Civic Intelligence

Innovation Fund Foundation

990 • Fiscal year 2020 • EIN 47-1881242

Jul 01, 2019 to Jun 30, 2020 • Filed on Nov 16, 2020

Organization ProfileWWW.IFFGA.ORG
205 Jesse Hill Jr DriveAtlanta, GA 30334

(404) 463-1160

Siviq Scores

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

Liabilities / Assets

83rd percentile

0.56x

Higher debt load relative to assets than 83% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

99th percentile

23.48x

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

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

1st percentile

-5083%

Higher net margin than 1% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

37th percentile

$0

Higher top officer pay than 37% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

2nd percentile

-39%

Faster asset growth than 2% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

1st percentile

-95%

Faster revenue growth than 1% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets83rd percentile

Assets

Down

$1,286,451

Down $835,015 (-39%) from 2019

Net Assets

Down

$570,870

Down $1,549,205 (-73%) from 2019

Liabilities

Up

$715,581

Up $714,190 (+51344%) from 2019

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin1st percentile

Revenue

Down

$30,477

Down $623,786 (-95%) from 2019

Expenses

Up

$1,579,682

Up $1,493,844 (+1740%) from 2019

Net Income

Down

-$1,549,205

Down $2,117,630 (-373%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth2nd percentile

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

$3.0M$2.0M$1.0M$0Assets 2014: $47,236Liabilities 2014: $02014Assets 2015: $47,050Liabilities 2015: $02015Assets 2018: $1,554,650Liabilities 2018: $3,000Net Assets 2018: $1,551,6502018Assets 2019: $2,121,466Liabilities 2019: $1,391Net Assets 2019: $2,120,0752019Assets 2020: $1,286,451Liabilities 2020: $715,581Net Assets 2020: $570,8702020Assets 2021: $814,837Liabilities 2021: $493,634Net Assets 2021: $321,2032021

Highlighted filing

2020

Assets$1,286,451
Liabilities$715,581
Net Assets$570,870
Open 2020 Filing

Operations Trend

Revenue Growth1st percentile

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

$2.0M$1.0M$0-$1.0M-$2.0MRevenue 2014: $49,090Expenses 2014: $1,853Net Income 2014: $47,2372014Revenue 2015: $0Expenses 2015: $187Net Income 2015: -$1872015Revenue 2018: $1,508,808Expenses 2018: $3,519Net Income 2018: $1,505,2892018Revenue 2019: $654,263Expenses 2019: $85,838Net Income 2019: $568,4252019Revenue 2020: $30,477Expenses 2020: $1,579,682Net Income 2020: -$1,549,2052020Revenue 2021: $64,902Expenses 2021: $314,569Net Income 2021: -$249,6672021

Highlighted filing

2020

Revenue$30,477
Expenses$1,579,682
Net Income-$1,549,205
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Nov 16, 2020
Return Version
2019v5.0
Gross Receipts
$30,477
Mission and Program Overview

Mission

The innovation fund foundation exists to improve student achievement in georgia by funding innovative partnerships to redesign public education.

The Innovation Fund Foundation, Inc. supports the work of the Govenor's Office of Student Achievement in planning, implementing or scaling innovative education programs. The Govenor's Office of Student Achievement oversees and administers the Innovation Fund, which invests in innovative projects focused on the Govenor's educatonal priority areas. The Innovation Fund Foundation, Inc. will support the Innovation Fund's work as well as the Govenor's Honor Program GHP, a statewide residential summer program for gifted and talented high school students.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$2,050,199$1,221,678▼ $828,521
Cash and Non-Interest-Bearing Accounts$66,276$45,707▼ $20,569
Accounts Receivable$4,991$19,066▲ $14,075
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$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-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$2,121,466$1,286,451▼ $835,015
Other Assets Total-$0-
Liabilities
Grants Payable-$715,581-
Accounts Payable and Accrued Expenses$1,391--
Total Liabilities$1,391$715,581▲ $714,190
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,120,075$570,870▼ $1,549,205
Total Net Assets Fund Balance$2,120,075$570,870▼ $1,549,205
Total Liabilities and Net Assets / Fund Balance$2,121,466$1,286,451▼ $835,015
Compensation and Service Providers
Top Officer Pay37th percentile

Board Members and Trustees

NameTitle
Mike DudgeonChairman
Ed ChangDirector
J Carl CampbellDirector
Jack ParishDirector
Jason AnavitarteDirector
Myrna BallardDirector
Paula WeeksDirector
Rep Valencia StovallDirector
Joy HawkinsSecretary
Jodie SnowTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$29,231
Program Service Revenue
$0
Investment Income
$1,246
Other Revenue
$0
All Other Contributions
$29,231
Change in Net Assets
$-1,549,205
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,549,131
Other Expenses$30,551
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,549,131--$1,549,131
Fees for Services Accounting-$9,147-$9,147
Insurance-$497-$497
Other Expenses$20,517$390-$390
Total Functional Expenses$1,569,648$10,034$0$1,579,682
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Govs Office of Plan & BudgetAtlanta, GAState of GeorgiaInnovative Education$1,529,131
GA Foundation for Public EduAtlanta, GA501(c)(3)Innovative education$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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
No
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, Line 11B: Form 990 Review Process

“Management will review the 990, send it to the GOSA Executive Director for approval and then it will be electronically sent to the board for review.”

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

“Governing documents are available on the website. Financial statements are available upon request per statute.”

Filing and Contact Details

Filer

Filer Name
Innovation Fund Foundation Inc
EIN
47-1881242
Phone
4044631160
Address
205 Jesse Hill Jr Drive, Atlanta, GA 30334

Signing Officer

Name
Jaclyn Colona
Title
Executive Director
Signed
2020-11-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joy Hawkins
Formed
2013
Legal Domicile
Ga
Voting Board Members
9
Independent Board Members
9
Employees
0
Volunteers
11

Preparer

Firm
Qbix Accounting Solutions LLC
Address
500A Northside Crossing, Macon, GA 31210
Preparer
Clarence L Davidson
Phone
4787870532
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt02189945
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt01246
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt01349
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt01008
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt03603
IRS990ScheduleA/OtherIncome170Grp/TotalAmt00
IRS990ScheduleA/PublicSupportCY170Pct00.93460
IRS990ScheduleA/PublicSupportTotal170Amt02050066
IRS990ScheduleA/SubstantialContributorsTotAmt0139879
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt029231
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0652914
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt01507800
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt02189945
IRS990ScheduleA/TotalSupportAmt02193548
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
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IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
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IRS990ScheduleI/GrantRecordsMaintainedInd0true
IRS990ScheduleI/RecipientTable/CashGrantAmt020000
IRS990ScheduleI/RecipientTable/CashGrantAmt11529131
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(c)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc1State of Georgia
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt00
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt10
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0Innovative education
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1Innovative Education
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0GA Foundation for Public Edu
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1Govs Office of Plan & Budget
IRS990ScheduleI/RecipientTable/RecipientEIN0842471357
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0205 Jesse Hill Jr Drive
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt12 Capitol Square SW
IRS990ScheduleI/RecipientTable/USAddress/CityNm0Atlanta
IRS990ScheduleI/RecipientTable/USAddress/CityNm1Atlanta
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0GA
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd1GA
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd030334
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd130334
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0The grants are all reimbursement-based, meaning the funds are not awarded upfront. The funds are reimbursed on a quarterly basis. To receive reimbursement, the grantee completes a quarterly report template indicating the total amount requested, as well as a breakdown of the total amount which includes a description of each line item for which they are requesting reimbursement. Then, each line item must have corresponding documentation that proves purchase. All requested items must align with the original budget. If there are items with missing, incorrect, or incomplete documentation, the grant manager follows-up with the grantee to provide the correct documentation. After the documentation is matched with the requested items, the reimbursement is requested through the State of Georgias Office of Planning and Budget OPB. The OPB invoices the IFF on a quarterly basis for all items reimbursed to grantees.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0Grantmaker's Description of How Grants are Used
IRS990ScheduleI/Total501c3OrgCnt02
IRS990ScheduleI/TotalOtherOrgCnt00
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Management will review the 990, send it to the GOSA Executive Director for approval and then it will be electronically sent to the board for review.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Governing documents are available on the website. Financial statements are available upon request per statute.
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
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt010034
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01569648
IRS990/TotalFunctionalExpensesGrp/TotalAmt01579682
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01391
IRS990/TotalLiabilitiesEOYAmt0715581
IRS990/TotalLiabilitiesGrp/BOYAmt01391
IRS990/TotalLiabilitiesGrp/EOYAmt0715581
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt02120075
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0570870
IRS990/TotalProgramServiceExpensesAmt01569648
IRS990/TotalProgramServiceRevenueAmt00
IRS990/TotalRevenueGrp/ExclusionAmt01246
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt030477
IRS990/TotalVolunteersCnt011
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt02121466
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01286451
IRS990/TravelGrp/TotalAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0205 Jesse Hill Jr Drive 952
IRS990/USAddress/CityNm0Atlanta
IRS990/USAddress/StateAbbreviationCd0GA
IRS990/USAddress/ZIPCd0303349033
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IRS990/WebsiteAddressTxt0WWW.IFFGA.ORG
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ReturnHeader/BuildTS02021-01-29 14:40:06Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Jaclyn Colona
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Executive Director
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-11-16
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Innovation Fund Foundation Inc
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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
$1,286,451
Liabilities
$715,581
Net assets
$570,870
Revenue
$30,477
Expenses
$1,579,682
Net income
-$1,549,205
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2021Detailed filing. Detailed filing data is available for this year.$0.81$0.49$0.32$0.06$0.31$0.25
2020Detailed filing. Detailed filing data is available for this year.$1.29$0.72$0.57$0.03$1.58$1.55
2019Detailed filing. Detailed filing data is available for this year.$2.12$0.00$2.12$0.65$0.09$0.57
2018Detailed filing. Detailed filing data is available for this year.$1.55$0.00$1.55$1.51$0.00$1.51
2015Summary only. Only limited summary data is available for this year.$0.05$0.00$0.00$0.00$0.00
2014Summary only. Only limited summary data is available for this year.$0.05$0.00$0.05$0.00$0.05