2023-11-15T14:20:43-05:00 2022-12-31 042917204 ANSTISS & CO PC 6 OMNI WAY STE 201 CHELMSFORD MA 018244187 990 2022-01-01 455191933 INNOVATION STUDIO INC INNO 8572541857 2300 WASHINGTON STREET 2ND FLOOR ROXBURY MA 02119 DANIEL VIDANA PRESIDENT 8572541857 2023-10-30 true DANIEL VIDANA 999009999 false JAYNE A ANDREWS P00514653 9784522500 2023-10-30 2022 2023-04-26 12:10:37Z DANIEL VIDANA 2300 WASHINGTON STREET 2ND FLOOR ROXBURY MA 02119 1723186 false X INNOVATIONSTUDIO.ORG X 2012 MA ENHANCES AND ACCELERATES THE INNOVATION PROCESS THROUGH SPACES, PROGRAMS, AND CONVERSATIONS. 12 12 21 50 0 1318924 420389 669920 914597 -35479 12 116125 388188 2069490 1723186 0 0 1335513 1375380 0 0 957883 877270 2293396 2252650 -223906 -529464 968961 487657 714692 714700 254269 -227043 X THE MISSION AT INNOVATION STUDIO IS TO MAKE INNOVATION, ENTREPRENEURSHIP, AND BUSINESS OWNERSHIP ATTAINABLE THROUGH AN EMPOWERING AND INCLUSIVE NETWORK OF COMMUNITY SPACES AND INDIVIDUALIZED PATHWAYS. 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THESE TYPES OF PROGRAMS THAT HAVE ALREADY BEEN RUN AT DISTRICT HALL INCLUDE HACKATHONS, PITCH COMPETITIONS, PANEL DISCUSSIONS, FIRESIDE CHATS, INTERVIEWS, DEMONSTRATIONS, CONFERENCES, COMPANY MEETINGS, BRAINSTORMING AND COMMUNITY GATHERINGS. AS A RESULT OF THE ORGANIZATION'S SUCCESS WITH DISTRICT HALL, OTHER BOSTON SEAPORT INNOVATION AND WORK SPACES HAVE SOUGHT OUT INNOVATION STUDIO FORMING PARTNERSHIPS TO ACTIVATE THEIR EXISTING INNOVATION SPACES. INNOVATION STUDIO FORMED A PARTNERSHIP WITH WORCESTER POLYTECHNIC INSTITUTE, WHO HAS INNOVATION AND MEETING SPACE IN THE SEAPORT, HELPING TO INCREASE TRAFFIC TO THEIR LOCATION AND BRING AWARENESS TO THEIR PRESENCE IN THE CITY. A PARTNERSHIP WITH ECHELON SEAPORT ALLOWED INNOVATION STUDIO TO DEMONSTRATE HOW TO SUCCESSFULLY RUN THEIR ON-SITE INNOVATION CENTER THAT IS AVAILABLE TO THEIR RESIDENTS AND LOCAL AREA BUSINESSES AND INDIVIDUALS. 365728 BIZ BODEGA AND RHODE ISLAND PROGRAMS: WITH THE INTENTION OF INCREASING SOCIAL AND ECONOMIC MOBILITY FOR RESIDENTS IN PROVIDENCE, INNOVATION STUDIO PARTNERED WITH ONE NEIGHBORHOOD BUILDERS TO OPEN AND OPERATE BIZ BODEGA, A COMPREHENSIVE AND VIBRANT BUSINESS SUPPORT OFFICE FOR NEW AND GROWING SMALL BUSINESSES LOCATED IN CENTRAL PROVIDENCE. INNOVATION STUDIO PROVIDES LIVE AND VIRTUAL PROGRAMS TO CREATE IMPACTFUL AND INCLUSIVE PATHWAYS TO COLLABORATION. THIS IS ACHIEVED BY CULTIVATING RELATIONSHIPS AND PROVIDING RESOURCES FOR ANYONE TO SUCCESSFULLY LAUNCH AND GROW A BUSINESS. INNOVATION STUDIO IS COMMITTED TO EQUITABLE AVAILABILITY OF RESOURCES TO RESIDENTS IN PROVIDENCE AND RHODE ISLAND. 64792 7318 ROXBURY INNOVATION CENTER (RIC): THE ROXBURY INNOVATION CENTER IS A CIVIC INNOVATION CENTER THAT WILL SUPPORT LOCAL ECONOMIC DEVELOPMENT BY ENCOURAGING INNOVATION AND ENTREPRENEURSHIP FOCUSED ON THE CITY OF BOSTON NEIGHBORHOODS OF ROXBURY, DORCHESTER AND MATTAPAN. THESE NEIGHBORS HAVE A HIGHER UNEMPLOYMENT RATE AND A GREATER WEALTH INCOME GAP FROM THE REST OF THE CITY OF BOSTON. SINCE OPENING IN THE FALL OF 2015, RIC HAS ACTIVATED PROGRAMS AND EVENTS TO HELP ADULTS AND YOUTH LEARN SMALL BUSINESS/STARTUP AND TECHNICAL SKILLS TO MAKE ENTREPRENEURSHIP AND INNOVATION VIABLE CAREER OPTIONS FOR ALL. IT HAS ALWAYS BEEN THE MISSION OF THE ORGANIZATION THAT "INNOVATION IS FOR EVERYONE- AND THROUGH PROGRAMMING AT RIC, THE ORGANIZATION HAS CONTINUED THIS MISSION. RIC ALSO PROVIDES A PLACE FOR THE LOCAL COMMUNITY TO GATHER, OBTAIN ADVICE AND CONNECT WITH OTHER RESOURCES FROM AROUND GREATER BOSTON AND THE WORLD THROUGH PITCH NIGHTS AND OTHER PROGRAMMING. THE ORGANIZATION ALSO PRODUCES PROGRAMMING TO ACTIVATE AND CONNECT THE THREE PHYSICAL SPACES TO THE INNOVATION COMMUNITY LOCALLY, NATIONALLY, AND INTERNATIONALLY. 339136 MASSACHUSETTS PROGRAMS: INNOVATION STUDIO'S PATHWAYS TO ENTREPRENEURSHIP CONTINUUM OF SMALL BUSINESS AND STARTUP PROGRAMS PROVIDES AN INDIVIDUALIZED APPROACH TO INNOVATION. 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ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN PROVIDED FOR IN THE ACCOMPANYING FINANCIAL STATEMENTS. ASC 740-10, "INCOME TAXES," REQUIRES THE ORGANIZATION TO EVALUATE AND DISCLOSE TAX POSITIONS THAT COULD HAVE AN EFFECT ON THE ORGANIZATION'S FINANCIAL STATEMENTS. THE ORGANIZATION REPORTS ITS ACTIVITIES TO THE INTERNAL REVENUE SERVICE AND TO THE COMMONWEALTH OF MASSACHUSETTS ON AN ANNUAL BASIS. THESE INFORMATIONAL RETURNS ARE GENERALLY SUBJECT TO AUDIT AND REVIEW BY THE GOVERNMENTAL AGENCIES FOR A PERIOD OF THREE YEARS AFTER FILING. MANAGEMENT BELIEVES IT IS NO LONGER SUBJECT TO REVIEW BY TAXING AUTHORITIES FOR PERIODS PRIOR TO 2019. SUBSTANTIALLY ALL OF THE ORGANIZATION'S INCOME, EXPENDITURES AND ACTIVITIES RELATE TO ITS EXEMPT PURPOSE, THEREFORE, MANAGEMENT HAS DETERMINED THAT THE ORGANIZATION IS NOT SUBJECT TO UNRELATED BUSINESS INCOME TAXES AND WILL CONTINUE TO QUALIFY AS A TAX-EXEMPT NOT-FOR-PROFIT ENTITY. X false false false false false false false false false DANIEL VIDANA PRESIDENT 132150 25944 158094 FORM 990 - ORGANIZATION'S MISSION THE MISSION AT INNOVATION STUDIO IS TO MAKE INNOVATION, ENTREPRENEURSHIP, AND BUSINESS OWNERSHIP ATTAINABLE THROUGH AN EMPOWERING AND INCLUSIVE NETWORK OF COMMUNITY SPACES AND INDIVIDUALIZED PATHWAYS. INNOVATION STUDIO'S VISION IS TO BE THE HOME WHERE ASPIRING INDIVIDUALS ARE ENCOURAGED TO CONFIDENTLY GROW THEIR IDEAS INTO SUCCESSFUL BUSINESSES. FORM 990, PAGE 2, PART III, LINE 2 BIZ BODEGA: WITH THE INTENTION OF INCREASING SOCIAL AND ECONOMIC MOBILITY FOR RESIDENTS IN PROVIDENCE, INNOVATION STUDIO PARTNERED WITH ONE NEIGHBORHOOD BUILDERS TO OPEN AND OPERATE BIZ BODEGA, A COMPREHENSIVE AND VIBRANT BUSINESS SUPPORT OFFICE FOR NEW AND GROWING SMALL BUSINESSES LOCATED IN CENTRAL PROVIDENCE. FORM 990, PAGE 2, PART III, LINE 4A DISTRICT HALL BOSTON & BOSTON SEAPORT PARTNERSHIPS: DISTRICT HALL IS THE RESULT OF A COLLABORATIVE PUBLIC (CITY OF BOSTON), PRIVATE PARTNERSHIP THAT OPENED IN THE FALL OF 2013. DISTRICT HALL IS A DEDICATED CIVIC SPACE WITH THE GOAL CREATING AN ENVIRONMENT THAT FOSTERS INNOVATION, COLLABORATION, AND ENTREPRENEURSHIP. DISTRICT HALL HAS OPEN WORKSPACE, CLASSROOMS, ASSEMBLY SPACE, FLEXIBLE USE 'POD', AND WRITABLE SURFACES EVERYWHERE. THE ORGANIZATION WORKS WITH MUNICIPALITIES, NON-PROFIT GROUPS, COLLEGE AND UNIVERSITIES, INDUSTRY ASSOCIATIONS, LOCAL NEIGHBORHOOD GROUPS, AND COMPANIES TO MAKE INFORMATIONAL RESOURCES AVAILABLE AND PRESENTS EDUCATIONAL PROGRAMS AND ACTIVITIES THAT ENCOURAGE INNOVATORS TO CONNECT, COLLABORATE AND START A NEW BUSINESS. THESE TYPES OF PROGRAMS THAT HAVE ALREADY BEEN RUN AT DISTRICT HALL INCLUDE HACKATHONS, PITCH COMPETITIONS, PANEL DISCUSSIONS, FIRESIDE CHATS, INTERVIEWS, DEMONSTRATIONS, CONFERENCES, COMPANY MEETINGS, BRAINSTORMING AND COMMUNITY GATHERINGS. AS A RESULT OF THE ORGANIZATION'S SUCCESS WITH DISTRICT HALL, OTHER BOSTON SEAPORT INNOVATION AND WORK SPACES HAVE SOUGHT OUT INNOVATION STUDIO FORMING PARTNERSHIPS TO ACTIVATE THEIR EXISTING INNOVATION SPACES. INNOVATION STUDIO FORMED A PARTNERSHIP WITH WORCESTER POLYTECHNIC INSTITUTE, WHO HAS INNOVATION AND MEETING SPACE IN THE SEAPORT, HELPING TO INCREASE TRAFFIC TO THEIR LOCATION AND BRING AWARENESS TO THEIR PRESENCE IN THE CITY. A PARTNERSHIP WITH ECHELON SEAPORT ALLOWED INNOVATION STUDIO TO DEMONSTRATE HOW TO SUCCESSFULLY RUN THEIR ON-SITE INNOVATION CENTER THAT IS AVAILABLE TO THEIR RESIDENTS AND LOCAL AREA BUSINESSES AND INDIVIDUALS. FORM 990, PAGE 2, PART III, LINE 4B BIZ BODEGA AND RHODE ISLAND PROGRAMS: WITH THE INTENTION OF INCREASING SOCIAL AND ECONOMIC MOBILITY FOR RESIDENTS IN PROVIDENCE, INNOVATION STUDIO PARTNERED WITH ONE NEIGHBORHOOD BUILDERS TO OPEN AND OPERATE BIZ BODEGA, A COMPREHENSIVE AND VIBRANT BUSINESS SUPPORT OFFICE FOR NEW AND GROWING SMALL BUSINESSES LOCATED IN CENTRAL PROVIDENCE. INNOVATION STUDIO PROVIDES LIVE AND VIRTUAL PROGRAMS TO CREATE IMPACTFUL AND INCLUSIVE PATHWAYS TO COLLABORATION. THIS IS ACHIEVED BY CULTIVATING RELATIONSHIPS AND PROVIDING RESOURCES FOR ANYONE TO SUCCESSFULLY LAUNCH AND GROW A BUSINESS. INNOVATION STUDIO IS COMMITTED TO EQUITABLE AVAILABILITY OF RESOURCES TO RESIDENTS IN PROVIDENCE AND RHODE ISLAND. FORM 990, PAGE 2, PART III, LINE 4C ROXBURY INNOVATION CENTER (RIC): THE ROXBURY INNOVATION CENTER IS A CIVIC INNOVATION CENTER THAT WILL SUPPORT LOCAL ECONOMIC DEVELOPMENT BY ENCOURAGING INNOVATION AND ENTREPRENEURSHIP FOCUSED ON THE CITY OF BOSTON NEIGHBORHOODS OF ROXBURY, DORCHESTER AND MATTAPAN. THESE NEIGHBORS HAVE A HIGHER UNEMPLOYMENT RATE AND A GREATER WEALTH INCOME GAP FROM THE REST OF THE CITY OF BOSTON. SINCE OPENING IN THE FALL OF 2015, RIC HAS ACTIVATED PROGRAMS AND EVENTS TO HELP ADULTS AND YOUTH LEARN SMALL BUSINESS/STARTUP AND TECHNICAL SKILLS TO MAKE ENTREPRENEURSHIP AND INNOVATION VIABLE CAREER OPTIONS FOR ALL. IT HAS ALWAYS BEEN THE MISSION OF THE ORGANIZATION THAT "INNOVATION IS FOR EVERYONE- AND THROUGH PROGRAMMING AT RIC, THE ORGANIZATION HAS CONTINUED THIS MISSION. RIC ALSO PROVIDES A PLACE FOR THE LOCAL COMMUNITY TO GATHER, OBTAIN ADVICE AND CONNECT WITH OTHER RESOURCES FROM AROUND GREATER BOSTON AND THE WORLD THROUGH PITCH NIGHTS AND OTHER PROGRAMMING. THE ORGANIZATION ALSO PRODUCES PROGRAMMING TO ACTIVATE AND CONNECT THE THREE PHYSICAL SPACES TO THE INNOVATION COMMUNITY LOCALLY, NATIONALLY, AND INTERNATIONALLY. FORM 990, PAGE 2, PART III, LINE 4D MASSACHUSETTS PROGRAMS: INNOVATION STUDIO'S PATHWAYS TO ENTREPRENEURSHIP CONTINUUM OF SMALL BUSINESS AND STARTUP PROGRAMS PROVIDES AN INDIVIDUALIZED APPROACH TO INNOVATION. THROUGH BUSINESS ACCELERATORS, 1-2-1 ADVISING SERVICES, AND NETWORKING OPPORTUNITIES ENTREPRENEURS AND BUSINESS OWNERS GAIN ACCESS TO THE RESOURCES AND SKILLS THEY NEED TO BE SUCCESSFUL. FORM 990, PAGE 6, PART VI, LINE 4 THE BY-LAWS FOR THE BOARD OF DIRECTORS OF INNOVATION STUDIO, INC. WERE AMENDED DURING 2022 AFTER A ROUTINE REVIEW. THE AMENDMENT WAS FOR SECTION 2.3 TERM LIMITS: THE TERM LIMITS FOR BOARD MEMBERS WAS REDUCTED FROM THREE (3) CONSECUTIVE THREE-YEAR TERMS TO TWO (2) CONSECUTIVE THREE-YEAR TERMS. ALL OTHER SECTIONS WERE LEFT UNAFFECTED AND UNALTERED. THE CHANGES WERE ADOPTED BY UNANIMOUS VOTE. FORM 990, PAGE 6, PART VI, LINE 11B A COMPLETE FORM 990 WILL BE REVIEWED AND APPROVED BY THE ORGANIZATION'S BOARD MEMBERS PRIOR TO THE FILING OF THE RETURN. FORM 990, PAGE 6, PART VI, LINE 12C IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH GOVERNING BOARD DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXIST. THE BOARD OR COMMITTEE HAS REASONABLE CAUSE TO BELIEVE A MEMBER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE MEMBER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE MEMBER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF, AFTER HEARING THE RESPONSE OF THE MEMBER AND MAKING SUCH FURTHER INVESTIGATION AS MAY BE WARRANTED IN THE CIRCUMSTANCES, THE BOARD OR COMMITTEE DETERMINES THAT THE MEMBER HAS IN FACT FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. FORM 990, PAGE 6, PART VI, LINE 15A BASED ON COMPARABILITY DATA AND REVIEW BY INDEPENDENT PERSONS, THE FULL BOARD OF DIRECTORS PROPOSES, VOTES ON, AND SETS THE COMPENSATION FOR THE PRESIDENT AND EXECUTIVE DIRECTOR. THERE WERE CONTEMPORANEOUS SUBSTANTIATION OF THE DELIBERATION AND DECISION. NO OTHER OFFICERS ARE COMPENSATED BY THE ORGANIZATION. FORM 990, PAGE 6, PART VI, LINE 19 THE FORM 990 AND ALL GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON WRITTEN REQUEST.