Civic Intelligence

Und Center for Innovation Foundation

EIN 45-0422671 • 501(c)3 • Grand Forks, ND

Profile

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

4200 James Ray DrGrand Forks, ND 58203

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

27th percentile

0.02x

Higher debt load relative to assets than 27% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

75th percentile

0.51x

Higher debt load relative to revenue than 75% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Net Margin

19th percentile

-11%

Higher net margin than 19% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

48th percentile

4.1%

Faster asset growth than 48% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

14th percentile

-18%

Faster revenue growth than 14% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Assets

Up

$8,699,070

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

Liabilities

Up

$200,811

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

Net Assets

Up

$8,498,259

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

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

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$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

Operations Trend

Revenue, expenses, and net income by year, with the latest 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

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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
Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2022 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 6, 2023
Return Version
2022v5.0
Gross Receipts
$450,023
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$4,672,658$4,128,736▼ $543,922
Land, Buildings, and Equipment, Net$2,436,037$2,386,626▼ $49,411
Savings and Temporary Cash Investments$997,205$1,175,833▲ $178,628
Pledges and Grants Receivable$165,000$40,000▼ $125,000
Other Notes and Loans Receivable, Net$25,000$25,000→ $0
Accounts Receivable$11,041$21,246▲ $10,205
Total Assets$8,441,652$8,057,210▼ $384,442
Other Assets Total$134,711$279,769▲ $145,058
Liabilities
Other Liabilities$4,200$158,135▲ $153,935
Escrow Account Liability$33,398$23,288▼ $10,110
Accounts Payable and Accrued Expenses$16,936$12,250▼ $4,686
Total Liabilities$54,534$193,673▲ $139,139
Net Assets / Fund Balance
Net Assets With Donor Restrictions$5,439,275$4,879,357▼ $559,918
Net Assets Without Donor Restrictions$2,947,843$2,984,180▲ $36,337
Total Net Assets Fund Balance$8,387,118$7,863,537▼ $523,581
Total Liabilities and Net Assets / Fund Balance$8,441,652$8,057,210▼ $384,442

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,312,558$951,709$3,264,267
Equipment$74,068$884,439$958,507
Other Securities$25,000--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
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
2019$3,456,747$6,500▲ $467,441$77,731$3,852,957
2018$3,761,651$7,000▼ $156,500$155,404$3,456,747
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Amy WhitneyDirector/CEOPT$42,875$17,150$60,025

Board Members and Trustees

NameTitle
Dale MorrisonChair
Linda PancratzVice Chair
Brooks BurgumTrustee
Ed SchaferTrustee
Howard DahlTrustee
Lauris MolbertTrustee
Phil GisiTrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$149,043
Program Service Revenue
$57,229
Investment Income
$20,470
Other Revenue
$82,478
All Other Contributions
$5,000
Change in Net Assets
$-84,451

Audited Revenue Reconciliation

Revenue per Audited Statements
$309,220
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$38,559
Total Revenue per Audited Statements
$347,779
Total Revenue per Form 990
$309,220
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$230,079
Other Expenses$163,592
Total Fundraising Expense$3,530
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$230,079--$230,079
Depreciation Depletion$69,086-$3,530$72,616
Fees for Services Accounting-$36,447-$36,447
Fees for Services Legal$33,857$2,506-$36,363
Advertising$3,757$800-$4,557
Fees for Services Other$3,016$240-$3,256
Other Expenses-$2,745-$2,745
Conferences and Meetings-$2,560-$2,560
Insurance-$2,208-$2,208
Office Expenses-$1,575-$1,575
All Other Expenses$175$1,050-$1,225
Information Technology$40--$40
Total Functional Expenses$340,010$50,131$3,530$393,671

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$871,360
Expenses Not Reported on Form 990$477,689
Expenses per Audited Statements$393,671
Total Expenses per Form 990$393,671
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$125,036
Three Farm DaughtersGrand Forks, ND-Support entrepreneurship$22,000
Fenworks LLCGrand Forks, ND-Support entrepreneurship$18,000
Atlantic Drone ProsMidlothian, VA-Support entrepreneurship$16,965
Tau Drones DunlevyGrand Forks, ND-Support entrepreneurship$12,445
ELF Technology LLC ExpStillwater, MN-Support entrepreneurship$10,000
Homeland Hemp Co LLCBismarck, ND-Support entrepreneurship$10,000
Getty Box GizmoDickinson, ND-Support entrepreneurship$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
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease Liability$153,360
Prepaid Rent Liability$4,775
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 A, line 2

Brooks Burgum has a business relationship with Linda Pancratz, Howard Dahl, and Lauris Molbert and it does not conflict with their role as a board member of the CFI Foundation. Ed Schafer and Howard Dahl have a business relationship and it does not conflict with their role as a board member of the CFI Foundation.

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
2023-11-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Amy Whitney
Formed
1991
Legal Domicile
Nd
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
7

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 Centrer. 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, 2022 and 2021, the Foundation is holding $23,288 and $33,398, 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 140,803.

Part XII, Line 2D - Other Adjustments:

Rental Expense 140,803.

Raw XML AppendixShowing 400 of 652 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/MissionDesc0To maintain national leadership in entrepreneur outreach and education, and become the leader in tech entrepreneurship in rural America.
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IRS990/PrincipalOfficerNm0Amy Whitney
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IRS990/ProgramServiceRevenueGrp/Desc3Student Run Enterprise
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IRS990/ProgSrvcAccomActy2Grp/Desc0The Foundation 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.
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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.
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IRS990ScheduleD/OtherSecuritiesGrp/Desc0C2Renew Corp
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Corvida Medical
IRS990ScheduleD/OtherSecuritiesGrp/Desc2Datasync
IRS990ScheduleD/OtherSecuritiesGrp/Desc3Edgewood Group
IRS990ScheduleD/OtherSecuritiesGrp/Desc4Medovex/HCYTE
IRS990ScheduleD/OtherSecuritiesGrp/Desc5Packet Digital, LLC
IRS990ScheduleD/OtherSecuritiesGrp/Desc6Endowment Investment Pool held Within UND Foundation
IRS990ScheduleD/OtherSecuritiesGrp/Desc7Valley Angel Investment, LLC
IRS990ScheduleD/OtherSecuritiesGrp/Desc8Larada Sicences Inc.
IRS990ScheduleD/OtherSecuritiesGrp/Desc9Secured2
IRS990ScheduleD/OtherSecuritiesGrp/Desc10Pure Blue Tech
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0C

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