0.01
2015Detailed filing. Detailed filing data is available for this year.$0.51$0.02$0.49$1.36$1.11$0.25
2014Detailed filing. Detailed filing data is available for this year.$0.27$0.03$0.24$1.11$1.06$0.05
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.21$0.02$0.19$1.05
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.25$0.05$0.20$1.04
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.25$0.02$0.22$1.04