Civic Intelligence

Und Center for Innovation Foundation

990 • Fiscal year 2024 • EIN 45-0422671

Jan 01, 2024 to Dec 31, 2024 • Filed on Oct 06, 2025

Organization Profilewww.innovators.net
4200 James Ray DrGrand Forks, ND 58203

(701) 777-3132

Siviq Scores

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

Liabilities / Assets

22nd percentile

0.02x

Higher debt load relative to assets than 22% of similar nonprofits.

2024 filings • NTEE S • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

57th percentile

0.51x

Higher debt load relative to revenue than 57% of similar nonprofits.

2024 filings • NTEE S • $5M-$10M nonprofits • Source year 2024

Net Margin

18th percentile

-11%

Higher net margin than 18% of similar nonprofits.

2024 filings • NTEE S • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

29th percentile

$73,712

Higher top officer pay than 29% of similar nonprofits.

Top officer pay equals 18.6% of source-year revenue.

2024 filings • NTEE S • $5M-$10M nonprofits • Source year 2024

Asset Growth

55th percentile

4.1%

Faster asset growth than 55% of similar nonprofits.

2024 filings • NTEE S • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

9th percentile

-18%

Faster revenue growth than 9% of similar nonprofits.

2024 filings • NTEE S • $5M-$10M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets22nd percentile

Assets

Up

$8,699,070

Up $342,517 (+4.1%) from 2023

Net Assets

Up

$8,498,259

Up $314,569 (+3.8%) from 2023

Liabilities

Up

$200,811

Up $27,948 (+16%) from 2023

Revenue And Expenses
Liabilities / Revenue57th percentileNet Margin18th percentile

Revenue

Down

$395,300

Down $88,892 (-18%) from 2023

Expenses

Down

$438,532

Down $64,130 (-13%) from 2023

Net Income

Down

-$43,232

Down $24,762 (-134%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth55th percentile

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

$10M$5.0M$0Assets 2010: $7,842,851Liabilities 2010: $302,532Net Assets 2010: $7,540,3192010Assets 2011: $7,592,864Liabilities 2011: $427,847Net Assets 2011: $7,165,0172011Assets 2012: $8,308,006Liabilities 2012: $951,535Net Assets 2012: $7,356,4712012Assets 2013: $7,989,867Liabilities 2013: $574,523Net Assets 2013: $7,415,3442013Assets 2014: $7,755,265Liabilities 2014: $343,647Net Assets 2014: $7,411,6182014Assets 2015: $7,458,773Liabilities 2015: $224,676Net Assets 2015: $7,234,0972015Assets 2016: $7,259,779Liabilities 2016: $216,918Net Assets 2016: $7,042,8612016Assets 2017: $8,064,100Liabilities 2017: $814,717Net Assets 2017: $7,249,3832017Assets 2018: $7,242,959Liabilities 2018: $89,252Net Assets 2018: $7,153,7072018Assets 2019: $7,966,763Liabilities 2019: $101,918Net Assets 2019: $7,864,8452019Assets 2020: $7,932,890Liabilities 2020: $36,679Net Assets 2020: $7,896,2112020Assets 2021: $8,441,652Liabilities 2021: $54,534Net Assets 2021: $8,387,1182021Assets 2022: $8,057,210Liabilities 2022: $193,673Net Assets 2022: $7,863,5372022Assets 2023: $8,356,553Liabilities 2023: $172,863Net Assets 2023: $8,183,6902023Assets 2024: $8,699,070Liabilities 2024: $200,811Net Assets 2024: $8,498,2592024

Highlighted filing

2024

Assets$8,699,070
Liabilities$200,811
Net Assets$8,498,259
Open 2024 Filing

Operations Trend

Revenue Growth9th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2010: $714,3262010Expenses 2011: $1,702,6382011Revenue 2012: $2,166,810Expenses 2012: $1,960,003Net Income 2012: $206,8072012Revenue 2013: $1,961,124Expenses 2013: $1,726,518Net Income 2013: $234,6062013Revenue 2014: $1,515,247Expenses 2014: $1,492,046Net Income 2014: $23,2012014Revenue 2015: $1,065,932Expenses 2015: $1,215,184Net Income 2015: -$149,2522015Revenue 2016: $1,175,010Expenses 2016: $1,394,134Net Income 2016: -$219,1242016Revenue 2017: $1,976,999Expenses 2017: $1,773,407Net Income 2017: $203,5922017Revenue 2018: $1,243,377Expenses 2018: $1,079,965Net Income 2018: $163,4122018Revenue 2019: $867,522Expenses 2019: $775,952Net Income 2019: $91,5702019Revenue 2020: $236,556Expenses 2020: $510,067Net Income 2020: -$273,5112020Revenue 2021: $598,127Expenses 2021: $645,212Net Income 2021: -$47,0852021Revenue 2022: $309,220Expenses 2022: $393,671Net Income 2022: -$84,4512022Revenue 2023: $484,192Expenses 2023: $502,662Net Income 2023: -$18,4702023Revenue 2024: $395,300Expenses 2024: $438,532Net Income 2024: -$43,2322024

Highlighted filing

2024

Revenue$395,300
Expenses$438,532
Net Income-$43,232
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Oct 6, 2025
Return Version
2024v5.2
Gross Receipts
$672,751
Mission and Program Overview

Mission

To maintain national leadership in entrepreneur outreach and education, and become the leader in tech entrepreneurship in rural america.

To maintain national leadership in entrepreneur outreach & education.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$4,327,478$4,600,801▲ $273,323
Land, Buildings, and Equipment, Net$2,345,581$2,291,700▼ $53,881
Savings and Temporary Cash Investments$1,166,616$1,445,990▲ $279,374
Pledges and Grants Receivable$50,000$0▼ $50,000
Other Notes and Loans Receivable, Net$25,000$25,000→ $0
Accounts Receivable$19,022$20,950▲ $1,928
Prepaid Expenses and Deferred Charges$15,000$20,568▲ $5,568
Total Assets$8,356,553$8,699,070▲ $342,517
Other Assets Total$407,856$294,061▼ $113,795
Liabilities
Other Liabilities$157,641$157,767▲ $126
Escrow Account Liability-$30,000-
Accounts Payable and Accrued Expenses$15,222$13,044▼ $2,178
Total Liabilities$172,863$200,811▲ $27,948
Net Assets / Fund Balance
Net Assets With Donor Restrictions$5,067,452$5,321,702▲ $254,250
Net Assets Without Donor Restrictions$3,116,238$3,176,557▲ $60,319
Total Net Assets Fund Balance$8,183,690$8,498,259▲ $314,569
Total Liabilities and Net Assets / Fund Balance$8,356,553$8,699,070▲ $342,517

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,203,749$1,060,518$3,264,267
Equipment$87,951$911,772$999,723
Other Securities$40,000--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$4,299,804$5,000▲ $357,820$80,937$4,581,687
2023$4,031,434$5,000▲ $342,212$78,842$4,299,804
2022$4,561,267$5,000▼ $450,662$84,171$4,031,434
2021$4,105,441$7,500▲ $508,631$60,305$4,561,267
2020$3,852,957$5,559▲ $326,070$79,145$4,105,441
Compensation and Service Providers
Top Officer Pay29th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Amy WhitneyDirector/CEOPT$54,200$19,512$73,712

Board Members and Trustees

NameTitle
Phil GisiChair
Kristin HeckVice Chair
Deanna Carlson ZinkTrustee
Christopher JohnsonTrustee (As of Sept 24)
Mickayla RosardTrustee (Until July 24)
Sally MiskavigeSecretary/Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$198,500
Program Service Revenue
$81,692
Investment Income
$36,863
Other Revenue
$78,245
All Other Contributions
$56,000
Change in Net Assets
$-43,232

Audited Revenue Reconciliation

Revenue per Audited Statements
$395,300
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$981,662
Total Revenue per Audited Statements
$1,376,962
Total Revenue per Form 990
$395,300
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$221,691
Grants and Similar Amounts Paid$216,841
Total Fundraising Expense$3,380
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$216,841--$216,841
Depreciation Depletion$66,235-$3,380$69,615
Fees for Services Accounting-$60,092-$60,092
Fees for Services Other$12,753$23,118-$35,871
Fees for Services Legal$20,000--$20,000
Insurance-$14,869-$14,869
Office Expenses-$6,500-$6,500
Other Expenses-$4,280-$4,280
Advertising$276$3,668-$3,944
Conferences and Meetings-$3,259-$3,259
All Other Expenses-$2,416-$2,416
Travel-$625-$625
Information Technology$220--$220
Total Functional Expenses$316,325$118,827$3,380$438,532

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,062,393
Expenses Not Reported on Form 990$623,861
Expenses per Audited Statements$438,532
Total Expenses per Form 990$438,532
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
University of North DakotaGrand Forks, NDGovernmentAssist to UND Contracts & Grants, and Center for Innovation$171,841
Kirkwall DefenseFargo, ND-Support entrepreneurship$22,500
ThinAirWahpeton, ND-Support entrepreneurship$22,500
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
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease Liability$149,667
Prepaid Rent Liability$8,100
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
Yes
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, line 11B

“The CEO and accounting staff will review the Form 990 prior to submission to the Audit Committee for approval. Upon approval from the audit committee the Form 990 is provided to the full board for review and approval prior to filing.”

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

“The Foundation's conflict of interest policy covers trustees, staff, and their immediate family members. Foundation trustees agree to disclose to the Chairman and other trustees any potential conflicts of interest. The Board of Trustees shall have the responsibility for overseeing compliance with this policy, which includes evaluating actual or potential conflicts and recommending a course of action to the board. A contract or transaction may be entered into if the transaction is approved as a meeting where a quorum (not including the interested director) is present: (A) the material facts as to the contract or transation and as to the trustee's interest are fully disclosed or known to the Board; and (B) a majority of the Board (not counting the interested trustee) approves, authorizes or ratifies the contract or transaction. The interested trustee may be present for discussion to answer questions, but may not advocate for the action to be taken and must leave the room while a vote is taken. The minutes of all actions taken on such matters shall clearly reflect that these requirements have been met.”

Form 990, Part VI, Section B, line 15

“The Foundation does not have employees. The individuals who are involved in the Foundation are employed by the University of North Dakota and salaries are set in accordance with University and State guidelines.”

Form 990, Part VI, Section C, line 19

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
UND Center for Innovation Foundation
EIN
45-0422671
Phone
7017773132
Address
4200 James Ray Dr, Grand Forks, ND 58203

Signing Officer

Name
Amy Whitney
Title
Director/Chief Executive Officer
Phone
7017773132
Signed
2025-10-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Amy Whitney
Formed
1991
Legal Domicile
Nd
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
6

Preparer

Firm
Eide Bailly LLP
Address
800 Nicollet Mall Ste 1300, Minneapolis, MN 55402-7033
Preparer
Deb Nelson CPA
Phone
6122536500
Supplemental Narrative

Financial Statement Notes

Part III, Line 4:

“The Foundation receives art donations and uses these donations for public exhibition and as part of the Ina Mae Rude Entrepreneur Center. The Foundation does not collect art for financial gain.”

Part IV, Line 2B:

“The Foundation is acting as the fiscal agent for an unrelated organization. Through this relationship, the Foundation tracks revenues and expenses for the Organization. As of December 31, 2024 and 2023, the Foundation is holding $30,000 and $0, respectively for the Organization.”

Part V, Line 4:

“The endowment funds are used to support the entrepreneurial programs in North Dakota and the region.”

Part X, Line 2:

“The Foundation believes that it has appropriate support for any tax positions taken affecting their annual filing requirements, and as such, do not have any uncertain tax positions that are material to consolidated financial statements. The Foundation would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred.”

Part XI, Line 2D - Other Adjustments:

“Rental Expenses 128,948.”

Part XII, Line 2D - Other Adjustments:

“Rental Expense 128,948.”

Raw XML AppendixShowing 400 of 608 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/PrincipalOfficerNm0Amy Whitney
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IRS990/ProgramServiceRevenueGrp/Desc0Consulting Income
IRS990/ProgramServiceRevenueGrp/Desc1EB-5 Fees
IRS990/ProgramServiceRevenueGrp/Desc2Conference Income
IRS990/ProgramServiceRevenueGrp/Desc3Student Run Enterprise
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IRS990/ProgSrvcAccomActy2Grp/Desc0The Foundation owns a wholly owned subsidiary that operates the North Dakota/Minnesota EB-5 Regional Center Program. The EB-5 program is an immigrant investor program focused on business development and job creation to stimulate economic activity and improvements in regional productivity through direct foreign investment. The program is administered by the US Citizenship and Immigration Service (USCIS) and the EB5 regional center is an entity approved by USCIS as a designated place to receive immigrant investor capital with new and emerging businesses. The North Dakota/Minnesota EB5 regional center received its designation in April 2011 and there are three portfolio companies with approximately 600 investors.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt033249
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt030000
IRS990/ProgSrvcAccomActy3Grp/Desc0Student Run Enterprises (SRE) engages students from across all disciplines at the University of North Dakota in experiential learning focused on the development of entrepreneurial and innovation skills. The purpose of student run enterprises is to establish legacy small businesses for students to manage and operate so they refine and develop their entrepreneurial skills. The students are provided with weekly, dedicated mentorship from a Center for Innovation staff member as well as a UND faculty subject matter expert to monitor their progress and encourage reflective practice on their business decisions.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt03003
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IRS990/RegularMonitoringEnfrcInd01
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IRS990/RentalIncomeOrLossGrp/RealAmt078245
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IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt01300494
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IRS990ScheduleA/TotalSupportAmt03254861
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/CurrentTaxYearMinus1YearAmt01196
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/CurrentTaxYearMinus2YearsAmt02935
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IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/AgentTrusteeEtcInd00
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IRS990ScheduleD/BoardDesignatedBalanceEOYPct00.00000
IRS990ScheduleD/BuildingsGrp/BookValueAmt02203749
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01060518
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt03264267
IRS990ScheduleD/CollectionUsedPubExhibitionInd0X
IRS990ScheduleD/CYEndwmtFundGrp/BeginningYearBalanceAmt04299804
IRS990ScheduleD/CYEndwmtFundGrp/ContributionsAmt05000
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IRS990ScheduleD/CYEndwmtFundGrp/OtherExpendituresAmt080937
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/BeginningYearBalanceAmt04031434
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IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/OtherExpendituresAmt084171
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IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/EndYearBalanceAmt04561267
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IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/OtherExpendituresAmt060305
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IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt012500
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt1405596
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt213998
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt332852
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt44026845
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt56510
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt612500
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt725000
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt825000
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt940000
IRS990ScheduleD/OtherSecuritiesGrp/Desc0C2Renew Corp
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Edgewood REIT
IRS990ScheduleD/OtherSecuritiesGrp/Desc2Medovex
IRS990ScheduleD/OtherSecuritiesGrp/Desc3Packet Digital, LLC
IRS990ScheduleD/OtherSecuritiesGrp/Desc4Endowment Investment Pool held Within UND Foundation
IRS990ScheduleD/OtherSecuritiesGrp/Desc5Valley Angel Investment, LLC
IRS990ScheduleD/OtherSecuritiesGrp/Desc6Larada Sicences Inc.
IRS990ScheduleD/OtherSecuritiesGrp/Desc7Secured2
IRS990ScheduleD/OtherSecuritiesGrp/Desc8Pure Blue Tech
IRS990ScheduleD/OtherSecuritiesGrp/Desc9Fenworks Inc.
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd2C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd3C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd4F

Document Assets

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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$8,699,070
Liabilities
$200,811
Net assets
$8,498,259
Revenue
$395,300
Expenses
$438,532
Net income
-$43,232
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$8.70$0.20$8.50$0.40$0.44$0.04
2023Summary only. Only limited summary data is available for this year.$8.36$0.17$8.18$0.48$0.50$0.02
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.06$0.19$7.86$0.31$0.39$0.08
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.44$0.05$8.39$0.60$0.65$0.05
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.93$0.04$7.90$0.24$0.51$0.27
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.97$0.10$7.86$0.87$0.78$0.09
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.24$0.09$7.15$1.24$1.08$0.16
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.06$0.81$7.25$1.98$1.77$0.20
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.26$0.22$7.04$1.18$1.39$0.22
2015Detailed filing. Detailed filing data is available for this year.$7.46$0.22$7.23$1.07$1.22$0.15
2014Detailed filing. Detailed filing data is available for this year.$7.76$0.34$7.41$1.52$1.49$0.02
2013Summary only. Only limited summary data is available for this year.$7.99$0.57$7.42$1.96$1.73$0.23
2012Summary only. Only limited summary data is available for this year.$8.31$0.95$7.36$2.17$1.96$0.21
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.59$0.43$7.17$1.70
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.84$0.30$7.54$0.71