Liabilities / Assets
80th percentile
Higher debt load relative to assets than 80% of similar nonprofits.
Elevate Ventures Inc.
990 • Fiscal year 2020 • EIN 27-4118692
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
0.65x
Liabilities / Revenue
82nd percentile
Higher debt load relative to revenue than 82% of similar nonprofits.
Net Margin
66th percentile
Higher net margin than 66% of similar nonprofits.
Top Officer Pay
89th percentile
Higher top officer pay than 89% of similar nonprofits.
Top officer pay equals 7.6% of source-year revenue.
Asset Growth
63rd percentile
Faster asset growth than 63% of similar nonprofits.
Revenue Growth
66th percentile
Faster revenue growth than 66% of similar nonprofits.
Balance Sheet
Assets
Up$11,029,847
Up $1,177,674 (+12%) from 2019
Net Assets
Down$3,809,004
Down $1,796,803 (-32%) from 2019
Liabilities
Up$7,220,843
Up $2,974,477 (+70%) from 2019
Revenue And Expenses
Revenue
Up$5,850,844
Up $524,049 (+9.8%) from 2019
Expenses
Up$5,194,095
Up $924,595 (+22%) from 2019
Net Income
Down$656,749
Down $400,546 (-38%) from 2019
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jan 1, 2020 to Dec 31, 2020
- Signed
- Nov 2, 2021
- Return Version
- 2020v4.0
- Gross Receipts
- $7,093,524
Mission and Program Overview
Mission
Successful communities share qualities that make them desirable places to live and work. A fundamental quality of such places is a thriving, sustainable entrepreneurial culture. Guided by this vision, we help regions and communities create entrepreneurial cultures, and encourage and develop business leaders of tomorrow. This has been our goal since inception, and we are the only organization in Indiana executing a strategy that advances entrepreneurs from within Indiana to create a thriving, robust pipeline of growth-oriented companies backed by critical capital and support. 2017 was another record year of capital investment. Elevate portfolio companies span 31 Indiana counties. From 2011 to 2017, Elevate funds under management deployed $70.56M in capital, with an additional $420M generated by co-investments and follow-on investments. For every dollar Elevate invests, other capital partners invest $6.70, based on data available through April, 2018 with more than 1,200 investors.
Elevate Ventures is a venture development organization focused on building sustainable innovation and entrepreneurship cultures in regions throughout Indiana, and fostering and developing high-potential, high-growth businesses for investment and returns for our stakeholders.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Investments in Publicly Traded Securities | $5,203,404 | $5,360,894 | ▲ $157,490 |
| Savings and Temporary Cash Investments | $2,522,715 | $2,970,915 | ▲ $448,200 |
| Cash and Non-Interest-Bearing Accounts | $822,383 | $1,520,815 | ▲ $698,432 |
| Pledges and Grants Receivable | $776,548 | $1,007,667 | ▲ $231,119 |
| Accounts Receivable | $398,141 | $64,479 | ▼ $333,662 |
| Prepaid Expenses and Deferred Charges | $50,024 | $48,054 | ▼ $1,970 |
| Land, Buildings, and Equipment, Net | $59,060 | $42,108 | ▼ $16,952 |
| Receivable From Disqualified Prsn | $0 | $0 | → $0 |
| Receivables From Officers Etc | $0 | $0 | → $0 |
| Investments Other Securities | $0 | - | - |
| Investments Program Related | $0 | - | - |
| Loans From Officers Directors | $0 | $0 | → $0 |
| Total Assets | $9,852,173 | $11,029,847 | ▲ $1,177,674 |
| Other Assets Total | $19,898 | $14,915 | ▼ $4,983 |
| Liabilities | |||
| Other Liabilities | $3,998,190 | $6,535,902 | ▲ $2,537,712 |
| Accounts Payable and Accrued Expenses | $248,176 | $684,941 | ▲ $436,765 |
| Total Liabilities | $4,246,366 | $7,220,843 | ▲ $2,974,477 |
| Net Assets / Fund Balance | |||
| Net Assets With Donor Restrictions | $2,443,893 | $2,423,051 | ▼ $20,842 |
| Net Assets Without Donor Restrictions | $3,161,914 | $1,385,953 | ▼ $1,775,961 |
| Total Net Assets Fund Balance | $5,605,807 | $3,809,004 | ▼ $1,796,803 |
| Total Liabilities and Net Assets / Fund Balance | $9,852,173 | $11,029,847 | ▲ $1,177,674 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Equipment | $42,108 | $91,428 | $133,536 |
Compensation and Service Providers
Employees
| Name | Title | Full / Part Time | Base | Other | Total |
|---|---|---|---|---|---|
| - | Chief Executive Officer | FT | $268,000 | $173,765 | $441,765 |
| - | Chief Investment Officer | FT | $172,697 | $83,174 | $255,871 |
| - | General Counsel, Chief Compliance Officer, Secretary | FT | $180,000 | $51,477 | $231,477 |
| - | Chief Financial Officer | FT | $142,906 | $64,110 | $207,016 |
| - | VP Entrepreneurial Svc | FT | $133,947 | $69,059 | $203,006 |
| - | Entrepreneur-in-Residence | FT | $109,952 | $41,055 | $151,007 |
| - | VP Marketing | FT | $114,381 | $32,836 | $147,217 |
Board Members and Trustees
| Name | Title |
|---|---|
| - | Board Chair |
| - | Board Member |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $1,305,276
- Program Service Revenue
- $4,365,247
- Investment Income
- $112,335
- Other Revenue
- $67,986
- All Other Contributions
- $765,539
- Change in Net Assets
- $656,749
Audited Revenue Reconciliation
- Revenue per Audited Statements
- $5,850,844
- Revenue Not Reported on Financial Statements
- $0
- Revenue Not Reported on Form 990
- $-2,453,552
- Other Revenue Adjustments
- $0
- Total Revenue per Audited Statements
- $3,397,292
- Total Revenue per Form 990
- $5,850,844
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Salaries, Compensation, and Employee Benefits | $3,139,541 |
| Other Expenses | $1,338,554 |
| Grants and Similar Amounts Paid | $716,000 |
| Total Fundraising Expense | $15,395 |
| Professional Fundraising Fees | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Other Salaries and Wages | $1,520,230 | $83,009 | $15,220 | $1,618,459 |
| Current Officers, Directors, Trustees, and Key Employees | $1,023,875 | $60,603 | - | $1,084,478 |
| Grants to Domestic Orgs | $707,000 | - | - | $707,000 |
| Fees for Services Other | $126,076 | $233,087 | $0 | $359,163 |
| Other Employee Benefits | $205,978 | $12,192 | - | $218,170 |
| Information Technology | $74,823 | $120,456 | - | $195,279 |
| Payroll Taxes | $117,393 | $6,948 | - | $124,341 |
| Advertising | $94,652 | $26,575 | $175 | $121,402 |
| Occupancy | $26,372 | $77,971 | - | $104,343 |
| Fees for Services Legal | $98,846 | - | - | $98,846 |
| Pension Plan Contributions | $88,835 | $5,258 | - | $94,093 |
| Insurance | $12,600 | $42,359 | - | $54,959 |
| Fees for Services Accounting | $21,878 | $20,690 | - | $42,568 |
| Travel | $24,181 | $2,445 | - | $26,626 |
| Depreciation Depletion | $490 | $20,207 | - | $20,697 |
| Office Expenses | $4,044 | $11,554 | - | $15,598 |
| All Other Expenses | $1,783 | $11,172 | $0 | $12,955 |
| Grants to Domestic Individuals | $9,000 | - | - | $9,000 |
| Other Expenses | $5,240 | $9,399 | - | $5,240 |
| Conferences and Meetings | $1,575 | $1,322 | - | $2,897 |
| Fees for Services Lobbying | - | $90 | - | $90 |
| Total Functional Expenses | $4,432,784 | $745,916 | $15,395 | $5,194,095 |
Audited Expense Reconciliation
| Line Item | Amount |
|---|---|
| Expenses per Audited Statements | $5,194,095 |
| Total Expenses per Audited Statements | $5,194,095 |
| Total Expenses per Form 990 | $5,194,095 |
| Expenses Not Reported on Financial Statements | $0 |
| Expenses Not Reported on Form 990 | $0 |
| Other Expense Adjustments | $0 |
International Activity
Grant and Assistance Recipients
| Recipient | Location | Category | Purpose | Amount |
|---|---|---|---|---|
| Purdue Research Foundation | West Lafayette, IN | 501(c)(3) | Regional Partnership Grant | $112,000 |
| University of Notre Dame du Lac | Notre Dame, IN | 501(c)(3) | Regional Partnership Grant | $69,000 |
| Trine University Inc | Angola, IN | 501(c)(3) | Regional Partnership Grant | $58,000 |
| Indiana University | Bloomington, IN | 501(c)(3) | Regional Partnership Grant | $57,000 |
| Taylor University | Upland, IN | 501(c)(3) | Regional Partnership Grant | $54,000 |
| Ivy Tech | Indianapolis, IN | 501(c)(3) | Regional Partnership Grant | $51,000 |
| Butler University | Indianapolis, IN | 501(c)(3) | Regional Partnership Grant | $50,000 |
| University of Indianapolis | Indianapolis, IN | 501(c)(3) | Regional Partnership Grant | $50,000 |
| ShopScope Inc | South Bend, IN | 501(c)(3) | Regional Partnership Grant | $30,000 |
| Indiana University Research and Tech Corp | Indianapolis, IN | 501(c)(3) | Regional Partnership Grant | $24,000 |
| Dimension Mill Inc | Bloomington, IN | - | Regional Partnership Grant | $8,000 |
| Purdue University | West Lafayette, IN | - | Regional Partnership Grant | $8,000 |
| Rose-Hulman Institute of Technology | Terre Haute, IN | - | Regional Partnership Grant | $8,000 |
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
- Lobbying activity
- Yes
Insider Transactions and Loans
Loans and Receivables
| Line Item | Beginning | End | Change |
|---|---|---|---|
| Loans from Officers, Directors, Trustees, and Key Employees | $0 | $0 | → $0 |
| Receivables from Disqualified Persons | $0 | $0 | → $0 |
| Receivables from Officers, Directors, Trustees, and Key Employees | $0 | $0 | → $0 |
Debt and Bond Financing
Other Reported Liabilities
| Liability | Amount |
|---|---|
| Investment in Indiana 21st Century Fund, Lp | $6,535,902 |
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, Line 15B PROCESS TO ESTABLISH COMPENSATION OF OTHER OFFICERS
“The CEO has the authority to hire and set initial and ongoing compensation of other officers and key employees. The board is made aware of staff reviews, salaries, bonuses, and benefits on an annual basis.”
Form 990, Part VI, Line 8B Documentation of meetings held by committees of governing body
“There are no committees with authority to act on the behalf of the governing body.”
Form 990, Part VI, Line 11B Review of form 990 by governing body
“The form 990 was reviewed in detail by the CFO and CEO. A draft of the form 990 was reviewed by the audit committee at a meeting held in October 2021 prior to the Elevate Ventures board meeting. After review by the audit committee, the final draft 990 was distributed via email to the board of directors. A hard copy was also provided at a board meeting held on October 21, 2021 to all present to all board members.”
Form 990, Part VI, Line 12C Conflict of interest policy
“Every board member, officer and employee is required to sign annually a Conflict of Interest Statement disclosing actual or potential conflicts of interest with the organization. The Compliance Officer has been appointed by the Board to review the disclosure statements and ensure compliance with the Conflict of Interest Policy. Additionally, each board member, officer, and employee is required to disclose actual and potential conflicts of interest in advance of the completion of the organization's investment transactions through Elevate and its subsidiary entities. In the event that there are conflicts of interest that arise that are not related to the organization's investment activities, the board members and staff must disclose the conflict or potential conflict to the compliance officer and abstain from any decision-making as it pertains to the conflict.”
Form 990, Part VI, Line 15A Process to establish compensation of top management official
“During 2016, the board retained the services of an outside independent consultant to conduct a market comparison that provides comparability data for similarly qualified persons at similar organizations. Annually, the compensation package of the chief executive officer is reviewed by the organization's independent compensation committee and is then reported to the board of directors for approval. Any board member with a conflict of interest was not involved in the deliberations or approval. The salary review process is contemporaneously documented in the minutes.”
Form 990, Part VI, Line 19 Required documents available to the public
“Financial statements, governing documents, and conflict of interest policies are not required disclosures pursuant to internal revenue code (IRC) Section 6104. These documents are not available to the public at this time.”
Filing and Contact Details
Filer
- Filer Name
- Elevate Ventures Inc
- EIN
- 27-4118692
- Phone
- 3172520258
- Address
- 50 East 91st St 213, Indianapolis, IN 46240
Signing Officer
- Name
- Christopher LaMothe
- Title
- Chief Executive Officer
- Signed
- 2021-11-02
- Discuss with paid preparer
- Yes
Organization Details
- Formed
- 2010
- Legal Domicile
- In
- Voting Board Members
- 7
- Independent Board Members
- 6
- Employees
- 25
- Volunteers
- 6
Preparer
- Firm
- Crowe Llp
- Address
- 1455 Pennsylvania Avenue NW Suite 7, 00, Washington, DC 20004-1008
- Preparer
- Robert Williams
- Phone
- 2026245555
Supplemental Narrative
Additional Explanations
Form 990, Part XI, Line 9 LOSS ON INVESTMENT IN INDIANA 21ST CENTURY FUND, LP
“Elevate Ventures is reporting a loss on investment in Indiana 21st Century Fund, LP as an other change in net assets. For the purpose of the financial statements and Form 990, any potential consolidation of the Indiana 21st Century Fund, LP was not considered and instead is included as an equity investment on the balance sheet. The loss on investment in Indiana 21st Century Fund, LP represents the change in value of Elevate's investment in Indiana 21st Century Fund, LP and is not a realized loss.”
Form 990, Part XI, Line 9 Other changes in net assets or fund balances
“Loss on investment in indiana 21st century fund, lp - -2537712;”
Financial Statement Notes
Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote
“The Internal Revenue Service has determined that Elevate is a tax-exempt organization as defined in Section 501(c)(3) of the Internal Revenue Code and is exempt from federal income taxes on related income. Elevate is not considered to be a private foundation. Current accounting standards require Elevate to disclose the amount of potential benefit or obligation to be realized as a result of an examination performed by a taxing authority. For the years ended December 31, 2020 and 2019, management has determined that Elevate does not have any tax positions that result in any uncertainties regarding the possible impact on Elevate's financial statements. Elevate does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. Elevate recognizes interest and/or penalties related to income tax matters in income tax expense. Elevate did not have any amounts accrued for interest and penalties at December 31, 2020 and 2019.”
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| IRS990/Desc | 0 | Elevate's Regional Partnerships are key collaborations that nurture entrepreneurship cultures and innovation with a network of leaders and individuals dedicated to economic growth. Each partnership region is served by an Entrepreneur-in-Residence. In 2020, there were five partnership regions operating on three-year agreements. Four of the five three-year agreements were up for renewal with all four partnerships electing to renew the agreement. The partnership regions include Startup South Bend-Elkhart, Elevate Northeast Indiana, Velocities, Elevate Southwest Indiana, and 1804, which was rebranded to Elevate Southeast Indiana. Although the COVID-19 pandemic posed some in-person challenges, stakeholders and regional partners pivoted to ensure resources and capital were available to all entrepreneurs across each the region. In total, 25 counties are part of partnership regions. Below are some key takeaways from four of the five partnerships in 2020. Elevate Northeast Indiana covers 11 counties. Portfolio company, 3BG Supply, was awarded "Regional Business of the Year" by Elevate for its current and future positive impact on the community. Razor Medical Instruments, a medical device startup, was attracted to Warsaw, Ind. and a financing round with participation from Elevate Ventures and other outside capital sources was expected to close Q1 2021. Since the start of the partnership, $4,995,088 has been spent through calendar year 2020 by all partners; 17% of funds were provided by the regional partnership and 83% of funding was provided by Elevate Ventures. Fundraising efforts for the renewed partnership kicked off in April 2020 and yearend commitments surpassed $800K. Companies that received investment from Elevate's direct investment funds employ a total of 125.9 people, have a combined average salary of $56K and have an estimated total annual payroll of $7.07M. Despite the stay-at-home orders, Elevate was able to execute five virtual events with participation from over 100 people. Elevate Southwest Indiana covers six counties. Elevate Southwest Indiana, Vectren and the Indiana Economic Development Corporation signed a partnership with Eleven Fifty Academy to increase student access to computer coding classes. Material Handling Institute, the nation's largest materials handling, logistics, and supply chain association, named Quarion Technology, a portfolio company of Elevate Ventures, as one of the finalists for Best New Product in 2020. Elevate closed on six transactions, totaling $400K; the first investment from Elevate's Community Ideation Fund in Southwest Indiana was completed. Eight events were executed throughout the year with participation from over 90 people. Several events were moved to a virtual setting to adhere to the stay-at-home orders. Companies that received investment from Elevate's direct investment funds employ a total of 51 people, have a combined average salary of $79K and have an estimated total annual payroll of $4M. Startup South Bend-Elkhart covers three counties. Nicholas Kuhn was hired in June 2020 as Entrepreneur-in-Residence; he coached various entrepreneurs throughout the region and executed several events which resulted in direct connections and introductions. Elevate Ventures closed on 21 transactions in the South Bend-Elkhart region; investing a total of $704K. Startup South Bend-Elkhart was awarded the "2019 Region of the Year" award; this is the second year in a row the partnership has received this award. The first three-year partnership wrapped up financially in July 2020 spending a total of $4.056M; plans and commitments for future collaboration were launched. Companies that received investment from Elevate's direct investment funds employ a total of 102 people, have a combined average salary of $79.5K and have an estimated total annual payroll of $8.1M. Elevate was able to execute six events, a combination of in-person and virtual, with participation from over 100 people. Velocities covers |
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| IRS990/ProgSrvcAccomActy2Grp/Desc | 0 | As we look back at 2020, we can all agree that it was a year for the ages. Our country was affected in more ways than we could have ever imagined. The economic impact created hardships for both individuals and businesses. Companies small and large were faced with tough decisions regarding cash flow and talent - not to mention the increased strain of moving to a virtual setting. While navigating this new environment, Indiana experienced great momentum as businesses and leaders showed more tenacity than ever before. Indiana entrepreneurs proved their strength as we saw companies launch and grow despite the ever-changing requirements and restrictions. In addition, many companies demonstrated innovation and adaptability by pivoting to new products and models as the needs of their customers changed. As Indiana's venture development partner, Elevate Ventures was prolific in being there to help entrepreneurs with the decisions and challenges they faced. While many businesses exemplified resilience, character and perseverance to get through this remarkably tough year, it took a special kind of determination for those experiencing their first economic downturn. Yes, Indiana made it through a difficult year, however, now is not the time to slow down. Let's invest in opportunity to leapfrog other states with a bold vision. It is imperative that we recognize the criticality of entrepreneurism and innovation in every region across the state and develop shrewd plans to position Indiana to win. We must make this a top priority so we can lift up entrepreneurs with not only critical capital, but also a robust network of talent and resources that cultivate more successful communities. We have an opportunity to lead the Midwest in the race to empower entrepreneurs and foster innovation-minded cultures throughout our state. Together, we will persevere while ensuring our hard work continues for years to come. Elevate Ventures was founded in 2011 to assist the Indiana Economic Development Corporation (IEDC) manage a portfolio of direct capital investments in high-potential, high-growth Indiana companies and make capital more accessible to Indiana entrepreneurs. Through a subsidiary partnership with the Indiana Economic Development Corporation (IEDC), Elevate manages both direct and indirect investment funds. The separately reportable partnership holds the investment capital and portfolio income/expense and reports earnings via the IRS form 1065 U.S. Return of Partnership Income. Elevate receives state funding from the Indiana Economic Development Corporation (IEDC) to manage these investment funds through a Professional Services Agreement and a management fee arrangement for the various funds. Elevate Ventures was ranked by PitchBook as the most active VC in the Great Lakes Region four years in a row (2017 through 2020). In 2020, Pitchbook also ranked Elevate the most active early-stage VC in the U.S. Elevate was also awarded "Investor of the Year" in 2020 by in the TechPoint Mira Awards. Elevate Ventures investment programs include fund-of-fund investments, direct investments, grants and grant-matching programs. For every dollar Elevate Ventures invests, it pulls $7.30 from outside co-investors into Indiana companies. Since inception in 2011, Elevate Ventures has invested $113.26M in 396 startups which has been leveraged against $830.1M in private co-investment from 1,917 co-investors. In 2020, Elevate Ventures made 121 investments in Indiana companies, totaling $13.5M. 2020 Investments include (Fund # / $) : 21 Fund ( 5 / $2.9M); Indiana Angel Network Fund I (1 / $59.6K); Indiana Angel Network Fund II (14 / $3.4M); 21 Fund Extender (2 / $387K); Community Ideation Fund (12 / $218K); SBIR/STTR (21 / $887K); Elevate University Fund (50 /$2.3M); Special Response Fund (14 / $3M); Smart and Advanced Manufacturing Fund (2 / $350K). Elevate Ventures Portfolio Companies generated 2,324 jobs with an average salary of $74.9K. Elevate Ventures' 9 Entrepreneu |
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| IRS990/ProgSrvcAccomActy3Grp/Desc | 0 | The Elevate Nexus initiative, funded in part by a grant from the EDA and centered around higher education institutions around Indiana, entered its second year of activity. Elevate Nexus includes five programs, all supporting the efforts of entrepreneurs and higher education institutions across Indiana. Elevate Origins, a virtual group learning, one-on-one coaching, and live pitch training program for entrepreneurs, offers two tracks for entrepreneurs: pre-seed and seed. In 2020, 177 entrepreneurs, many representing universities across the state, participated in the Origins program. Of those entrepreneurs, 51 of them applied to participate in the Elevate Nexus Pitch Competitions. Elevate Nexus Pitch Competitions award pre-seed and seed investments to startups launching the next high-growth businesses in Indiana. The pitch competitions occur semi-annually based on university semesters. In 2020, a total of seven competitions occurred, six regional and one statewide. Through these competitions 72 companies received investment ranging from $20,000-$100,000. The total investment from the seven competitions was $1.65M. (Investment capital is sourced from the separately reportable subsidiary partnership dollars.) Higher Education Grants are provided by Elevate Nexus to higher education institutions for the development and improvement of entrepreneurship programming. In 2020, four $50K grants were awarded. The recipients and use of funds are below: - Butler University: Establish The Loop, a student and recent graduate-run innovation development program within the Butler University Innovation Lab. The Loop will offer an in-person and online Testplace designed to amplify student and community idea development through experimentation. - Ivy Tech Community College Bloomington: Develop and expand existing entrepreneurial services at the Gayle & Bill Cook Center for Entrepreneurship at Ivy Tech Community College Bloomington to the statewide Ivy Tech network of campuses to increase engagement in entrepreneurship ecosystems statewide. - Taylor University: Establish a competitive entrepreneurship fellowship which provides mentorship, custom training, spiritual and professional coaching, and follow-on support for selected students who commit to participate in extra-curricular fellowship activities. - University of Indianapolis: Support the existing DesignSpine engineering entrepreneurship program of the R.B. Annis School of Engineering as well as promote innovation-driven entrepreneurs across the university by providing avenues and resources to take the entrepreneurs' ideas to the next level. In addition to the above-mentioned grants, Elevate Nexus also awards higher education matching grants. These provide funding to higher education institutions and community partners when startups receive investments from the Elevate Nexus program. Grants total 10% of the amount invested. The grants dollars are earmarked toward entrepreneurship programming to help continue to build on existing successes. In 2020, a total of $165K was granted to 19 recipients. Finally, Nexus hosted the first annual Elevate Nexus Annual Conference where best practices were shared on how to integrate entrepreneurship and innovation into university curriculum. The conference was hosted virtually and included participation from nearly 200 statewide attendees. |
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| IRS990/ReportInvestmentsOtherSecInd | 0 | false |
| IRS990/ReportLandBuildingEquipmentInd | 0 | true |
| IRS990/ReportOtherAssetsInd | 0 | false |
| IRS990/ReportOtherLiabilitiesInd | 0 | true |
| IRS990/ReportProgramRelatedInvstInd | 0 | false |
| IRS990/RevenueAmt | 0 | 2618302 |
| IRS990/SavingsAndTempCashInvstGrp/BOYAmt | 0 | 2522715 |
| IRS990/SavingsAndTempCashInvstGrp/EOYAmt | 0 | 2970915 |
| IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt | 0 | DESCRIPTION - MISCELLANEOUS INCOME, COLUMN A - 635.0, COLUMN B - 2120.0, COLUMN C - 0.0, COLUMN D - 0.0, COLUMN E - 67986.0, COLUMN F - 70741.0; DESCRIPTION - EVENT REGISTRATION, COLUMN A - 0.0, COLUMN B - 0.0, COLUMN C - 29209.0, COLUMN D - 41227.0, COLUMN E - 0.0, COLUMN F - 70436.0; DESCRIPTION - SPONSORSHIP REVENUE, COLUMN A - 0.0, COLUMN B - 0.0, COLUMN C - 38000.0, COLUMN D - 46000.0, COLUMN E - 0.0, COLUMN F - 84000.0; |
| IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc | 0 | Schedule A, Part II, Line 10 Other Income |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt | 0 | 1305276 |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt | 0 | 802961 |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt | 0 | 252683 |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt | 0 | 1625608 |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt | 0 | 2110449 |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt | 0 | 6096977 |
| IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/CurrentTaxYearAmt | 0 | 0 |
Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2020 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $11,029,847
- Liabilities
- $7,220,843
- Net assets
- $3,809,004
- Revenue
- $5,850,844
- Expenses
- $5,194,095
- Net income
- $656,749