Civic Intelligence

Innovation Fund America Inc.

990 • Fiscal year 2021 • EIN 46-1761848

Aug 01, 2020 to Jul 31, 2021 • Filed on Jun 10, 2022

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

100th percentile

409.13x

Higher debt load relative to assets than 100% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Liabilities / Revenue

Score unavailable

No value available

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

Source year 2021

Net Margin

Score unavailable

No value available

Net margin requires both revenue and expenses on this filing.

Source year 2021

Top Officer Pay

81st percentile

$10,315

Higher top officer pay than 81% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Asset Growth

3rd percentile

-97%

Faster asset growth than 3% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Annualized from 2020 to 2021

Revenue Growth

Score unavailable

No value available

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

Annualized from 2020 to 2021

Assets

Down

$6,565

Down $230,126 (-97%) from 2020

Net Assets

Down

-$2,679,343

Down $811,813 (-43%) from 2020

Liabilities

Up

$2,685,908

Up $581,687 (+28%) from 2020

Revenue

Flat

$0

Flat from 2020

Expenses

Down

$911,813

Down $149,411 (-14%) from 2020

Net Income

Up

-$911,813

Up $149,411 (+14%) from 2020

Historical Trend

Balance Sheet Trend

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

2021

Assets$6,565
Liabilities$2,685,908
Net Assets-$2,679,343

Operations Trend

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

2021

Revenue$0
Expenses$911,813
Net Income-$911,813
Jump To
Filing Snapshot
Filing Period
Aug 1, 2020 to Jul 31, 2021
Signed
Jun 10, 2022
Return Version
2020v4.2
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$236,691$6,565▼ $230,126
Total Assets$236,691$6,565▼ $230,126
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,853,256$2,653,721▲ $800,465
Accounts Payable and Accrued Expenses$250,965$32,187▼ $218,778
Total Liabilities$2,104,221$2,685,908▲ $581,687
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-1,867,530$-2,679,343▼ $811,813
Total Net Assets Fund Balance$-1,867,530$-2,679,343▼ $811,813
Total Liabilities and Net Assets / Fund Balance$236,691$6,565▼ $230,126
Compensation and Service Providers

Employees

NameTitleBaseTotal
Joseph MartinTreasurer$10,315$10,315

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
$-911,813
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$719,517
Other Expenses$158,004
Salaries, Compensation, and Employee Benefits$34,292
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$719,517--$719,517
Fees for Services Other$83,741$28,960-$112,701
Other Salaries and Wages$31,206$3,086-$34,292
Fees for Services Accounting-$20,180-$20,180
Interest$18,607--$18,607
Information Technology$3,000--$3,000
Insurance$1,350--$1,350
Fees for Services Legal-$1,100-$1,100
Other Expenses$384--$384
Total Functional Expenses$858,487$53,326$0$911,813
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Aeiou Scientific LLCAthens, OH-Start-up Funding$100,000
Octet Scientific IncCleveland, OH-Start-up Funding$100,000
On Demand Care CorpChagrin Falls, OH-Start-up Funding$75,000
Juggerbot 3d LLCYoungstown, OH-Start-up Funding$55,000
Deephire LLCAkron, OH-Start-up Funding$50,000
Roadprintz LLCCleveland Hts, OH-Start-up Funding$45,000
Neoex SystemsAmherst, OH-Start-up Funding$37,500
ThriveableBedford Hts, OH-Start-up Funding$35,000
Hyr Medical IncHighland Hts, OH-Start-up Funding$29,000
GatherCleveland, OH-Start-up Funding$25,000
Hive Skills IncAkron, OH-Start-up Funding$25,000
NeverendingCleveland, OH-Start-up Funding$25,000
Polylux LLCAkron, OH-Start-up Funding$25,000
Farm Fair LLCCleveland, OH-Start-up Funding$20,000
Mbrio TechnologiesPepper Pike, OH-Start-up Funding$20,000
Strife Ai LLCOlmsted Twp, OH-Start-up Funding$19,000
TeametrixCanfield, OH-Start-up Funding$15,000
Argyle Scientific IncUniontown, OH-Start-up Funding$12,500
Profitai IncCleveland, OH-Start-up Funding$5,000
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
2022-06-10
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 83,741. Management and general expenses 28,960. Fundraising expenses 0. Total expenses 112,701.

FORM 990, PART XI, LINE 9:

RETURNED GRANT 100,000.

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, 2021, ifa's income tax years from 2017 and thereafter remain subject to examination by the internal revenue service, as well as various state and local taxing authorities.

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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, 2021, IFA'S INCOME TAX YEARS FROM 2017 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/PurposeOfGrantTxt0START-UP FUNDING
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt17START-UP FUNDING
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt18START-UP FUNDING
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0AEIOU SCIENTIFIC LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1ARGYLE SCIENTIFIC INC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt2DEEPHIRE LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt3FARM FAIR LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt4GATHER
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt5HIVE SKILLS INC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt6HYR MEDICAL INC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt7JUGGERBOT 3D LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt8MBRIO TECHNOLOGIES
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt9NEOEX SYSTEMS
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt10NEVERENDING
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt11OCTET SCIENTIFIC INC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt12ON DEMAND CARE CORP
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt13POLYLUX LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt14PROFITAI INC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt15ROADPRINTZ LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt16STRIFE AI LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt17TEAMETRIX
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt18THRIVEABLE
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IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt2526 S MAIN ST STE 511
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt31956 W 25TH ST STE 302
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt42181 W 32ND ST
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt5213 OAKDALE AVE
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt6675 ALPHA DR STE E
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt7241 W FEDERAL STREET
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt832350 CHESTNUT LANE
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IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt101515 E 108TH ST
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IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt1234 S MAIN ST
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt13411 WOLF LEDGES PKWY STE 100
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IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt152120 LEE ROAD
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt169926 ETHAN DR
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt177120 ST URSULA DR
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt1826201 RICHMOND RD
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IRS990ScheduleI/RecipientTable/USAddress/CityNm14CLEVELAND
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IRS990ScheduleI/RecipientTable/USAddress/CityNm17CANFIELD
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IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd17OH
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IRS990ScheduleI/RecipientTable/USAddress/ZIPCd944011
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd1044016
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd1144114
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd1244022
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd1344311
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd1444103
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd1544118
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd1644138
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd1744406
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd1844146
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0INNOVATION FUND AMERICA INC. ("IFA INC.") ENSURES THAT ITS FUNDS ARE USED FOR INTENDED PURPOSES BY REQUIRING APPLICANTS TO SUBMIT AN APPLICATION WHICH FULLY DESCRIBES THE PROJECT THAT WILL BE FUNDED. IFA INC. REGULARLY CHECKS WITH THE RECIPIENTS TO ASSESS THEIR PROGRESS AND TO OBTAIN ASSURANCES THE FUNDS HAVE BEEN USED IN THE MANNER DESCRIBED IN THEIR APPLICATIONS.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 2:
IRS990ScheduleI/Total501c3OrgCnt00
IRS990ScheduleI/TotalOtherOrgCnt019
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0REVIEW OF FORM 990 - THE ORGANIZATION'S PROFESSIONAL STAFF AND MANAGEMENT REVIEWED FORM 990 BEFORE IT WAS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1MONITORING 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2AVAILABILITY OF DOCUMENTS - THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT POLICY, AND REVIEWED FINANCIAL STATEMENTS AVAILABLE TO THE GENERAL PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3CONTRACTED SERVICES: PROGRAM SERVICE EXPENSES 83,741. MANAGEMENT AND GENERAL EXPENSES 28,960. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 112,701.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4RETURNED GRANT 100,000.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B

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