Civic Intelligence

The Innovation Foundation Inc

990 • Fiscal year 2016 • EIN 80-0633175

Jan 01, 2016 to Dec 31, 2016 • Filed on May 01, 2017

Organization Profilewww.cttfuture.com; www.chicagoideas.com
600 W Chicago Suite 700Chicago, IL 60654

(312) 276-3200

Siviq Scores

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

Liabilities / Assets

31st percentile

0.05x

Higher debt load relative to assets than 31% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Liabilities / Revenue

16th percentile

0.03x

Higher debt load relative to revenue than 16% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Net Margin

83rd percentile

24%

Higher net margin than 83% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Top Officer Pay

67th percentile

$160,909

Higher top officer pay than 67% of similar nonprofits.

Top officer pay equals 3.2% of source-year revenue.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Asset Growth

97th percentile

117%

Faster asset growth than 97% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2015 to 2016

Revenue Growth

86th percentile

34%

Faster revenue growth than 86% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets31st percentile

Assets

Up

$2,937,048

Up $1,585,958 (+117%) from 2015

Net Assets

Up

$2,778,305

Up $1,614,947 (+139%) from 2015

Liabilities

Down

$158,743

Down $28,989 (-15%) from 2015

Revenue And Expenses
Liabilities / Revenue16th percentileNet Margin83rd percentile

Revenue

Up

$5,089,403

Up $1,284,320 (+34%) from 2015

Expenses

Up

$3,845,847

Up $358,894 (+10%) from 2015

Net Income

Up

$1,243,556

Up $925,426 (+291%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth97th percentile

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

$3.0M$2.0M$1.0M$0Assets 2011: $855,903Liabilities 2011: $344,493Net Assets 2011: $511,4102011Assets 2012: $891,170Liabilities 2012: $149,094Net Assets 2012: $742,0762012Assets 2013: $764,310Liabilities 2013: $136,087Net Assets 2013: $628,2232013Assets 2014: $875,696Liabilities 2014: $165,268Net Assets 2014: $710,4282014Assets 2015: $1,351,090Liabilities 2015: $187,732Net Assets 2015: $1,163,3582015Assets 2016: $2,937,048Liabilities 2016: $158,743Net Assets 2016: $2,778,3052016Assets 2017: $1,680,706Liabilities 2017: $202,880Net Assets 2017: $1,477,8262017Assets 2018: $1,717,749Liabilities 2018: $239,595Net Assets 2018: $1,478,1542018Assets 2019: $1,582,291Liabilities 2019: $184,359Net Assets 2019: $1,397,9322019Assets 2020: $651,354Liabilities 2020: $63,508Net Assets 2020: $587,8462020Assets 2021: $167,573Liabilities 2021: $5,055Net Assets 2021: $162,5182021Assets 2022: $214,991Liabilities 2022: $2,089Net Assets 2022: $212,9022022Assets 2023: $201,417Liabilities 2023: $2,313Net Assets 2023: $199,1042023Assets 2024: $125,581Liabilities 2024: $3,889Net Assets 2024: $121,6922024

Highlighted filing

2016

Assets$2,937,048
Liabilities$158,743
Net Assets$2,778,305
Open 2016 Filing

Operations Trend

Revenue Growth86th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2011: $2,891,970Expenses 2011: $2,372,231Net Income 2011: $519,7392011Revenue 2012: $3,333,647Expenses 2012: $3,102,981Net Income 2012: $230,6662012Revenue 2013: $3,174,393Expenses 2013: $2,875,378Net Income 2013: $299,0152013Revenue 2014: $3,513,492Expenses 2014: $3,431,287Net Income 2014: $82,2052014Revenue 2015: $3,805,083Expenses 2015: $3,486,953Net Income 2015: $318,1302015Revenue 2016: $5,089,403Expenses 2016: $3,845,847Net Income 2016: $1,243,5562016Revenue 2017: $2,724,803Expenses 2017: $4,031,980Net Income 2017: -$1,307,1772017Revenue 2018: $3,671,842Expenses 2018: $3,854,747Net Income 2018: -$182,9052018Revenue 2019: $3,585,958Expenses 2019: $3,886,257Net Income 2019: -$300,2992019Revenue 2020: $787,864Expenses 2020: $1,630,435Net Income 2020: -$842,5712020Revenue 2021: $5,893Expenses 2021: $431,221Net Income 2021: -$425,3282021Revenue 2022: $313,158Expenses 2022: $262,329Net Income 2022: $50,8292022Revenue 2023: $296,566Expenses 2023: $310,364Net Income 2023: -$13,7982023Revenue 2024: $345,070Expenses 2024: $422,629Net Income 2024: -$77,5592024

Highlighted filing

2016

Revenue$5,089,403
Expenses$3,845,847
Net Income$1,243,556
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
May 1, 2017
Return Version
2016v3.1
Gross Receipts
$5,089,403
Mission and Program Overview

Mission

The innovation foundation was formed to institutionalize the non-profit activities of chicago ideas week. One program with the goal of philanthropically creating a positive impact on the educational and intellectual community of chicago.

The innovation foundation was formed to institutionalize the non-profit activities of chicago ideas week.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$834,933$1,560,366▲ $725,433
Accounts Receivable$294,188$926,862▲ $632,674
Land, Buildings, and Equipment, Net$179,738$432,687▲ $252,949
Inventories for Sale or Use$27,203$0▼ $27,203
Prepaid Expenses and Deferred Charges$15,028$17,133▲ $2,105
Savings and Temporary Cash Investments$0$0→ $0
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
Loans From Officers Directors$0$0→ $0
Total Assets$1,351,090$2,937,048▲ $1,585,958
Other Assets Total$0$0→ $0
Liabilities
Deferred Revenue$87,813$97,509▲ $9,696
Accounts Payable and Accrued Expenses$99,919$61,234▼ $38,685
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$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$187,732$158,743▼ $28,989
Net Assets / Fund Balance
Unrestricted Net Assets$1,004,500$1,582,169▲ $577,669
Temporarily Rstr Net Assets$158,858$1,196,136▲ $1,037,278
Permanently Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$1,163,358$2,778,305▲ $1,614,947
Total Liabilities and Net Assets / Fund Balance$1,351,090$2,937,048▲ $1,585,958

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$432,687$290,101$722,788
Compensation and Service Providers
Top Officer Pay67th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Nadine DobbsCOO Chicago Ideas WeekFT$160,909$160,909
Michele McbrideDirectorFT$111,244$111,244
Jessica MalkinCEO, Chicago Ideas WeekPT$100,000$100,000

Board Members and Trustees

NameTitle
Eric BeckerCo-Chairman Chicago Ideas Week
Laura DesmondCo-Chairperson Chicago Idea Wk
Bradley a KeywellPresident
Eric LefkofskyVice President
Bill DaleyMember
Patricia CoxMember
Rich StoddartMember
Sonya JacksonMember

Highest Paid Contractors

ContractorServicesLocationCompensation
Broadway in ChicagoVenue Rental17 N State Street, Chicago, IL 60602$216,750
CK CircleProduction1222 W Grand Avenue, Chicago, IL 60642$136,794
Scafuri DesignsGraphic Design8912 N Marmora Avenue, Morton Grove, IL 60053$107,945
Revenue and Support

Revenue Composition

Contributions and Grants
$4,330,250
Program Service Revenue
$759,153
Investment Income
$0
Other Revenue
$0
All Other Contributions
$4,330,250
Change in Net Assets
$1,243,556

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,089,403
Revenue Not Reported on Form 990
$3,904,845
Total Revenue per Audited Statements
$8,994,248
Total Revenue per Form 990
$5,089,403
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,582,094
Salaries, Compensation, and Employee Benefits$1,251,753
Total Fundraising Expense$191,710
Grants and Similar Amounts Paid$12,000
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management$869,194-$2,750$871,944
Other Salaries and Wages$644,323$138,035$5,569$787,927
Current Officers, Directors, Trustees, and Key Employees$239,685-$132,468$372,153
Fees for Services Other$27,688$153,286$23,000$203,974
Travel$160,211$3,487$3,021$166,719
Other Expenses$151,335$3,195$1,863$156,393
Depreciation Depletion-$145,417-$145,417
All Other Expenses$64,948$34,239$9,926$109,113
Advertising$95,656--$95,656
Payroll Taxes$69,671$11,001$11,001$91,673
Office Expenses$13,458$16,055$1,564$31,077
Insurance$1,069$24,329-$25,398
Grants to Domestic Orgs$12,000--$12,000
Fees for Services Accounting-$11,008-$11,008
Fees for Services Legal$1,903$3,545-$5,448
Total Functional Expenses$3,066,152$587,985$191,710$3,845,847

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$7,379,301
Expenses per Audited Statements$3,845,847
Total Expenses per Form 990$3,845,847
Expenses Not Reported on Form 990$3,533,454
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Flint Water Study Research VT FoundationBlacksburg, VA-Research$7,000
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
No
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

Part VI, Section B, Line 11B

“The 990 is reviewed by the board and made available for review to the ceo and coo of the organization. Any issues based on the review process are discussed and addressed with an outside accounting firm before being signed.”

Part VI, Section B, Line 15B

“All compensation is reviewed and discussed with top management, and review of comparable roles outside the organization is completed in order to determine fair and competitive compensation for roles needed.”

Part VI, Section C, Line 19

“In 2016, the annual report will include financial statements from 2016. All reports are available online and by request. Additionally, the organization posts financial information on guidestar.”

Part VI, Section B, Line 12C

“To ensure the organization operates in a manner consistent with charitable purposes and does not engage in activities that could jeopardize its tax-exempt status, periodic reviews are conducted.”

Filing and Contact Details

Filer

Filer Name
The Innovation Foundation Inc
EIN
80-0633175
In Care Of
% BRADLEY A KEYWELL
Phone
3122763200
Address
600 W Chicago Suite 700, Chicago, IL 60654

Signing Officer

Name
Bradley Keywell
Title
director
Signed
2017-05-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Bradley a Keywell
Formed
2010
Legal Domicile
Il
Voting Board Members
9
Independent Board Members
8
Employees
20
Volunteers
500

Preparer

Firm
Miller Cooper & Co Ltd
Address
1751 Lake Cook Road Suite 400, Deerfield, IL 60015
Preparer
Daphne McCoy
Phone
8472055000
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1CEO, Chicago Ideas Week
IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt3MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt4Co-Chairman Chicago Ideas Week
IRS990/Form990PartVIISectionAGrp/TitleTxt5MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8Co-Chairperson Chicago Idea Wk
IRS990/Form990PartVIISectionAGrp/TitleTxt9COO Chicago Ideas Week
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
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IRS990/MissionDesc0THE INNOVATION FOUNDATION WAS FORMED TO INSTITUTIONALIZE THE NON-PROFIT ACTIVITIES OF CHICAGO IDEAS WEEK. ONE PROGRAM WITH THE GOAL OF PHILANTHROPICALLY CREATING A POSITIVE IMPACT ON THE EDUCATIONAL AND INTELLECTUAL COMMUNITY OF CHICAGO.
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IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
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IRS990/OtherEmployeeBenefitsGrp/TotalAmt00
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IRS990/OtherExpensesGrp/Desc1FACILITY RENTAL
IRS990/OtherExpensesGrp/Desc2MEALS & ENTERTAINMENT
IRS990/OtherExpensesGrp/Desc3PROGRAM EXPENSES
IRS990/OtherExpensesGrp/FundraisingAmt0548
IRS990/OtherExpensesGrp/FundraisingAmt11863
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt033775
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt110613
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt23195
IRS990/OtherExpensesGrp/ProgramServicesAmt0485470
IRS990/OtherExpensesGrp/ProgramServicesAmt1228615
IRS990/OtherExpensesGrp/ProgramServicesAmt2926
IRS990/OtherExpensesGrp/ProgramServicesAmt3151335
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IRS990/OtherExpensesGrp/TotalAmt1262390
IRS990/OtherExpensesGrp/TotalAmt212087
IRS990/OtherExpensesGrp/TotalAmt3156393
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt017133
IRS990/PrincipalOfficerNm0BRADLEY A KEYWELL
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Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,937,048
Liabilities
$158,743
Net assets
$2,778,305
Revenue
$5,089,403
Expenses
$3,845,847
Net income
$1,243,556
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.13$0.00$0.12$0.35$0.42$0.08
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.20$0.00$0.20$0.30$0.31$0.01
2022Detailed filing. Detailed filing data is available for this year.$0.21$0.00$0.21$0.31$0.26$0.05
2021Detailed filing. Detailed filing data is available for this year.$0.17$0.01$0.16$0.01$0.43$0.43
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.65$0.06$0.59$0.79$1.63$0.84
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.58$0.18$1.40$3.59$3.89$0.30
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.72$0.24$1.48$3.67$3.85$0.18
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.68$0.20$1.48$2.72$4.03$1.31
2016Detailed filing. Detailed filing data is available for this year.$2.94$0.16$2.78$5.09$3.85$1.24
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.35$0.19$1.16$3.81$3.49$0.32
2014Detailed filing. Detailed filing data is available for this year.$0.88$0.17$0.71$3.51$3.43$0.08
2013Summary only. Only limited summary data is available for this year.$0.76$0.14$0.63$3.17$2.88$0.30
2012Summary only. Only limited summary data is available for this year.$0.89$0.15$0.74$3.33$3.10$0.23
2011Summary only. Only limited summary data is available for this year.$0.86$0.34$0.51$2.89$2.37$0.52