Civic Intelligence

Innovation Fund Foundation Inc

990 • Fiscal year 2021 • EIN 47-1881242

Jul 01, 2020 to Jun 30, 2021 • Filed on Nov 17, 2021

Organization ProfileWWW.IFFGA.ORG
205 Jesse Hill Jr Drive 952Atlanta, GA 30334

(404) 463-1160

Siviq Scores

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

Liabilities / Assets

89th percentile

0.61x

Higher debt load relative to assets than 89% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Liabilities / Revenue

98th percentile

7.61x

Higher debt load relative to revenue than 98% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Net Margin

1st percentile

-385%

Higher net margin than 1% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Top Officer Pay

52nd percentile

$0

Higher top officer pay than 52% of similar nonprofits.

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

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Asset Growth

3rd percentile

-37%

Faster asset growth than 3% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2020 to 2021

Revenue Growth

88th percentile

113%

Faster revenue growth than 88% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets89th percentile

Assets

Down

$814,837

Down $471,614 (-37%) from 2020

Net Assets

Down

$321,203

Down $249,667 (-44%) from 2020

Liabilities

Down

$493,634

Down $221,947 (-31%) from 2020

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin1st percentile

Revenue

Up

$64,902

Up $34,425 (+113%) from 2020

Expenses

Down

$314,569

Down $1,265,113 (-80%) from 2020

Net Income

Up

-$249,667

Up $1,299,538 (+84%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth3rd 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

2021

Assets$814,837
Liabilities$493,634
Net Assets$321,203
Open 2021 Filing

Operations Trend

Revenue Growth88th 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

2021

Revenue$64,902
Expenses$314,569
Net Income-$249,667
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Nov 17, 2021
Return Version
2020v4.0
Gross Receipts
$64,902
Mission and Program Overview

Mission

The Innovative 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 Governor's Office of Student Achievement in planning, implementing or scaling innovative education programs. The Governor's Office of Student Achievement oversees and administers the Innovation Fund, which invests in innovative projects focused on the Governor's educatonal priority areas. The Innovation Fund Foundation, Inc. will support the Innovation Fund's work as well as the Governor'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$1,221,678$663,248▼ $558,430
Cash and Non-Interest-Bearing Accounts$45,707$144,023▲ $98,316
Accounts Receivable$19,066$7,566▼ $11,500
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$1,286,451$814,837▼ $471,614
Other Assets Total-$0-
Liabilities
Grants Payable$715,581$493,634▼ $221,947
Total Liabilities$715,581$493,634▼ $221,947
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$570,870$321,203▼ $249,667
Total Net Assets Fund Balance$570,870$321,203▼ $249,667
Total Liabilities and Net Assets / Fund Balance$1,286,451$814,837▼ $471,614
Compensation and Service Providers
Top Officer Pay52nd 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
$64,771
Program Service Revenue
$0
Investment Income
$131
Other Revenue
$0
All Other Contributions
$64,771
Change in Net Assets
$-249,667
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$304,284
Other Expenses$10,285
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$304,284--$304,284
Fees for Services Accounting-$9,840-$9,840
Other Expenses-$445-$445
Total Functional Expenses$304,284$10,285$0$314,569
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Govs Office of Plan & BudgetAtlanta, GAState of GeorgiaInnovative Education$244,784
Amana Academy IncAlpharetta, GA501(c)(3)Innovative Education$10,000
Early Cty High SchoolBlakely, GAPublic SchoolInnovative Education$10,000
Pelham City School SystemPelham, GAPublic SchoolInnovative Education$10,000
Richmond County School SystemBlythe, GAPublic SchoolInnovative Education$10,000
Whitfield County SchoolDalon, GAPublic SchoolInnovative Education$10,000
Stone Mountain ElementaryStone Mountain, GAPublic SchoolInnovative Education$9,500
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 952, Atlanta, GA 30334

Signing Officer

Name
Jaclyn Colona
Title
Executive Director
Signed
2021-11-17
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/CurrentTaxYearMinus3YearsAmt01507800
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt02254716
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0131
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt01246
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt01349
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt01008
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt03734
IRS990ScheduleA/OtherIncome170Grp/TotalAmt00
IRS990ScheduleA/PublicSupportCY170Pct00.00000
IRS990ScheduleA/PublicSupportTotal170Amt02116135
IRS990ScheduleA/SubstantialContributorsTotAmt0138581
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/TotalAmt00
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt064771
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt029231
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0652914
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt01507800
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt02254716
IRS990ScheduleA/TotalSupportAmt02258450
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleI/GrantRecordsMaintainedInd0true
IRS990ScheduleI/RecipientTable/CashGrantAmt010000
IRS990ScheduleI/RecipientTable/CashGrantAmt110000
IRS990ScheduleI/RecipientTable/CashGrantAmt2244784
IRS990ScheduleI/RecipientTable/CashGrantAmt310000
IRS990ScheduleI/RecipientTable/CashGrantAmt410000
IRS990ScheduleI/RecipientTable/CashGrantAmt59500
IRS990ScheduleI/RecipientTable/CashGrantAmt610000
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(c)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc1Public School
IRS990ScheduleI/RecipientTable/IRCSectionDesc2State of Georgia
IRS990ScheduleI/RecipientTable/IRCSectionDesc3Public School
IRS990ScheduleI/RecipientTable/IRCSectionDesc4Public School
IRS990ScheduleI/RecipientTable/IRCSectionDesc5Public School
IRS990ScheduleI/RecipientTable/IRCSectionDesc6Public School
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt00
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt10
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt20
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt30
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt40
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt50
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt60
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0Innovative Education
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1Innovative Education
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt2Innovative Education
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt3Innovative Education
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt4Innovative Education
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt5Innovative Education
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt6Innovative Education
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0Amana Academy Inc
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1Early Cty High School
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt2Govs Office of Plan & Budget
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt3Pelham City School System
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt4Richmond County School System
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt5Stone Mountain Elementary
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt6Whitfield County School
IRS990ScheduleI/RecipientTable/RecipientEIN0161675588
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0285 S Main St
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt112020 Columbia Street
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt22 Capitol Square SW
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt3203 Mathewson Ave
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt4290 Church Street
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt56720 James B Rivers Drive
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt61306 South Thornton Avenue
IRS990ScheduleI/RecipientTable/USAddress/CityNm0Alpharetta
IRS990ScheduleI/RecipientTable/USAddress/CityNm1Blakely
IRS990ScheduleI/RecipientTable/USAddress/CityNm2Atlanta
IRS990ScheduleI/RecipientTable/USAddress/CityNm3Pelham
IRS990ScheduleI/RecipientTable/USAddress/CityNm4Blythe
IRS990ScheduleI/RecipientTable/USAddress/CityNm5Stone Mountain
IRS990ScheduleI/RecipientTable/USAddress/CityNm6Dalon
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0GA
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd1GA
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd2GA
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd3GA
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd4GA
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd5GA
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd6GA
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd030009
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd139823
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd230334
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd331779
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd430805
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd530083
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd630720
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/Total501c3OrgCnt01
IRS990ScheduleI/TotalOtherOrgCnt06
IRS990/ScheduleJRequiredInd0false
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
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0GA
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01286451
IRS990/TotalAssetsEOYAmt0814837
IRS990/TotalAssetsGrp/BOYAmt01286451

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$814,837
Liabilities
$493,634
Net assets
$321,203
Revenue
$64,902
Expenses
$314,569
Net income
-$249,667
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