Innovation Health Center
- Assets
- $3.8m
- Revenue
- $371.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Raleigh, NC
- Founding
- 11/2019
- Data as of
- 12/2022
- EIN
- 81-3647085
Organization Overview
Innovation Health Center is located in Raleigh, NC. The organization was established in 2019. According to its NTEE Classification (E70) the organization is classified as: Public Health, under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Innovation Health Center 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, Innovation Health Center generated $371.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (12.3%) each year. All expenses for the organization totaled $408.3k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (12.9%) per year over the past 4 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
WORK WITH LOCAL, STATE AND NATIONAL HEALTH CARE PROVIDERS AND LEADERS, POLICY-MAKERS AND OTHER EXPERTS TO DEVELOP INNOVATIVE SOLUTIONS AND STRATEGIES TO PROVIDE COST EFFECTIVE HEALTH SERVICES FOR MEDICAID BENEFICIARIES AND CHILDREN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INNOVATION HEALTH CENTER (IHC) PROGRAM SERVICES INCLUDE THE PROCUREMENT OF SPECIAL METABOLIC FORMULA FOR MEDICAID PATIENTS IN NC. IHC TAKES THE DOCTOR'S ORDERS AND ENTERS ORDERS, SPECIFIC TO EACH PATIENT, WITH METABOLIC FORMULA MANUFACTURERS. THE ORDERS ARE DROP SHIPPED TO THE PATIENT'S HOME COUNTY HEALTH DEPARTMENT FOR PICK UP. IN 2019, IHC BEGAN COLLABORATION ON A PILOT PROGRAM RELATED TO ENHANCED CARE COORDINATION AND COMPLEX CARE MANAGEMENT OF CHILDREN WITH MEDICAL COMPLEXITY CARED FOR IN NORTH CAROLINA. IN 2022 IHC EXPERIENCED DELAYS IN ADMINISTERING SOME OF ITS PROGRAMS DUE TO DELAYS ENCOUNTERED BY THE FUNDED ENTITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven E Wegner MD JD President | Officer | 20 | $151,670 |
Alan D Stiles MD Chairman | OfficerTrustee | 0.5 | $0 |
Gregory L Adams MD Secretry/tre | OfficerTrustee | 0.5 | $0 |
Tim Bell Director | Trustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $180,738 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $180,738 |
| Total Program Service Revenue | $0 |
| Investment income | $112,933 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $77,520 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $371,191 |
| 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. | $151,670 |
| Compensation of current officers, directors, key employees. | $15,167 |
| 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 | $30,000 |
| Fees for services: Accounting | $1,560 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $30,575 |
| Fees for services: Other | $20,916 |
| Advertising and promotion | $0 |
| Office expenses | $948 |
| Information technology | $3,025 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $262 |
| Insurance | $15,363 |
| All other expenses | $0 |
| Total functional expenses | $408,255 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $124,347 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $16,280 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $3,704,883 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,845,510 |
| Accounts payable and accrued expenses | $10,654 |
| 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 | $0 |
| Total liabilities | $10,654 |
| Net assets without donor restrictions | $3,834,856 |
| Net assets with donor restrictions | $0 |
| 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 | $3,845,510 |
Grants Awarded
Over the last fiscal year, Innovation Health Center has awarded $579,360 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
UNC CHAPEL HILL PURPOSE: PRACTICE SUPPORT | $296,500 |
DUKE UNIVERSITY PURPOSE: PRACTICE SUPPORT | $282,860 |