The Innovation State Inc
- Assets
- $4.8m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Raleigh, NC
- Founding
- Data as of
- 06/2022
- EIN
- 84-4902334
Organization Overview
The Innovation State Inc is located in Raleigh, NC. According to its NTEE Classification (B19) the organization is classified as: Support N.E.C., under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Innovation State Inc 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 06/2022, Innovation State Inc generated $1.8m in total revenue. All expenses for the organization totaled $397.8k during the year ending 06/2022.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION IS A PUBLIC-PRIVATE PARTNERSHIP TO ACCELERATE AND SCALE COMMERCIALIZED INNOVATION FROM NC'S UNIVERSITIES, CREATE JOBS, AND IMPROVE ECONOMIC OPPORTUNITIES IN ALL 100 COUNTIES OF NORTH CAROLINA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
2021 WAS A DEVELOPMENTAL YEAR WHERE THE INNOVATION STATE BEGAN ESTABLISHING INITIAL PARTNERSHIPS WITH UNIVERSITIES, NON-PROFIT LEADERS AND THE PRIVATE SECTOR, RESULTING IN $3,600,000 IN CONTRIBUTIONS. THESE CONTRIBUTIONS WILL BE USED TO FUND FUTURE GRANTS AND OTHER INVESTMENTS CONSISTENT WITH THE ORGANIZATION'S MISSION.
2021 WAS A DEVELOPMENTAL YEAR WHERE NCINNOVATION BEGAN ESTABLISHING INITIAL PARTNERSHIPS WITH UNIVERSITIES, NON-PROFIT LEADERS AND THE PRIVATE SECTOR, RESULTING IN CONTRIBUTIONS. THESE CONTRIBUTIONS WILL BE USED TO FUND FUTURE GRANTS AND OTHER INVESTMENTS CONSISTENT WITH THE ORGANIZATION'S MISSION.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kirk Bradley President (part Year) | OfficerTrustee | 2 | $0 |
Jack Bailey Vice President (part Year) | OfficerTrustee | 2 | $0 |
Neal Fowler Secretary/treasurer | OfficerTrustee | 2 | $0 |
J Bennet Waters President/ceo (part Year) | OfficerTrustee | 40 | $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 | $1,750,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,750,000 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $1,750,000 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $100,000 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $645 |
| Payroll taxes | $7,650 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $52,673 |
| Fees for services: Accounting | $6,195 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $213,605 |
| Advertising and promotion | $13,132 |
| Office expenses | $2,856 |
| Information technology | $302 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $185 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $307 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $397,780 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,795,472 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,795,472 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $4,795,472 |
| 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 | $4,795,472 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that The Innovation State Inc has recieved totaling $2,400,000.
| Awarding Organization | Amount |
|---|---|
Winston-Salem Foundation Winstonsalem, NC PURPOSE: 1 GRANT(S) FOR VARYING PURPOSES | $2,000,000 |
The Duke Energy Foundation Charlotte, NC PURPOSE: VIBRANT ECONOMIES | $400,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Dumac Inc Durham, NC | $16,829,525 | $22,034,082 |
National Institute For Excellence In Teaching Nashville, TN | $34,287,957 | $30,387,286 |
University Of South Carolina Business Partnership Foundation Columbia, SC | $128,044,992 | $17,993,004 |
Mason Korea Llc Fairfax, VA | $8,225,008 | $12,324,735 |
Virginia Tech Real Estate Fdn Blacksburg, VA | $231,612,607 | $16,876,838 |
Alliance For Academic Internal Medicine Inc Alexandria, VA | $13,744,999 | $6,917,370 |
Francis Marion University Development Foundation Florence, SC | $27,042,578 | $6,587,347 |
Jackson Foundation Inc Dickson, TN | $81,442,128 | $3,275,608 |
Influence 1 Memphis, TN | $6,214,331 | $4,262,960 |
Core Knowledge Foundation Charlottesville, VA | $10,759,261 | $6,889,029 |
Georgia Charter Schools Association Inc Atlanta, GA | $3,275,551 | $3,963,375 |
Tennessee School Boards Association Nashville, TN | $6,082,451 | $2,785,185 |