Herman J Russell Center For Innovation And Entrepreneurship In
- Assets
- $25.5m
- Revenue
- $17.3m
- Investments
- $0.0
- Employees
- 34
- Location
- Atlanta, GA
- Founding
- 01/2016
- Data as of
- 12/2023
- EIN
- 81-0727619
Organization Overview
Herman J Russell Center For Innovation And Entrepreneurship In is located in Atlanta, GA. The organization was established in 2016. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Herman J Russell Center For Innovation And Entrepreneurship In employed 34 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Herman J Russell Center For Innovation And Entrepreneurship In 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, Herman J Russell Center For Innovation And Entrepreneurship In generated $17.3m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 15.8% each year . All expenses for the organization totaled $9.3m during the year ending 12/2023. 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
TO EMPOWER ENTREPRENEURS AND INNOVATORS TO CREATE, INVENT, AND LEARN WHILE BEING ENGAGED AND MOTIVATED TO DEVELOP GAME-CHANGING NEW IDEAS TO PROMOTE ECONOMIC EMPOWERMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE RUSSELL INNOVATION CENTER FOR ENTREPRENEURS (RICE) SERVES AS A MISSION-DRIVEN COLLABORATIVE HUB DEDICATED TO EMPOWERING ATLANTAS ENTREPRENEURIAL COMMUNITY. SINCE OPENING IN 2019 WITH AN INITIAL COHORT OF 100 ENTREPRENEURS IN RESIDENCE, RICE HAS EVOLVED INTO A 40,000-SQUARE-FOOT WORLD-CLASS FACILITY LOCATED IN ATLANTA'S HISTORIC CASTLEBERRY HILL DISTRICT. THIS DYNAMIC ECOSYSTEM CONNECTS BOTH ASPIRING AND ESTABLISHED ENTREPRENEURS THROUGH A CUSTOMIZED CURRICULUM AND IMMERSIVE CORPORATE EXPERIENCES. RICE ACTIVELY FOSTERS RELATIONSHIPS BETWEEN ENTREPRENEURS AND CAPITAL SOURCES, PROVIDING ESSENTIAL RESOURCES TO SUPPORT THE GROWTH OF ATLANTA'S TOP ENTREPRENEURIAL TALENT. BY OFFERING A SUPPORTIVE ENVIRONMENT TAILORED TO THE NEEDS OF ITS MEMBERS, RICE PROMOTES SUSTAINABLE BUSINESS DEVELOPMENT, ECONOMIC INCLUSION, AND ADVANCEMENT OF ENTREPRENEURIAL SKILLS, ALIGNED WITH ITS MISSION TO UPLIFT AND EMPOWER DIVERSE BUSINESS LEADERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Bailey President & CEO | Officer | 40 | $197,200 |
Burunda Prince Chief Operating Officer | 40 | $170,000 | |
H Jerome Russell Jr Chairman | OfficerTrustee | 5 | $0 |
Sig Mosley Director | Trustee | 5 | $0 |
Ann Cramer Director | Trustee | 5 | $0 |
Cynthia Day Director | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,313,097 |
| All other contributions, gifts, grants, and similar amounts not included above | $14,728,164 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $16,041,261 |
| Total Program Service Revenue | $1,263,840 |
| Investment income | $7,087 |
| 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 | $17,312,188 |
| 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. | $367,200 |
| Compensation of current officers, directors, key employees. | $58,752 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,373,800 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $81,673 |
| Fees for services: Accounting | $141,198 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,258,318 |
| Advertising and promotion | $364,162 |
| Office expenses | $313,404 |
| Information technology | $196,982 |
| Royalties | $0 |
| Occupancy | $767,600 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $231,371 |
| Interest | $127,872 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $838,200 |
| Insurance | $59,594 |
| All other expenses | $0 |
| Total functional expenses | $9,337,231 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,429,924 |
| Savings and temporary cash investments | $9,273 |
| Pledges and grants receivable | $5,776,515 |
| Accounts receivable, net | $54,515 |
| 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 | $65,803 |
| Net Land, buildings, and equipment | $16,059,885 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $118,771 |
| Total assets | $25,514,686 |
| Accounts payable and accrued expenses | $1,060,903 |
| Grants payable | $0 |
| Deferred revenue | $460,214 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $360,834 |
| Secured mortgages and notes payable | $1,774,377 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $153,376 |
| Total liabilities | $3,809,704 |
| Net assets without donor restrictions | $11,808,544 |
| Net assets with donor restrictions | $9,896,438 |
| 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 | $25,514,686 |