Civic Intelligence

Innovate Mississippi

990 • Fiscal year 2015 • EIN 64-0901569

Jul 01, 2014 to Jun 30, 2015 • Filed on Feb 15, 2015

Organization Profilewww.innovate.ms

View Organization Page

134 Market Ridge DriveRidgeland, MS 39157

(601) 960-3644

Siviq Scores

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

Liabilities / Assets

100th percentile

7.69x

Higher debt load relative to assets than 100% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

69th percentile

0.31x

Higher debt load relative to revenue than 69% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Net Margin

38th percentile

-0.3%

Higher net margin than 38% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Top Officer Pay

89th percentile

$196,184

Higher top officer pay than 89% of similar nonprofits.

Top officer pay equals 6.6% of source-year revenue.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Asset Growth

1st percentile

-55%

Faster asset growth than 1% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Revenue Growth

30th percentile

-4.5%

Faster revenue growth than 30% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets100th percentile

Assets

Down

$120,267

Down $144,731 (-55%) from 2014

Net Assets

Down

-$804,567

Down $9,956 (-1.3%) from 2014

Liabilities

Down

$924,834

Down $134,775 (-13%) from 2014

Revenue And Expenses
Liabilities / Revenue69th percentileNet Margin38th percentile

Revenue

Down

$2,964,459

Down $139,868 (-4.5%) from 2014

Expenses

Down

$2,974,829

Down $241,130 (-7.5%) from 2014

Net Income

Up

-$10,370

Up $101,262 (+91%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth1st percentile

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MAssets 2010: $754,571Liabilities 2010: $679,469Net Assets 2010: $75,1022010Assets 2011: $598,590Liabilities 2011: $685,062Net Assets 2011: -$86,4722011Assets 2012: $486,138Liabilities 2012: $670,318Net Assets 2012: -$184,1802012Assets 2013: $202,145Liabilities 2013: $885,538Net Assets 2013: -$683,3932013Assets 2014: $264,998Liabilities 2014: $1,059,609Net Assets 2014: -$794,6112014Assets 2015: $120,267Liabilities 2015: $924,834Net Assets 2015: -$804,5672015Assets 2016: $573,502Liabilities 2016: $1,155,223Net Assets 2016: -$581,7212016Assets 2017: $473,541Liabilities 2017: $422,951Net Assets 2017: $50,5902017Assets 2018: $1,675,367Liabilities 2018: $753,078Net Assets 2018: $922,2892018Assets 2019: $884,324Liabilities 2019: $272,133Net Assets 2019: $612,1912019Assets 2020: $997,815Liabilities 2020: $452,472Net Assets 2020: $545,3432020Assets 2021: $937,142Liabilities 2021: $652,018Net Assets 2021: $285,1242021Assets 2022: $972,487Liabilities 2022: $777,373Net Assets 2022: $195,1142022Assets 2023: $1,521,742Liabilities 2023: $1,011,781Net Assets 2023: $509,9612023Assets 2024: $6,833,624Liabilities 2024: $5,719,548Net Assets 2024: $1,114,0762024

Highlighted filing

2015

Assets$120,267
Liabilities$924,834
Net Assets-$804,567
Open 2015 Filing

Operations Trend

Revenue Growth30th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $4,680,3642010Expenses 2011: $3,725,4932011Revenue 2012: $3,151,365Expenses 2012: $3,257,878Net Income 2012: -$106,5132012Revenue 2013: $3,470,329Expenses 2013: $3,707,024Net Income 2013: -$236,6952013Revenue 2014: $3,104,327Expenses 2014: $3,215,959Net Income 2014: -$111,6322014Revenue 2015: $2,964,459Expenses 2015: $2,974,829Net Income 2015: -$10,3702015Revenue 2016: $3,130,650Expenses 2016: $2,907,366Net Income 2016: $223,2842016Revenue 2017: $2,711,264Expenses 2017: $2,078,523Net Income 2017: $632,7412017Revenue 2018: $2,602,489Expenses 2018: $1,733,780Net Income 2018: $868,7092018Revenue 2019: $1,295,881Expenses 2019: $1,605,979Net Income 2019: -$310,0982019Revenue 2020: $1,855,161Expenses 2020: $1,922,009Net Income 2020: -$66,8482020Revenue 2021: $1,482,573Expenses 2021: $1,742,792Net Income 2021: -$260,2192021Revenue 2022: $1,747,154Expenses 2022: $1,837,164Net Income 2022: -$90,0102022Revenue 2023: $1,998,207Expenses 2023: $1,683,360Net Income 2023: $314,8472023Revenue 2024: $2,586,985Expenses 2024: $1,983,264Net Income 2024: $603,7212024

Highlighted filing

2015

Revenue$2,964,459
Expenses$2,974,829
Net Income-$10,370
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Feb 15, 2015
Return Version
2014v6.0
Gross Receipts
$2,964,459
Mission and Program Overview

Mission

The mission of innovate mississippi, formerly known as mississippi technology alliance, is to drive innovation and technology-based economic development for the state of mississippi.

The purpose of the organization is to drive innovation and technology-based economic development for the state of Mississippi.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$154,906$108,510▼ $46,396
Prepaid Expenses and Deferred Charges$3,786$5,352▲ $1,566
Savings and Temporary Cash Investments$2,617$4,698▲ $2,081
Cash and Non-Interest-Bearing Accounts$103,689$1,707▼ $101,982
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
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$264,998$120,267▼ $144,731
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$702,609$506,032▼ $196,577
Mortgage Notes Payable Secured by Investment Property$357,000$384,510▲ $27,510
Deferred Revenue$0$34,292▲ $34,292
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$1,059,609$924,834▼ $134,775
Net Assets / Fund Balance
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Unrestricted Net Assets$-794,611$-804,567▼ $9,956
Total Net Assets Fund Balance$-794,611$-804,567▼ $9,956
Total Liabilities and Net Assets / Fund Balance$264,998$120,267▼ $144,731

Asset Categories

AssetBook ValueDepreciationBasis
Equipment-$194,499$194,499
Other Land Buildings-$170,890$170,890
Leasehold Improvements-$23,360$23,360
Compensation and Service Providers
Top Officer Pay89th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
James Anthony Jeff JrPresidentFT$173,792$22,392$196,184
Charles WeirVice PresidentFT$123,819$19,709$143,528
John Jay Tice IVVP - Director of MEP ProgramFT$128,843$12,411$141,254
Dr Sumesh AroraVice PresidentFT$114,688$16,266$130,954

Board Members and Trustees

NameTitle
Ashby FooteDirector
Bill RayburnDirector
Charles GraysonDirector
Dan GraftonDirector
Dr Carolyn MeyersDirector
Dr Eric ClarkDirector
Dr Glenn BoyceDirector
Dr Mark KeenumDirector
Dr Mayo Flynt IIIDirector
Dr Rodney BennettDirector
Eric GrahamDirector
Jan FarringtonDirector
John McCulloughDirector
Matthew L Holleman IIIDirector
Mike ForsterDirector
R Barry CannadaDirector
Richard SunDirector
Warren HoodDirector
William M Mounger IIDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$2,713,227
Program Service Revenue
$251,537
Investment Income
$109
Other Revenue
$-414
Change in Net Assets
$-10,370

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,964,873
Revenue Not Reported on Financial Statements
$-414
Other Revenue Adjustments
$-414
Total Revenue per Audited Statements
$2,964,873
Total Revenue per Form 990
$2,964,459
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,394,472
Grants and Similar Amounts Paid$953,692
Other Expenses$626,665
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$953,692--$953,692
Other Salaries and Wages$621,580--$621,580
Current Officers, Directors, Trustees, and Key Employees$411,311$208,720-$620,031
Fees for Services Other$66,931$74,784-$141,715
Payroll Taxes$81,945--$81,945
Fees for Services Lobbying$54,125$25,868-$79,993
Occupancy$2,330$75,656-$77,986
Conferences and Meetings$60,894$4,633-$65,527
Other Employee Benefits$54,273--$54,273
Travel$48,232$379-$48,611
All Other Expenses$21,643$18,863-$40,506
Fees for Services Accounting$890$28,888-$29,778
Office Expenses$7,806$10,705-$18,511
Insurance$17,444--$17,444
Information Technology$3,374$13,715-$17,089
Pension Plan Contributions$16,643--$16,643
Interest$5,702--$5,702
Advertising$2,210$1,940-$4,150
Other Expenses$86$2,800-$2,886
Total Functional Expenses$2,474,826$500,003$0$2,974,829

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,974,829
Total Expenses per Audited Statements$2,974,829
Total Expenses per Form 990$2,974,829
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Mississippi State UniversityMississippi State, MSMsSee Part IV$340,816
Itawamba Community CollegeFulton, MSMsSee Part IV$184,600
University of Southern MississippiHattiesburg, MSMsSee Part IV$108,418
Mississippi Gulf Coast Community CollegePerkinston, MSMsSee Part IV$107,108
Celeris LLCVicksburg, MSn/aSee Part IV$100,000
Navagis LLCJackson, MSn/aSee Part IV$100,000
MState TechnologiesStarkville, MSn/aSee Part IV$10,000
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
Yes
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11:

“Form 990 is reviewed by the President prior to filing with the IRS.”

Form 990, Part VI, Section B, Line 12C:

“The Conflict of Interest Policy is included as part of the employee handbook. Each employee is required to document in writing that they have received a copy of the handbook. In addition, each Board member is provided an annual conflict of interest questionnaire. Members who have conflicts are not allowed to participate in decisions regarding matters in which the conflict relates.”

Form 990, Part VI, Section B, Line 15:

“The organization's compensation committee and executive committee(which are composed of members of the board of directors) meet and establish/approve all salaries for the president and other top management officials.”

Form 990, Part VI, Section C, Line 19:

“The organization can be contacted directly in order to request any of the named documents.”

Filing and Contact Details

Filer

Filer Name
Innovate Mississippi
EIN
64-0901569
In Care Of
% JAMES ANTHONY JEFF JR
Phone
6019603644
Address
134 Market Ridge Drive, Ridgeland, MS 39157

Signing Officer

Name
James Anthony Jeff Jr
Title
President
Phone
6019603644
Signed
2015-02-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
James Anthony Jeff Jr
Formed
1998
Legal Domicile
Ms
Voting Board Members
19
Independent Board Members
19
Employees
17
Volunteers
19

Preparer

Firm
Bkd Llp
Address
190 E Capitol Street Ste 500, Jackson, MS 39201-2190
Preparer
Dustin W Taylor CPA
Phone
6019486700
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9:

“Innovation Ventures, LLC: 414”

Financial Statement Notes

Part XI, Line 4B:

“Income from MAF of MS Inc.”

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IRS990/Desc0Delivered support and services that promote business and investment development for technology-focused companies and organizations in the state of Mississippi. Innovate Mississippi provides the following programs: 1. Manufacturing Extension Partnership of Mississippi (MEP.ms) The Manufacturing Extension Partnership of Mississippi (MEP.ms) is a program under Innovate Mississippi that works to assist Mississippi manufacturers. MEP.ms works with partner organizations to provide expertise and services tailored to the most critical needs of area manufacturers, which range from process improvements and worker training to business practices and applications of information technology. MEP.ms partners include the Mississippi Manufacturers Association, several Mississippi Universities and Community Colleges, and private sector service providers. 2. Strategic Biomass Solutions Strategic Biomass Solutions is another program of Innovate Mississippi. The purpose of the Strategic Biomass Solutions program is to drive innovation in the area of renewable energy technology by connecting entrepreneurs, investors, and economic developers. Strategic Biomass Solutions offers numerous resources to renewable energy stakeholders, such as studies and analysis for startup businesses and information via the Renewable Energy Venture Development Academy. Strategic Biomass Solutions also manages the Mississippi Biomass and Renewable Energy Council, an organization that serves as the voice of sustainable industries in Mississippi. Overall, Strategic Biomass Solutions exists to serve the needs of renewable energy ventures in order to drive technology to market. 3. Pointe Innovation Innovate Mississippi's marketing includes events and the publication of Pointe Innovation magazine. Four times a year, Pointe Innovation magazine greets its readers with articles and features telling the Mississippi story by highlighting the impressive individuals, ideas, companies and products that proudly call Mississippi home.
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IRS990/Form990PartVIISectionAGrp/PersonNm1Jan Farrington
IRS990/Form990PartVIISectionAGrp/PersonNm2Ashby Foote
IRS990/Form990PartVIISectionAGrp/PersonNm3Charles Grayson
IRS990/Form990PartVIISectionAGrp/PersonNm4Matthew L Holleman III
IRS990/Form990PartVIISectionAGrp/PersonNm5John McCullough
IRS990/Form990PartVIISectionAGrp/PersonNm6William M Mounger II
IRS990/Form990PartVIISectionAGrp/PersonNm7Bill Rayburn
IRS990/Form990PartVIISectionAGrp/PersonNm8Dr Mayo Flynt III
IRS990/Form990PartVIISectionAGrp/PersonNm9Dan Grafton
IRS990/Form990PartVIISectionAGrp/PersonNm10Mike Forster
IRS990/Form990PartVIISectionAGrp/PersonNm11Eric Graham
IRS990/Form990PartVIISectionAGrp/PersonNm12Richard Sun
IRS990/Form990PartVIISectionAGrp/PersonNm13Warren Hood
IRS990/Form990PartVIISectionAGrp/PersonNm14Dr Glenn Boyce
IRS990/Form990PartVIISectionAGrp/PersonNm15Dr Eric Clark
IRS990/Form990PartVIISectionAGrp/PersonNm16Dr Mark Keenum
IRS990/Form990PartVIISectionAGrp/PersonNm17Dr Carolyn Meyers
IRS990/Form990PartVIISectionAGrp/PersonNm18Dr Rodney Bennett
IRS990/Form990PartVIISectionAGrp/PersonNm19Dr Sumesh Arora
IRS990/Form990PartVIISectionAGrp/PersonNm20John Jay Tice IV
IRS990/Form990PartVIISectionAGrp/PersonNm21James Anthony Jeff Jr
IRS990/Form990PartVIISectionAGrp/PersonNm22Charles Weir
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IRS990/Form990PartVIISectionAGrp/TitleTxt17Director
IRS990/Form990PartVIISectionAGrp/TitleTxt18Director
IRS990/Form990PartVIISectionAGrp/TitleTxt19Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt20VP - Director of MEP Program
IRS990/Form990PartVIISectionAGrp/TitleTxt21President
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Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$120,267
Liabilities
$924,834
Net assets
-$804,567
Revenue
$2,964,459
Expenses
$2,974,829
Net income
-$10,370
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$6.83$5.72$1.11$2.59$1.98$0.60
2023Detailed filing. Detailed filing data is available for this year.$1.52$1.01$0.51$2.00$1.68$0.31
2022Detailed filing. Detailed filing data is available for this year.$0.97$0.78$0.20$1.75$1.84$0.09
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.94$0.65$0.29$1.48$1.74$0.26
2020Detailed filing. Detailed filing data is available for this year.$1.00$0.45$0.55$1.86$1.92$0.07
2019Detailed filing. Detailed filing data is available for this year.$0.88$0.27$0.61$1.30$1.61$0.31
2018Detailed filing. Detailed filing data is available for this year.$1.68$0.75$0.92$2.60$1.73$0.87
2017Detailed filing. Detailed filing data is available for this year.$0.47$0.42$0.05$2.71$2.08$0.63
2016Detailed filing. Detailed filing data is available for this year.$0.57$1.16$0.58$3.13$2.91$0.22
2015Detailed filing. Detailed filing data is available for this year.$0.12$0.92$0.80$2.96$2.97$0.01
2014Detailed filing. Detailed filing data is available for this year.$0.26$1.06$0.79$3.10$3.22$0.11
2013Summary only. Only limited summary data is available for this year.$0.20$0.89$0.68$3.47$3.71$0.24
2012Summary only. Only limited summary data is available for this year.$0.49$0.67$0.18$3.15$3.26$0.11
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.60$0.69$0.09$3.73
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.75$0.68$0.08$4.68