Civic Intelligence

Innovation Depot Inc.

990 • Fiscal year 2021 • EIN 63-0917530

Jul 01, 2020 to Jun 30, 2021 • Filed on Oct 15, 2021

Organization ProfileWWW.INNOVATIONDEPOT.ORG

View Organization Page

1500 1st Ave NBirmingham, AL 35203

(205) 250-8010

Siviq Scores

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

Liabilities / Assets

63rd percentile

0.30x

Higher debt load relative to assets than 63% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

86th percentile

1.50x

Higher debt load relative to revenue than 86% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Net Margin

12th percentile

-9.5%

Higher net margin than 12% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

26th percentile

$108,779

Higher top officer pay than 26% of similar nonprofits.

Top officer pay equals 3.4% of source-year revenue.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Asset Growth

22nd percentile

-0.2%

Faster asset growth than 22% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

31st percentile

0.6%

Faster revenue growth than 31% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets63rd percentile

Assets

Down

$15,832,125

Down $29,259 (-0.2%) from 2020

Net Assets

Down

$11,096,171

Down $311,625 (-2.7%) from 2020

Liabilities

Up

$4,735,954

Up $282,366 (+6.3%) from 2020

Revenue And Expenses
Liabilities / Revenue86th percentileNet Margin12th percentile

Revenue

Up

$3,165,143

Up $20,438 (+0.6%) from 2020

Expenses

Up

$3,466,264

Up $353,369 (+11%) from 2020

Net Income

Down

-$301,121

Down $332,931 (-1047%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth22nd percentile

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

$20M$15M$10M$5.0M$0Assets 2011: $9,768,307Liabilities 2011: $356,805Net Assets 2011: $9,411,5022011Assets 2012: $12,644,235Liabilities 2012: $684,545Net Assets 2012: $11,959,6902012Assets 2013: $17,237,534Liabilities 2013: $5,506,264Net Assets 2013: $11,731,2702013Assets 2014: $16,707,827Liabilities 2014: $5,294,125Net Assets 2014: $11,413,7022014Assets 2015: $16,401,502Liabilities 2015: $5,153,129Net Assets 2015: $11,248,3732015Assets 2016: $16,109,947Liabilities 2016: $5,004,174Net Assets 2016: $11,105,7732016Assets 2017: $15,992,588Liabilities 2017: $4,791,000Net Assets 2017: $11,201,5882017Assets 2018: $15,945,504Liabilities 2018: $4,525,875Net Assets 2018: $11,419,6292018Assets 2019: $15,647,592Liabilities 2019: $4,271,602Net Assets 2019: $11,375,9902019Assets 2020: $15,861,384Liabilities 2020: $4,453,588Net Assets 2020: $11,407,7962020Assets 2021: $15,832,125Liabilities 2021: $4,735,954Net Assets 2021: $11,096,1712021Assets 2022: $15,060,564Liabilities 2022: $4,409,705Net Assets 2022: $10,650,8592022Assets 2023: $16,239,208Liabilities 2023: $3,667,821Net Assets 2023: $12,571,3872023Assets 2024: $16,676,067Liabilities 2024: $3,308,629Net Assets 2024: $13,367,4382024

Highlighted filing

2021

Assets$15,832,125
Liabilities$4,735,954
Net Assets$11,096,171
Open 2021 Filing

Operations Trend

Revenue Growth31st percentile

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2011: $2,023,6232011Expenses 2012: $2,420,6942012Expenses 2013: $2,272,6072013Revenue 2014: $2,091,008Expenses 2014: $2,408,576Net Income 2014: -$317,5682014Revenue 2015: $2,206,759Expenses 2015: $2,382,300Net Income 2015: -$175,5412015Revenue 2016: $2,244,681Expenses 2016: $2,387,281Net Income 2016: -$142,6002016Revenue 2017: $3,198,058Expenses 2017: $3,102,243Net Income 2017: $95,8152017Revenue 2018: $3,462,796Expenses 2018: $3,266,921Net Income 2018: $195,8752018Revenue 2019: $3,351,433Expenses 2019: $3,332,466Net Income 2019: $18,9672019Revenue 2020: $3,144,705Expenses 2020: $3,112,895Net Income 2020: $31,8102020Revenue 2021: $3,165,143Expenses 2021: $3,466,264Net Income 2021: -$301,1212021Revenue 2022: $2,997,256Expenses 2022: $3,442,568Net Income 2022: -$445,3122022Revenue 2023: $5,731,968Expenses 2023: $3,233,777Net Income 2023: $2,498,1912023Revenue 2024: $4,662,387Expenses 2024: $3,866,336Net Income 2024: $796,0512024

Highlighted filing

2021

Revenue$3,165,143
Expenses$3,466,264
Net Income-$301,121
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Oct 15, 2021
Return Version
2020v4.1
Gross Receipts
$3,165,143
Mission and Program Overview

Mission

To provide an environment in which start up/growth phase businesses can develop, grow, and succeed by offering management assistance and a business incubation center.

To provide an environment in which start up/growth phase business can develop

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$14,175,351$13,859,544▼ $315,807
Cash and Non-Interest-Bearing Accounts$1,310,820$1,177,895▼ $132,925
Pledges and Grants Receivable$99,543$545,834▲ $446,291
Savings and Temporary Cash Investments$212,645$175,085▼ $37,560
Prepaid Expenses and Deferred Charges$10,838$33,010▲ $22,172
Accounts Receivable$52,187$24,717▼ $27,470
Intangible Assets-$16,040-
Total Assets$15,861,384$15,832,125▼ $29,259
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,714,512$4,346,762▲ $632,250
Other Liabilities$662,325$296,966▼ $365,359
Accounts Payable and Accrued Expenses$76,751$92,226▲ $15,475
Total Liabilities$4,453,588$4,735,954▲ $282,366
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$10,929,547$10,665,172▼ $264,375
Net Assets With Donor Restrictions$478,249$430,999▼ $47,250
Total Net Assets Fund Balance$11,407,796$11,096,171▼ $311,625
Total Liabilities and Net Assets / Fund Balance$15,861,384$15,832,125▼ $29,259

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$9,567,010$5,494,947-
Land$2,771,000--
Equipment$407,805$1,090,845-
Leasehold Improvements$1,113,729--
Compensation and Service Providers
Top Officer Pay26th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Andrew HoneycuttPresident & CEOFT$108,779$108,779

Board Members and Trustees

NameTitle
Adam CranfordBoard Member
Alan DeanBoard Member
Amala DuggiralaBoard Member
Bebe GoodrichBoard Member
Britney SummervilleBoard Member
Cecil BostanyBoard Member
Chris BrownBoard Member
Coreata HouserBoard Member
Danny MckinneyBoard Member
Dave GrayBoard Member
Dave KnightBoard Member
Deon GordonBoard Member
Eric JackBoard Member
Gene PriceBoard Member
Greg BarkerBoard Member
Greg CanfieldBoard Member
Iwan AlexanderBoard Member
James ChildsBoard Member
John McdonaldBoard Member
John OwenBoard Member
Johnathan GeisenBoard Member
Josh CarpenterBoard Member
Josh GirvinBoard Member
Kathy NugentBoard Member
Keith BarfieldBoard Member
Lee SmithBoard Member
Liz PharoBoard Member
Maggie BelsheBoard Member
Miller GirvinBoard Member
Nick WillisBoard Member
Ray WattsBoard Member
Scott AdamsBoard Member
Scott McglaunBoard Member
Shegun OtulanaBoard Member
Waymond JacksonBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$590,499
Program Service Revenue
$2,567,232
Investment Income
$241
Other Revenue
$7,171
All Other Contributions
$420,499
Change in Net Assets
$-301,121

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,165,143
Total Revenue per Audited Statements
$3,165,143
Total Revenue per Form 990
$3,165,143
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,709,541
Salaries, Compensation, and Employee Benefits$756,723
Total Fundraising Expense$85,670
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$675,000$0$0$675,000
Other Salaries and Wages$458,828$91,766$61,177$611,771
Depreciation Depletion$511,742$56,860$0$568,602
Interest$119,616$70,251$0$189,867
Office Expenses$62,531$29,402$0$91,933
All Other Expenses$83,829$3,287$0$87,116
Information Technology$50,983$29,942$0$80,925
Other Employee Benefits$58,146$11,629$7,752$77,527
Fees for Services Other$43,702$25,667$0$69,369
Payroll Taxes$33,153$6,631$4,420$44,204
Fees for Services Legal$27,278$16,020$0$43,298
Insurance$35,159$3,907$0$39,066
Pension Plan Contributions$17,417$3,483$2,321$23,221
Advertising$10,831$2,315$10,000$23,146
Fees for Services Accounting$6,860$4,030$0$10,890
Occupancy$6,300$3,700$0$10,000
Conferences and Meetings$1,930$1,133$0$3,063
Total Functional Expenses$2,938,845$441,749$85,670$3,466,264

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,466,264
Total Expenses per Audited Statements$3,466,264
Total Expenses per Form 990$3,466,264
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tenant Deposits$175,151
Cares Act- Ppp Funds$121,815
Line of Credit$0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Innovation Depot Inc
EIN
63-0917530
Phone
2052508010
Address
1500 1ST AVE N, BIRMINGHAM, AL 35203

Signing Officer

Name
Andrew Honeycutt
Title
CEO
Phone
2052508010
Signed
2021-10-15
Discuss with paid preparer
Yes

Organization Details

Formed
1985
Legal Domicile
Al
Voting Board Members
35
Independent Board Members
35
Employees
11
Volunteers
0

Preparer

Firm
Banks Finley White & Co
Address
617 37TH STREET SOUTH, BIRMINGHAM, AL 35222
Preparer
James White Jr
Phone
2053266660
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

“Report is presented to the board for approval prior to filing.”

Pt VI, Line 12C

“Conflict of Interest policy is reviewed annually with the board.”

Pt VI, Line 15A

“CEO's salary is approved by the board.”

Raw XML AppendixShowing 400 of 697 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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IRS990/Desc0INNOVATION DEPOT IS A 501(C)(3) NOT-FOR-PROFIT BUSINESS INCUBATION PROGRAM OPERATING IN PARTNERSHIP WITH THE UNIVERSITY OF ALABAMA AT BIRMINGHAM. THE PROGRAM IS HOUSED IN A 140,000 SQUARE FOOT FACILITY THAT FOCUSES ON THE DEVELOPMENT AND GROWTH OF EMERGING BIOTECH/LIFE SCIENCE,INFORMATION TECHNOLOGY,ENGINEERING TECHNOLOGY, AND BUSINESS SERVICE COMPANIES. THEY PROVIDE AN OPPORTUNITY FOR THESE BUSINESSES TO DEVELOP, GROW, AND SUCCEED BY OFFERING MANAGEMENT ASSISTANCE, IDENTIFYING FINANCING ALTERNATIVES, AND PROVIDING A BUSINESS INCUBATION CENTER. INNOVATION DEPOT, A PUBLIC-PRIVATE ECONOMIC DEVELOPMENT EFFORT, IS FUNDED BY THE BIRMINGHAM REGIONAL BUSINESS COMMUNITY, THE COMMUNITY FOUNDATION OF GREATER BIRMINGHAM, UAB, THE CITY OF BIRMINGHAM, AND OTHER LEADING PRIVATE FOUNDATION.
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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$15,832,125
Liabilities
$4,735,954
Net assets
$11,096,171
Revenue
$3,165,143
Expenses
$3,466,264
Net income
-$301,121
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$16.7$3.31$13.4$4.66$3.87$0.80
2023Detailed filing. Detailed filing data is available for this year.$16.2$3.67$12.6$5.73$3.23$2.50
2022Detailed filing. Detailed filing data is available for this year.$15.1$4.41$10.7$3.00$3.44$0.45
2021Detailed filing. Detailed filing data is available for this year.$15.8$4.74$11.1$3.17$3.47$0.30
2020Detailed filing. Detailed filing data is available for this year.$15.9$4.45$11.4$3.14$3.11$0.03
2019Detailed filing. Detailed filing data is available for this year.$15.6$4.27$11.4$3.35$3.33$0.02
2018Detailed filing. Detailed filing data is available for this year.$15.9$4.53$11.4$3.46$3.27$0.20
2017Detailed filing. Detailed filing data is available for this year.$16.0$4.79$11.2$3.20$3.10$0.10
2016Detailed filing. Detailed filing data is available for this year.$16.1$5.00$11.1$2.24$2.39$0.14
2015Detailed filing. Detailed filing data is available for this year.$16.4$5.15$11.2$2.21$2.38$0.18
2014Detailed filing. Detailed filing data is available for this year.$16.7$5.29$11.4$2.09$2.41$0.32
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$17.2$5.51$11.7$2.27
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.6$0.68$12.0$2.42
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.77$0.36$9.41$2.02