Civic Intelligence

Innovation Fund America Inc.

990 • Fiscal year 2023 • EIN 46-1761848

Aug 01, 2022 to Jul 31, 2023 • Filed on Jun 11, 2024

1005 North Abbe Road 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

95.71x

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

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Liabilities / Revenue

100th percentile

197.66x

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

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Net Margin

1st percentile

-7290%

Higher net margin than 1% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Top Officer Pay

84th percentile

$17,000

Higher top officer pay than 84% of similar nonprofits.

Top officer pay equals 68.0% of source-year revenue.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Asset Growth

6th percentile

-75%

Faster asset growth than 6% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

Revenue Growth

44th percentile

0.0%

Faster revenue growth than 44% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

Assets

Down

$51,629

Down $158,735 (-75%) from 2022

Net Assets

Down

-$4,889,942

Down $1,822,538 (-59%) from 2022

Liabilities

Up

$4,941,571

Up $1,663,803 (+51%) from 2022

Revenue

Flat

$25,000

Flat from 2022

Expenses

Up

$1,847,538

Up $1,409,477 (+322%) from 2022

Net Income

Down

-$1,822,538

Down $1,409,477 (-341%) from 2022

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

2023

Assets$51,629
Liabilities$4,941,571
Net Assets-$4,889,942

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

2023

Revenue$25,000
Expenses$1,847,538
Net Income-$1,822,538
Jump To
Filing Snapshot
Filing Period
Aug 1, 2022 to Jul 31, 2023
Signed
Jun 11, 2024
Return Version
2022v5.0
Gross Receipts
$25,000
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$210,364$51,629▼ $158,735
Total Assets$210,364$51,629▼ $158,735
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,153,721$4,798,825▲ $1,645,104
Accounts Payable and Accrued Expenses$124,047$142,746▲ $18,699
Total Liabilities$3,277,768$4,941,571▲ $1,663,803
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-3,067,404$-4,889,942▼ $1,822,538
Total Net Assets Fund Balance$-3,067,404$-4,889,942▼ $1,822,538
Total Liabilities and Net Assets / Fund Balance$210,364$51,629▼ $158,735
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Joseph MartinTreasurerPT$17,000$17,000

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$25,000
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$25,000
Change in Net Assets
$-1,822,538
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,745,000
Other Expenses$75,264
Salaries, Compensation, and Employee Benefits$27,274
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,745,000--$1,745,000
Interest$53,807--$53,807
Current Officers, Directors, Trustees, and Key Employees$17,000--$17,000
Other Salaries and Wages$9,249$1,025-$10,274
Fees for Services Accounting$6,890--$6,890
Fees for Services Legal$2,765--$2,765
Insurance$1,897--$1,897
Information Technology$1,492--$1,492
Conferences and Meetings$821--$821
Other Expenses$695--$695
Total Functional Expenses$1,846,513$1,025$0$1,847,538
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Anemed IncCleveland, OH-Start-up Funding$150,000
Care Bloom LLCBeachwood, OH-Start-up Funding$150,000
Content Status LLCMentor, OH-Start-up Funding$150,000
Incaedium Initiative CorporationRocky River, OH-Start-up Funding$150,000
My Home Park IncChagrin Falls, OH-Start-up Funding$150,000
Neoindicate LLCWellington, OH-Start-up Funding$150,000
Octet Scientific IncCleveland, OH-Start-up Funding$150,000
Coag Co LLCBentleyville, OH-Start-up Funding$100,000
Neverending IncCleveland, OH-Start-up Funding$100,000
Roosense LLCCopley, OH-Start-up Funding$100,000
Cavalry Transport LLCBay Village, OH-Start-up Funding$50,000
Dentemp LLCFairview Park, OH-Start-up Funding$50,000
Mic Monitor LLC Dba CorrolyticsAkron, OH-Start-up Funding$50,000
Rh2 LLCCenterville, OH-Start-up Funding$50,000
Trance Medical LLCYoungstown, OH-Start-up Funding$50,000
Uavistas LLCEast Cleveland, OH-Start-up Funding$50,000
Zsense Systems LLCAkron, OH-Start-up Funding$50,000
Courtesy Cup LLCNorth Canton, OH-Start-up Funding$25,000
Sivad Marketing LtdCleveland, OH-Start-up Funding$20,000
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 CC220, ELYRIA, OH 44035

Signing Officer

Name
Tracy Green
Title
Director
Phone
4403664274
Signed
2024-06-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Roy a Church
Formed
2012
Legal Domicile
Oh
Voting Board Members
8
Independent Board Members
8
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

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, 2023, ifa's income tax years from 2019 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 524 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/TotalAmt050000
IRS990ScheduleA/TotalSupportAmt050000
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IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
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IRS990/ScheduleBRequiredInd01
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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, 2023, IFA'S INCOME TAX YEARS FROM 2019 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:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
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IRS990ScheduleI/RecipientTable/CashGrantAmt520000
IRS990ScheduleI/RecipientTable/CashGrantAmt6150000
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IRS990ScheduleI/RecipientTable/CashGrantAmt1550000
IRS990ScheduleI/RecipientTable/CashGrantAmt16150000
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IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt20
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt30
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt40
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IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt70
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt80
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt90
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt2START-UP FUNDING
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt4START-UP FUNDING
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt5START-UP FUNDING
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt6START-UP FUNDING
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt7START-UP FUNDING
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt8START-UP FUNDING
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt9START-UP FUNDING
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt12START-UP FUNDING
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt13START-UP FUNDING
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt14START-UP FUNDING
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt15START-UP FUNDING
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt16START-UP FUNDING
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt17START-UP FUNDING
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IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt2CARE BLOOM LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt3MIC MONITOR LLC DBA CORROLYTICS
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt4ZSENSE SYSTEMS LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt5SIVAD MARKETING LTD
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt6CONTENT STATUS LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt7MY HOME PARK INC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt8NEOINDICATE LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt9CAVALRY TRANSPORT LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt10DENTEMP LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt11OCTET SCIENTIFIC INC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt12COURTESY CUP LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt13COAG CO LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt14ANEMED INC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt15RH2 LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt16INCAEDIUM INITIATIVE CORPORATION
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt17UAVISTAS LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt18TRANCE MEDICAL LLC
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IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt1411000 CEDAR AVE
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IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt1621694 KENWOOD AVE
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt171528 GLENMONT ROAD
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt1834 W FEDERAL ST UNIT 303
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IRS990ScheduleI/RecipientTable/USAddress/CityNm8WELLINGTON
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IRS990ScheduleI/RecipientTable/USAddress/CityNm12NORTH CANTON
IRS990ScheduleI/RecipientTable/USAddress/CityNm13BENTLEYVILLE
IRS990ScheduleI/RecipientTable/USAddress/CityNm14CLEVELAND
IRS990ScheduleI/RecipientTable/USAddress/CityNm15CENTERVILLE
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IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0OH
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IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd3OH
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd4OH
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd5OH
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd6OH
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd7OH
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd8OH
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