Civic Intelligence

Economic Innovation Group Inc

990 • Fiscal year 2019 • EIN 46-2450336

Jan 01, 2019 to Dec 31, 2019 • Filed on Nov 13, 2020

616 H STREET NW Suite 550Washington, DC 20001

(202) 839-3713

Siviq Scores

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

Liabilities / Assets

59th percentile

0.19x

Higher debt load relative to assets than 59% of similar nonprofits.

2019 filings • 501(c)4 • $5M-$10M nonprofits • Source year 2019

Liabilities / Revenue

42nd percentile

0.11x

Higher debt load relative to revenue than 42% of similar nonprofits.

2019 filings • 501(c)4 • $5M-$10M nonprofits • Source year 2019

Net Margin

82nd percentile

35%

Higher net margin than 82% of similar nonprofits.

2019 filings • 501(c)4 • $5M-$10M nonprofits • Source year 2019

Top Officer Pay

94th percentile

$470,700

Higher top officer pay than 94% of similar nonprofits.

Top officer pay equals 8.5% of source-year revenue.

2019 filings • 501(c)4 • $5M-$10M nonprofits • Source year 2019

Asset Growth

97th percentile

193%

Faster asset growth than 97% of similar nonprofits.

2019 filings • 501(c)4 • $5M-$10M nonprofits • Annualized from 2018 to 2019

Revenue Growth

92nd percentile

65%

Faster revenue growth than 92% of similar nonprofits.

2019 filings • 501(c)4 • $5M-$10M nonprofits • Annualized from 2018 to 2019

Assets

Up

$3,150,656

Up $2,074,243 (+193%) from 2018

Net Assets

Up

$2,537,306

Up $1,916,562 (+309%) from 2018

Liabilities

Up

$613,350

Up $157,681 (+35%) from 2018

Revenue

Up

$5,545,108

Up $2,178,652 (+65%) from 2018

Expenses

Up

$3,628,546

Up $575,390 (+19%) from 2018

Net Income

Up

$1,916,562

Up $1,603,262 (+512%) from 2018

Historical Trend

Balance Sheet Trend

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

$10M$5.0M$0Assets 2013: $1,372,121Liabilities 2013: $78,970Net Assets 2013: $1,293,1512013Assets 2014: $1,586,018Liabilities 2014: $60,365Net Assets 2014: $1,525,6532014Assets 2015: $3,888,406Liabilities 2015: $191,385Net Assets 2015: $3,697,0212015Assets 2016: $719,594Liabilities 2016: $313,899Net Assets 2016: $405,6952016Assets 2017: $587,580Liabilities 2017: $280,136Net Assets 2017: $307,4442017Assets 2018: $1,076,413Liabilities 2018: $455,669Net Assets 2018: $620,7442018Assets 2019: $3,150,656Liabilities 2019: $613,350Net Assets 2019: $2,537,3062019Assets 2020: $4,158,156Liabilities 2020: $504,510Net Assets 2020: $3,653,6462020Assets 2021: $5,887,257Liabilities 2021: $630,291Net Assets 2021: $5,256,9662021Assets 2022: $5,972,654Liabilities 2022: $530,895Net Assets 2022: $5,441,7592022Assets 2023: $7,784,859Liabilities 2023: $636,142Net Assets 2023: $7,148,7172023Assets 2024: $9,370,955Liabilities 2024: $2,169,643Net Assets 2024: $7,201,3122024

Highlighted filing

2019

Assets$3,150,656
Liabilities$613,350
Net Assets$2,537,306

Operations Trend

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

$10M$5.0M$0-$5.0MRevenue 2013: $1,971,716Expenses 2013: $678,565Net Income 2013: $1,293,1512013Revenue 2014: $1,501,583Expenses 2014: $1,269,081Net Income 2014: $232,5022014Revenue 2015: $5,005,696Expenses 2015: $2,834,328Net Income 2015: $2,171,3682015Revenue 2016: $396,443Expenses 2016: $3,687,769Net Income 2016: -$3,291,3262016Revenue 2017: $2,963,062Expenses 2017: $3,061,313Net Income 2017: -$98,2512017Revenue 2018: $3,366,456Expenses 2018: $3,053,156Net Income 2018: $313,3002018Revenue 2019: $5,545,108Expenses 2019: $3,628,546Net Income 2019: $1,916,5622019Revenue 2020: $4,562,267Expenses 2020: $3,482,976Net Income 2020: $1,079,2912020Revenue 2021: $6,209,477Expenses 2021: $4,569,108Net Income 2021: $1,640,3692021Revenue 2022: $5,211,631Expenses 2022: $5,026,838Net Income 2022: $184,7932022Revenue 2023: $6,446,450Expenses 2023: $4,781,746Net Income 2023: $1,664,7042023Revenue 2024: $5,679,893Expenses 2024: $5,806,034Net Income 2024: -$126,1412024

Highlighted filing

2019

Revenue$5,545,108
Expenses$3,628,546
Net Income$1,916,562
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 13, 2020
Return Version
2019v5.1
Gross Receipts
$5,545,108
Mission and Program Overview

Mission

The organization is primarily focused on public interest advocacy activities to promote the ideas, public policy, and investment needed to drive economic growth in America. The organization will work to develop bipartisan policy solutions that unlock private sector capital to spur economic growth.

Primarily focused on public interest research and advocacy activities to promote ideas, public policy, and investment needed to drive economic growth in america.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$620,744$2,537,306▲ $1,916,562
Savings and Temporary Cash Investments$329,237$2,355,326▲ $2,026,089
Cash and Non-Interest-Bearing Accounts$629,755$724,006▲ $94,251
Prepaid Expenses and Deferred Charges$67,455$42,626▼ $24,829
Land, Buildings, and Equipment, Net$10,493$0▼ $10,493
Accounts Receivable$10,867$92▼ $10,775
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$1,076,413$3,150,656▲ $2,074,243
Other Assets Total$28,606$28,606→ $0
Liabilities
Deferred Revenue$217,292$255,104▲ $37,812
Other Liabilities$155,218$248,997▲ $93,779
Accounts Payable and Accrued Expenses$83,159$109,249▲ $26,090
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$455,669$613,350▲ $157,681
Net Assets / Fund Balance
Total Net Assets Fund Balance$620,744$2,537,306▲ $1,916,562
Total Liabilities and Net Assets / Fund Balance$1,076,413$3,150,656▲ $2,074,243

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$0$61,660$61,660
Leasehold Improvements$0$6,662$6,662
Equipment$0$2,907$2,907
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
John LettieriPresident & CEOFT$363,061$107,639$470,700
Christopher SlevinVice PresidentFT$250,000$53,038$303,038
Kenan FikriDirector of ResearchFT$154,003$36,655$190,658
Rachel ReillyDirector of Impact StrategyFT$135,813$29,093$164,906
Milica CosicDirector of Operations and EventsFT$124,647$36,520$161,167
Catherine LyonsManager for Policy/CoalitionsFT$101,814$6,169$107,983

Board Members and Trustees

NameTitle
Sean ParkerChair of the Board
Joe SanbergDirector
Michael PolanksySecretary/treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Steptoe Johnson LLPLegal/govt.relations1330 CONNECTICUT AVE NW, Washington, DC 20036-1795$345,279
Hamilton Place Strategies LLCPublic Relations805 15th Street NW 2nd Floor, Washington, DC 20005$212,177
Moody's AnalyticsEconomic Research7 World Trade Center, New York, NY 10006$125,000
Revenue and Support

Revenue Composition

Contributions and Grants
$5,023,100
Program Service Revenue
$519,438
Investment Income
$2,570
Other Revenue
$0
All Other Contributions
$5,023,100
Change in Net Assets
$1,916,562
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,897,580
Other Expenses$1,730,966
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,044,994$155,282-$1,200,276
Fees for Services Other$574,370$44,015$0$618,385
Current Officers, Directors, Trustees, and Key Employees$327,807$176,511$0$504,318
Occupancy$227,957$52,196-$280,153
Fees for Services Lobbying$250,103--$250,103
Fees for Services Legal-$130,348-$130,348
Travel$112,811--$112,811
Information Technology$99,321$1,565-$100,886
Payroll Taxes$79,372$17,251-$96,623
Conferences and Meetings$65,597$13,091-$78,688
Other Employee Benefits$41,134$14,043-$55,177
Office Expenses$41,365$4,875-$46,240
Pension Plan Contributions$33,705$7,481-$41,186
Fees for Services Accounting-$39,441-$39,441
All Other Expenses$293$19,062-$19,355
Depreciation Depletion-$10,493-$10,493
Other Expenses$7,810$2,699-$7,810
Insurance-$2,657-$2,657
Advertising$1,767--$1,767
Total Functional Expenses$2,937,536$691,010$0$3,628,546
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

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

Other Reported Liabilities

LiabilityAmount
Accrued Vacation & Bonus Payable$207,748
Deferred Rent$41,249
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

FORM 990, PART VI, LINE 2 - BUSINESS/FAMILY RELATIONSHIP:

Sean parker and michael polansky have a business relationship.

FORM 990, PART VI, LINE 6 - EXPLANATION OF CLASSES OF MEMBERSHIP:

The corporation currently has one member.

FORM 990, PART VI, LINE 7A - HOW MEMBERS ELECT GOVERNING BODY:

The member(s) of the corporation elect(s) the directors.

FORM 990, PART VI, LINE 7B - GOVERNANCE DECISIONS:

The member of the corporation has voting rights as provided under Delaware law.

FORM 990, PART VI, LINE 11B - FORM 990 REVIEW PROCESS:

The form 990 is prepared by an independent certified accounting firm, engaged by eig, and forwards a draft copy of the form 990 for review by the president, legal counsel and accounting services. Upon approval of the form 990, a copy is then made available to the board of directors prior to filing.

FORM 990, PART VI, LINE 12C - MONITORING CONFLICTS OF INTERESTS:

The organization's conflict of interest policy applies to directors, officers, and key employees. The policy requires an annual disclosure of conflicts of interest as described in the policy.

FORM 990, PART VI, LINE 15A - COMPENSATION REVIEW & APPROVAL:

The board of directors approved the compensation of the president & chief executive officer.

FORM 990, PART VI, LINE 19 - OTHER ORGANIZATION DOCUMENTS:

Governing documents are available upon request. Financial statements are not made available to public.

Filing and Contact Details

Filer

Filer Name
Economic Innovation Group Inc
EIN
46-2450336
In Care Of
% JOHN LETTIERI
Phone
2028393713
Address
616 H STREET NW Suite 550, WASHINGTON, DC 20001

Signing Officer

Name
John Lettieri
Title
President & CEO
Phone
2028393713
Signed
2020-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John Lettieri
Formed
2013
Legal Domicile
De
Voting Board Members
4
Independent Board Members
3
Employees
18
Volunteers
1

Preparer

Firm
Withumsmithbrownpc
Address
4600 EAST WEST HWY 900, BETHESDA, MD 20814-3423
Preparer
Richard L Ruvelson
Phone
3012726000
Supplemental Narrative

Additional Explanations

FORM 990, PART III, LINE 1 - ORGANIZATION'S MISSION

Eig's mission is to advance public policy solutions that empower entrepreneurs and investors to forge a more dynamic and entrepreneurial economy throughout america. Specifically, eig is focused on developing and advocating for policies that will revitalize distressed communities through private investment, support entrepreneurship and the growth of new businesses, and create an ecosystem for a more innovative u.s. Economy.

FORM 990, PART III - PROGRAM SERVICE, LINE 4A:

The organization is engaged in advocacy, coalition building, educational, and public relations activities that will provide a forum and resource for the creation, discussion, and execution of innovative economic policy. 2019 program service accomplishments ==================================== opportunity zones ----------------- the opportunity zones incentive was established by congress in the tax cuts and jobs act of 2017 as an innovative approach to spurring long- term private investments in low-income urban and rural communities nationwide. Opportunity zones is based on the bipartisan investing in opportunity act, which was championed by senators tim scott (r-sc) and cory booker (d-nj) and representatives pat tiberi (r-oh) and ron kind (d-wi), who led a regionally and politically diverse coalition of nearly 100 congressional cosponsors. Eig originally developed the concept in 2015 to help address the persistent poverty and uneven recovery that have left too many american communities behind. In 2019, eig developed the opportunity zones activity map, an interactive digital portal highlighting innovative investments, funds, and initiatives launched across the country. In addition, eig leads a working group of over 80 wide-ranging stakeholder organizations to share opportunity zones best practices, technical information, developments, and facilitate peer-to-peer learning. Demographic decline and heartland visas ---------------------------------------- eig released "from managing decline to building the future: could a heartland visa help struggling regions," a report that explores the scale and consequences of current u.s. Demographic trends and proposes the heartland visa, a new place-based immigration policy as a tool to help communities impacted by demographic decline. Non-compete agreement reform ---------------------------------------- eig released "the use, abuse, and enforceability of non-compete and no-poach agreements," a review of the theory and evidence of the harmful impact of non-compete and no-poach agreements on u.s. Economic dynamism, as well as an overview of recent reform efforts. Eig work helped to bring the issue of non-compete reform to the forefront of the national debate and was instrumental in the introduction of the first federal bipartisan legislation to reform the use of non-compete agreements nationwide, the "workforce mobility act." partnerships and events ----------------------- eig convened important economic research and policy conversations with a wide array of partners and stakeholders throughout the year, including the "forbes opportunity zones summit the "accelerator for america stanford opportunity zone investor summit the "southeastern regional opportunity zones summit an "opportunity zones roundtable" as part of the rise of the rest 2019 tour; and a new series of book talks focused on geographic inequality, economic dynamism, and the future of the economy.

Form 990 Part IX Line 11G

Description:consultants total fees:357193

Form 990 Part IX Line 11G

Description:recruiting total fees:1179

Form 990 Part IX Line 11G

Description:public relations total fees:257177

Form 990 Part IX Line 11G

Description:payroll fees total fees:1413

Form 990 Part IX Line 11G

Description:expensify fees total fees:727

Form 990 Part IX Line 11G

Description:401k admin fees total fees:696

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IRS990/Form990PartVIISectionAGrp/PersonNm0JOHN LETTIERI
IRS990/Form990PartVIISectionAGrp/PersonNm1Christopher Slevin
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IRS990/Form990PartVIISectionAGrp/PersonNm3Rachel Reilly
IRS990/Form990PartVIISectionAGrp/PersonNm4MILICA COSIC
IRS990/Form990PartVIISectionAGrp/PersonNm5Catherine Lyons
IRS990/Form990PartVIISectionAGrp/PersonNm6SEAN PARKER
IRS990/Form990PartVIISectionAGrp/PersonNm7MICHAEL POLANKSY
IRS990/Form990PartVIISectionAGrp/PersonNm8JOE SANBERG
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt1Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR OF RESEARCH
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director of Impact Strategy
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIR. OF OPERATIONS AND EVENTS
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IRS990/Form990PartVIISectionAGrp/TitleTxt6CHAIR OF THE BOARD
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