Innovation Development Institute Inc
- Assets
- $6.5m
- Revenue
- $5.9m
- Investments
- $0.0
- Employees
- 26
- Location
- Chicago, IL
- Founding
- 07/2014
- Data as of
- 12/2023
- EIN
- 46-3253782
Organization Overview
Innovation Development Institute Inc, operating under the name Matter Chicago, is located in Chicago, IL. The organization was established in 2014. According to its NTEE Classification (Z99) the organization is classified as: Unknown, under the broad grouping of Unknown and related organizations. As of 12/2023, Matter Chicago employed 26 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Matter Chicago 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, Matter Chicago generated $5.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.2% each year. All expenses for the organization totaled $6.2m during the year ending 12/2023. While expenses have increased by 9.2% per year over the past 9 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
MATTER IS A COMMUNITY WORKING TOGETHER TO HARNESS TECHNOLOGY TO ACCELERATE THE PACE OF CHANGE OF HEALTHCARE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION EQUIPS, EMBOLDENS AND EMPOWERS INNOVATORS FROM ACROSS THE HEALTHCARE SPECTRUM TO HELP THEM TACKLE COMPLEX CHALLENGES. THE ORGANIZATION EQUIPS INNOVATORS WITH: A CURRICULUM PURPOSE-BUILT FOR THEIR NEEDS; MENTORS WHO HAVE BUILT HEALTHCARE BUSINESSES; AND STATE-OF-THE-ART FACILITIES DESIGNED FOR HEALTHCARE COLLABORATION. THE ORGANIZATION EMBOLDENS INNOVATORS BY PROVIDING: A CULTURE OF INNOVATION, EXPERIMENTATION AND COLLABORATION; INSPIRATIONAL KEYNOTES, FIRESIDE CHATS AND PANELS; AND A COMMUNITY OF LIKE-MINDED INDIVIDUALS. THE ORGANIZATION EMPOWERS OUR MEMBERS WITH: ACCESS TO INNOVATORS FROM ACROSS THE HEALTHCARE ECOSYSTEM; AND INNOVATIVE PROGRAMS DESIGNED TO ENHANCE COLLABORATION BETWEEN STAKEHOLDERS. THE ORGANIZATION'S MISSION IS TO ACCELERATE THE DEVELOPMENT OF TECHNOLOGIES THAT SOLVE THE RIGHT HEALTHCARE PROBLEMS IN THE RIGHT WAYS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Secretary | OfficerTrustee | 0.5 | $0 |
Name Not Listed Chair Of The Board (voted In 9/2023) | OfficerTrustee | 0.5 | $0 |
Name Not Listed Treasurer (voted In 9/2023) | OfficerTrustee | 0.5 | $0 |
Name Not Listed CEO | OfficerTrustee | 40 | $530,006 |
Name Not Listed Director | Trustee | 0.5 | $0 |
Name Not Listed Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $727,377 |
| 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 | $727,377 |
| Total Program Service Revenue | $5,019,181 |
| Investment income | $130,419 |
| 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 | $5,876,977 |
| 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. | $1,339,845 |
| Compensation of current officers, directors, key employees. | $706,177 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,728,939 |
| Pension plan accruals and contributions | $113,024 |
| Other employee benefits | $0 |
| Payroll taxes | $201,952 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $21,262 |
| Fees for services: Accounting | $28,483 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $342,680 |
| Advertising and promotion | $28,167 |
| Office expenses | $30,964 |
| Information technology | $146,242 |
| Royalties | $0 |
| Occupancy | $887,983 |
| Travel | $81,723 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,897 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $572,596 |
| Insurance | $8,651 |
| All other expenses | $0 |
| Total functional expenses | $6,227,601 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $484,442 |
| Savings and temporary cash investments | $726 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,029,206 |
| 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 | $293,158 |
| Net Land, buildings, and equipment | $756,553 |
| Investments—publicly traded securities | $3,320,740 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $654,961 |
| Total assets | $6,539,786 |
| Accounts payable and accrued expenses | $620,223 |
| Grants payable | $0 |
| Deferred revenue | $897,770 |
| 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 | $900,000 |
| Other liabilities | $979,419 |
| Total liabilities | $3,397,412 |
| Net assets without donor restrictions | $3,142,374 |
| 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 | $6,539,786 |