What the amendment changed
Compared with the return it replaced , filed 13 August 2024. matched by us Only the Part I totals and the names listed in Part VII 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 CrumleyCAROLINE CRUMLEY
- Coleman GreeneCOLEMAN GREENE
Listed only on the later return
- Anitra HendersonANITRA HENDERSON
- Hunter AdamsHUNTER ADAMS
- Patrick SealsPATRICK SEALS
Listed under a different title
- Hayley Van AntwerpHAYLEY VAN ANTWERP: BOARD VICE CHAIR then FOUNDING EXECUTIVE DIRECTOR
- Wes CronkiteWES CRONKITE: DIRECTOR then BOARD VICE CHAIR
Totals
- Total revenue
- $1,657,320
- Total expenses
- $1,431,358
- Contributions and grants received
- $1,119,957
- Grants paid
- $0
- Program service revenue
- $343,546
- Investment income
- $1,700
- Other revenue
- $192,117
- Total assets, end of year
- $8,757,842
- Total liabilities, end of year
- $1,497,552
- Net assets or fund balances, end of year
- $7,260,290
- Program services expenses (Part IX)
- $1,190,740
- Management and general expenses
- $187,551
- Fundraising expenses
- $53,067
- Program service expenses (Part III)
- $1,190,740
Program services were 83.2% 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)
$200,000
-
1f · All other contributions, gifts and grants
$919,957
-
2a · Program service revenue: DUES - PROGRAMS
total $343,546 · related or exempt $343,546
-
3 · Investment income
total $1,700 · excluded $1,700
-
6a · Gross rents
real property $190,683
-
6b · Less rental expenses
real property $0
-
6c · Rental income or loss
real property $190,683
-
6d · Net rental income or loss
total $190,683 · related or exempt $190,683
-
11a · Other revenue: MISCEALLANEOUS
total $1,434 · related or exempt $1,434
-
11e · Other revenue, total
$1,434
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $174,334 · program services $105,890 · management and general $59,727 · fundraising $8,717
-
7 · Other salaries and wages
total $178,744 · program services $173,846 · management and general $4,898
-
9 · Other employee benefits
total $26,048 · program services $22,404 · management and general $3,272 · fundraising $372
-
10 · Payroll taxes
total $27,839 · program services $22,171 · management and general $5,012 · fundraising $656
-
11b · Fees: legal
total $21,809 · management and general $21,809
-
11c · Fees: accounting
total $54,508 · program services $43,173 · management and general $11,335
-
11g · Fees: other
total $369,678 · program services $364,812 · management and general $2,091 · fundraising $2,775
-
12 · Advertising and promotion
total $15,680 · program services $2,572 · fundraising $13,108
-
13 · Office expenses
total $39,591 · program services $8,917 · management and general $30,674
-
14 · Information technology
total $8,411 · program services $1,906 · management and general $6,505
-
16 · Occupancy
total $180,508 · program services $162,458 · management and general $18,050
-
17 · Travel
total $8,445 · program services $8,445
-
20 · Interest
total $7,609 · program services $6,848 · management and general $761
-
22 · Depreciation, depletion and amortization
total $162,490 · program services $146,241 · management and general $16,249
-
23 · Insurance
total $67,868 · program services $61,081 · management and general $6,787
-
24a · Other expenses: STIPENDS - PRE-ACCELERA
total $56,972 · program services $56,972
-
24b · Other expenses: MEALS
total $20,018 · program services $2,879 · fundraising $17,139
-
24c · Other expenses: DUES & SUBSCRIPTIONS
total $10,425 · program services $125 · fundraising $10,300
-
24d · Other expenses: GENERAL & MISCELLANEOUS
total $381 · management and general $381
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $554,594 · end of year $1,955,787
-
4 · Accounts receivable
beginning of year $6,376 · end of year $1,900
-
9 · Prepaid expenses and deferred charges
beginning of year $14,166 · end of year $73,373
-
10a · Land, buildings and equipment: cost or other basis
$6,814,395
-
10b · Land, buildings and equipment: accumulated depreciation
$280,788
-
10c · Land, buildings and equipment, net
beginning of year $6,526,661 · end of year $6,533,607
-
15 · Other assets
beginning of year $0 · end of year $193,175
-
17 · Accounts payable and accrued expenses
beginning of year $47,387 · end of year $55,648
-
19 · Deferred revenue
beginning of year $2,393 · end of year $1,337,610
-
23 · Secured mortgages and notes payable
end of year $104,294
-
24 · Unsecured notes and loans payable
beginning of year $17,689 · end of year $0
-
27 · Net assets without donor restrictions
beginning of year $427,344 · end of year $434,473
-
28 · Net assets with donor restrictions
beginning of year $6,606,984 · end of year $6,825,817
Mission and programs · 2023
Mission
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 ADVANCED ITS MISSION TO CULTIVATE A ROBUST ENTREPRENEURIAL ECOSYSTEM IN COASTAL ALABAMA BY DELIVERING HIGH-IMPACT PROGRAMS AND SERVICES THAT SUPPORT EARLY-STAGE BUSINESS DEVELOPMENT AND LONG-TERM ECONOMIC VITALITY. OVER THE FISCAL YEAR, THE ORGANIZATION OPERATED SIX COHORT-BASED PROGRAMS, INCLUDING GBETA GULF COAST, IDEA ACCELERATOR, PORTAL FUND RISE, AND TECHACADEMY, DESIGNED TO GUIDE ENTREPRENEURS FROM IDEA TO EXECUTION. THROUGH THESE INITIATIVES, ALONG WITH THE REAL ADVICE MENTORING PROGRAM AND A NEWLY LAUNCHED VENTURE STUDIO FOCUSED ON INDUSTRY-SPECIFIC R&D, INNOVATION PORTAL SUPPORTED OVER 75 ENTREPRENEURS AND VENTURES, ENGAGED MORE THAN 1,000 COMMUNITY MEMBERS, AND HOSTED OVER 125 EVENTS AND 48 EDUCATIONAL SESSIONS. THESE EFFORTS RESULTED IN MORE THAN $4 MILLION IN CAPITAL RAISED BY PARTICIPATING STARTUPS AND THE FORMAL LAUNCH OF 20 NEW BUSINESSES. THE ORGANIZATION ALSO ACHIEVED ITS GOAL OF EXPANDING ACCESS TO TECHNICAL ASSISTANCE AND RESOURCES, FORMING NEW PARTNERSHIPS WITH NATIONAL ORGANIZATIONS TO STRENGTHEN THE REGIONAL INNOVATION PIPELINE. A MAJOR MILESTONE INCLUDED THE SUCCESSFUL LAUNCH OF A REGIONALLY TAILORED ACCELERATOR PROGRAM FEATURING 10 COMPANIES ALIGNED WITH KEY GULF COAST INDUSTRIES. THESE ACCOMPLISHMENTS REFLECT INNOVATION PORTAL'S STRATEGIC COMMITMENT TO FOSTERING INCLUSIVE INNOVATION, DRIVING BUSINESS GROWTH, AND CREATING LASTING ECONOMIC IMPACT FOR THE COMMUNITY.
Expenses $1,190,740 · Revenue $535,663
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Wes CronkiteWES CRONKITE
BOARD VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Elizabeth ThomasELIZABETH THOMAS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Hayley Van AntwerpHAYLEY VAN ANTWERP
FOUNDING EXECUTIVE DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Henry O'ConnorHENRY O'CONNOR
BOARD CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Michael ChambersMICHAEL CHAMBERS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Neil ChristopherNEIL CHRISTOPHER
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Kristi GallowayKRISTI GALLOWAY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Abe HarperABE HARPER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
George HunterGEORGE HUNTER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Frank LottFRANK LOTT
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Trice StablerTRICE STABLER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Mike StashakMIKE STASHAK
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Mel WashingtonMEL WASHINGTON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Gia WigginsGIA WIGGINS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Matt ZarzourMATT ZARZOUR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Hunter AdamsHUNTER ADAMS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Anitra HendersonANITRA HENDERSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Patrick SealsPATRICK SEALS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Todd GreerTODD GREER
EXECUTIVE DIRECTOR
- Total calculated
- $162,062
- From this org
- $162,062
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $145,000
- Bonus
- $17,062
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $162,062
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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 3 · Approval by the board or compensation committee
- 7 · Other non-fixed payments
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 8 · Paid under the initial-contract exception
The filer's explanations (Part III)
- PART I, LINE 7
- THE BOARD AGREED TO ISSUE A BONUS BASED ON THE EXECUTIVE DIRECTOR'S PERFORMANCE REVIEW.
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 1 August 2025
- IRS schema version
- 2023v6.0
- Source object
- 202502239349300820
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