Civic Intelligence

The Innovation Foundation Inc

990 • Fiscal year 2020 • EIN 80-0633175

Jan 01, 2020 to Dec 31, 2020 • Filed on Aug 15, 2021

Organization Profilewww.cttfuture.com; www.chicagoideas.com
1130 W MonroeChicago, IL 60607

(312) 276-3200

Siviq Scores

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

Liabilities / Assets

59th percentile

0.10x

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

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

54th percentile

0.08x

Higher debt load relative to revenue than 54% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Net Margin

4th percentile

-107%

Higher net margin than 4% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

92nd percentile

$131,700

Higher top officer pay than 92% of similar nonprofits.

Top officer pay equals 16.7% of source-year revenue.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Asset Growth

2nd percentile

-59%

Faster asset growth than 2% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Revenue Growth

3rd percentile

-78%

Faster revenue growth than 3% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets59th percentile

Assets

Down

$651,354

Down $930,937 (-59%) from 2019

Net Assets

Down

$587,846

Down $810,086 (-58%) from 2019

Liabilities

Down

$63,508

Down $120,851 (-66%) from 2019

Revenue And Expenses
Liabilities / Revenue54th percentileNet Margin4th percentile

Revenue

Down

$787,864

Down $2,798,094 (-78%) from 2019

Expenses

Down

$1,630,435

Down $2,255,822 (-58%) from 2019

Net Income

Down

-$842,571

Down $542,272 (-181%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth2nd 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

2020

Assets$651,354
Liabilities$63,508
Net Assets$587,846
Open 2020 Filing

Operations Trend

Revenue Growth3rd 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

2020

Revenue$787,864
Expenses$1,630,435
Net Income-$842,571
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Aug 15, 2021
Return Version
2020v4.1
Gross Receipts
$787,864
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$1,245,356$570,326▼ $675,030
Accounts Receivable$92,651$0▼ $92,651
Land, Buildings, and Equipment, Net$202,756$72,111▼ $130,645
Loans From Officers Directors$11,538$0▼ $11,538
Prepaid Expenses and Deferred Charges$41,528$8,917▼ $32,611
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
Inventories for Sale or Use$0$0→ $0
Total Assets$1,582,291$651,354▼ $930,937
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$145,417$63,508▼ $81,909
Deferred Revenue$27,404$0▼ $27,404
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$184,359$63,508▼ $120,851
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,345,932$587,846▼ $758,086
Net Assets With Donor Restrictions$52,000$0▼ $52,000
Total Net Assets Fund Balance$1,397,932$587,846▼ $810,086
Total Liabilities and Net Assets / Fund Balance$1,582,291$651,354▼ $930,937

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$72,111$1,016,625$1,088,736
Compensation and Service Providers
Top Officer Pay92nd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Megan M Mcdonald PaulsonExecutive DirectorFT$131,700$131,700
Sarah Ruth-gillisManaging ProducerFT$114,070$114,070

Board Members and Trustees

NameTitle
Bradley a KeywellChairman
Kim KeywellDirector
Nora DaleyDirector
Scott SmithDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$765,908
Program Service Revenue
$21,956
Investment Income
$0
Other Revenue
$0
All Other Contributions
$765,908
Change in Net Assets
$-842,571

Audited Revenue Reconciliation

Revenue per Audited Statements
$787,864
Revenue Not Reported on Form 990
$65,957
Total Revenue per Audited Statements
$853,821
Total Revenue per Form 990
$787,864
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$891,466
Other Expenses$738,969
Total Fundraising Expense$202,055
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$406,538$41,578$129,353$577,469
Current Officers, Directors, Trustees, and Key Employees$173,022$17,695$55,052$245,769
Depreciation Depletion$140,645--$140,645
Fees for Services Management$122,666$11,278$208$134,152
Advertising$98,657--$98,657
Fees for Services Accounting-$91,482-$91,482
Payroll Taxes$48,033$4,912$15,283$68,228
All Other Expenses$641$59,485-$60,126
Office Expenses$786$37,704-$38,490
Insurance-$22,345-$22,345
Fees for Services Legal-$12,966-$12,966
Fees for Services Other$2,936$8,510$1,168$12,614
Other Expenses$7,076$18-$7,094
Travel$3,456$1,950$991$6,397
Total Functional Expenses$1,105,442$322,938$202,055$1,630,435

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,663,907
Expenses per Audited Statements$1,630,435
Total Expenses per Form 990$1,630,435
Expenses Not Reported on Form 990$33,472
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$11,538$0▼ $11,538
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 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
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 executive director 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 2020, the annual report will include financial statements from 2020. 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
1130 W Monroe, Chicago, IL 60607

Signing Officer

Name
Bradley Keywell
Title
Director
Phone
3122763200
Signed
2021-08-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Bradley a Keywell
Formed
2010
Legal Domicile
Il
Voting Board Members
4
Independent Board Members
4
Employees
17
Volunteers
0

Preparer

Firm
Miller Cooper & Co Ltd
Address
1751 Lake Cook Road Suite 400, Deerfield, IL 60015
Preparer
Kate Czaja
Phone
8472055000
Supplemental Narrative

Additional Explanations

Part III, Line 3

“The innovation foundation did not hold its usual annual events in 2020 due to the ongoing covid-19 pandemic.”

Raw XML AppendixShowing 400 of 509 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/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.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt00
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt00
IRS990/NetAssetsOrFundBalancesBOYAmt01397932
IRS990/NetAssetsOrFundBalancesEOYAmt0587846
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt00
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt01345932
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt0587846
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/TotalAmt00
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt037704
IRS990/OfficeExpensesGrp/ProgramServicesAmt0786
IRS990/OfficeExpensesGrp/TotalAmt038490
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt00
IRS990/OtherAssetsTotalGrp/EOYAmt00
IRS990/OtherEmployeeBenefitsGrp/TotalAmt00
IRS990/OtherExpensesGrp/Desc0DESIGN, AUDIO, VIDEO
IRS990/OtherExpensesGrp/Desc1FACILITY RENTAL
IRS990/OtherExpensesGrp/Desc2MEALS & ENTERTAINMENT
IRS990/OtherExpensesGrp/Desc3PROGRAM EXPENSES
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt08542
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt14473
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt218
IRS990/OtherExpensesGrp/ProgramServicesAmt089260
IRS990/OtherExpensesGrp/ProgramServicesAmt111620
IRS990/OtherExpensesGrp/ProgramServicesAmt2106
IRS990/OtherExpensesGrp/ProgramServicesAmt37076
IRS990/OtherExpensesGrp/TotalAmt089260
IRS990/OtherExpensesGrp/TotalAmt120162
IRS990/OtherExpensesGrp/TotalAmt24579
IRS990/OtherExpensesGrp/TotalAmt37094
IRS990/OtherLiabilitiesGrp/BOYAmt00
IRS990/OtherLiabilitiesGrp/EOYAmt00
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt0129353
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt041578
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0406538
IRS990/OtherSalariesAndWagesGrp/TotalAmt0577469
IRS990/OtherWebsiteInd0X
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt00
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt015283
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt04912
IRS990/PayrollTaxesGrp/ProgramServicesAmt048033
IRS990/PayrollTaxesGrp/TotalAmt068228
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt041528
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt08917
IRS990/PrincipalOfficerNm0BRADLEY A KEYWELL
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0611710
IRS990/ProgramServiceRevenueGrp/Desc0CHICAGO IDEAS WEEK
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt021956
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt021956
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt03199429
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt02384400
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt0386529
IRS990/PYRevenuesLessExpensesAmt0-300299
IRS990/PYSalariesCompEmpBnftPaidAmt01501857
IRS990/PYTotalExpensesAmt03886257
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt03585958
IRS990/QuidProQuoContributionsInd0true
IRS990/QuidProQuoContriDisclInd0true
IRS990/RcvblFromDisqualifiedPrsnGrp/BOYAmt00
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-842571
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt00
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt021956
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0682243
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt03049500
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt02884610
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt01920502
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt04330250
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt012867105
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt00
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt01175192
IRS990ScheduleA/OtherIncome170Grp/TotalAmt00
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.72070
IRS990ScheduleA/PublicSupportPY170Pct00.68520
IRS990ScheduleA/PublicSupportTotal170Amt09273350
IRS990ScheduleA/SubstantialContributorsTotAmt03593755
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0682243
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt03049500
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt02884610
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt01920502
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt04330250
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt012867105
IRS990ScheduleA/TotalSupportAmt012867105
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/DonatedServicesAndUseFcltsAmt065957
IRS990ScheduleD/DonatedServicesUseFcltsAmt033472
IRS990ScheduleD/ExpensesNotReportedAmt033472
IRS990ScheduleD/ExpensesSubtotalAmt01630435
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt072111
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt01016625
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt01088736
IRS990ScheduleD/RevenueNotReportedAmt065957
IRS990ScheduleD/RevenueSubtotalAmt0787864
IRS990ScheduleD/TotalBookValueLandBuildingsAmt072111
IRS990ScheduleD/TotalExpensesPerForm990Amt01630435
IRS990ScheduleD/TotalRevenuePerForm990Amt0787864
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0853821
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01663907
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE 990 IS REVIEWED BY THE BOARD AND MADE AVAILABLE FOR REVIEW TO THE EXECUTIVE DIRECTOR OF THE ORGANIZATION. ANY ISSUES BASED ON THE REVIEW PROCESS ARE DISCUSSED AND ADDRESSED WITH AN OUTSIDE ACCOUNTING FIRM BEFORE BEING SIGNED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ALL 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2IN 2020, THE ANNUAL REPORT WILL INCLUDE FINANCIAL STATEMENTS FROM 2020. ALL REPORTS ARE AVAILABLE ONLINE AND BY REQUEST. ADDITIONALLY, THE ORGANIZATION POSTS FINANCIAL INFORMATION ON GUIDESTAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3TO 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE INNOVATION FOUNDATION DID NOT HOLD ITS USUAL ANNUAL EVENTS IN 2020 DUE TO THE ONGOING COVID-19 PANDEMIC.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1PART VI, SECTION B, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4PART III, LINE 3
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingEntityName/BusinessNameLine1Txt0na
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/EIN0611578522
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/LegalDomicileStateCd0IL
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/OwnershipPct00.00000
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PredominantIncomeTypeTxt0n/a
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PrimaryActivitiesTxt0management
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt0LIGHTBANK MANAGEMENT LLC
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/ShareOfEOYAssetsAmt00
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/ShareOfTotalIncomeAmt00
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/UBICodeVAmt00

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$651,354
Liabilities
$63,508
Net assets
$587,846
Revenue
$787,864
Expenses
$1,630,435
Net income
-$842,571
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
2020Detailed filing. Detailed filing data is available for this year.$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
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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