Idaho Innovation Center Inc
- Assets
- $1.5m
- Revenue
- $449.3k
- Investments
- $0.0
- Employees
- 4
- Location
- Idaho Falls, ID
- Founding
- 08/1987
- Data as of
- 05/2022
- EIN
- 82-0408497
Organization Overview
Idaho Innovation Center Inc is located in Idaho Falls, ID. The organization was established in 1987. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 05/2022, Idaho Innovation Center Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Idaho Innovation Center Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 05/2022, Idaho Innovation Center Inc generated $449.3k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $358.5k during the year ending 05/2022. While expenses have increased by 1.2% per year over the past 7 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
ECONOMIC DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
SMALL BUSINESS INCUBATOR PROVIDING START-UP BUSINESSES A LOW RENT FACILITY TO DEVELOP INITIAL PHASE OF BUSINESS USING SHARED SERVICES AND ASSISSTANCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bryan Magleby Director | Trustee | 50 | $90,000 |
Jeff Hart Board Member | OfficerTrustee | 1 | $0 |
Monte Young Treasurer | OfficerTrustee | 0 | $0 |
Chip Schwarze Vice Chairman | OfficerTrustee | 1 | $0 |
Scott Hall Board Member | Trustee | 1 | $0 |
Bryon Reed Board Member | Trustee | 1 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $431,835 |
| Investment income | $1,556 |
| 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 | $449,264 |
| 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. | $90,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $59,458 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,487 |
| Payroll taxes | $12,196 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,678 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $5,097 |
| Office expenses | $5,605 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $198 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $14,841 |
| Interest | $6 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $37,384 |
| Insurance | $1,776 |
| All other expenses | $12,777 |
| Total functional expenses | $358,538 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $51,586 |
| Savings and temporary cash investments | $920,285 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $16,650 |
| 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 | $0 |
| Net Land, buildings, and equipment | $549,518 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,538,039 |
| Accounts payable and accrued expenses | $39,399 |
| Grants payable | $0 |
| Deferred revenue | $67,493 |
| 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 | $1 |
| Total liabilities | $106,893 |
| Net assets without donor restrictions | $1,431,146 |
| 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 | $1,538,039 |
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