Civic Intelligence

North Carolina Innovation Corridor

990 • Fiscal year 2021 • EIN 84-4902334

Jan 01, 2021 to Dec 31, 2021 • Filed on May 09, 2022

Organization ProfileN/A
1101 Haynes Street 102Raleigh, NC 27604

(919) 424-7262

Siviq Scores

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

Liabilities / Assets

40th percentile

0.04x

Higher debt load relative to assets than 40% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

38th percentile

0.04x

Higher debt load relative to revenue than 38% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Net Margin

98th percentile

93%

Higher net margin than 98% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

36th percentile

$0

Higher top officer pay than 36% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Asset Growth

100th percentile

3448%

Faster asset growth than 100% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

100th percentile

3500%

Faster revenue growth than 100% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets40th percentile

Assets

Up

$3,583,262

Up $3,482,271 (+3448%) from 2020

Net Assets

Up

$3,443,252

Up $3,354,200 (+3767%) from 2020

Liabilities

Up

$140,010

Up $128,071 (+1073%) from 2020

Revenue And Expenses
Liabilities / Revenue38th percentileNet Margin98th percentile

Revenue

Up

$3,600,000

Up $3,500,000 (+3500%) from 2020

Expenses

Up

$245,800

Up $234,852 (+2145%) from 2020

Net Income

Up

$3,354,200

Up $3,265,148 (+3667%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth100th percentile

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

$300M$200M$100M$0Assets 2020: $100,991Liabilities 2020: $11,939Net Assets 2020: $89,0522020Assets 2021: $3,583,262Liabilities 2021: $140,010Net Assets 2021: $3,443,2522021Assets 2022: $4,795,472Liabilities 2022: $0Net Assets 2022: $4,795,4722022Assets 2023: $18,408,832Liabilities 2023: $18,553Net Assets 2023: $18,390,2792023Assets 2024: $272,938,913Liabilities 2024: $3,208,135Net Assets 2024: $269,730,7782024

Highlighted filing

2021

Assets$3,583,262
Liabilities$140,010
Net Assets$3,443,252
Open 2021 Filing

Operations Trend

Revenue Growth100th percentile

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

$300M$200M$100M$0Revenue 2020: $100,000Expenses 2020: $10,948Net Income 2020: $89,0522020Revenue 2021: $3,600,000Expenses 2021: $245,800Net Income 2021: $3,354,2002021Revenue 2022: $1,750,000Expenses 2022: $397,780Net Income 2022: $1,352,2202022Revenue 2023: $10,283,256Expenses 2023: $2,153,367Net Income 2023: $8,129,8892023Revenue 2024: $259,079,795Expenses 2024: $8,161,864Net Income 2024: $250,917,9312024

Highlighted filing

2021

Revenue$3,600,000
Expenses$245,800
Net Income$3,354,200
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
May 9, 2022
Return Version
2021v4.2
Gross Receipts
$3,600,000
Mission and Program Overview

Mission

The north carolina innovation corridor ("corridor") is a transformational public-private effort to build and expand on north carolina's tradition of engaged business leadership in addressing the realities of a dynamic global economy. The corridor will coordinate research university and private sector innovation assets. The initiative will support globally competitive industries, create more job opportunities across a wider geography (from greenville to winston-salem), and launch north carolina into the national and global job creation and innovation ranks, along with boston and silicon valley. The success of this vision requires a substantial infusion and dedication of public and private funding.

The organization is a public-private partnership to accelerate and scale commercialized innovation from nc's universities, create jobs, and improve economic opportunities in all 100 counties of north carolina.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$100,991$3,583,262▲ $3,482,271
Total Assets$100,991$3,583,262▲ $3,482,271
Liabilities
Other Liabilities$11,939$140,010▲ $128,071
Total Liabilities$11,939$140,010▲ $128,071
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$89,052$3,443,252▲ $3,354,200
Total Net Assets Fund Balance$89,052$3,443,252▲ $3,354,200
Total Liabilities and Net Assets / Fund Balance$100,991$3,583,262▲ $3,482,271
Compensation and Service Providers
Top Officer Pay36th percentile

Board Members and Trustees

NameTitle
Kirk BradleyPresident
Jack BaileyVice President
Neal FowlerSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$3,600,000
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$3,600,000
Change in Net Assets
$3,354,200
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$245,800
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$229,626--$229,626
Advertising$10,691--$10,691
Fees for Services Accounting-$3,525-$3,525
Fees for Services Legal-$841-$841
Office Expenses-$462-$462
Information Technology-$360-$360
Other Expenses-$15-$15
Total Functional Expenses$240,317$5,483$0$245,800
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
Other Liabilities$140,010
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
No
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

Governance Explanations

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

“A copy of form 990 is reviewed by the board president prior to filing.”

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

“The organization reviews their conflict of interest policy annually and the board of directors are required to disclose any potential conflicts.”

Form 990, Part VI, Section C, Line 18

“The organization makes its documents available upon request.”

Form 990, Part VI, Section C, Line 19

“The organization makes its documents available upon request.”

Filing and Contact Details

Filer

Filer Name
The Innovation State Inc
EIN
84-4902334
Phone
9194247262
Address
1101 HAYNES STREET 102, RALEIGH, NC 27604

Signing Officer

Name
Kirk Bradley
Title
President
Phone
9194247262
Signed
2022-05-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kirk Bradley
Formed
2020
Legal Domicile
Nc
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
0

Preparer

Firm
Steward Ingram & Cooper Pllc
Address
PO BOX 41168, RALEIGH, NC 27629
Preparer
Stephanie B Holt CPA
Phone
9198720866
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Contract services: program service expenses 229,626. Management and general expenses 0. Fundraising expenses 0. Total expenses 229,626.”

Raw XML Appendix303 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A COPY OF FORM 990 IS REVIEWED BY THE BOARD PRESIDENT PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION REVIEWS THEIR CONFLICT OF INTEREST POLICY ANNUALLY AND THE BOARD OF DIRECTORS ARE REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICTS.
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ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0KIRK
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0BRADLEY
ReturnHeader/TaxPeriodBeginDt02021-01-01
ReturnHeader/TaxPeriodEndDt02021-12-31
ReturnHeader/TaxYr02021

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$3,583,262
Liabilities
$140,010
Net assets
$3,443,252
Revenue
$3,600,000
Expenses
$245,800
Net income
$3,354,200
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$273$3.21$270$259$8.16$251
2023Facts available. Structured filing facts are available, but richer extracted sections are limited.$18.4$0.02$18.4$10.3$2.15$8.13
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.80$0.00$4.80$1.75$0.40$1.35
2021Detailed filing. Detailed filing data is available for this year.$3.58$0.14$3.44$3.60$0.25$3.35
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.10$0.01$0.09$0.10$0.01$0.09
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2021 filings • 501(c)3 • $1M-$5M nonprofits