The Center For Advancing Innovation Inc
- Assets
- $1.2m
- Revenue
- $309.6k
- Investments
- $0.0
- Employees
- 6
- Location
- Bethesda, MD
- Founding
- 06/2014
- Data as of
- 12/2023
- EIN
- 38-3903952
Organization Overview
The Center For Advancing Innovation Inc is located in Bethesda, MD. The organization was established in 2014. According to its NTEE Classification (U99) the organization is classified as: Science & Technology N.E.C., under the broad grouping of Science & Technology and related organizations. As of 12/2023, Center For Advancing Innovation Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Center For Advancing Innovation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Center For Advancing Innovation Inc generated $309.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (9.5%) each year. All expenses for the organization totaled $752.4k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE CENTER FOR ADVANCING INNOVATION (CAI) IS A GLOBAL PUBLIC-PRIVATE PARTNERSHIP NON-PROFIT FOCUSED ON CREATING A VIRTUOUS CIRCLE OF INNOVATION AND DRIVING GROWTH BREAKTHROUGHS THROUGH NOVEL, CREATIVE PARADIGMS AND MODELS. CAI'S MISSION IS TO ACCELERATE AND INCREASE THE VOLUME OF RESEARCH COMMERCIALIZATION IN SUPPORT OF HIGH GROWTH BUSINESS IN ORDER TO IGNITE ENTREPRENEURSHIP, BOLSTER THE GLOBAL ECONOMY AND MAXIMIZE THE COMMERCIAL AND KNOWLEDGE-BASED POTENTIAL OF PROMISING INVENTIONS. CAI'S AWARD-WINNING CHALLENGE-BASED ACCELERATOR, RIGOROUS FACT-BASED DUE DILIGENCE AND CAPITAL EFFICIENT LEAN MANAGEMENT MODELS SERVE TO HYPER-ACCELERATE "GAZELLE" HIGH- PERFORMING STARTUPS FOR OUTSIZED INVESTOR RETURNS. FOR MORE INFORMATION ABOUT CAI, PLEASE VISIT HTTP://WWW.THECENTERFORADVANCINGINNOVATION.ORG.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE GLOBAL HEALTH INNOVATION CHALLENGE (GHIC) IS ORCHESTRATED BY THE CENTER FOR ADVANCING INNOVATION (CAI) WITH SUPPORT FROM RESONANCE PHILANTHROPIES OF HTE SILCION VALLEY COMMUNITY FOUNDATION AND THE UNITED SATES ECONOMIC DEVELOPMENT ADMINISTRATION (EDA) BUILD TO SCALE (B2S) PROGRAM. AS WITH CAI'S PRIOR CHALLENGES, TEAMS WILL ADVANCE PROMISING DE-RISKED INVENTIONS SELECTED WITH RIGOROUS DUE DILIGENCE BY POTENTIAL INVESTORS AND INDUSTRY EXPERTS. TEAMS MAY ALSO ENTER WITH THEIR OWN COMMERCIALLY VIALABLE IMPROVE CHILDREN'S MENTAL HEALTH AND PANDEMIC RESILIENCY, AN EXPERT JUDGING PANEL WILL SELECT A TOTAL OF 15+ WINNERS FROM THE POOL OF TEAMS, ADVANCING PROMISING INVENTIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rosemarie Truman CEO | OfficerTrustee | 40 | $366,000 |
Nick Donofrio Chairman | Trustee | $0 | |
Gil Price Director | Trustee | $0 | |
Reginald Seeto Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $265,424 |
| Investment income | $44,139 |
| 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 | $309,563 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $366,000 |
| Compensation of current officers, directors, key employees. | $54,900 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $208,268 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $31,881 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,075 |
| Fees for services: Accounting | $191 |
| 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 | $2,391 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $4,054 |
| Travel | $15,847 |
| 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 | $572 |
| Insurance | $3,945 |
| All other expenses | $39,928 |
| Total functional expenses | $752,351 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,065,971 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $1,426 |
| Investments—publicly traded securities | $100,002 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,167,399 |
| Accounts payable and accrued expenses | $13,053 |
| 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 | $124 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $13,177 |
| Net assets without donor restrictions | $0 |
| 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 | $1,154,222 |
| Total liabilities and net assets/fund balances | $1,167,399 |