Louisiana Business Incubator Association Incorporated
- Assets
- $144.4k
- Revenue
- $95.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Baton Rouge, LA
- Founding
- 03/2006
- Data as of
- 06/2023
- EIN
- 20-2249722
Organization Overview
Louisiana Business Incubator Association Incorporated is located in Baton Rouge, LA. The organization was established in 2006. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Louisiana Business Incubator Association Incorporated is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2023, Louisiana Business Incubator Association Incorporated generated $95.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (10.7%) each year. All expenses for the organization totaled $104.1k during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (8.7%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2018, Louisiana Business Incubator Association Incorporated has awarded 37 individual grants totaling $799,812. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE LOUISIANA INCUBATION ASSOCIATION IS COMPRISED OF THE STATE'S PREMIER BUSINESS INCUBATORS AND IS FOCUSED ON ENHANCING THE GROWTH AND DIVERSIFICATION OF BUSINESSES AND ECONOMY IN LOUISIANA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LBIA, UNDER A COOPERATIVE AGREEMENT (CEA) WITH THE LOUISIANA DEPARTMENT OF ECONOMIC DEVELOPMENT (LED), ADMINISTERS A GRANT PROGRAM ENTITLED LED/LBIA BUSINESS INCUBATOR SUPPORT PROGRAM. THE AWARDS MUST BE MATCHED BY A 20% CONTRIBUTION BY THE SELECTED GRANT RECIPIENTS. GRANTS MAY ONLY BE USED FOR CAPITAL ASSETS THAT LAST AT LEAST THREE YEARS AS WELL AS MEET THE FOLLOWING CRITERIA: 1) HELP THE RECIPIENT MEET STATED GOALS OF SERVING THE INCUBATORS' TENANTS/CLIENTS, 2) SAVE OR CREATE JOBS, 3) EXPAND/MODIFY/RENOVATE AN INCUBATOR FACILITY SO THAT THE INCUBATOR CAN PROVIDE ADDITIONAL SERVICES TO ITS TENANTS/CLIENTS, AND 4) INCREASE FUNDING SOURCES FOR ITS TENANTS/CLIENTS. IT IS A REIMBURSEMENT GRANT, PAID BY LED ONLY AFTER DOCUMENTATION IS PROVIDED TO LED THAT FUNDS HAVE BEEN APPROPRIATELY SPENT. A REVIEW COMMITTEE OF 3 MEMBERS REVIEWS GRANT APPLICATIONS AND SCORE THE APPLICATIONS USING REVIEW CRITERIA APPROVED BY LED. UNDER THE CEA, LBIA IS REQUIRED TO HAVE A STATE CERTIFIED CPA FIRM CONDUCT AN ANNUAL REVIEW AND ATTESTATION WHICH MUST BE SUBMITTED TO THE LOUISIANA LEGISLATIVE AUDITORS' OFFICE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jessica Schiele President | OfficerTrustee | 6 | $0 |
Jason Boudreaux Vice President | OfficerTrustee | 1 | $0 |
Vic Lafont Secretary | OfficerTrustee | 2 | $0 |
Kristi Barlow Treasurer | OfficerTrustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $400 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $95,538 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $95,938 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $95,938 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $75,538 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $28,060 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $104,104 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $83,767 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $60,681 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $144,448 |
| Accounts payable and accrued expenses | $82,481 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $82,481 |
| Net assets without donor restrictions | $61,967 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $144,448 |
Grants Awarded
Over the last fiscal year, Louisiana Business Incubator Association Incorporated has awarded $75,538 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
DIXIE BUSINESS CENTER PURPOSE: SUPPORT INCUBATORS IN THEIR MISSION OF CREATING, DEVELOPING, AND MENTORING SMALL BUSINESSES. | $10,057 |
COHABITAT FOUNDATION PURPOSE: SUPPORT INCUBATORS IN THEIR MISSION OF CREATING, DEVELOPING, AND MENTORING SMALL BUSINESSES. | $25,000 |
SOUTHERN UNIVERSITY AT NO PURPOSE: SUPPORT INCUBATORS IN THEIR MISSION OF CREATING, DEVELOPING, AND MENTORING SMALL BUSINESSES. | $15,481 |
CAJUN ACCELERATION STATION PURPOSE: SUPPORT INCUBATORS IN THEIR MISSION OF CREATING, DEVELOPING, AND MENTORING SMALL BUSINESSES. | $25,000 |