Civic Intelligence

Limbitless Solutions Inc

990 • Fiscal year 2022 • EIN 47-1944657

Jul 01, 2021 to Jun 30, 2022 • Filed on May 15, 2023

12424 Research Pkwy 300Orlando, FL 32826

(407) 882-2241

Siviq Scores

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

Liabilities / Assets

66th percentile

0.09x

Higher debt load relative to assets than 66% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Liabilities / Revenue

76th percentile

0.19x

Higher debt load relative to revenue than 76% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Net Margin

15th percentile

-22%

Higher net margin than 15% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Top Officer Pay

100th percentile

$887,120

Higher top officer pay than 100% of similar nonprofits.

Top officer pay equals 249.7% of source-year revenue.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Asset Growth

10th percentile

-22%

Faster asset growth than 10% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Revenue Growth

6th percentile

-54%

Faster revenue growth than 6% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Assets

Down

$785,743

Down $219,111 (-22%) from 2021

Net Assets

Down

$716,482

Down $77,853 (-9.8%) from 2021

Liabilities

Down

$69,261

Down $141,258 (-67%) from 2021

Revenue

Down

$355,233

Down $410,478 (-54%) from 2021

Expenses

Up

$433,086

Up $117,967 (+37%) from 2021

Net Income

Down

-$77,853

Down $528,445 (-117%) from 2021

Historical Trend

Balance Sheet Trend

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

$1.5M$1.0M$500K$0Assets 2015: $101,020Liabilities 2015: $0Net Assets 2015: $101,0202015Assets 2016: $134,937Liabilities 2016: $0Net Assets 2016: $134,9372016Assets 2017: $204,391Liabilities 2017: $6002017Assets 2018: $245,797Liabilities 2018: $189Net Assets 2018: $245,6082018Assets 2019: $387,295Liabilities 2019: $4,717Net Assets 2019: $382,5782019Assets 2020: $470,665Liabilities 2020: $126,922Net Assets 2020: $343,7432020Assets 2021: $1,004,854Liabilities 2021: $210,519Net Assets 2021: $794,3352021Assets 2022: $785,743Liabilities 2022: $69,261Net Assets 2022: $716,4822022Assets 2023: $0Liabilities 2023: $0Net Assets 2023: $02023

Highlighted filing

2022

Assets$785,743
Liabilities$69,261
Net Assets$716,482

Operations Trend

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

$1.5M$1.0M$500K$0-$500KRevenue 2015: $123,040Expenses 2015: $22,020Net Income 2015: $101,0202015Revenue 2016: $59,266Expenses 2016: $25,349Net Income 2016: $33,9172016Revenue 2017: $88,691Expenses 2017: $35,934Net Income 2017: $52,7572017Revenue 2018: $193,206Expenses 2018: $100,056Net Income 2018: $93,1502018Revenue 2019: $297,850Expenses 2019: $160,880Net Income 2019: $136,9702019Revenue 2020: $339,986Expenses 2020: $378,821Net Income 2020: -$38,8352020Revenue 2021: $765,711Expenses 2021: $315,119Net Income 2021: $450,5922021Revenue 2022: $355,233Expenses 2022: $433,086Net Income 2022: -$77,8532022Revenue 2023: $953,167Expenses 2023: $1,436,722Net Income 2023: -$483,5552023

Highlighted filing

2022

Revenue$355,233
Expenses$433,086
Net Income-$77,853
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 15, 2023
Return Version
2021v4.2
Gross Receipts
$366,065
Mission and Program Overview

Mission

Limbitless Solutions is a non-profit organization dedicated to empowering children through personalized, creative, and expressive bionics.

To support UCF in electronic advancements in disability technology; promotion of access and engagement in STEM/STEAM education; and to work with third parties to support further related research.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$547,565$594,120▲ $46,555
Cash and Non-Interest-Bearing Accounts$64,948$77,647▲ $12,699
Inventories for Sale or Use$10,543$13,832▲ $3,289
Accounts Receivable$5,000$540▼ $4,460
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0--
Investments Program Related$0--
Loans From Officers Directors$0$0→ $0
Total Assets$1,004,854$785,743▼ $219,111
Other Assets Total$376,798$99,604▼ $277,194
Liabilities
Deferred Revenue$69,046$53,857▼ $15,189
Other Liabilities$49,993$0▼ $49,993
Accounts Payable and Accrued Expenses$91,480$15,404▼ $76,076
Total Liabilities$210,519$69,261▼ $141,258
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$794,335$716,482▼ $77,853
Total Net Assets Fund Balance$794,335$716,482▼ $77,853
Total Liabilities and Net Assets / Fund Balance$1,004,854$785,743▼ $219,111

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$401,172$44,575$445,747
Equipment$139,091$126,582$265,673
Other Land Buildings$53,857$158,543$212,400
Other Assets Org$44,760--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeOtherTotal
-SecretaryFT$94,680$94,680
-CFO and TreasurerFT$85,423$85,423

Board Members and Trustees

NameTitle
-Chairman
-Former Chairman
-President
-Vice President
-Board Member
-Assistant Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$346,621
Program Service Revenue
$13,390
Investment Income
$-5,459
Other Revenue
$681
All Other Contributions
$151,433
Change in Net Assets
$-77,853

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
Yes

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table1$96,764None
Total Noncash Contributions1$96,764-

Audited Revenue Reconciliation

Revenue per Audited Statements
$355,201
Revenue Not Reported on Financial Statements
$32
Revenue Not Reported on Form 990
$791,263
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$1,146,464
Total Revenue per Form 990
$355,233
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$317,128
Grants and Similar Amounts Paid$115,958
Total Fundraising Expense$20,193
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$194,225--$194,225
Grants to Domestic Orgs$115,958--$115,958
Office Expenses$26,968$18,433$538$45,939
Advertising--$19,655$19,655
Fees for Services Accounting-$13,376-$13,376
Fees for Services Other$1,450$4,704$0$6,154
Other Expenses$4,899--$4,899
Travel$4,650--$4,650
Insurance-$2,339-$2,339
Occupancy-$2,217-$2,217
Interest-$32-$32
Total Functional Expenses$371,792$41,101$20,193$433,086

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,224,317
Expenses Not Reported on Form 990$791,263
Total Expenses per Form 990$433,086
Expenses per Audited Statements$433,054
Expenses Not Reported on Financial Statements$32
Other Expense Adjustments$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
University of Central FloridaOrlando, FLState of Floridageneral support$115,958
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
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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 15A Determining Executive Compensation

Compensation for Limbitless employees is determined by the HR department of UCF and is paid by UCF. The department uses comparability data to ensure compensation is reasonable and decisions are documented in employee files.

Form 990, Part VI, Line 15B Determining Officer Compensation

Compensation for Limbitless employees is determined by the HR department of UCF and is paid by UCF. The department uses comparability data to ensure compensation is reasonable and decisions are documented in employee files.

Form 990, Part VI, Line 1A Delegate broad authority to A committee

The Executive Committee shall consist of three members: the Chairman of the organization, the President of the organization, and one member of the Board of Directors of the organization as designated by the Chair of the Board of the University of Central Florida. The Executive Committee shall have and may exercise all powers and authority of the Board of Directors when the Board is not in session, subject only to such restrictions or limitations as the Board of Directors may from time to time specify. Also, the Executive Committee shall have no authority to alter, amend, or repeal the Articles of Incorporation or the Bylaws of the organization, nor shall the Executive Committee have the authority to appoint directors to the organization's Board. All actions of the Executive Committee shall be reported in writing to the Board of Directors.

Form 990, Part VI, Line 6 Classes of members or stockholders

Board members of limbitless are subject to review and approval by the university of central florida's board of trustees.

Form 990, Part VI, Line 7A Members or stockholders electing members of governing body

The Board of Directors shall constitute the members of the organization. The following persons shall be members of the Board of Directors of the organization: a. The President of the University of Central Florida or his designee. b. Members of the administration, faculty, or student body of the University of Central Florida, as the President of the University may appoint. C. The Chairman of the University of Central Florida Board of Trustees or designee. d. Such members of the public as appointed by the President of the University. e. All board members shall serve two year terms and may be reappointed for one additional term. f. All appointments, other than the Chair of the UCF Board of Trustees and President of the University, are subject to approval of the UCF Board of Trustees.

Form 990, Part VI, Line 11B Review of form 990 by governing body

The Limbitless Solutions Inc. board treasurer is responsible for the preparation of Form 990. Once prepared, Form 990 is distributed to UCF Finance and Accounting tax experts, and 3rd party tax professionals for review prior to filing. The final version of Form 990 will be distributed to the Limbitless Solutions Inc. board of directors prior to filing.

Form 990, Part VI, Line 12C Conflict of interest policy

In addition to following the conflict of interest policy, Limbitless Solutions Inc. board members and officers are required to file annual conflict of interest disclosure forms. It is up to management and board members to disclose any conflict of interests and excuse themselves from conversations if applicable.

Form 990, Part VI, Line 19 Required documents available to the public

Limbitless Solutions Inc. management will determine whether or not to disclose these documents on a per case basis.

Filing and Contact Details

Filer

Filer Name
Limbitless Solutions Inc
EIN
47-1944657
Phone
4078822241
Address
12424 Research Pkwy 300, Orlando, FL 32826

Signing Officer

Name
Dr Albert Manero
Title
President
Signed
2023-05-15
Discuss with paid preparer
Yes

Organization Details

Formed
2014
Legal Domicile
Fl
Voting Board Members
9
Independent Board Members
4
Employees
0
Volunteers
50

Preparer

Firm
Crowe Llp
Address
401 East Las Olas Blvd Suite 1100, Fort Lauderdale, FL 33301-4230
Preparer
Gina Ardillo
Phone
9542028600
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4D Description of other program services

(Expenses $ 10,442 including grants of $ 0)(Revenue $ 0) DEVELOP AND IMPROVE TECHNOLOGY AND DESIGN OF BIONIC ARMS: Implement an interchangeable sleeve design that allows the user to fully customize their bionic device. These artistic sleeves are selected and modified by the user to create a unique, personalized design. Programming and engineering upgrades has allowed for multi-gesture capabilities; giving the user expanded dexterity. Now the user can access multiple gestures (such as finger points, peace signs, thumbs up, etc.) by flexing their muscle.

Financial Statement Notes

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

The Corporation is generally exempt from federal income taxes under the provisions of Section 501(c)(3) of the Internal Revenue Code. Therefore, no provision for income taxes has been made in the accompanying financial statements. When required, the Corporation files income tax returns in the U.S. federal jurisdiction and in the state of Florida. The Corporation's income tax returns for the past three years are subject to examination by the tax authorities, and may change upon examination. The Corporation has reviewed and evaluated the relevant technical merits of each of its tax positions in accordance with accounting principles generally accepted in the United States of America for accounting for uncertainty in income taxes, and determined that there are no uncertain tax positions that would have a material impact on the financial statements of the Corporation.

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IRS990/Desc0DESIGN OF BIONIC ARMS FOR CHILDREN: Limbitless Solutions was established as a direct support organization of the University of Central Florida to research, design, create, and deliver mechanical and electronic advancements in disability technology, infusing engineering with artistic design. Limbitless creates personalized, creative, and expressive 3D-printed prosthetics for children with limb differences using electromyographic (EMG) technology. Limbitless works closely with each child and their families, combining art and engineering to make an arm personalized to them, so that each bionic arm created is a reflection of a bionic child's personality. For example, Limbitless collaborates with each child to customize the sleeve design of the child's bionic arm with the goal of reflecting the personalities and interests of each child. Through these expressive bionics, the organization hopes to empower confidence in each child wearing a bionic arm. To help bionic children adapt to their new prosthetic, Limbitless creates fun and immersive video games. The video games use the arm's EMG technology as a controller to help the children gain comfort and skill using their bionic device. Limbitless Solutions develops and distributes bionic solutions through clinical trial process, now collaborating/partnering with five hospitals nationally. Two second generation clinical trials are anticipated to start in summer 2023.
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IRS990/ProgSrvcAccomActy3Grp/Desc0MAINTAIN A STUDENT SCHOLAR PROGRAM THAT MENTORS A DIVERSE POPULATION OF UNIVERSITY STUDENTS IN DISABILITY TECHNOLOGY AND STORYTELLING: Student scholars are fully integrated in a dynamic project-based learning program that focuses on disability technology challenges. This unique program gives students the opportunity to work in a manufacturing laboratory, working on disability technology that is impacting the lives of people across the country.
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