Herman J Russell Center For Innovation And Entrepreneurship In
- Assets
- $21.2m
- Revenue
- $9.1m
- Investments
- $0.0
- Employees
- 14
- Location
- Atlanta, GA
- Founding
- 01/2016
- Data as of
- 12/2021
- 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 12/2021, Herman J Russell Center For Innovation And Entrepreneurship In employed 14 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 12/2021, Herman J Russell Center For Innovation And Entrepreneurship In generated $9.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 9.2% each year. All expenses for the organization totaled $3.2m during the year ending 12/2021. 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 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
RICE OPENED IN 2019 WITH AN INITIAL 100 ENTREPRENEURS IN RESIDENCE. RICE IS NOW A FUNCTIONING 40,000 SQUARE FOOT WORLD CLASS FACILITY LOCATED IN ATLANTA'S HISTORIC CASTLEBERRY HILL COMMUNITY. RICE IS A COLLABORATIVE CO-WORKING ECOSYSTEM FOR BOTH ASPIRING AND EXPERIENCED ENTREPRENEURS THAT CONNECT A CUSTOMIZED CURRICULUM AND CORPORATE EXPERIENCE. RICE HELPS TO FOSTER AND GROW RELATIONSHIPS BETWEEN CAPITAL SOURCES AND ATLANTA'S TOP ENTREPRENEURIAL TALENT.
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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 |
Donata Russell Ross Secretary | OfficerTrustee | 5 | $0 |
Sig Mosley Director | Trustee | 5 | $0 |
Ann Cramer Director | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $8,939,988 |
| Noncash contributions included in lines 1a–1f | $281,860 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,939,988 |
| Total Program Service Revenue | $126,224 |
| Investment income | $6,448 |
| 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 | $9,072,660 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $59,000 |
| 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. | $386,712 |
| Compensation of current officers, directors, key employees. | $213,625 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $500,356 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $29,363 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $57,629 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $755,219 |
| Advertising and promotion | $259,148 |
| Office expenses | $78,556 |
| Information technology | $123,206 |
| Royalties | $0 |
| Occupancy | $231,561 |
| Travel | $13,166 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $20,309 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $605,699 |
| Insurance | $33,096 |
| All other expenses | $0 |
| Total functional expenses | $3,164,739 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,119,614 |
| Savings and temporary cash investments | $886,883 |
| Pledges and grants receivable | $5,365,537 |
| Accounts receivable, net | $13,450 |
| 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 | $33,063 |
| Net Land, buildings, and equipment | $13,806,615 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $21,225,162 |
| Accounts payable and accrued expenses | $179,260 |
| Grants payable | $0 |
| Deferred revenue | $813,667 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $4,335,834 |
| Secured mortgages and notes payable | $388,348 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,100 |
| Total liabilities | $5,720,209 |
| Net assets without donor restrictions | $10,389,416 |
| Net assets with donor restrictions | $5,115,537 |
| 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 | $21,225,162 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that Herman J Russell Center For Innovation And Entrepreneurship In has recieved totaling $379,322.
| Awarding Organization | Amount |
|---|---|
Thdf Ii Inc Atlanta, GA PURPOSE: To assist local charities | $250,000 |
The Kelin Foundation Atlanta, GA PURPOSE: GENERAL OPERATING FUNDS | $50,000 |
Local Initiatives Support Corporation New York, NY PURPOSE: SEE PART IV | $30,000 |
Jewish Federation Of Greater Atlanta Inc Atlanta, GA PURPOSE: DONATIONS | $20,000 |
Rainforest Cafe Friends Of The Future Foundation Houston, TX PURPOSE: CHARITABLE PATRON SERVICES | $10,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $9,822 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southeast Coastal Ocean Observing Regional Association Charleston, SC | $1,939,455 | $5,560,971 |
Goodie Nation Inc Atlanta, GA | $6,929,090 | $12,181,074 |
Better Business Bureau Of Metropoliton Atlanta Inc Atlanta, GA | $4,995,221 | $6,438,546 |
Better Business Bureau Of Nashville Middle Tennessee Inc Nashville, TN | $1,542,443 | $3,414,512 |
Herman J Russell Center For Innovation And Entrepreneurship In Atlanta, GA | $21,225,162 | $9,072,660 |
Better Business Bureau Of Southern Piedmont Inc Matthews, NC | $2,483,072 | $3,109,120 |
Center For Nonprofit Management Inc Nashville, TN | $2,067,333 | $2,514,298 |
The Better Business Bureau Of Metropolitan Birmingham Incorportd Birmingham, AL | $1,159,880 | $2,115,172 |
Institute For Commercialization Of Florida Technology Inc Tampa, FL | $17,091,469 | $342,694 |
Better Business Bureau Of Eastern Nc Inc Raleigh, NC | $1,763,504 | $1,892,051 |
Atlanta Committee For Progress Inc Atlanta, GA | $1,166,579 | $1,555,000 |
First Flight Venture Center Inc Research Triangle Park, NC | $1,951,913 | $2,093,987 |