Octane Foundation For Innovation
- Assets
- $1.3m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Newport Beach, CA
- Founding
- 08/2005
- Data as of
- 12/2022
- EIN
- 90-0176361
Organization Overview
Octane Foundation For Innovation, operating under the name Ofi, is located in Newport Beach, CA. The organization was established in 2005. According to its NTEE Classification (S02) the organization is classified as: Management & Technical Assistance, 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. Ofi 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, Ofi generated $1.1m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 11.5% each year . All expenses for the organization totaled $1.3m during the year ending 12/2022. While expenses have increased by 18.3% per year over the past 8 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
THE OCTANE FOUNDATION FOR INNOVATION (OFI) IS FOCUSED ON ADVANCING BIOMEDICAL AND INFORMATION TECHNOLOGY INNOVATION AND ENTREPRENEURSHIP WITHIN ORANGE COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OCTANE FOUNDATION FOR INNOVATION: THE MISSION OF THIS 501(C)(3) CHARITY IS TO DEVELOP A ROBUST ENVIRONMENT FOR BIOMEDICAL AND INFORMATION TECHNOLOGY GROWTH BY ADVANCING INNOVATION AND ENTREPRENEURSHIP IN ORANGE COUNTY. KEY INITIATIVES INCLUDE THE PROMOTION, DEVELOPMENT AND RECOGNITION OF INNOVATION, AND THE EDUCATION, SKILLS DEVELOPMENT AND MENTORING OF ENTREPRENEURS.LAUNCHPAD SBDC: ACCELERATES ENTREPRENEURS AND START-UPS THROUGH A COMPREHENSIVE PROGRAM THAT QUICKLY IDENTIFIES AND CONNECTS GREAT PEOPLE, CAPITAL AND TECHNOLOGY. LAUNCHPAD PROVIDES CRITICAL, INDIVIDUALIZED AND VALUE-ADDED SUPPORT TO EARLY STAGE BIOMEDICAL AND INFORMATION TECHNOLOGY COMPANIES THROUGH MENTORING, COACHING, AND EDUCATION. THE LAUNCHPAD SBDC IS HOSTED BY OCTANE FOUNDATION FOR INNOVATION AND IS FUNDED IN PART THROUGH A COOPERATIVE AGREEMENT WITH THE U.S. SMALL BUSINESS ADMINISTRATION AND CALIFORNIA STATE UNIVERSITY FULLERTON AND EXTENDED TO THE PUBLIC ON A NON-DISCRIMINATORY BASIS. LAUNCHPAD SBDC IS PART OF THE ORANGE COUNTY/INLAND EMPIRE REGIONAL SBDC NETWORK. ORANGE COUNTY TECHNOLOGY ACTION NETWORK (DBA OCTANE)CONTRIBUTES A 100% CASH MATCH, ALONG WITH SBDC/SBA, TO ANY EXPENSES INCURRED THROUGH THIS CONTRACT.NON-PROFIT ACCELERATOR: THE NON-PROFIT ACCELERATOR PROVIDES NON-PROFITS WITH THE TOOLS THEY NEED TO EXPAND THEIR IMPACT IN THE COMMUNITY, SPECIFICALLY THOSE NON-PROFITS THAT SERVE UNDER-REPRESENTED PEOPLE IN STEAM AND HEALTHCARE. BY ADAPTING OCTANE'S AWARD-WINNING LAUNCHPAD SBDC EVALUATION PROCESS, NON-PROFITS RECEIVE A SIMILAR EVALUATION OF THEIR ORGANIZATION AND EXPERT ADVICE. THE GRADUATES OF THE NON-PROFIT ACCELERATOR EMERGE MORE EMPOWERED AND CAPABLE OF IMPROVING THE LIVES AND COMMUNITIES OF THE PEOPLE THEY SERVE.WOMEN LEADERS OF OCTANE: THE PURPOSE OF WOMEN LEADERS OF OCTANE (WLO) IS TO GROW THE STRENGTH AND IMPACT OF THE OC INNOVATION ECOSYSTEM BY INCREASING THE RANKS OF WOMEN ENTREPRENEURS AND BUSINESS LEADERS, ACCESS TO FUNDING, AND MORE INFLUENCE ON BOARDS, FUELED BY OCTANE NETWORKS AND RESOURCES.STEAM FELLOWS: THE STEAM FELLOWS PROGRAM PROVIDES PRACTICAL, REAL-WORLD EXPERIENCES THAT ENCOURAGE STUDENTS TO LEARN AND EXPLORE JOBS, CAREERS, AND ENTREPRENEURSHIP OPPORTUNITIES. THIS EXPERIENCE DELIVERS AN INTERACTIVE PROGRAM THAT FOSTERS CAREER AND WORKPLACE READINESS AND INSPIRES AN INTER-GENERATIONAL CULTURE OF PURPOSEFUL LEADERSHIP. PARTICIPATION INCLUDES ACCESS TO OCTANE MEDTECH AND TECH EVENTS, SUBJECT MATTER EXPERTS, WEBINARS, AND INVITATIONS TO PARTNER EVENTS OPENING THE DOOR TO ORANGE COUNTY'S INNOVATION ECOSYSTEM.NEXT WAVE LEADERS: THE NEXT WAVE INITIATIVE IS DESIGNED TO RECRUIT AND ENGAGE NEW GENERATIONS OF INDUSTRY AND COMMUNITY LEADERSHIP IN THE CONTINUOUS DEVELOPMENT AND RESPONSIBLE GROWTH OF THE ORANGE COUNTY INNOVATION ECOSYSTEM. IN ADDITION TO CONTRIBUTING TO THE QUALITY OF THE LIVE/WORK EXPERIENCE, THIS INITIATIVE SEEKS TO INSPIRE THE NEXT GENERATION OF INDUSTRY LEADERSHIP TO A PURPOSE-DRIVEN, INTENTIONAL LEADERSHIP CULTURE THAT WILL STRENGTHEN AND DISTINGUISH ORANGE COUNTY AND POSITION IT TO COMPETE FAVORABLY FOR RETAINING AND ATTRACTING TALENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Carpou Executive Director | OfficerTrustee | 0.6 | $0 |
Kelly Barba Board Member | Trustee | 0.5 | $0 |
Sheryl Bourgeois Board Member | Trustee | 0.5 | $0 |
John Casalaspi Board Member | Trustee | 0.5 | $0 |
Sean Crafts Board Member | Trustee | 0.5 | $0 |
Jag Dosanjh Board Member | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $578,340 |
| All other contributions, gifts, grants, and similar amounts not included above | $481,546 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,059,886 |
| 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 | $1,059,886 |
| 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 | $1,089,525 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $13,495 |
| Payroll taxes | $18,416 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $63,950 |
| Fees for services: Accounting | $4,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $56,916 |
| Advertising and promotion | $21,250 |
| Office expenses | $5,839 |
| Information technology | $6,599 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,807 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,599 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,294,568 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $613,300 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $645,816 |
| 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 | $1,259,116 |
| Accounts payable and accrued expenses | $831,701 |
| Grants payable | $0 |
| Deferred revenue | $513,875 |
| 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 | $1,345,576 |
| Net assets without donor restrictions | $0 |
| 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 | -$86,460 |
| Total liabilities and net assets/fund balances | $1,259,116 |
Grants Awarded
Over the last fiscal year, Octane Foundation For Innovation has awarded $51,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
PATIENT SAFETY MOVEMENT FOUNDATION PURPOSE: PATIENT SAFETY MOVEMENT FOUNDATION CONTRIBUTION | $6,000 |
ORANGE COUNTY STEM INITIATIVE A FISCALLY SPONSORED PROJECT OF ONEOC PURPOSE: 2014 OC STEM INITIATIVE | $10,000 |
ORANGE COUNTY TECHNOLOGY ACTION NETWORK PURPOSE: SUPPORT THE MDIF HEALTH PAVILION AND ALLOW APPROVED ENTREPRENEURS & SCIENTISTS TO ATTEND THE MDIF FORUM. | $35,000 |