Liabilities / Assets
25th percentile
Tied with the lowest-debt nonprofits in its peer group.
Innovation Valley Inc
EIN 26-2087582 • 501(c)6 • Knoxville, TN
Profile
The corporation is organized exclusively for charitable educational and scientific purposes, including, for such purposes, the making of distributions to organizations that qualify as exempt organizations under sections 501(c)(3) and 501(c)(6) of the internal revenue code, or corresponding section of any future federal tax code. The purpose will include without limitation support of public education, workforce development and job training and support of scientific and technological advancements in the central east tennessee area, including without limitation anderson, blount, knox, loudon, roane and monroe counties, primarily by providing funds and support to organizations such as the blount partnership, the knoxville area chamber partnership, anderson county economic development agency, the roane alliance, tellico reservoir development agency and loudon county economic development agency.
Siviq Scores
Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.
0.00x
Liabilities / Revenue
26th percentile
Tied with the lowest-debt nonprofits in its peer group.
Net Margin
9th percentile
Higher net margin than 9% of similar nonprofits.
Top Officer Pay
70th percentile
Higher top officer pay than 70% of similar nonprofits.
Top officer pay equals 0.0% of source-year revenue.
Asset Growth
38th percentile
Faster asset growth than 38% of similar nonprofits.
Revenue Growth
1st percentile
Faster revenue growth than 1% of similar nonprofits.
Balance Sheet
Assets
Down$885,438
Down $743 (-0.1%) from 2022
Liabilities
Flat$0
Flat from 2022
Net Assets
Down$885,438
Down $743 (-0.1%) from 2022
Revenue
Down$3,539
Down $47,056 (-93%) from 2022
Expenses
Down$4,282
Down $3,053 (-42%) from 2022
Net Income
Down-$743
Down $44,003 (-102%) from 2022
Trend Graphs
Filings
Most recent year
2023 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $885,438
- Liabilities
- $0
- Net assets
- $885,438
- Revenue
- $3,539
- Expenses
- $4,282
- Net income
- -$743
Latest Filing Detail
Jump To
Filing Snapshot
- Filing Period
- Jul 1, 2022 to Jun 30, 2023
- Signed
- Nov 14, 2023
- Return Version
- 2022v5.0
- Gross Receipts
- $3,539
Mission and Program Overview
Mission
The corporation is organized exclusively for charitable educational and scientific purposes, including, for such purposes, the making of distributions to organizations that qualify as exempt organizations under sections 501(c)(3) and 501(c)(6) of the internal revenue code, or corresponding section of any future federal tax code. The purpose will include without limitation support of public education, workforce development and job training and support of scientific and technological advancements in the central east tennessee area, including without limitation anderson, blount, knox, loudon, roane and monroe counties, primarily by providing funds and support to organizations such as the blount county chamber of commerce, the knoxville area chamber partnership, the oak ridge economic partnership, the roane alliance, tellico reservoir development agency and loudon county economic development agency.
The corporation is organized exclusively for charitable educational and scientific purposes, including, for such purposes, the making of distributions to organizations that qualify as exempt organizations under sections 501(c)(3) and 501(c)(6) of the internal revenue code, or corresponding section of any future federal tax code. The purpose will include without limitation support of public education, workforce development and job training and support of scientific and technological advancements in the central east tennessee area, including without limitation anderson, blount, knox, loudon, roane and monroe counties, primarily by providing funds and support to organizations such as the blount partnership, the knoxville area chamber partnership, anderson county economic development agency, the roane alliance, tellico reservoir development agency and loudon county economic development agency.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Cash and Non-Interest-Bearing Accounts | $886,181 | $885,438 | ▼ $743 |
| Savings and Temporary Cash Investments | - | $0 | - |
| Accounts Receivable | - | $0 | - |
| Other Notes and Loans Receivable, Net | - | $0 | - |
| Pledges and Grants Receivable | - | $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 | - |
| Land, Buildings, and Equipment, Net | - | $0 | - |
| Intangible Assets | - | $0 | - |
| Inventories for Sale or Use | - | $0 | - |
| Prepaid Expenses and Deferred Charges | - | $0 | - |
| Total Assets | $886,181 | $885,438 | ▼ $743 |
| Other Assets Total | - | $0 | - |
| Liabilities | |||
| Total Liabilities | $0 | $0 | → $0 |
| Net Assets / Fund Balance | |||
| Net Assets With Donor Restrictions | $885,298 | $884,555 | ▼ $743 |
| Net Assets Without Donor Restrictions | $883 | $883 | → $0 |
| Total Net Assets Fund Balance | $886,181 | $885,438 | ▼ $743 |
| Total Liabilities and Net Assets / Fund Balance | $886,181 | $885,438 | ▼ $743 |
Compensation and Service Providers
Board Members and Trustees
| Name | Title |
|---|---|
| Mitch Steenrod | President |
| John Tolsma | Director |
| Leon Downey | Director |
| Mark Paganelli | Director |
| Kim Bumpus | Secretary |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $0
- Program Service Revenue
- $0
- Investment Income
- $3,539
- Other Revenue
- $0
- Change in Net Assets
- $-743
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Other Expenses | $4,282 |
| Grants and Similar Amounts Paid | $0 |
| Professional Fundraising Fees | $0 |
| Salaries, Compensation, and Employee Benefits | $0 |
| Total Fundraising Expense | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Fees for Services Accounting | - | $3,000 | - | $3,000 |
| Insurance | - | $1,282 | - | $1,282 |
| Total Functional Expenses | $0 | $4,282 | $0 | $4,282 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| Professional Fundraising Fees | $0 |
Political and Lobbying Activity
- Political campaign activity
- No
- In-house lobbying only
- Yes
- Subject to proxy tax
- Yes
Insider Transactions and Loans
Loans and Receivables
| Line Item | Beginning | End | Change |
|---|---|---|---|
| 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
- 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
- Yes
Governance Explanations
Form 990, Part VI, Section A, Line 3
“The greater knoxville chamber of commerce agrees to perform the following tasks for innovation valley:(a) office space and reasonable office furnishings for administrative and clerical functions (b) financial and accounting services, including but not limited to maintaining books and records, preparing financial reports, filing income tax and other information returns and similar functions (c) administrative services in connection with the raising and use of funds to support economic development work programs and activities (d) use of any counsel, accountants, consultants, technical advisors, brokers or other agents that the chamber and innovation valley and its affiliates may jointly employ for common services (e) cash management services including assistance in collecting and disbursing funds, including but not limited to, handling the collection of receipts and the payment of disbursements, preparing deposits, reconciling bank statements and processing credit card charges (f) telephone and facsimile services (g) personnel required to render the forgoing services to innovation valley”
Form 990, Part VI, Section B, Line 11B
“The form 990 was reviewed by the board of directors prior to filing.”
Form 990, Part VI, Section B, Line 12C
“If the governing 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 member's response and after making further investigation as warranted by the circumstances, the governing board or committee determines the member has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action.”
Form 990, Part VI, Section C, Line 19
“No documents are made available to the public”
Filing and Contact Details
Filer
- Filer Name
- Innovation Valley Inc
- EIN
- 26-2087582
- Phone
- 8652462634
- Address
- 17 MARKET SQUARE SUITE 201, KNOXVILLE, TN 37902
Signing Officer
- Name
- Angela Lunsford
- Title
- Controller/VP of Ops
- Signed
- 2023-11-14
- Discuss with paid preparer
- Yes
Organization Details
- Formed
- 2007
- Legal Domicile
- Tn
- Voting Board Members
- 5
- Independent Board Members
- 7
- Employees
- 0
Preparer
- Firm
- Parsons & Wright CPAs
- Address
- 1000 Brentwood Way, Kingston, TN 37763
- Preparer
- Ben Savage
- Phone
- 8653765865
Raw XML Appendix309 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/ProgSrvcAccomActy2Grp/Desc | 0 | WORKFORCE DEVELOPMENT - TO ENSURE THIS REGION DOES NOT LOSE ITS MOST COMPETITIVE ADVANTAGE - A HIGHLY EDUCATED AND SKILLED WORKFORCE. MAINTAINING AND FURTHER DEVELOPING A HIGHLY EDUCATED AND SKILLED WORKFORCE BEGINS AT K-12 LEVEL, CONTINUES THROUGH HIGHER EDUCATION AND IS ONGOING AS STUDENTS AND OTHERS ENTER THE WORKFORCE. |
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| IRS990/PYRevenuesLessExpensesAmt | 0 | 43260 |
| IRS990/PYTotalExpensesAmt | 0 | 7335 |
| IRS990/PYTotalRevenueAmt | 0 | 50595 |
| IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt | 0 | 0 |
| IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt | 0 | 0 |
| IRS990/ReconcilationRevenueExpnssAmt | 0 | -743 |
| IRS990/RegularMonitoringEnfrcInd | 0 | true |
| IRS990/RelatedEntityInd | 0 | false |
| IRS990/RelatedOrganizationCtrlEntInd | 0 | false |
| IRS990/ReportInvestmentsOtherSecInd | 0 | false |
| IRS990/ReportLandBuildingEquipmentInd | 0 | false |
| IRS990/ReportOtherAssetsInd | 0 | false |
| IRS990/ReportOtherLiabilitiesInd | 0 | false |
| IRS990/ReportProgramRelatedInvstInd | 0 | false |
| IRS990/RoyaltiesGrp/TotalAmt | 0 | 0 |
| IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt | 0 | 0 |
| IRS990/SavingsAndTempCashInvstGrp/EOYAmt | 0 | 0 |
| IRS990/ScheduleBRequiredInd | 0 | false |
| IRS990ScheduleC/AgreeCarryoverPriorYearInd | 0 | false |
| IRS990ScheduleC/Form1120POLFiledInd | 0 | false |
| IRS990ScheduleC/OnlyInHouseLobbyingInd | 0 | true |
| IRS990ScheduleC/SubstantiallyAllDuesNondedInd | 0 | true |
| IRS990/ScheduleJRequiredInd | 0 | false |
| IRS990/ScheduleORequiredInd | 0 | true |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | THE GREATER KNOXVILLE CHAMBER OF COMMERCE AGREES TO PERFORM THE FOLLOWING TASKS FOR INNOVATION VALLEY:(A) OFFICE SPACE AND REASONABLE OFFICE FURNISHINGS FOR ADMINISTRATIVE AND CLERICAL FUNCTIONS (B) FINANCIAL AND ACCOUNTING SERVICES, INCLUDING BUT NOT LIMITED TO MAINTAINING BOOKS AND RECORDS, PREPARING FINANCIAL REPORTS, FILING INCOME TAX AND OTHER INFORMATION RETURNS AND SIMILAR FUNCTIONS (C) ADMINISTRATIVE SERVICES IN CONNECTION WITH THE RAISING AND USE OF FUNDS TO SUPPORT ECONOMIC DEVELOPMENT WORK PROGRAMS AND ACTIVITIES (D) USE OF ANY COUNSEL, ACCOUNTANTS, CONSULTANTS, TECHNICAL ADVISORS, BROKERS OR OTHER AGENTS THAT THE CHAMBER AND INNOVATION VALLEY AND ITS AFFILIATES MAY JOINTLY EMPLOY FOR COMMON SERVICES (E) CASH MANAGEMENT SERVICES INCLUDING ASSISTANCE IN COLLECTING AND DISBURSING FUNDS, INCLUDING BUT NOT LIMITED TO, HANDLING THE COLLECTION OF RECEIPTS AND THE PAYMENT OF DISBURSEMENTS, PREPARING DEPOSITS, RECONCILING BANK STATEMENTS AND PROCESSING CREDIT CARD CHARGES (F) TELEPHONE AND FACSIMILE SERVICES (G) PERSONNEL REQUIRED TO RENDER THE FORGOING SERVICES TO INNOVATION VALLEY |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | THE FORM 990 WAS REVIEWED BY THE BOARD OF DIRECTORS PRIOR TO FILING. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | IF THE GOVERNING 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 MEMBER'S RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE GOVERNING BOARD OR COMMITTEE DETERMINES THE MEMBER HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | NO DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | Form 990, Part VI, Section A, Line 3 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | Form 990, Part VI, Section B, Line 11b |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | Form 990, Part VI, Section B, Line 12c |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | Form 990, Part VI, Section C, Line 19 |
| IRS990/SchoolOperatingInd | 0 | false |
| IRS990/SignificantChangeInd | 0 | false |
| IRS990/SignificantNewProgramSrvcInd | 0 | false |
| IRS990/SubjectToExcsTaxNetInvstIncInd | 0 | false |
| IRS990/SubjectToProxyTaxInd | 0 | true |
| IRS990/SubjToTaxRmnrtnExPrchtPymtInd | 0 | false |
| IRS990/TaxablePartyNotificationInd | 0 | false |
| IRS990/TaxExemptBondsInd | 0 | false |
| IRS990/TerminateOperationsInd | 0 | false |
| IRS990/TotalAssetsBOYAmt | 0 | 886181 |
| IRS990/TotalAssetsEOYAmt | 0 | 885438 |
| IRS990/TotalAssetsGrp/BOYAmt | 0 | 886181 |
| IRS990/TotalAssetsGrp/EOYAmt | 0 | 885438 |
| IRS990/TotalCompGreaterThan150KInd | 0 | false |
| IRS990/TotalContributionsAmt | 0 | 0 |
| IRS990/TotalEmployeeCnt | 0 | 0 |
| IRS990/TotalFunctionalExpensesGrp/FundraisingAmt | 0 | 0 |
| IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt | 0 | 4282 |
| IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt | 0 | 0 |
| IRS990/TotalFunctionalExpensesGrp/TotalAmt | 0 | 4282 |
| IRS990/TotalGrossUBIAmt | 0 | 0 |
| IRS990/TotalLiabilitiesEOYAmt | 0 | 0 |
| IRS990/TotalLiabilitiesGrp/BOYAmt | 0 | 0 |
| IRS990/TotalLiabilitiesGrp/EOYAmt | 0 | 0 |
| IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt | 0 | 886181 |
| IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt | 0 | 885438 |
| IRS990/TotalProgramServiceRevenueAmt | 0 | 0 |
| IRS990/TotalRevenueGrp/ExclusionAmt | 0 | 3539 |
| IRS990/TotalRevenueGrp/TotalRevenueColumnAmt | 0 | 3539 |
| IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt | 0 | 886181 |
| IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt | 0 | 885438 |
| IRS990/TravelGrp/TotalAmt | 0 | 0 |
| IRS990/TypeOfOrganizationCorpInd | 0 | X |
| IRS990/UnrelatedBusIncmOverLimitInd | 0 | false |
| IRS990/UponRequestInd | 0 | X |
| IRS990/USAddress/AddressLine1Txt | 0 | 17 MARKET SQUARE SUITE 201 |
| IRS990/USAddress/CityNm | 0 | KNOXVILLE |
| IRS990/USAddress/StateAbbreviationCd | 0 | TN |
| IRS990/USAddress/ZIPCd | 0 | 37902 |
| IRS990/VotingMembersGoverningBodyCnt | 0 | 5 |
| IRS990/VotingMembersIndependentCnt | 0 | 7 |
| IRS990/WebsiteAddressTxt | 0 | N/A |
| IRS990/WhistleblowerPolicyInd | 0 | false |
| ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd | 0 | AAL1 |
| ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/FederatedAssuranceLevelCd | 0 | FAL1 |
| ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd | 0 | IAL1 |
| ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd | 0 | 2 |
| ReturnHeader/BuildTS | 0 | 2023-04-26 12:10:37Z |
| ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd | 0 | true |
| ReturnHeader/BusinessOfficerGrp/PersonNm | 0 | ANGELA LUNSFORD |
| ReturnHeader/BusinessOfficerGrp/PersonTitleTxt | 0 | CONTROLLER/VP OF OPS |
| ReturnHeader/BusinessOfficerGrp/SignatureDt | 0 | 2023-11-14 |
| ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt | 0 | INNOVATION VALLEY INC |
| ReturnHeader/Filer/BusinessNameControlTxt | 0 | INNO |
| ReturnHeader/Filer/EIN | 0 | 262087582 |
| ReturnHeader/Filer/PhoneNum | 0 | 8652462634 |
| ReturnHeader/Filer/USAddress/AddressLine1Txt | 0 | 17 MARKET SQUARE SUITE 201 |
| ReturnHeader/Filer/USAddress/CityNm | 0 | KNOXVILLE |
| ReturnHeader/Filer/USAddress/StateAbbreviationCd | 0 | TN |
| ReturnHeader/Filer/USAddress/ZIPCd | 0 | 37902 |
| ReturnHeader/IRSResponsiblePrtyInfoCurrInd | 0 | true |
| ReturnHeader/PreparerFirmGrp/PreparerFirmEIN | 0 | 621333963 |
| ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt | 0 | Parsons & Wright CPAs |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt | 0 | 1000 Brentwood Way |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm | 0 | Kingston |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd | 0 | TN |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd | 0 | 37763 |
| ReturnHeader/PreparerPersonGrp/PhoneNum | 0 | 8653765865 |
| ReturnHeader/PreparerPersonGrp/PreparerPersonNm | 0 | Ben Savage |
| ReturnHeader/ReturnTs | 0 | 2023-11-15T05:51:53-08:00 |
| ReturnHeader/ReturnTypeCd | 0 | 990 |
| ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm | 0 | ANGELA |
| ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm | 0 | LUNSFORD |
| ReturnHeader/TaxPeriodBeginDt | 0 | 2022-07-01 |
| ReturnHeader/TaxPeriodEndDt | 0 | 2023-06-30 |
| ReturnHeader/TaxYr | 0 | 2022 |
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