Civic Intelligence

Elevate Ventures Inc.

990 • Fiscal year 2021 • EIN 27-4118692

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 14, 2022

Organization Profilewww.elevateventures.com

View Organization Page

50 East 91st St 213Indianapolis, IN 46240

(317) 252-0258

Siviq Scores

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

Liabilities / Assets

52nd percentile

0.18x

Higher debt load relative to assets than 52% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

63rd percentile

0.38x

Higher debt load relative to revenue than 63% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Net Margin

15th percentile

-4.7%

Higher net margin than 15% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

89th percentile

$410,463

Higher top officer pay than 89% of similar nonprofits.

Top officer pay equals 6.3% of source-year revenue.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Asset Growth

76th percentile

24%

Faster asset growth than 76% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

50th percentile

12%

Faster revenue growth than 50% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets52nd percentile

Assets

Up

$13,635,821

Up $2,605,974 (+24%) from 2020

Net Assets

Up

$11,148,247

Up $7,339,243 (+193%) from 2020

Liabilities

Down

$2,487,574

Down $4,733,269 (-66%) from 2020

Revenue And Expenses
Liabilities / Revenue63rd percentileNet Margin15th percentile

Revenue

Up

$6,541,390

Up $690,546 (+12%) from 2020

Expenses

Up

$6,847,993

Up $1,653,898 (+32%) from 2020

Net Income

Down

-$306,603

Down $963,352 (-147%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth76th percentile

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

$30M$20M$10M$0Assets 2011: $969,241Liabilities 2011: $221,122Net Assets 2011: $748,1192011Assets 2012: $2,624,488Liabilities 2012: $377,216Net Assets 2012: $2,247,2722012Assets 2013: $3,498,030Liabilities 2013: $335,914Net Assets 2013: $3,162,1162013Assets 2014: $3,397,850Liabilities 2014: $346,762Net Assets 2014: $3,051,0882014Assets 2015: $3,555,742Liabilities 2015: $3,333,874Net Assets 2015: $221,8682015Assets 2016: $6,298,112Liabilities 2016: $2,846,271Net Assets 2016: $3,451,8412016Assets 2017: $8,499,730Liabilities 2017: $2,492,214Net Assets 2017: $6,007,5162017Assets 2018: $8,772,845Liabilities 2018: $3,906,600Net Assets 2018: $4,866,2452018Assets 2019: $9,852,173Liabilities 2019: $4,246,366Net Assets 2019: $5,605,8072019Assets 2020: $11,029,847Liabilities 2020: $7,220,843Net Assets 2020: $3,809,0042020Assets 2021: $13,635,821Liabilities 2021: $2,487,574Net Assets 2021: $11,148,2472021Assets 2022: $13,172,198Liabilities 2022: $2,846,213Net Assets 2022: $10,325,9852022Assets 2023: $11,990,431Liabilities 2023: $2,378,013Net Assets 2023: $9,612,4182023Assets 2024: $28,187,603Liabilities 2024: $5,009,827Net Assets 2024: $23,177,7762024

Highlighted filing

2021

Assets$13,635,821
Liabilities$2,487,574
Net Assets$11,148,247
Open 2021 Filing

Operations Trend

Revenue Growth50th percentile

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

$15M$10M$5.0M$0-$5.0MExpenses 2011: $921,0652011Expenses 2012: $2,657,5362012Revenue 2013: $3,947,692Expenses 2013: $3,051,775Net Income 2013: $895,9172013Revenue 2014: $3,127,391Expenses 2014: $3,501,250Net Income 2014: -$373,8592014Revenue 2015: $3,032,725Expenses 2015: $2,552,742Net Income 2015: $479,9832015Revenue 2016: $6,078,756Expenses 2016: $3,180,097Net Income 2016: $2,898,6592016Revenue 2017: $5,512,247Expenses 2017: $3,618,669Net Income 2017: $1,893,5782017Revenue 2018: $4,636,197Expenses 2018: $4,220,363Net Income 2018: $415,8342018Revenue 2019: $5,326,795Expenses 2019: $4,269,500Net Income 2019: $1,057,2952019Revenue 2020: $5,850,844Expenses 2020: $5,194,095Net Income 2020: $656,7492020Revenue 2021: $6,541,390Expenses 2021: $6,847,993Net Income 2021: -$306,6032021Revenue 2022: $6,491,355Expenses 2022: $7,979,642Net Income 2022: -$1,488,2872022Revenue 2023: $9,960,751Expenses 2023: $11,621,084Net Income 2023: -$1,660,3332023Revenue 2024: $9,243,556Expenses 2024: $10,820,838Net Income 2024: -$1,577,2822024

Highlighted filing

2021

Revenue$6,541,390
Expenses$6,847,993
Net Income-$306,603
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 14, 2022
Return Version
2021v4.2
Gross Receipts
$6,986,460
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
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$5,360,894$5,307,685▼ $53,209
Savings and Temporary Cash Investments$2,970,915$5,015,553▲ $2,044,638
Pledges and Grants Receivable$1,007,667$747,498▼ $260,169
Accounts Receivable$64,479$705,000▲ $640,521
Cash and Non-Interest-Bearing Accounts$1,520,815$550,458▼ $970,357
Prepaid Expenses and Deferred Charges$48,054$54,678▲ $6,624
Land, Buildings, and Equipment, Net$42,108$26,982▼ $15,126
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$11,029,847$13,635,821▲ $2,605,974
Other Assets Total$14,915$1,227,967▲ $1,213,052
Liabilities
Other Liabilities$6,535,902$0▼ $6,535,902
Deferred Revenue-$2,361,103-
Accounts Payable and Accrued Expenses$684,941$126,471▼ $558,470
Total Liabilities$7,220,843$2,487,574▼ $4,733,269
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,385,953$8,863,005▲ $7,477,052
Net Assets With Donor Restrictions$2,423,051$2,285,242▼ $137,809
Total Net Assets Fund Balance$3,809,004$11,148,247▲ $7,339,243
Total Liabilities and Net Assets / Fund Balance$11,029,847$13,635,821▲ $2,605,974

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$26,982$106,492$133,474
Other Assets Org$1,213,343--
Compensation and Service Providers
Top Officer Pay89th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
-Chief Executive OfficerFT$268,000$142,463$410,463
-Chief Investment OfficerFT$177,150$95,526$272,676
-General CounselFT$184,792$63,319$248,111
-Chief Financial OfficerFT$158,066$80,167$238,233
-VP Entrepreneurial SvcFT$147,151$82,443$229,594
-VP MarketingFT$108,951$63,990$172,941
-Entrepreneur-in-ResidenceFT$116,237$53,847$170,084

Board Members and Trustees

NameTitle
-Board Chair
-Board Member
Revenue and Support

Revenue Composition

Contributions and Grants
$1,974,536
Program Service Revenue
$4,329,630
Investment Income
$95,700
Other Revenue
$141,524
All Other Contributions
$765,045
Change in Net Assets
$-306,603

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table7$28,795Cost
Food Inventory3$5,500Cost
Total Noncash Contributions10$34,295-

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,541,390
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$7,645,846
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$14,187,236
Total Revenue per Form 990
$6,541,390
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,741,289
Grants and Similar Amounts Paid$1,867,500
Other Expenses$1,239,204
Total Fundraising Expense$3,177
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$974,717$938,967$3,117$1,916,801
Grants to Domestic Orgs$1,864,500--$1,864,500
Current Officers, Directors, Trustees, and Key Employees$1,320,892$78,184-$1,399,076
Advertising$156,410$70,960-$227,370
Other Employee Benefits$119,815$93,487-$213,302
Fees for Services Other$123,038$70,633$0$193,671
Information Technology$61,471$113,251-$174,722
Payroll Taxes$97,850$45,723-$143,573
All Other Expenses$110,974$3,684$26$114,684
Occupancy$16,512$83,878-$100,390
Travel$58,656$10,105$33$68,794
Pension Plan Contributions$34,547$33,990-$68,537
Insurance$8,516$51,938-$60,454
Fees for Services Accounting$29,903$19,078-$48,981
Fees for Services Legal$21,721--$21,721
Depreciation Depletion$490$18,431-$18,921
Office Expenses$7,330$9,253-$16,583
Conferences and Meetings$3,467$4,759-$8,226
Other Expenses$5,249$1,765$1$5,249
Grants to Domestic Individuals$3,000--$3,000
Fees for Services Lobbying-$68-$68
Total Functional Expenses$5,187,575$1,657,241$3,177$6,847,993

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$6,847,993
Total Expenses per Audited Statements$6,847,993
Total Expenses per Form 990$6,847,993
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Next Level Manufacturing Institute LLCZionsville, IN-Innovation Voucher Program Grant$440,000
Career Accelerator Fund CorporationIndianapolis, IN501(c)(3)Regional sponsorship$200,000
Analyswift LLCWest Lafayette, IN501(c)(6)SBIR Phase 1 Matching Grant$150,000
Teichos Laboratories LLCIndianapolis, IN-SBIR Phase 1 Matching Grant$100,000
gener8torMadison, WI501(c)(3)Regional sponsorship$66,667
Columbus Area Chamber FoundationColumbus, IN501(c)(3)Regional sponsorship$65,000
Huntington County Community FoundationHuntington, IN501(c)(3)Regional sponsorship$60,436
AirBuoyant LLCAnderson, IN501(c)(3)SBIR Phase 1 Matching Grant$50,000
Grannus Therapeutics IncIndianapolis, IN501(c)(3)SBIR Phase 1 Matching Grant$50,000
HySonic TechnologiesWest Lafayette, IN-SBIR Phase 1 Matching Grant$50,000
Indiana UniversityBloomington, IN-Nexus Higher Education Grant$50,000
Maijker CorpWest Lafayette, IN-SBIR Phase 1 Matching Grant$50,000
Manufacturing Technology IncSouth Bend, IN-SBIR Phase 1 Matching Grant$50,000
Opalgenix IncIndianapolis, IN-SBIR Phase 1 Matching Grant$50,000
University of EvansvilleEvansville, IN-Nexus Higher Education Grant$50,000
Wolf Technical Services IncFishers, IN-SBIR Phase 1 Matching Grant$50,000
Indiana University Research and Tech CorpBloomington, IN-Nexus Higher Education Grant$47,000
Purdue Research FoundationWest Lafayette, IN-Nexus Higher Education Grant$44,000
Polar Clean LLCSouth Bend, IN-SBIR Phase 1 Matching Grant$24,984
Third Coast Federal IncSouth Bend, IN-SBIR Phase 1 Matching Grant$24,970
SIMBA Chain IncPlymouth, IN-SBIR Phase 1 Matching Grant$24,945
Flightprofiler LLCBrook, IN501(c)(3)SBIR Phase 1 Matching Grant$24,944
Trek10 IncSouth Bend, IN-SBIR Phase 1 Matching Grant$24,732
Dimension Mill IncBloomington, IN501(c)(3)Regional sponsorship$24,500
Sisk Rifles Manufacturing LLCTell City, IN-SBIR Phase 1 Matching Grant$24,324
Dimension Mill IncBloomington, IN501(c)(3)Elevate Nexus Community Partner Grant$23,000
Access VenturesLouisville, KY501(c)(3)Regional sponsorship$20,000
Central Indiana Corporate Partnership IncIndianapolis, IN501(c)(3)Elevate Nexus Community Partner Grant$8,000
Junior Achievement of Northern IndianaFort Wayne, IN-Regional sponsorship$6,000
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
Yes
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
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

LiabilityAmount
Investment in Indiana 21st Century Fund, Lp-
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 November 2022. After review by the audit committee, the final draft 990 was distributed via email on November 10, 2022 to the board of directors. Board members were encouraged to review the 990 and submit questions to the audit committee before electronic filing on November 15, 2022.”

Form 990, Part VI, Line 12C Conflict of interest policy

“Every board member, officer and employee are 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 are 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. If 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

“The compensation committee engages outside compensation consultants from time to time to review CEO compensation package, to evaluate for appropriateness and compare compensation for similarly qualified persons at similar organizations. The last study was conducted in September 2020. 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 Day
Title
Chief Executive Officer
Signed
2022-11-14
Discuss with paid preparer
Yes

Organization Details

Formed
2010
Legal Domicile
In
Voting Board Members
7
Independent Board Members
6
Employees
23
Volunteers
7

Preparer

Firm
Crowe Llp
Address
9600 Brownsboro Road Suite 400, Louisville, KY 40241-3902
Preparer
Rachel Spurlock
Phone
5023263996
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9 GAIN ON INVESTMENT IN INDIANA 21ST CENTURY FUND, LP

“Elevate Ventures is reporting a gain 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 gain 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 gain.”

Form 990, Part XI, Line 9 Other changes in net assets or fund balances

“Gain on investment in indiana 21st century fund, lp - 7749245;”

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, 2021 and 2020, 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, 2021 and 2020.”

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IRS990/Desc0Elevate Ventures was founded in 2011 to assist the Indiana Economic Development Corporation (IEDC) manage a portfolio of direct capital investments in 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. Over the last decade, the team at Elevate Ventures worked alongside partners statewide to boost Indiana's innovation and entrepreneurial success throughout our state. Successful startups are key to our economic futures-and innovation is what will move our state forward. Indiana startup founders, supported by investors, work tirelessly to make their businesses successful and are a testament to the innovation culture that is taking hold here. This work, coupled with the efforts of Indiana's gubernatorial leadership, legislators and statewide entrepreneurial partners, has been instrumental in Indiana's momentum. While we have made remarkable progress, Indiana still has a long way to go if we truly aspire to be one of the top states in the country that through innovation and entrepreneurism create successful companies, investors and communities of vision and boldness. This is a global race, a new world, and a chance for us to take this momentum further and accelerate our progress aggressively. In 2021, Elevate was ranked the #1 Most Active VC in the Great Lakes Region for the fifth year in a row by Pitchbook. CB Insights named Elevate the most active VC By Unique Tech Investment in Indiana as well. Elevate Ventures investment programs include fund-of-fund investments, direct investments, grants and grant-matching programs. Since inception in 2011, Elevate Ventures has invested $130.2M in 457 startups which has been leveraged against $1.25B in private co-investment from 2,116 co-investors. The Direct Investment Programs invest in high-growth Indiana startups. The 21 Fund (21F) invests in early-stage companies, generally at or near the series A stage. In 2021, 21F dollars were used in 10 transactions totaling $7M in invested capital. The Angel Fund IANF2 is used to invest in seed-stage companies. In 2021, $4.2M across 23 transactions was used from the IANF2 fund. The Community Ideation Fund (CIF) invests in companies at the ideation stage. CIF invested $320K in 16 transactions. The Smart and Advanced Manufacturing/Manufacturing Expansion Fund (SAM/MEF) is used to invest in companies innovating within the manufacturing industry. In 2021, SAM/MEF invested $1.05M across 3 transactions. In addition, Elevate launched the Caresource Diversity and Social Impact Fund totaling $2.5M. In 2021, 1 transaction was completed totaling $200K. In 2021, the State of Indiana approved the expansion of the grant-matching SBIR/STTR program to include Phase II. Elevate maintained management of both the Phase I program, and the Phase II program. Combined, both programs resulted in $1.57M being grant/invested through 33 transactions. Elevate Ventures Portfolio Companies generated 2,622 jobs with an average salary of $86K totaling an annual payroll of $225M. This annual salary is double the median household income of Indiana residents. NOTE: Revenue includes a proportional share of the gains and losses on 21 Fund investments held in the partnership. Expenses do NOT include the separately reportable investments.
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IRS990/MissionDesc0Elevate 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.
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IRS990/ProgSrvcAccomActy2Grp/Desc0Elevate's Regional Partnerships are key collaborations that nurture entrepreneurship cultures and innovation with a network of leaders and individuals dedicated to economic growth. Partnerships operate on a 3-year commitment with funds raised (pledged as restricted contributions) at the start of the 3-year term. In addition to the funds raised for each partnership, Elevate provides an Entrepreneur-in-Residence to serve the partnership region which is funded by Elevate's operating funds and not donor dollars, thus resulting in the net loss shown for the program. In 2021, there were five partnership regions operating on three-year agreements. Four of the five three-year agreements were renewed in 2020 and one set to renew in 2022. The partnership regions include Startup South Bend-Elkhart, Elevate Northeast Indiana, Velocities, Elevate Southwest Indiana, and 1804, which was rebranded to Elevate Southeast Indiana. In total, 25 counties are part of partnership regions. Below are some key takeaways from four of the five partnerships in 2021. Elevate Northeast Indiana covers 11 counties in Northeast Indiana. In 2021, Northeast Indiana was awarded "2020 Region of the Year", highlighting the work of the renewed partnership led by Chair Dr. Michael Mirro, MD of Parkview Health System. Investments in the region included several new companies to achieve $11.6 million in combined direct investment and co-investment (since January 2020) in companies such as Xillum, Inc., a business intelligence software company serving the radiology practice industry; Razor Medical Instruments, Inc., a medical device company focused on improving orthopedic surgeries; and Stre.me Inc., a software company focused on diversity, equity and inclusion accountability and awareness. Elevate Northeast Indiana continued to deliver training and events in the region despite the second year of the pandemic, hosting four events in 2021 with 100 attendees and attending numerous other virtual events. Elevate Southwest Indiana covers six counties. Elevate closed on one transaction totaling $20K. An additional $515K was leveraged as a result of past investments made in the region. Six events were executed throughout the year with participation from over 170 people. Companies that received investment from Elevate's direct investment funds employ a total of 68 people, have a combined average salary of $70K and have an estimated total annual payroll of $4.7M. 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. He worked alongside the Elevate investment team to launch the Leighton Elevate Angel Development Fund in partnership with the Leighton Foundation. This fund deployed $575K through five investments in the first year. In addition, Elevate Ventures closed on 34 transactions in the South Bend-Elkhart region; investing a total of $3.1M. Companies that received investment from Elevate's direct investment funds employ a total of 139 people, have a combined average salary of $85.8K and have an estimated total annual payroll of $11.9M. Elevate was able to execute 10 events, a combination of in-person and virtual, with participation from over 193 people. Velocities covers three counties: Bartholomew, Brown, and Monroe. In 2021, Velocities won the 2021 Region of the Year Award. With the assistance of a regionally supplied Startup Ecosystem Manager, Elevate Ventures Entrepreneur-in-Residence, Cy Megnin, was directly responsible for well over 100 speaking/teaching engagements, 450+ one-on-one meetings with companies, and hearing nearly 650 company pitches. In 2021, Elevate made 18 investments totaling $1.1M in companies in the Velocities region - including Folia, which won the 2021 Startup of the Year award. In 2021, Megnin and Elevate hosted 10 events with over 230 people in attenda
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IRS990/ProgSrvcAccomActy3Grp/Desc0The Elevate Nexus Program is the "nexus" of five main initiatives focused on Indiana higher education institutions and the communities they serve. Initiatives include: 1. Elevate Origins: foundational entrepreneurship training for early-stage startups and growth minded individuals 2. Nexus Pitch Competition: live pitch competitions that result in equity investments 3. Nexus Pitch Competition Matching Grants: Grants that go to organizations supporting the winners of the Nexus Pitch Competition that are equal to 10% of the awards. 4. Nexus Annual Conference: An annual conference that brings together faculty, department heads, and other entrepreneurial support organizations from across Indiana to explore new and leading ways higher-education institutions can engage entrepreneurs as well as share best practices, resources, and entrepreneurial-focused initiatives. 5. Higher Education Grants: centered around faculty and department heads working to develop entrepreneurship programming on their campus by providing $50K grants for the development and improvement of entrepreneurship In 2021, the Elevate Origins program saw around 400 participants from across the state. Participants included individuals that found the program online due to our marketing strategies or via a partnership organization. Participants also included students that were enrolled in entrepreneurship, innovation, or business courses at an Indiana higher ed in which the Origins curriculum was used. In 2021, $1.64M were invested in early-stage Indiana startups via the Nexus Pitch Competition via two regional competitions that culminate in one statewide competition per year. Each regional competition is comprised of three regions - Northern, Central, & Southern - and two levels - Pre-seed and Seed. 18 $20k, 3 $40k, 12 $80k, and 2 $100k investments were made via the Nexus Pitch Competition in 2021. In 2021, a total of $164,000 in Nexus Pitch Competition Matching Grants were awarded to organizations supporting the winners of the regional and state competitions. In 2021, the Nexus Annual Conference hosted over 100 people including state government officials, representatives from over 15 Indiana higher ed institutions, and content experts from across the country. In 2021, $200k in higher education grants were awarded to the following organizations: 1. Ball State University ($50k): Develop an elective cross-disciplinary course connecting Computer Science and Entrepreneurship & Innovation majors, enabling student-led ventures to move from ideation into prototyping and end user-testing. 2. Indiana Tech ($50k): Expand entrepreneurial programs and initiatives through the Center for Creative Collaboration (C3), a multidisciplinary entrepreneurship center with focus on connecting business clients with the university. 3. Indiana University School of Medicine ($50k): Launch a web-based innovation platform to evaluate student and clinician business ideas. 4. University of Evansville ($50k): Create MakerspACE, a three-pronged entrepreneurial program providing access to innovation for K-16 students.
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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$13,635,821
Liabilities
$2,487,574
Net assets
$11,148,247
Revenue
$6,541,390
Expenses
$6,847,993
Net income
-$306,603
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$28.2$5.01$23.2$9.24$10.8$1.58
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.0$2.38$9.61$9.96$11.6$1.66
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.2$2.85$10.3$6.49$7.98$1.49
2021Detailed filing. Detailed filing data is available for this year.$13.6$2.49$11.1$6.54$6.85$0.31
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.0$7.22$3.81$5.85$5.19$0.66
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.85$4.25$5.61$5.33$4.27$1.06
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.77$3.91$4.87$4.64$4.22$0.42
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.50$2.49$6.01$5.51$3.62$1.89
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.30$2.85$3.45$6.08$3.18$2.90
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.56$3.33$0.22$3.03$2.55$0.48
2014Detailed filing. Detailed filing data is available for this year.$3.40$0.35$3.05$3.13$3.50$0.37
2013Detailed filing. Detailed filing data is available for this year.$3.50$0.34$3.16$3.95$3.05$0.90
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.62$0.38$2.25$2.66
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.97$0.22$0.75$0.92