Innovate Mississippi
- Assets
- $972.5k
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 16
- Location
- Jackson, MS
- Founding
- 03/1999
- Data as of
- 06/2022
- EIN
- 64-0901569
Organization Overview
Innovate Mississippi is located in Jackson, MS. The organization was established in 1999. According to its NTEE Classification (U02) the organization is classified as: Management & Technical Assistance, under the broad grouping of Science & Technology and related organizations. As of 06/2023, Innovate Mississippi employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Innovate Mississippi 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 06/2022, Innovate Mississippi generated $1.7m 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 (7.0%) each year. All expenses for the organization totaled $1.8m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (5.6%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Innovate Mississippi has awarded 91 individual grants totaling $5,526,605. 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
THE PURPOSE OF THE ORGANIZATION IS TO DRIVE INNOVATION AND TECHNOLOGY-BASED ECONOMIC DEVELOPMENT FOR THE STATE OF MISSISSIPPI.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DELIVERED SUPPORT AND SERVICES THAT PROMOTE BUSINESS AND INVESTMENT DEVELOPMENT FOR TECHNOLOGY-FOCUSED COMPANIES AND ORGANIZATIONS IN THE STATE OF MISSISSIPPI. INNOVATE MISSISSIPPI PROVIDES THE FOLLOWING PROGRAMS: 1. MANUFACTURING EXTENSION PARTNERSHIP OF MISSISSIPPI (MEP.MS) THE MANUFACTURING EXTENSION PARTNERSHIP OF MISSISSIPPI (MEP.MS) IS A PROGRAM UNDER INNOVATE MISSISSIPPI THAT WORKS TO ASSIST MISSISSIPPI MANUFACTURERS. MEP.MS WORKS WITH PARTNER ORGANIZATIONS TO PROVIDE EXPERTISE AND SERVICES TAILORED TO THE MOST CRITICAL NEEDS OF AREA MANUFACTURERS, WHICH RANGE FROM PROCESS IMPROVEMENTS AND WORKER TRAINING TO BUSINESS PRACTICES AND APPLICATIONS OF INFORMATION TECHNOLOGY. MEP.MS PARTNERS INCLUDE THE MISSISSIPPI MANUFACTURERS ASSOCIATION, SEVERAL MISSISSIPPI UNIVERSITIES AND COMMUNITY COLLEGES, AND PRIVATE SECTOR SERVICE PROVIDERS. 2. STRATEGIC BIOMASS SOLUTIONS STRATEGIC BIOMASS SOLUTIONS IS ANOTHER PROGRAM OF INNOVATE MISSISSIPPI. THE PURPOSE OF THE STRATEGIC BIOMASS SOLUTIONS PROGRAM IS TO DRIVE INNOVATION IN THE AREA OF RENEWABLE ENERGY TECHNOLOGY BY CONNECTING ENTREPRENEURS, INVESTORS, AND ECONOMIC DEVELOPERS. STRATEGIC BIOMASS SOLUTIONS OFFERS NUMEROUS RESOURCES TO RENEWABLE ENERGY STAKEHOLDERS, SUCH AS STUDIES AND ANALYSIS FOR STARTUP BUSINESSES AND INFORMATION VIA THE RENEWABLE ENERGY VENTURE DEVELOPMENT ACADEMY. STRATEGIC BIOMASS SOLUTIONS ALSO MANAGES THE MISSISSIPPI BIOMASS AND RENEWABLE ENERGY COUNCIL, AN ORGANIZATION THAT SERVES AS THE VOICE OF SUSTAINABLE INDUSTRIES IN MISSISSIPPI. OVERALL, STRATEGIC BIOMASS SOLUTIONS EXISTS TO SERVE THE NEEDS OF RENEWABLE ENERGY VENTURES IN ORDER TO DRIVE TECHNOLOGY TO MARKET. 3. INNOVATION REPORT INNOVATE MISSISSIPPI'S MARKETING INCLUDES EVENTS AND THE PUBLICATION OF INNOVATION REPORT MAGAZINE. INNOVATION REPORT MAGAZINE GREETS ITS READERS WITH ARTICLES AND FEATURES TELLING THE MISSISSIPPI STORY BY HIGHLIGHTING THE IMPRESSIVE INDIVIDUALS, IDEAS, COMPANIES AND PRODUCTS THAT PROUDLY CALL MISSISSIPPI HOME. 4.HIGH TECHNOLOGY CONFERENCE HIGH TECHNOLOGY CONFERENCE IS ANOTHER PROGRAM OF INNOVATE MISSISSIPPI. THE PURPOSE OF THE HIGH TECHNOLOGY CONFERENCE IS TO OFFER AN ANNUAL GATHERING OF INDUSTRY LEADERS AND STUDENTS AN OPPORTUNITY TO NETWORK, LEARN AND BE INSPIRED BY TECHNOLOGY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Anthony Jeff Jr President | OfficerTrustee | 40 | $136,866 |
Janet Parker Secretary | Officer | 40 | $100,000 |
R Barry Cannada Director | Trustee | 1 | $0 |
Jan Farrington Director | Trustee | 1 | $0 |
Ashby Foote Director | Trustee | 1 | $0 |
Dr Bill Rayburn Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,332,832 |
| 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 | $1,747,154 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $12,701 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $273,546 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $230,103 |
| Pension plan accruals and contributions | $10,009 |
| Other employee benefits | $15,994 |
| Payroll taxes | $32,345 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,885 |
| Fees for services: Accounting | $57,260 |
| Fees for services: Lobbying | $12,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,921 |
| Advertising and promotion | $20,720 |
| Office expenses | $16,653 |
| Information technology | $4,898 |
| Royalties | $0 |
| Occupancy | $52,275 |
| Travel | $6,010 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $36,374 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,762 |
| Insurance | $14,475 |
| All other expenses | $0 |
| Total functional expenses | $1,837,164 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $661,499 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $302,506 |
| 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 | $5,740 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $972,487 |
| Accounts payable and accrued expenses | $767,373 |
| Grants payable | $0 |
| Deferred revenue | $10,000 |
| 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 | $777,373 |
| Net assets without donor restrictions | $95,114 |
| Net assets with donor restrictions | $100,000 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $195,114 |
Grants Awarded
Over the last fiscal year, Innovate Mississippi has awarded $519,500 in support to 15 organizations.
| Grant Recipient | Amount |
|---|---|
IRESONATE CORPORATION PURPOSE: See Part IV | $11,500 |
GS RESEARCH LLC 2 (WONDER WINDOW) PURPOSE: See Part IV | $10,000 |
HUMO LLC PURPOSE: See Part IV | $10,000 |
PROSPECTIVE VISION SOLUTIONS LLC PURPOSE: See Part IV | $10,000 |
NARRATRIP LLC PURPOSE: See Part IV | $10,000 |
PPX-TEC LLC PURPOSE: See Part IV | $32,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Innovate Mississippi Jackson, MS | $972,487 | $1,747,154 |
American Council Of Engineering Companies Of Arkansas Little Rock, AR | $31,927 | $244,423 |
Greater Memphis It Council Memphis, TN | $13,633 | $162,499 |
Global Networks Inc Dothan, AL | $45,982 | $0 |
Tech To Market Shreveport, LA | $0 | $27,512 |
Flood Mitigation Industry Association Mandeville, LA | $11,314 | $22,403 |