Civic Intelligence

Innovation Fund America Inc.

990 • Fiscal year 2020 • EIN 46-1761848

Aug 01, 2019 to Jul 31, 2020 • Filed on Feb 24, 2021

Organization ProfileINNOVATIONFUNDAMERICA.ORG
1005 North Abbe Road No Cc220Elyria, OH 44035

(440) 366-4274

Siviq Scores

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

Liabilities / Assets

99th percentile

8.89x

Higher debt load relative to assets than 99% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Source year 2020

Liabilities / Revenue

Score unavailable

No value available

Liabilities-to-revenue requires both liabilities and revenue on this filing.

Source year 2020

Net Margin

Score unavailable

No value available

Net margin requires both revenue and expenses on this filing.

Source year 2020

Top Officer Pay

77th percentile

$2,296

Higher top officer pay than 77% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Source year 2020

Asset Growth

7th percentile

-59%

Faster asset growth than 7% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Annualized from 2019 to 2020

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets99th percentile

Assets

Down

$236,691

Down $346,959 (-59%) from 2019

Net Assets

Down

-$1,867,530

Down $1,061,224 (-132%) from 2019

Liabilities

Up

$2,104,221

Up $714,265 (+51%) from 2019

Revenue And Expenses
Liabilities / RevenueScore unavailableNet MarginScore unavailable

Revenue

Flat

$0

Flat from 2019

Expenses

Up

$1,061,224

Up $259,124 (+32%) from 2019

Net Income

Down

-$1,061,224

Down $259,124 (-32%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth7th percentile

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

$10M$5.0M$0-$5.0M-$10MAssets 2013: $1Liabilities 2013: $02013Assets 2014: $239,815Liabilities 2014: $67,000Net Assets 2014: $172,8152014Assets 2015: $231,231Liabilities 2015: $11,221Net Assets 2015: $220,0102015Assets 2016: $175,136Liabilities 2016: $98,293Net Assets 2016: $76,8432016Assets 2017: $17,324Liabilities 2017: $6,011Net Assets 2017: $11,3132017Assets 2018: $15,102Liabilities 2018: $19,3082018Assets 2019: $583,650Liabilities 2019: $1,389,956Net Assets 2019: -$806,3062019Assets 2020: $236,691Liabilities 2020: $2,104,221Net Assets 2020: -$1,867,5302020Assets 2021: $6,565Liabilities 2021: $2,685,908Net Assets 2021: -$2,679,3432021Assets 2022: $210,364Liabilities 2022: $3,277,768Net Assets 2022: -$3,067,4042022Assets 2023: $51,629Liabilities 2023: $4,941,571Net Assets 2023: -$4,889,9422023Assets 2024: $1,921Liabilities 2024: $5,638,929Net Assets 2024: -$5,637,0082024

Highlighted filing

2020

Assets$236,691
Liabilities$2,104,221
Net Assets-$1,867,530
Open 2020 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$2.0M$1.0M$0-$1.0M-$2.0MRevenue 2013: $0Expenses 2013: $0Net Income 2013: $02013Revenue 2014: $475,000Expenses 2014: $302,185Net Income 2014: $172,8152014Revenue 2015: $305,200Expenses 2015: $258,005Net Income 2015: $47,1952015Revenue 2016: $90,726Expenses 2016: $233,893Net Income 2016: -$143,1672016Revenue 2017: $43,126Expenses 2017: $19,858Net Income 2017: $23,2682017Revenue 2018: $25,090Expenses 2018: $40,609Net Income 2018: -$15,5192018Revenue 2019: $0Expenses 2019: $802,100Net Income 2019: -$802,1002019Revenue 2020: $0Expenses 2020: $1,061,224Net Income 2020: -$1,061,2242020Revenue 2021: $0Expenses 2021: $911,813Net Income 2021: -$911,8132021Revenue 2022: $25,000Expenses 2022: $438,061Net Income 2022: -$413,0612022Revenue 2023: $25,000Expenses 2023: $1,847,538Net Income 2023: -$1,822,5382023Revenue 2024: $75,113Expenses 2024: $822,179Net Income 2024: -$747,0662024

Highlighted filing

2020

Revenue$0
Expenses$1,061,224
Net Income-$1,061,224
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Aug 1, 2019 to Jul 31, 2020
Signed
Feb 24, 2021
Return Version
2019v5.2
Gross Receipts
$0
Mission and Program Overview

Mission

Innovation fund america is a nonprofit partnering with community colleges to accelerate the growth of technology startups through early-stage funding and education.

Partnering with community colleges to accelerate the growth of technology startups through early-stage funding and education.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$583,650$236,691▼ $346,959
Total Assets$583,650$236,691▼ $346,959
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,262,500$1,853,256▲ $590,756
Accounts Payable and Accrued Expenses$127,456$250,965▲ $123,509
Total Liabilities$1,389,956$2,104,221▲ $714,265
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-806,306$-1,867,530▼ $1,061,224
Total Net Assets Fund Balance$-806,306$-1,867,530▼ $1,061,224
Total Liabilities and Net Assets / Fund Balance$583,650$236,691▼ $346,959
Compensation and Service Providers
Top Officer Pay77th percentile

Employees

NameTitleBaseTotal
Joseph MartinTreasurer$2,296$2,296

Board Members and Trustees

NameTitle
Dr Roy a ChurchPresident & Chair
Dr Marcia J BallingerVice President
Dennis CoccoDirector
Tracy GreenDirector
Julie StrazzoSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-1,061,224
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$875,289
Other Expenses$152,691
Salaries, Compensation, and Employee Benefits$33,244
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$875,289--$875,289
Fees for Services Other$91,113$33,987-$125,100
Other Salaries and Wages$30,252$2,992-$33,244
Fees for Services Accounting-$14,465-$14,465
Fees for Services Legal-$1,788-$1,788
Insurance$1,350--$1,350
Information Technology$250--$250
Other Expenses$200--$200
All Other Expenses$11--$11
Total Functional Expenses$1,007,992$53,232$0$1,061,224
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Farm Fair LLCCleveland, OH-Start-up Funding$80,000
Ranch Hand IncKelly, WY-Start-up Funding$80,000
Nelson InnovationsStrongsville, OH-Start-up Funding$75,000
Hyr Medical IncHighland Hts, OH-Start-up Funding$71,000
Projitech LLCLakewood, OH-Start-up Funding$65,000
Cyanicsoft IncSolon, OH-Start-up Funding$62,500
Mbrio TechnologiesPepper Pike, OH-Start-up Funding$50,000
Juggerbot 3d LLCYoungstown, OH-Start-up Funding$45,000
NveyetechWillowick, OH-Start-up Funding$40,000
ThriveableBedford Hts, OH-Start-up Funding$40,000
Roadprintz LLCCleveland Hts, OH-Start-up Funding$30,000
Datalogiccom IncStrongsville, OH-Start-up Funding$25,000
On Demand Care CorpChagrin Falls, OH-Start-up Funding$25,000
Roosense LLCAkron, OH-Start-up Funding$25,000
Flutter Social LLCWilloughby, OH-Start-up Funding$23,500
SeelifeBay Village, OH-Start-up Funding$20,500
Profitai IncCleveland, OH-Start-up Funding$20,000
Fishmyspot LLCNorth Royalton, OH-Start-up Funding$15,000
Argyle Scientific IncUniontown, OH-Start-up Funding$12,500
Turningmode LLCChagrin Falls, OH-Start-up Funding$11,789
Content Status LLCMentor, OH-Start-up Funding$10,000
Octet Scientific IncCleveland, OH-Start-up Funding$10,000
Structured Monitoring ProductsElyria, OH-Start-up Funding$10,000
TeametrixCanfield, OH-Start-up Funding$10,000
Strife Ai LLCOlmsted Twp, OH-Start-up Funding$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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
No
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“Review of form 990 - the organization's professional staff and management reviewed form 990 before it was filed.”

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

“Monitoring and enforcement of conflict policy - annually, the board of directors is required to review and sign the oath of office contract that addresses the conflict of interest policy. When a conflict arises, the person is not permitted to participate in the discussion of the proposed transaction or to vote on the matter. The decision about the transaction is made by persons who are independent of the individual with the conflict.”

Form 990, Part VI, Section C, Line 19

“Availability of documents - the organization makes its governing documents, conflict policy, and reviewed financial statements available to the general public upon request.”

Filing and Contact Details

Filer

Filer Name
Innovation Fund America Inc
EIN
46-1761848
Phone
4403664274
Address
1005 NORTH ABBE ROAD NO CC220, ELYRIA, OH 44035

Signing Officer

Name
Tracy Green
Title
Director
Phone
4403664274
Signed
2021-02-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Roy a Church
Formed
2012
Legal Domicile
Oh
Voting Board Members
6
Independent Board Members
6
Employees
0
Volunteers
0

Preparer

Firm
Maloney Novotny LLC
Address
1111 SUPERIOR AVE SUITE 700, CLEVELAND, OH 44114-2540
Preparer
Christopher B Anderson
Phone
2163630100
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Contracted services: program service expenses 91,113. Management and general expenses 33,987. Fundraising expenses 0. Total expenses 125,100.”

Financial Statement Notes

PART X, LINE 2:

“Fin 48/asc 740 footnote - income taxes: ifa is exempt from income taxes under section 501(c)(3) as a non-governmental non-profit entity under provisions of the internal revenue code. Ifa has also been classified as an entity that is not a private foundation within the meaning of section 509(a) and qualifies for deductible contributions as provided in section 170 of the internal revenue code. Ifa believes that it has appropriate support for any tax positions taken and, as such, does not have any uncertain tax positions that are material to the financial statements. As of july 31, 2020, ifa's income tax years from 2016 and thereafter remain subject to examination by the internal revenue service, as well as various state and local taxing authorities.”

Raw XML AppendixShowing 400 of 532 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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IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0108942
IRS990ScheduleA/TotalSupportAmt0108942
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0FIN 48/ASC 740 FOOTNOTE - INCOME TAXES: IFA IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) AS A NON-GOVERNMENTAL NON-PROFIT ENTITY UNDER PROVISIONS OF THE INTERNAL REVENUE CODE. IFA HAS ALSO BEEN CLASSIFIED AS AN ENTITY THAT IS NOT A PRIVATE FOUNDATION WITHIN THE MEANING OF SECTION 509(A) AND QUALIFIES FOR DEDUCTIBLE CONTRIBUTIONS AS PROVIDED IN SECTION 170 OF THE INTERNAL REVENUE CODE. IFA BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN AND, AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. AS OF JULY 31, 2020, IFA'S INCOME TAX YEARS FROM 2016 AND THEREAFTER REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, AS WELL AS VARIOUS STATE AND LOCAL TAXING AUTHORITIES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt24START-UP FUNDING
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IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt2CYANICSOFT INC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt3DATALOGICCOM INC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt4FARM FAIR LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt5FISHMYSPOT LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt6FLUTTER SOCIAL LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt7HYR MEDICAL INC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt8JUGGERBOT 3D LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt9MBRIO TECHNOLOGIES
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt10NELSON INNOVATIONS
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt11NVEYETECH
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt12OCTET SCIENTIFIC INC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt13ON DEMAND CARE CORP
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt14PROJITECH LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt15PROFITAI INC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt16RANCH HAND INC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt17ROADPRINTZ LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt18ROOSENSE LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt19SEELIFE
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt20STRUCTURED MONITORING PRODUCTS
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt21STRIFE AI LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt22TEAMETRIX
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt23THRIVEABLE
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt24TURNINGMODE LLC
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IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt229429 SOUTH VILLAGE LN
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt312243 MOSS POINT ROAD
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt41956 W 25TH ST STE 302
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt59501 ROYAL VALLEY DRIVE
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt65768 COLONIAL BLVD
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt7675 ALPHA DR STE E
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt8241 W FEDERAL STREET
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IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt1018944 W 30TH STREET
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IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt121768 E 25TH STREET STE 316
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IRS990ScheduleI/RecipientTable/USAddress/CityNm8YOUNGSTOWN
IRS990ScheduleI/RecipientTable/USAddress/CityNm9PEPPER PIKE
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IRS990ScheduleI/RecipientTable/USAddress/CityNm11WILLOWICK
IRS990ScheduleI/RecipientTable/USAddress/CityNm12CLEVELAND
IRS990ScheduleI/RecipientTable/USAddress/CityNm13CHAGRIN FALLS
IRS990ScheduleI/RecipientTable/USAddress/CityNm14LAKEWOOD
IRS990ScheduleI/RecipientTable/USAddress/CityNm15CLEVELAND
IRS990ScheduleI/RecipientTable/USAddress/CityNm16KELLY
IRS990ScheduleI/RecipientTable/USAddress/CityNm17CLEVELAND HTS
IRS990ScheduleI/RecipientTable/USAddress/CityNm18AKRON
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IRS990ScheduleI/RecipientTable/USAddress/CityNm20ELYRIA
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IRS990ScheduleI/RecipientTable/USAddress/CityNm22CANFIELD
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IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd6OH
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd7OH

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.

Open filing
Assets
$236,691
Liabilities
$2,104,221
Net assets
-$1,867,530
Revenue
$0
Expenses
$1,061,224
Net income
-$1,061,224
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.00$5.64$5.64$0.08$0.82$0.75
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.05$4.94$4.89$0.03$1.85$1.82
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.21$3.28$3.07$0.03$0.44$0.41
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.01$2.69$2.68$0.00$0.91$0.91
2020Detailed filing. Detailed filing data is available for this year.$0.24$2.10$1.87$0.00$1.06$1.06
2019Summary only. Only limited summary data is available for this year.$0.58$1.39$0.81$0.00$0.80$0.80
2018Summary only. Only limited summary data is available for this year.$0.02$0.02$0.03$0.04$0.02
2017Summary only. Only limited summary data is available for this year.$0.02$0.01$0.01$0.04$0.02$0.02
2016Summary only. Only limited summary data is available for this year.$0.18$0.10$0.08$0.09$0.23$0.14
2015Summary only. Only limited summary data is available for this year.$0.23$0.01$0.22$0.31$0.26$0.05
2014Summary only. Only limited summary data is available for this year.$0.24$0.07$0.17$0.48$0.30$0.17
2013Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00