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Nonprofiteer
← INNOVATION PORTAL INC

Form 990 for tax year 2023

Filed by INNOVATION PORTAL INC.

This return was superseded by a later amendment. matched by us It is kept because history is preserved rather than replaced.

What the amendment changed

Compared with the latest return for 2023 , filed 1 August 2025. matched by us Only the return's totals, a 990-PF's accounting method and the names listed in Part VII (Part VIII on a 990-PF) are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Total revenue
$7,691,520 changed to $1,657,320
Total expenses
$657,192 changed to $1,431,358
Contributions and grants received
$7,342,880 changed to $1,119,957
Program service revenue
$246,151 changed to $343,546
Investment income
$0 changed to $1,700
Other revenue
$102,489 changed to $192,117
Total assets, end of year
$7,101,797 changed to $8,757,842
Total liabilities, end of year
$67,469 changed to $1,497,552
Net assets or fund balances, end of year
$7,034,328 changed to $7,260,290
Program services expenses
$514,147 changed to $1,190,740
Management and general expenses
$130,273 changed to $187,551
Fundraising expenses
$12,772 changed to $53,067
Program service expenses (Part III)
$514,147 changed to $1,190,740

Listed only on the earlier return

  • Caroline Crumley
  • Coleman Greene

Listed only on the later return

  • Anitra Henderson
  • Hunter Adams
  • Patrick Seals

Listed under a different title

  • Hayley Van Antwerp: BOARD VICE CHAIR then FOUNDING EXECUTIVE DIRECTOR
  • Wes Cronkite: DIRECTOR then BOARD VICE CHAIR

Totals

Total revenue
$7,691,520
Total expenses
$657,192
Contributions and grants received
$7,342,880
Grants paid
$0
Program service revenue
$246,151
Investment income
$0
Other revenue
$102,489
Total assets, end of year
$7,101,797
Total liabilities, end of year
$67,469
Net assets or fund balances, end of year
$7,034,328
Program services expenses (Part IX)
$514,147
Management and general expenses
$130,273
Fundraising expenses
$12,772
Program service expenses (Part III)
$514,147

Program services were 78.2% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $169,000

  • 1f · All other contributions, gifts and grants

    $7,173,880

  • 1g · Noncash contributions included above

    $6,531,684

  • 2a · Program service revenue: DUES - PROGRAMS

    total $225,257 · related or exempt $225,257

  • 2b · Program service revenue: STARTUP WEEKEND REVENU

    total $20,894 · related or exempt $20,894

  • 6a · Gross rents

    real property $96,365

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $96,365

  • 6d · Net rental income or loss

    total $96,365 · related or exempt $96,365

  • 11a · Other revenue: MISCELLAENOUS

    total $6,124 · related or exempt $6,124

  • 11e · Other revenue, total

    $6,124

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $132,663 · program services $86,231 · management and general $39,799 · fundraising $6,633

  • 7 · Other salaries and wages

    total $84,940 · program services $80,938 · management and general $4,002

  • 10 · Payroll taxes

    total $36,000 · program services $30,062 · management and general $5,245 · fundraising $693

  • 11a · Fees: management

    total $14 · management and general $14

  • 11b · Fees: legal

    total $25,720 · management and general $25,720

  • 11c · Fees: accounting

    total $2,982 · management and general $2,982

  • 11g · Fees: other

    total $867 · management and general $867

  • 12 · Advertising and promotion

    total $2,212 · fundraising $2,212

  • 13 · Office expenses

    total $29,280 · program services $12,286 · management and general $16,994

  • 14 · Information technology

    total $5,645 · program services $5,081 · management and general $564

  • 16 · Occupancy

    total $95,919 · program services $86,327 · management and general $9,592

  • 17 · Travel

    total $5,248 · program services $2,014 · fundraising $3,234

  • 20 · Interest

    total $3,916 · program services $3,524 · management and general $392

  • 22 · Depreciation, depletion and amortization

    total $118,298 · program services $106,468 · management and general $11,830

  • 23 · Insurance

    total $41,353 · program services $37,218 · management and general $4,135

  • 24a · Other expenses: TAXES & LICENSES

    total $30,128 · program services $27,115 · management and general $3,013

  • 24b · Other expenses: STIPENDS - PRE-ACCELERA

    total $25,000 · program services $25,000

  • 24c · Other expenses: MEALS

    total $11,883 · program services $11,883

  • 24d · Other expenses: DUES & SUBSCRIPTIONS

    total $4,717 · management and general $4,717

  • 24e · All other expenses

    total $407 · management and general $407

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year $554,594

  • 4 · Accounts receivable

    end of year $6,376

  • 9 · Prepaid expenses and deferred charges

    end of year $14,166

  • 10a · Land, buildings and equipment: cost or other basis

    $6,644,959

  • 10b · Land, buildings and equipment: accumulated depreciation

    $118,298

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $6,526,661

  • 17 · Accounts payable and accrued expenses

    end of year $47,387

  • 19 · Deferred revenue

    end of year $2,393

  • 24 · Unsecured notes and loans payable

    end of year $17,689

  • 27 · Net assets without donor restrictions

    end of year $427,344

  • 28 · Net assets with donor restrictions

    end of year $6,606,984

Mission and programs · 2023

Mission

INNOVATION PORTAL IS A NON-PROFIT INCUBATOR AND INNOVATION HUB ACCERLATING 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.

Activities or mission (Part I)

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.

  • 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.

    Expenses $514,147 · Revenue $348,640

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Henry O'Connor

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Hayley Van Antwerp

    BOARD VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Michael Chambers

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Neil Christopher

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Wes Cronkite

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Caroline Crumley

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kristi Galloway

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Coleman Greene

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Abe Harper

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • George Hunter

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Frank Lott

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Trice Stabler

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mike Stashak

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Elizabeth Thomas

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mel Washington

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Gia Wiggins

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Matt Zarzour

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Todd Greer

    EXECUTIVE DIRECTOR

    Total calculated
    $0
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
13 August 2024
IRS schema version
2023v5.1
Source object
202442279349303139

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