Civic Intelligence

Innovate Mississippi

990 • Fiscal year 2017 • EIN 64-0901569

Jul 01, 2016 to Jun 30, 2017 • Filed on Dec 15, 2017

Organization Profilewww.innovate.ms

View Organization Page

121 North State Street Ste 500Jackson, MS 39201

(601) 960-3644

Siviq Scores

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

Liabilities / Assets

90th percentile

0.89x

Higher debt load relative to assets than 90% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Liabilities / Revenue

59th percentile

0.16x

Higher debt load relative to revenue than 59% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Net Margin

80th percentile

23%

Higher net margin than 80% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Top Officer Pay

88th percentile

$180,833

Higher top officer pay than 88% of similar nonprofits.

Top officer pay equals 6.7% of source-year revenue.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Asset Growth

7th percentile

-17%

Faster asset growth than 7% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Revenue Growth

17th percentile

-13%

Faster revenue growth than 17% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets90th percentile

Assets

Down

$473,541

Down $99,961 (-17%) from 2016

Net Assets

Up

$50,590

Up $632,311 (+109%) from 2016

Liabilities

Down

$422,951

Down $732,272 (-63%) from 2016

Revenue And Expenses
Liabilities / Revenue59th percentileNet Margin80th percentile

Revenue

Down

$2,711,264

Down $419,386 (-13%) from 2016

Expenses

Down

$2,078,523

Down $828,843 (-29%) from 2016

Net Income

Up

$632,741

Up $409,457 (+183%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth7th 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

2017

Assets$473,541
Liabilities$422,951
Net Assets$50,590
Open 2017 Filing

Operations Trend

Revenue Growth17th 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

2017

Revenue$2,711,264
Expenses$2,078,523
Net Income$632,741
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Dec 15, 2017
Return Version
2016v3.1
Gross Receipts
$2,711,264
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
Cash and Non-Interest-Bearing Accounts$203,771$311,756▲ $107,985
Savings and Temporary Cash Investments$5,005$75,224▲ $70,219
Accounts Receivable$153,621$52,352▼ $101,269
Pledges and Grants Receivable$208,216$17,609▼ $190,607
Land, Buildings, and Equipment, Net-$8,794-
Prepaid Expenses and Deferred Charges$2,889$7,806▲ $4,917
Other Notes and Loans Receivable, Net$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$573,502$473,541▼ $99,961
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$742,936$395,618▼ $347,318
Mortgage Notes Payable Secured by Investment Property$388,141$0▼ $388,141
Deferred Revenue$24,146$27,333▲ $3,187
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$1,155,223$422,951▼ $732,272
Net Assets / Fund Balance
Unrestricted Net Assets$-581,721$50,590▲ $632,311
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$-581,721$50,590▲ $632,311
Total Liabilities and Net Assets / Fund Balance$573,502$473,541▼ $99,961

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$8,794$195,146$203,940
Other Land Buildings-$170,890$170,890
Leasehold Improvements-$23,360$23,360
Compensation and Service Providers
Top Officer Pay88th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
James Anthony Jeff JrPresidentFT$154,665$26,168$180,833
John Jay Tice IVVP - Director of MEP ProgramFT$131,242$15,402$146,644
Dr Sumesh AroraVice PresidentFT$107,517$18,452$125,969
Charles WeirVice PresidentFT$74,711$6,396$81,107

Board Members and Trustees

NameTitle
Ashby FooteDirector
Brad McMullanDirector
Dave DennisDirector
Deborah BaileyDirector
Dr Andrea MayfieldDirector
Dr Bill RayburnDirector
Dr Glenn BoyceDirector
Dr Jefferey VitterDirector
Dr Mark KeenumDirector
Dr Rodney BennettDirector
Greg CroninDirector
Jan FarringtonDirector
Mark HendersonDirector
Matthew L Holleman IIIDirector
Mike ForsterDirector
R Barry CannadaDirector
R Mayo Flynt IIIDirector
Richard SunDirector
William M Mounger IIDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$1,772,087
Program Service Revenue
$214,276
Investment Income
$0
Other Revenue
$724,901
All Other Contributions
$133,245
Change in Net Assets
$632,741

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,710,834
Revenue Not Reported on Financial Statements
$430
Other Revenue Adjustments
$430
Total Revenue per Audited Statements
$2,710,834
Total Revenue per Form 990
$2,711,264
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$812,554
Grants and Similar Amounts Paid$776,806
Other Expenses$489,163
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$776,806--$776,806
Other Salaries and Wages$366,711--$366,711
Current Officers, Directors, Trustees, and Key Employees$169,789$168,902-$338,691
Fees for Services Accounting$21,089$42,449-$63,538
Occupancy$23,289$36,812-$60,101
Payroll Taxes$16,138$32,483-$48,621
Other Employee Benefits$47,659--$47,659
Conferences and Meetings$40,487$1,668-$42,155
Advertising$40,619$850-$41,469
Insurance$8,458$12,701-$21,159
Fees for Services Lobbying$10,979$10,021-$21,000
Office Expenses$10,608$8,208-$18,816
Pension Plan Contributions$10,872--$10,872
Travel$9,095$973-$10,068
All Other Expenses$7,036$2,993-$10,029
Other Expenses$5,292$3,478-$8,770
Fees for Services Other$1,469$6,008-$7,477
Information Technology$4,537$2,768-$7,305
Fees for Services Legal$942$1,895-$2,837
Interest$903$1,819-$2,722
Depreciation Depletion$215$432-$647
Total Functional Expenses$1,719,844$358,679$0$2,078,523

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,078,523
Total Expenses per Audited Statements$2,078,523
Total Expenses per Form 990$2,078,523
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Mississippi State UniversityMississippi State, MSMsSee Part IV$228,285
Itawamba Community CollegeFulton, MSMsSee Part IV$100,013
Salus GeneticsRidgeland, MSN/aSee Part IV$100,000
University of Southern MississippiHattiesburg, MSMsSee Part IV$78,098
Mississippi Gulf Coast Community CollegePerkinston, MSMsSee Part IV$71,269
CattlogLake, MSN/aSee Part IV$10,000
FinaiusJackson, 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
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
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 11B:

“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 15A&B:

“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
121 North State Street Ste 500, Jackson, MS 39201

Signing Officer

Name
James Anthony Jeff Jr
Title
President
Phone
6019603644
Signed
2017-12-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
James Anthony Jeff Jr
Formed
1998
Legal Domicile
Ms
Voting Board Members
20
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: (430)”

Financial Statement Notes

Part XI, Line 4B:

“Income from MAF of MS Inc. 430”

Raw XML AppendixShowing 400 of 825 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/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. Innovation Report Innovate Mississippi's marketing includes events and the publication of Innovation Report magazine. Innovation Report 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/PersonNm5William M Mounger II
IRS990/Form990PartVIISectionAGrp/PersonNm6Dr Bill Rayburn
IRS990/Form990PartVIISectionAGrp/PersonNm7R Mayo Flynt III
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IRS990/Form990PartVIISectionAGrp/PersonNm9Richard Sun
IRS990/Form990PartVIISectionAGrp/PersonNm10Greg Cronin
IRS990/Form990PartVIISectionAGrp/PersonNm11James Anthony Jeff Jr
IRS990/Form990PartVIISectionAGrp/PersonNm12Dr Glenn Boyce
IRS990/Form990PartVIISectionAGrp/PersonNm13Dave Dennis
IRS990/Form990PartVIISectionAGrp/PersonNm14Dr Mark Keenum
IRS990/Form990PartVIISectionAGrp/PersonNm15Dr Rodney Bennett
IRS990/Form990PartVIISectionAGrp/PersonNm16Mark Henderson
IRS990/Form990PartVIISectionAGrp/PersonNm17Brad McMullan
IRS990/Form990PartVIISectionAGrp/PersonNm18Dr Andrea Mayfield
IRS990/Form990PartVIISectionAGrp/PersonNm19Dr Jefferey Vitter
IRS990/Form990PartVIISectionAGrp/PersonNm20Dr Sumesh Arora
IRS990/Form990PartVIISectionAGrp/PersonNm21John Jay Tice IV
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Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$473,541
Liabilities
$422,951
Net assets
$50,590
Revenue
$2,711,264
Expenses
$2,078,523
Net income
$632,741
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