Innovation Depot Inc
- Assets
- $15.8m
- Revenue
- $3.2m
- Investments
- $0.0
- Employees
- 11
- Location
- Birmingham, AL
- Founding
- 08/1986
- Data as of
- 06/2021
- EIN
- 63-0917530
Organization Overview
Innovation Depot Inc is located in Birmingham, AL. The organization was established in 1986. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2021, Innovation Depot Inc employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Innovation Depot 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 06/2021, Innovation Depot Inc generated $3.2m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.9% each year. All expenses for the organization totaled $3.5m during the year ending 06/2021. While expenses have increased by 6.4% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AN ENVIRONMENT IN WHICH START UP/GROWTH PHASE BUSINESS CAN DEVELOP
Describe the Organization's Program Activity:
Part 3 - Line 4a
INNOVATION DEPOT IS A 501(C)(3) NOT-FOR-PROFIT BUSINESS INCUBATION PROGRAM OPERATING IN PARTNERSHIP WITH THE UNIVERSITY OF ALABAMA AT BIRMINGHAM. THE PROGRAM IS HOUSED IN A 140,000 SQUARE FOOT FACILITY THAT FOCUSES ON THE DEVELOPMENT AND GROWTH OF EMERGING BIOTECH/LIFE SCIENCE,INFORMATION TECHNOLOGY,ENGINEERING TECHNOLOGY, AND BUSINESS SERVICE COMPANIES. THEY PROVIDE AN OPPORTUNITY FOR THESE BUSINESSES TO DEVELOP, GROW, AND SUCCEED BY OFFERING MANAGEMENT ASSISTANCE, IDENTIFYING FINANCING ALTERNATIVES, AND PROVIDING A BUSINESS INCUBATION CENTER. INNOVATION DEPOT, A PUBLIC-PRIVATE ECONOMIC DEVELOPMENT EFFORT, IS FUNDED BY THE BIRMINGHAM REGIONAL BUSINESS COMMUNITY, THE COMMUNITY FOUNDATION OF GREATER BIRMINGHAM, UAB, THE CITY OF BIRMINGHAM, AND OTHER LEADING PRIVATE FOUNDATION.
INNOVATION DEPOT IS A 501(C)(3) NOT-FOR-PROFIT BUSINESS INCUBATION PROGRAM OPERATING IN PARTNERSHIP WITH THE UNIVERSITY OF ALABAMA AT BIRMINGHAM. THE PROGRAM IS HOUSED IN A 140,000 SQUARE FOOT FACILITY THAT FOCUSES ON THE DEVELOPMENT AND GROWTH OF EMERGING BIOTECH/LIFE SCIENCE,INFORMATION TECHNOLOGY,ENGINEERING TECHNOLOGY, AND BUSINESS SERVICE COMPANIES. THEY PROVIDE AN OPPORTUNITY FOR THESE BUSINESSES TO DEVELOP, GROW, AND SUCCEED BY OFFERING MANAGEMENT ASSISTANCE, IDENTIFYING FINANCING ALTERNATIVES, AND PROVIDING A BUSINESS INCUBATION CENTER. INNOVATION DEPOT, A PUBLIC-PRIVATE ECONOMIC DEVELOPMENT EFFORT, IS FUNDED BY THE BIRMINGHAM REGIONAL BUSINESS COMMUNITY, THE COMMUNITY FOUNDATION OF GREATER BIRMINGHAM, UAB, THE CITY OF BIRMINGHAM, AND OTHER LEADING PRIVATE FOUNDATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andrew Honeycutt President & CEO | Trustee | 40 | $108,779 |
Keith Barfield Board Member | Trustee | 1 | $0 |
Iwan Alexander Board Member | Trustee | 1 | $0 |
Scott Adams Board Member | Trustee | 1 | $0 |
Cecil Bostany Board Member | Trustee | 1 | $0 |
Greg Canfield Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $170,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $420,499 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $590,499 |
| Total Program Service Revenue | $2,567,232 |
| Investment income | $241 |
| 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 | $3,165,143 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $611,771 |
| Pension plan accruals and contributions | $23,221 |
| Other employee benefits | $77,527 |
| Payroll taxes | $44,204 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $43,298 |
| Fees for services: Accounting | $10,890 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $69,369 |
| Advertising and promotion | $23,146 |
| Office expenses | $91,933 |
| Information technology | $80,925 |
| Royalties | $0 |
| Occupancy | $10,000 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,063 |
| Interest | $189,867 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $568,602 |
| Insurance | $39,066 |
| All other expenses | $87,116 |
| Total functional expenses | $3,466,264 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,177,895 |
| Savings and temporary cash investments | $175,085 |
| Pledges and grants receivable | $545,834 |
| Accounts receivable, net | $24,717 |
| 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 | $33,010 |
| Net Land, buildings, and equipment | $13,859,544 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $16,040 |
| Other assets | $0 |
| Total assets | $15,832,125 |
| Accounts payable and accrued expenses | $92,226 |
| 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 | $4,346,762 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $296,966 |
| Total liabilities | $4,735,954 |
| Net assets without donor restrictions | $10,665,172 |
| Net assets with donor restrictions | $430,999 |
| 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 | $15,832,125 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Innovation Depot Inc has recieved totaling $154,999.
| Awarding Organization | Amount |
|---|---|
Protective Life Foundations Birmingham, AL PURPOSE: 2021 OPERATING SUPPORT, 2021 VELOCITY ACCELERATOR | $88,333 |
Altec-Styslinger Foundation Inc Birmingham, AL PURPOSE: TO FURTHER THE EXEMPT PURPOSE OF THE ORGANIZATION | $33,333 |
Mcwane Foundation Birmingham, AL PURPOSE: GENERAL SUPPORT | $33,333 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Florida Business Development Corporation Tampa, FL | $33,289,618 | $11,353,738 |
Florida First Capital Finance Corporation Inc Tallahassee, FL | $141,828,731 | $12,402,139 |
Black Business Investments Fund Inc Orlando, FL | $36,658,367 | $11,605,292 |
Innovation Depot Inc Birmingham, AL | $15,832,125 | $3,165,143 |
Hispanic Business Initiative Fund Of Florida Inc Orlando, FL | $4,121,804 | $3,822,531 |
Brightbridge Inc Chattanooga, TN | $120,622,501 | $3,473,186 |
Mississippi Life And Health Insurance Guaranty Association Jackson, MS | $33,007,367 | $1,692,715 |
Tampa Bay Wave Inc Tampa, FL | $1,054,674 | $1,625,044 |
The Southern Development Council Inc Mountain Brook, AL | $5,076,770 | $1,106,394 |
The Catalyst Center For Business & Entrepreneurship Huntsville, AL | $634,732 | $1,362,873 |
Entrepreneur Development Center Southwest Tennessee Inc Jackson, TN | $909,692 | $610,826 |
Curiosity Lab At Peachtree Corners Inc Peachtree Corners, GA | $759,235 | $737,622 |