Und Center For Innovation Foundation
- Assets
- $8.1m
- Revenue
- $309.2k
- Investments
- $4.1m
- Employees
- 0
- Location
- Grand Forks, ND
- Founding
- 05/1993
- Data as of
- 12/2022
- EIN
- 45-0422671
Organization Overview
Und Center For Innovation Foundation is located in Grand Forks, ND. The organization was established in 1993. 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. Und Center For Innovation Foundation 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 12/2022, Und Center For Innovation Foundation generated $309.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (14.3%) each year. All expenses for the organization totaled $393.7k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (13.1%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Und Center For Innovation Foundation has awarded 53 individual grants totaling $2,800,974. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO MAINTAIN NATIONAL LEADERSHIP IN ENTREPRENEUR OUTREACH & EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE UND CENTER FOR INNOVATION FOUNDATION IS ORGANIZED FOR THE BENEFIT OF SUPPORTING INNOVATION AND ENTREPRENEURIAL ACTIVITIES AT THE UNIVERSITY OF NORTH DAKOTA. THE FOUNDATION OWNS THE INA MAE RUDE ENTREPRENEUR CENTER, A BUSINESS INCUBATION FACILITY THAT LICENSES SPACE TO TENANTS. THE INA MAE RUDE ENTREPRENEUR CENTER SUPPORTS COMMERCIALIZATION ACTIVITIES FOR THE STATE OF NORTH DAKOTA AND THE UNIVERSITY OF NORTH DAKOTA. THE FOUNDATION ENHANCES AND PROMOTES COMMERCE AND ECONOMIC DEVELOPMENT IN NORTH DAKOTA THROUGH INNOVATION CONSULTING, APPLIED LEARNING ACTIVITIES, ENTREPRENEURIAL ACTIVITY SEMINARS AND WORKSHOPS, AND BUSINESS COACHING FOR INNOVATORS. ADDITIONALLY, THE FOUNDATION PROVIDES FISCAL MANAGEMENT AND OPERATIONAL SUPPORT FOR PROJECTS PRIMARILY FUNDED BY STATE GRANTS. THE FOUNDATION SUPPORTS OUTREACH PROGRAMS AND EDUCATIONAL SERVICES IN THE FIELD OF INNOVATION, COMMERCIALIZATION OF TECHNOLOGIES, STARTUP FUNDING STRATEGIES, AND BUSINESS INCUBATION AND ACCELERATION.
THE FOUNDATION OWNS A WHOLLY OWNED SUBSIDIARY THAT OPERATES THE NORTH DAKOTA/MINNESOTA EB-5 REGIONAL CENTER PROGRAM. THE EB-5 PROGRAM IS AN IMMIGRANT INVESTOR PROGRAM FOCUSED ON BUSINESS DEVELOPMENT AND JOB CREATION TO STIMULATE ECONOMIC ACTIVITY AND IMPROVEMENTS IN REGIONAL PRODUCTIVITY THROUGH DIRECT FOREIGN INVESTMENT. THE PROGRAM IS ADMINISTERED BY THE US CITIZENSHIP AND IMMIGRATION SERVICE (USCIS) AND THE EB5 REGIONAL CENTER IS AN ENTITY APPROVED BY USCIS AS A DESIGNATED PLACE TO RECEIVE IMMIGRANT INVESTOR CAPITAL WITH NEW AND EMERGING BUSINESSES. THE NORTH DAKOTA/MINNESOTA EB5 REGIONAL CENTER RECEIVED ITS DESIGNATION IN APRIL 2011 AND THERE ARE THREE PORTFOLIO COMPANIES WITH APPROXIMATELY 600 INVESTORS.
STUDENT RUN ENTERPRISES (SRE) ENGAGES STUDENTS FROM ACROSS ALL DISCIPLINES AT THE UNIVERSITY OF NORTH DAKOTA IN EXPERIENTIAL LEARNING FOCUSED ON THE DEVELOPMENT OF ENTREPRENEURIAL AND INNOVATION SKILLS. THE PURPOSE OF STUDENT RUN ENTERPRISES IS TO ESTABLISH LEGACY SMALL BUSINESSES FOR STUDENTS TO MANAGE AND OPERATE SO THEY REFINE AND DEVELOP THEIR ENTREPRENEURIAL SKILLS. THE STUDENTS ARE PROVIDED WITH WEEKLY, DEDICATED MENTORSHIP FROM A CENTER FOR INNOVATION STAFF MEMBER AS WELL AS A UND FACULTY SUBJECT MATTER EXPERT TO MONITOR THEIR PROGRESS AND ENCOURAGE REFLECTIVE PRACTICE ON THEIR BUSINESS DECISIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dale Morrison Chair (until Feb) | OfficerTrustee | 2 | $0 |
Linda Pancratz Vice Chair (until Nov) | OfficerTrustee | 2 | $0 |
Amy Whitney Director/ceo | Officer | 6 | $48,926 |
Kristin Heck Vice Chair (as Of Nov) | OfficerTrustee | 1 | $0 |
Phil Gisi - Chair As Of Feb Trustee (until Feb) | OfficerTrustee | 1 | $0 |
Ed Schafer Trustee (until Nov) | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $144,043 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $149,043 |
| Total Program Service Revenue | $57,229 |
| Investment income | $20,470 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $82,478 |
| 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 | $309,220 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $230,079 |
| 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 | $36,363 |
| Fees for services: Accounting | $36,447 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,256 |
| Advertising and promotion | $4,557 |
| Office expenses | $1,575 |
| Information technology | $40 |
| 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 | $2,560 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $72,616 |
| Insurance | $2,208 |
| All other expenses | $1,225 |
| Total functional expenses | $393,671 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,175,833 |
| Pledges and grants receivable | $40,000 |
| Accounts receivable, net | $21,246 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $25,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $2,386,626 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $4,128,736 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $279,769 |
| Total assets | $8,057,210 |
| Accounts payable and accrued expenses | $12,250 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $23,288 |
| 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 | $158,135 |
| Total liabilities | $193,673 |
| Net assets without donor restrictions | $2,984,180 |
| Net assets with donor restrictions | $4,879,357 |
| 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 | $8,057,210 |
Grants Awarded
Over the last fiscal year, Und Center For Innovation Foundation has awarded $311,747 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
UNIVERSITY OF NORTH DAKOTA PURPOSE: Assist to UND Contracts & Grants, and Center for Innovation | $243,000 |
ELF TECHNOLOGY LLC EXP PURPOSE: Support entrepreneurship | $10,000 |
GETTY BOX GIZMO PURPOSE: Support entrepreneurship | $12,000 |
HOMELAND HEMP CO LLC PURPOSE: Support entrepreneurship | $10,000 |
FENWORKS LLC PURPOSE: Support entrepreneurship | $20,000 |
THREE FARM DAUGHTERS PURPOSE: Support entrepreneurship | $10,000 |