Civic Intelligence

Illinois Science and Technology Institute

990 • Fiscal year 2020 • EIN 45-4092094

Jul 01, 2019 to Jun 30, 2020 • Filed on Dec 23, 2021

Organization ProfileWWW.ISTCOALITION.ORG
20 N Wacker DriveChicago, IL 60606

(708) 267-5601

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$816,006

Up $107,683 (+15%) from 2019

Net Assets

Up

$441,840

Up $237,272 (+116%) from 2019

Liabilities

Down

$374,166

Down $129,589 (-26%) from 2019

Revenue And Expenses

Revenue

Up

$985,901

Up $24,666 (+2.6%) from 2019

Expenses

Down

$748,629

Down $114,565 (-13%) from 2019

Net Income

Up

$237,272

Up $139,231 (+142%) from 2019

Historical Trend

Balance Sheet Trend

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

$1.0M$500K$0Assets 2012: $225,012Liabilities 2012: $107,500Net Assets 2012: $117,5122012Assets 2013: $834,966Liabilities 2013: $611,416Net Assets 2013: $223,5502013Assets 2014: $869,968Liabilities 2014: $627,812Net Assets 2014: $242,1562014Assets 2015: $699,344Liabilities 2015: $445,958Net Assets 2015: $253,3862015Assets 2016: $640,914Liabilities 2016: $394,823Net Assets 2016: $246,0912016Assets 2017: $467,107Liabilities 2017: $348,677Net Assets 2017: $118,4302017Assets 2018: $898,866Liabilities 2018: $793,245Net Assets 2018: $105,6212018Assets 2019: $708,323Liabilities 2019: $503,755Net Assets 2019: $204,5682019Assets 2020: $816,006Liabilities 2020: $296,508Net Assets 2020: $519,4982020Assets 2020: $816,006Liabilities 2020: $374,166Net Assets 2020: $441,8402020Assets 2021: $982,665Liabilities 2021: $650,573Net Assets 2021: $332,0922021Assets 2022: $953,933Liabilities 2022: $391,182Net Assets 2022: $562,7512022Assets 2023: $717,214Liabilities 2023: $364,949Net Assets 2023: $352,2652023Assets 2024: $392,935Liabilities 2024: $32,330Net Assets 2024: $360,6052024

Highlighted filing

2020

Assets$816,006
Liabilities$374,166
Net Assets$441,840
Open 2020 Filing

Operations Trend

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2012: $117,512Expenses 2012: $0Net Income 2012: $117,5122012Revenue 2013: $502,218Expenses 2013: $396,180Net Income 2013: $106,0382013Revenue 2014: $1,107,410Expenses 2014: $1,088,804Net Income 2014: $18,6062014Revenue 2015: $541,910Expenses 2015: $530,680Net Income 2015: $11,2302015Revenue 2016: $664,153Expenses 2016: $671,448Net Income 2016: -$7,2952016Revenue 2017: $711,825Expenses 2017: $839,486Net Income 2017: -$127,6612017Revenue 2018: $743,943Expenses 2018: $756,752Net Income 2018: -$12,8092018Revenue 2019: $961,235Expenses 2019: $863,194Net Income 2019: $98,0412019Revenue 2020: $1,063,559Expenses 2020: $748,629Net Income 2020: $314,9302020Revenue 2020: $985,901Expenses 2020: $748,629Net Income 2020: $237,2722020Revenue 2021: $533,028Expenses 2021: $546,724Net Income 2021: -$13,6962021Revenue 2022: $2,734,579Expenses 2022: $2,474,794Net Income 2022: $259,7852022Revenue 2023: $588,527Expenses 2023: $796,713Net Income 2023: -$208,1862023Revenue 2024: $747,358Expenses 2024: $739,018Net Income 2024: $8,3402024

Highlighted filing

2020

Revenue$985,901
Expenses$748,629
Net Income$237,272
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Dec 23, 2021
Return Version
2019v5.0
Gross Receipts
$985,901
Mission and Program Overview

Mission

The institute will advance science and technology through the education of illnois residents, the provision of grants to institutions and organizations for scientific research in the areas of science and technology, and by providing educational resources for entrepreneurism, technology transfer, and other education initiatives that support economic development through science and technology in the state of illinois.

The institute will advance science and technology through the education of illinois residents, the provision of grants to institutions and organizations for scientific research in the areas of science and technology, and by providing educational resources for entrepreneurism, technology transfer, and other education initiatives that support economic development through science and technology in the state of illinois.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$400,216$479,534▲ $79,318
Savings and Temporary Cash Investments$228,430$298,922▲ $70,492
Pledges and Grants Receivable$66,527$0▼ $66,527
Accounts Receivable-$32,891-
Prepaid Expenses and Deferred Charges$12,363$4,252▼ $8,111
Land, Buildings, and Equipment, Net$787$407▼ $380
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$708,323$816,006▲ $107,683
Other Assets Total-$0-
Liabilities
Deferred Revenue$409,322$241,883▼ $167,439
Unsecured Notes Loans Payable-$97,000-
Other Liabilities-$24,663-
Accounts Payable and Accrued Expenses$94,433$10,620▼ $83,813
Total Liabilities$503,755$374,166▼ $129,589
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$204,568$441,840▲ $237,272
Total Net Assets Fund Balance$204,568$441,840▲ $237,272
Total Liabilities and Net Assets / Fund Balance$708,323$816,006▲ $107,683

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$407$1,193-
Compensation and Service Providers

Board Members and Trustees

NameTitle
Geoff CurtisChair
Bob GreenleeDirector
Cathy VorwaldDirector
Emad IsaacDirector
Fred HickernellDirector
Jerry BlazeyDirector
Jim BrayDirector
Larry KuhnDirector
Laura FrerichsDirector
Paul BloomDirector
Srinivas VeeramasuneniDirector
TJ AugustineDirector
Emily CooperSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$908,066
Program Service Revenue
$77,250
Investment Income
$383
Other Revenue
$202
All Other Contributions
$908,066
Change in Net Assets
$237,272

Audited Revenue Reconciliation

Revenue per Audited Statements
$985,901
Total Revenue per Audited Statements
$985,901
Total Revenue per Form 990
$985,901
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$505,095
Other Expenses$243,534
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$389,513$43,279-$432,792
Fees for Services Other$69,317--$69,317
Occupancy$60,306--$60,306
Information Technology$41,697--$41,697
Payroll Taxes$34,908$3,879-$38,787
Other Employee Benefits$30,164$3,352-$33,516
Travel$8,410--$8,410
All Other Expenses$3,725--$3,725
Other Expenses$3,445--$3,445
Depreciation Depletion$380--$380
Total Functional Expenses$698,119$50,510$0$748,629

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$748,629
Total Expenses per Audited Statements$748,629
Total Expenses per Form 990$748,629
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Affiliate$24,663
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“The tax return is reviewed at the quarterly meeting closest to the filing due date.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Documents are made available upon request”

Filing and Contact Details

Filer

Filer Name
Illinois Science and Technology
EIN
45-4092094
Phone
7082675601
Address
20 N Wacker Drive, CHICAGO, IL 60606

Signing Officer

Name
Geoff Curtis
Title
President
Signed
2021-12-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Geoff Curtis
Formed
2011
Legal Domicile
Il
Voting Board Members
13
Independent Board Members
13
Employees
0
Volunteers
13

Preparer

Firm
Il Nfp Audit and Tax Llp
Address
564 W RANDOLPH STREET SUITE 200, CHICAGO, IL 60661
Preparer
Alfredo Rodriguez CPA
Phone
3129985500
Supplemental Narrative

Additional Explanations

Amended Explanation

“Tax return amended due to audit adjustment to deferred revenue.”

Financial Statement Notes

Part X : FIN48 Footnote

“Fin 48 - the organization is exempt from federal and state income taxes under section 501 (c) (3) of the internal revenue code; therefore, the financial statements do not include a provision for income taxes. The organization reviews income tax positions taken or expected to be taken in income tax returns to determine if there are any income tax uncertainties. This includes positions that the entity is exempt from income taxes or not subject to income taxes on unrelated business income. The organization recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by taking authorities, based on the technical merits of the positions. The organization files information returns as a tax-exempt organization. Should that status be challenged in the future, all years since inception could be subject to review by the irs.”

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IRS990/MissionDesc0THE INSTITUTE WILL ADVANCE SCIENCE AND TECHNOLOGY THROUGH THE EDUCATION OF ILLINOIS RESIDENTS, THE PROVISION OF GRANTS TO INSTITUTIONS AND ORGANIZATIONS FOR SCIENTIFIC RESEARCH IN THE AREAS OF SCIENCE AND TECHNOLOGY, AND BY PROVIDING EDUCATIONAL RESOURCES FOR ENTREPRENEURISM, TECHNOLOGY TRANSFER, AND OTHER EDUCATION INITIATIVES THAT SUPPORT ECONOMIC DEVELOPMENT THROUGH SCIENCE AND TECHNOLOGY IN THE STATE OF ILLINOIS.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0FIN 48 - THE ORGANIZATION IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501 (C) (3) OF THE INTERNAL REVENUE CODE; THEREFORE, THE FINANCIAL STATEMENTS DO NOT INCLUDE A PROVISION FOR INCOME TAXES. THE ORGANIZATION REVIEWS INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN INCOME TAX RETURNS TO DETERMINE IF THERE ARE ANY INCOME TAX UNCERTAINTIES. THIS INCLUDES POSITIONS THAT THE ENTITY IS EXEMPT FROM INCOME TAXES OR NOT SUBJECT TO INCOME TAXES ON UNRELATED BUSINESS INCOME. THE ORGANIZATION RECOGNIZES TAX BENEFITS FROM UNCERTAIN TAX POSITIONS ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAKING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITIONS. THE ORGANIZATION FILES INFORMATION RETURNS AS A TAX-EXEMPT ORGANIZATION. SHOULD THAT STATUS BE CHALLENGED IN THE FUTURE, ALL YEARS SINCE INCEPTION COULD BE SUBJECT TO REVIEW BY THE IRS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE TAX RETURN IS REVIEWED AT THE QUARTERLY MEETING CLOSEST TO THE FILING DUE DATE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1DOCUMENTS ARE MADE AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Tax return amended due to audit adjustment to deferred revenue.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Amended Explanation
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Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$816,006
Liabilities
$374,166
Net assets
$441,840
Revenue
$985,901
Expenses
$748,629
Net income
$237,272
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.39$0.03$0.36$0.75$0.74$0.01
2023Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.72$0.36$0.35$0.59$0.80$0.21
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.95$0.39$0.56$2.73$2.47$0.26
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.98$0.65$0.33$0.53$0.55$0.01
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.82$0.30$0.52$1.06$0.75$0.31
2020Detailed filing. Detailed filing data is available for this year.$0.82$0.37$0.44$0.99$0.75$0.24
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.71$0.50$0.20$0.96$0.86$0.10
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.90$0.79$0.11$0.74$0.76$0.01
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.47$0.35$0.12$0.71$0.84$0.13
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.64$0.39$0.25$0.66$0.67$0.01
2015Detailed filing. Detailed filing data is available for this year.$0.70$0.45$0.25$0.54$0.53$0.01
2014Detailed filing. Detailed filing data is available for this year.$0.87$0.63$0.24$1.11$1.09$0.02
2013Summary only. Only limited summary data is available for this year.$0.83$0.61$0.22$0.50$0.40$0.11
2012Summary only. Only limited summary data is available for this year.$0.23$0.11$0.12$0.12$0.00$0.12