Roanoke-Blacksburg Innovation Network
- Assets
- $2.4m
- Revenue
- $3.7m
- Investments
- $0.0
- Employees
- 8
- Location
- Blacksburg, VA
- Founding
- 09/2014
- Data as of
- 12/2023
- EIN
- 46-2975294
Organization Overview
Roanoke-Blacksburg Innovation Network, operating under the name Valleys Innovation Council Verge, is located in Blacksburg, VA. The organization was established in 2014. According to its NTEE Classification (B03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Education and related organizations. As of 12/2023, Valleys Innovation Council Verge employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Valleys Innovation Council Verge 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, Valleys Innovation Council Verge generated $3.7m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 65.5% each year . All expenses for the organization totaled $1.5m during the year ending 12/2023. While expenses have increased by 58.5% per year over the past 8 years. They've been increasing with an increasing level of total revenue. 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 ORGANIZATION SUPPORTS THE REGION BY CONNECTING, COMMUNICATING, AND COLLABORATING WITH STAKEHOLDERS TO GROW AND STRENGTHEN OUR INNOVATION ECONOMY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BIOTECH PROJECT - THIS MULTI-YEAR PROJECT INCLUDES FUNDING FROM THE COMMONWEALTH OF VIRGINIA, AS WELL AS ARPA AND NON-ARPA FUNDS FROM THE CITY OF ROANOKE, WITH NUMEROUS PROJECT PARTNERS TO BUILD A BIOTECHNOLOGY INCUBATOR IN ROANOKE. VERGE WILL LAUNCH AN INNOVATION STUDIO AND NEW PROGRAMMING TO SUPPORT THE REGION'S EARLY-STAGE BIOTECH AND DIGITAL HEALTH START-UPS. THE GRANT REPORTING PERIOD BEGAN WHEN THE GRANT WAS APPROVED ON JULY 1, 2022 WITH ARPA FUNDS NEEDING TO BE FULLY DEPLETED BY DECEMBER 2024 AND STATE AND NON-ARPA FUNDS NEEDING TO BE DEPLETED BY JUNE 2025. THE FULL FUNDING AMOUNT OF 2.2M WAS DEPOSITED IN JULY 2023 AND WAS MOVED TO A MONEY MARKET ACCOUNT AT ATLANTIC UNION. FUNDS ARE DRAWN DOWN ON A MONTHLY BASIS BASED ON PROJECT EXPENDITURES. CARILION HAS PROVIDED MATCHING FUNDS IN THE TOTAL AMOUNT OF 900K AND WILL BE PAID OUT AT APPROXIMATELY 175,000 OVER 5 YEARS.
VARIOUS
RAMP (REGIONAL ACCELERATOR AND MENTORING PROGRAM) - OFFERS TWO COHORTS PER YEAR, WITH THEIR HEADQUARTERS LOCATED IN THE GILL MEMORIAL BUILDING, ROANOKE, VIRGINIA. ACCEPTED COHORT COMPANIES ARE ENGAGED IN A 12-WEEK PROGRAM THAT FOCUSES ON MENTORING, COACHING, NETWORKING, AND EDUCATIONAL EVENTS TO HELP GROW THEIR BUSINESS, ACCESS TO CAPITAL RESOURCES, FREE OFFICE SPACE WITH HIGH-SPEED INTERNET ACCESS, 20,000 IN EQUITY FEE FUNDING, AND ADDITIONAL ALUMNI SUPPORT POST ACCELERATION.
EDA - IN OCTOBER 2020, RAMP RECIEVED A MAJOR ENDORSEMENT BY THE U.S. ECONOMIC DEVELOPMENT ADMINISTRATION, WHICH AWARDED A NEARLY 1 MILLION GRANT TO VALLEYS INNOVATION COUNCIL/VERGE, WHICH THE GRANT PROJECT CLOSED ON SEPTEMBER 30, 2023. THIS GRANT IS FOCUSED ON EXPANDING PROGRAMMING IN FOUR KEY AREAS: 1. STARTUP PATHWAYS TO RESPOND TO THE NEED FOR MORE FOCUS ON PRE-ACCELERATION COMPANIES BY PROVIDING MENTOR CONNECTIONS, SUPPORTING THE HEALTH SCIENCE & TECHNOLOGY COMMERCIALIZATION FELLOWSHIP WITH FRALIN BIOMEDICAL RESEARCH INSTITUTE, AND SUPPORTING TRANSLATIONAL RESEARCH FROM VIRGINIA TECH. 2. SCALING THE ACCELERATOR-IN-RESIDENCE PROGRAM BY PROVIDING SUPPORT FOR SIX IN-RESIDENCE COHORTS OVER THE THREE-YEAR PERIOD ADDING A PROGRAM COORDINATOR TO SUPPORT THE EXPANSION, INCREASING ACCESS TO DOMAIN EXPERT MENTORS, AND PROVIDING HYBRID IN-PERSON AND VIRTUAL COURSES. 3. EHNHANCED TO PROVIDE ALUMNI SUPPORT THROUGH ONGOING MENTORING, PITCHPLUS PROGRAMMING TO HELP CONNECTIONS TO REGIONAL INNOVATION ECOSYSTEM RESOURCES, AND RESEARCH CONNECTED WORKSPACE. 4. RESOURCE DEVELOPMENT AND RESEARCH THROUGH MENTOR DEVELOPMENT AND TRAINING, MAKING CONNECTIONS TO REGIONAL INNOVATION ECOSYSTEM RESOURCES, AND RESEARCH CONNECTED TO TRACKING THE GROWTH AND DEVELOPMENT OF THE REGIONAL INNOVATION ECONOMY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Erin Burcham Verge Presid | OfficerTrustee | 40 | $138,890 |
Eddie Amos General Dire | Trustee | 1 | $0 |
Amy Ankrum Officer; Co | OfficerTrustee | 4 | $0 |
Henry Bass General Dire | Trustee | 1 | $0 |
Kevin Bloomfield Executive Me | Trustee | 2 | $0 |
Grant Brewer General Dire | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,994,280 |
| All other contributions, gifts, grants, and similar amounts not included above | $662,709 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,656,989 |
| 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 | $3,656,989 |
| 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. | $244,290 |
| Compensation of current officers, directors, key employees. | $65,553 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $292,189 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $99,071 |
| Payroll taxes | $46,767 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,671 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $17,500 |
| Office expenses | $37,177 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $25,133 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $22,360 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,549 |
| All other expenses | $2,109 |
| Total functional expenses | $1,536,698 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,109,984 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $299,544 |
| 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 | $7,568 |
| 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 | $2,417,096 |
| Accounts payable and accrued expenses | $42,247 |
| 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 | $42,247 |
| Net assets without donor restrictions | $399,903 |
| Net assets with donor restrictions | $1,974,946 |
| 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 | $2,417,096 |