Innovation Portal Inc
- Assets
- $7.1m
- Revenue
- $7.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Mobile, AL
- Founding
- 12/2018
- Data as of
- 09/2023
- EIN
- 82-3400545
Organization Overview
Innovation Portal Inc is located in Mobile, AL. The organization was established in 2018. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Innovation Portal Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
INNOVATION PORTAL IS A NON-PROFIT INCUBATOR AND INNOVATION HUB ACCELERATING STARTUP GROWTH IN THE GULF COAST REGION THAT PROVIDES TARGETED ECONOMIC DEVELOPMENT RESEARCH AND PROGRAMMING TO ENCOURAGE SUCCESSFUL LAUNCH, DEVELOPMENT, AND SCALING OF LOCAL VENTURES THAT BENEFIT THE COMMUNITY. INNOVATION PORTAL IS RECOGNIZED AS A QUALIFIED LOCAL ECONOMIC DEVELOPMENT ORGANIZATION AS DEFINED BY THE INNOVATING ALABAMA ACT, SECTION 41-10-840, ET SEQ., CODE OF ALABAMA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INNOVATION PORTAL SERVES AS AN ECONOMIC DEVELOPMENT ORGANIZATION WORKING TO ESTABLISH THE GROWTH OF ENTREPRENEURSHIP AND INNOVATION IN SOUTHWEST ALABAMA. THROUGH THIS EFFORT, THE INNOVATION PORTAL CONDUCTS TRAINING AND EDUCATION PROGRAMS, RESEARCH, AND TECHNICAL ASSISTANCE TO SUPPORT THE GROWTH OF LOCAL VENTURES. EXAMPLES OF THIS WORK INCLUDE PROVIDING EDUCATION TO K-12 AND UNIVERSITIES TO ASSIST WITH ENTREPRENEURIAL EDUCATION, ASSISTING IN RESEARCH WITH STAKEHOLDERS REGARDING OPPORTUNITIES TO ADDRESS SUPPLY CHAIN GAPS, AND ASSISTING ENTREPRENEURS IN CAPITAL READINESS. MEMBERS OF THE INNOVATION PORTAL ARE PROVIDED SUPPORT THROUGH USE OF SPACE, TECHNICAL ASSISTANCE, MENTORSHIP, AND EDUCATIONAL PROGRAMMING THAT ALLOWS FOR THEIR GROWTH AND ENGAGEMENT. THESE EFFORTS HAVE LED TO THE INCREASE IN STARTUP ACTIVITY IN SOUTHWEST ALABAMA.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Henry O'connor Board Chair | OfficerTrustee | 1 | $0 |
Hayley Van Antwerp Board Vice Chair | OfficerTrustee | 1 | $0 |
Michael Chambers Director | Trustee | 1 | $0 |
Neil Christopher Treasurer | OfficerTrustee | 1 | $0 |
Wes Cronkite Director | Trustee | 1 | $0 |
Caroline Crumley Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $169,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,173,880 |
| Noncash contributions included in lines 1a–1f | $6,531,684 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,342,880 |
| Total Program Service Revenue | $246,151 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $96,365 |
| 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 | $7,691,520 |
| 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. | $132,663 |
| Compensation of current officers, directors, key employees. | $39,799 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $84,940 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $36,000 |
| Fees for services: Management | $14 |
| Fees for services: Legal | $25,720 |
| Fees for services: Accounting | $2,982 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $867 |
| Advertising and promotion | $2,212 |
| Office expenses | $29,280 |
| Information technology | $5,645 |
| Royalties | $0 |
| Occupancy | $95,919 |
| Travel | $5,248 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,916 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $118,298 |
| Insurance | $41,353 |
| All other expenses | $407 |
| Total functional expenses | $657,192 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $554,594 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,376 |
| 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 | $14,166 |
| Net Land, buildings, and equipment | $6,526,661 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,101,797 |
| Accounts payable and accrued expenses | $47,387 |
| Grants payable | $0 |
| Deferred revenue | $2,393 |
| 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 | $17,689 |
| Other liabilities | $0 |
| Total liabilities | $67,469 |
| Net assets without donor restrictions | $427,344 |
| Net assets with donor restrictions | $6,606,984 |
| 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 | $7,101,797 |