Economic Development Partnership Of Alabama Foundation Inc
- Assets
- $7.7m
- Revenue
- $7.1m
- Investments
- $10.0k
- Employees
- 0
- Location
- Birmingham, AL
- Founding
- 04/1996
- Data as of
- 12/2022
- EIN
- 63-1126742
Organization Overview
Economic Development Partnership Of Alabama Foundation Inc is located in Birmingham, AL. The organization was established in 1996. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Economic Development Partnership Of Alabama Foundation 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 12/2022, Economic Development Partnership Of Alabama Foundation Inc generated $7.1m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 26.5% each year . All expenses for the organization totaled $2.7m during the year ending 12/2022. While expenses have increased by 9.5% 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.
Since 2015, Economic Development Partnership Of Alabama Foundation Inc has awarded 126 individual grants totaling $5,104,994. 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
SUPPORTING ORGANIZATION FOR ECONOMIC DEVELOPMENT PARTNERSHIP OF ALABAMA, INC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ALABAMA LAUNCHPAD IS A PROGRAM OF THE ECONOMIC DEVELOPMENT PARTNERSHIP OF ALABAMA FOUNDATION, A 501(C)(3) ORGANIZATION. THROUGH A PROOF OF CONCEPT COMPETITION, A SEED STAGE COMPETITION, REGIONAL COMPETITIONS, IMERGE NETWORKING EVENTS AND DATA INSIGHTS REPORTS, ALABAMA LAUNCHPAD PROVIDES A FRAMEWORK FOR INDIVIDUALS IN THE STATE TO LOCATE INNOVATIONS, DEVELOP THEIR BUSINESS IDEAS AND CONNECT TO A NETWORK OF EXPERTS, INVESTORS AND SERVICE PROVIDERS THAT CAN INCREASE THE ODDS OF SUCCESS. ALABAMA LAUNCHPAD PROVIDES UNIQUE OPPORTUNITIES TO OBTAIN START-UP CAPITAL, RECEIVE EXPERT GUIDANCE AND ESTABLISH WORKING RELATIONSHIPS WITHIN THE BUSINESS, ACADEMIC AND INVESTMENT CAPITAL COMMUNITIES. ALABAMA LAUNCHPAD ALSO PROVIDES NETWORKING VENUES THROUGHOUT THE STATE TO PUT THE SPOTLIGHT ON STARTUP SUCCESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James H Sanford Chairman | OfficerTrustee | 1 | $0 |
Michael Chambers Director | Trustee | 0.5 | $0 |
Bob Powers Director | Trustee | 0.5 | $0 |
Thomas R Stanton Director | Trustee | 0.5 | $0 |
Carter Wells Director | Trustee | 0.5 | $0 |
Harris Morrissette Director | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Atlas Rfid Solutions Store Llc | 12/30/22 | $813,387 |
Hayden James Events | 12/30/22 | $219,558 |
Lewis Communications Inc | 12/30/22 | $120,650 |
Cayenne Creative Group Inc | 12/30/22 | $110,564 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,557,331 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,401,879 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,959,210 |
| Total Program Service Revenue | $31,862 |
| Investment income | $69,325 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $12,064 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,073,213 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $225,000 |
| 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 | $0 |
| Fees for services: Accounting | $12,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $724,773 |
| Advertising and promotion | $54,496 |
| Office expenses | $730 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $8,372 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $22,777 |
| Total functional expenses | $2,676,636 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,305,465 |
| Savings and temporary cash investments | $106,994 |
| Pledges and grants receivable | $620,198 |
| Accounts receivable, net | $19,474 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,500,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $479,068 |
| Investments—publicly traded securities | $2,699,652 |
| Investments—other securities | $10,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,740,851 |
| Accounts payable and accrued expenses | $103,163 |
| 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 | $26,030 |
| Total liabilities | $129,193 |
| Net assets without donor restrictions | $5,809,336 |
| Net assets with donor restrictions | $1,802,322 |
| 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 | $7,740,851 |
Grants Awarded
Over the last fiscal year, Economic Development Partnership Of Alabama Foundation Inc has awarded $225,000 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
CAVU BENEFIT CORP PURPOSE: TO ASSIST STARTUP COMPANIES WITH ADDITIONAL CAPITAL TO LAUNCH OR SCALE THEIR BUSINESS | $25,000 |
CROUX INC PURPOSE: TO ASSIST STARTUP COMPANIES WITH ADDITIONAL CAPITAL TO LAUNCH OR SCALE THEIR BUSINESS | $25,000 |
MILKMAN INC PURPOSE: TO ASSIST STARTUP COMPANIES WITH ADDITIONAL CAPITAL TO LAUNCH OR SCALE THEIR BUSINESS | $12,500 |
HOUSE PLANT COLLECTIVE PURPOSE: TO ASSIST STARTUP COMPANIES WITH ADDITIONAL CAPITAL TO LAUNCH OR SCALE THEIR BUSINESS | $50,000 |
RIDE RESORTS BENEFIT LLC PURPOSE: TO ASSIST STARTUP COMPANIES WITH ADDITIONAL CAPITAL TO LAUNCH OR SCALE THEIR BUSINESS | $25,000 |
VB IDEAS LLC PURPOSE: TO ASSIST STARTUP COMPANIES WITH ADDITIONAL CAPITAL TO LAUNCH OR SCALE THEIR BUSINESS | $25,000 |