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← ECONOMIC DEVELOPMENT PARTNERSHIP OF ALABAMA FOUNDATION INC

Form 990 for tax year 2023

Filed by ECONOMIC DEVELOPMENT PARTNERSHIP OF ALABAMA FOUNDATION INC.

Totals

Total revenue
$1,910,409
Total expenses
$2,916,439
Contributions and grants received
$1,739,625
Grants paid
$212,500
Program service revenue
$57,814
Investment income
$109,002
Other revenue
$3,968
Total assets, end of year
$6,973,983
Total liabilities, end of year
$135,552
Net assets or fund balances, end of year
$6,838,431
Program services expenses (Part IX)
$2,675,898
Management and general expenses
$210,036
Fundraising expenses
$30,505
Program service expenses (Part III)
$2,675,898

Program services were 91.8% 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)

    $687,155

  • 1f · All other contributions, gifts and grants

    $1,052,470

  • 2a · Program service revenue: REGISTRATION/WORKSHOP

    total $57,814 · related or exempt $57,814

  • 3 · Investment income

    total $96,034 · related or exempt $96,034

  • 7a · Gross sales of assets other than inventory

    securities $672,230

  • 7b · Less cost or other basis and sales expenses

    securities $659,262

  • 7c · Gain or loss

    securities $12,968

  • 7d · Net gain or loss

    total $12,968 · related or exempt $12,968

  • 11a · Other revenue: REDEEMED CC POINTS

    total $3,968 · related or exempt $3,968

  • 11e · Other revenue, total

    $3,968

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $212,500 · program services $212,500

  • 11c · Fees: accounting

    total $5,108 · management and general $5,108

  • 11g · Fees: other

    total $343,966 · program services $340,500 · management and general $3,466

  • 12 · Advertising and promotion

    total $72,387 · program services $59,597 · fundraising $12,790

  • 13 · Office expenses

    total $250,512 · program services $175,358 · management and general $62,628 · fundraising $12,526

  • 16 · Occupancy

    total $3,558 · program services $2,491 · management and general $890 · fundraising $177

  • 22 · Depreciation, depletion and amortization

    total $128,281 · management and general $128,281

  • 24a · Other expenses: ALEX EXPENSES

    total $909,395 · program services $909,395

  • 24b · Other expenses: TALENT ATTRACTION MISC

    total $374,715 · program services $374,715

  • 24c · Other expenses: PROGRAM: ALP

    total $302,138 · program services $302,138

  • 24d · Other expenses: PROGRAM: AGTECH

    total $88,916 · program services $88,916

  • 24e · All other expenses

    total $224,963 · program services $210,288 · management and general $9,663 · fundraising $5,012

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,305,465 · end of year $1,882,966

  • 2 · Savings and temporary cash investments

    beginning of year $106,994 · end of year $137,764

  • 3 · Pledges and grants receivable

    beginning of year $620,198 · end of year $123,929

  • 4 · Accounts receivable

    beginning of year $19,474 · end of year $165,393

  • 7 · Other notes and loans receivable

    beginning of year $2,500,000 · end of year $1,002,924

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

    $1,067,814

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

    $144,601

  • 10c · Land, buildings and equipment, net

    beginning of year $479,068 · end of year $923,213

  • 11 · Investments: publicly traded securities

    beginning of year $2,699,652 · end of year $2,727,794

  • 12 · Investments: other securities

    beginning of year $10,000 · end of year $10,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $103,163 · end of year $71,944

  • 25 · Other liabilities

    beginning of year $26,030 · end of year $63,608

  • 27 · Net assets without donor restrictions

    beginning of year $5,809,336 · end of year $4,231,806

  • 28 · Net assets with donor restrictions

    beginning of year $1,802,322 · end of year $2,606,625

Mission and programs · 2023

Mission

SUPPORTING ORGANIZATION FOR ECONOMIC DEVELOPMENT PARTNERSHIP OF ALABAMA, INC.

  • ALABAMA LAUNCHPAD IS A PROGRAM OF THE ECONOMIC DEVELOPMENT PARTNERSHIP OF ALABAMA FOUNDATION, A 501(C)(3) ORGANIZATION. THROUGH A PROOF OF CONCEPT COMPETITION, A SEED STAGE COMPETITION, REGIONAL COMPETITIONS, IMERGE NETWORKING EVENTS AND DATA INSIGHTS REPORTS, ALABAMA LAUNCHPAD PROVIDES A FRAMEWORK FOR INDIVIDUALS IN THE STATE TO LOCATE INNOVATIONS, DEVELOP THEIR BUSINESS IDEAS AND CONNECT TO A NETWORK OF EXPERTS, INVESTORS AND SERVICE PROVIDERS THAT CAN INCREASE THE ODDS OF SUCCESS. ALABAMA LAUNCHPAD PROVIDES UNIQUE OPPORTUNITIES TO OBTAIN START-UP CAPITAL, RECEIVE EXPERT GUIDANCE AND ESTABLISH WORKING RELATIONSHIPS WITHIN THE BUSINESS, ACADEMIC AND INVESTMENT CAPITAL COMMUNITIES. ALABAMA LAUNCHPAD ALSO PROVIDES NETWORKING VENUES THROUGHOUT THE STATE TO PUT THE SPOTLIGHT ON STARTUP SUCCESSES.

    Expenses $2,675,898 · Grants $212,500 · Revenue $1,910,409

As filed on the 2023 return.

Listed in Part VII

  • James H Sanford

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Michael Chambers

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Bob Powers

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Thomas R Stanton

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Carter Wells

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Liz Pharo

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Leigh Davis

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Del Smith

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Greg Barker

    PRESIDENT

    Total calculated
    $0
    Hours/week
    4 + 36 related

  • Steve Sewell

    EXECUTIVE VICE PRESIDENT

    Total calculated
    $256,082
    From this org
    $0
    From related orgs
    $224,082
    Other
    $32,000
    Hours/week
    4 + 36 related

    Schedule J breakdown matched by us

    Base
    $0 + $218,613 related
    Bonus
    $0 + $3,489 related
    Other
    $0 + $1,980 related
    Deferred
    $0 + $10,730 related
    Nontaxable benefits
    $0 + $21,270 related
    Filer's total
    $0 + $256,082 related

  • Miller Girvin

    EXECUTIVE VICE PRESIDENT

    Total calculated
    $253,542
    From this org
    $0
    From related orgs
    $225,100
    Other
    $28,442
    Hours/week
    38 + 2 related

    Schedule J breakdown matched by us

    Base
    $0 + $219,749 related
    Bonus
    $0 + $5,051 related
    Other
    $0 + $300 related
    Deferred
    $0 + $8,474 related
    Nontaxable benefits
    $0 + $19,968 related
    Filer's total
    $0 + $253,542 related

  • Katherine Hughes

    VICE PRESIDENT

    Total calculated
    $163,922
    From this org
    $0
    From related orgs
    $136,828
    Other
    $27,094
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $133,869 related
    Bonus
    $0 + $2,719 related
    Other
    $0 + $240 related
    Deferred
    $0 + $5,824 related
    Nontaxable benefits
    $0 + $21,270 related
    Filer's total
    $0 + $163,922 related

  • Bakari Miller

    VICE PRESIDENT

    Total calculated
    $155,039
    From this org
    $0
    From related orgs
    $140,890
    Other
    $14,149
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $137,791 related
    Bonus
    $0 + $2,799 related
    Other
    $0 + $300 related
    Deferred
    $0 + $6,790 related
    Nontaxable benefits
    $0 + $7,359 related
    Filer's total
    $0 + $155,039 related

  • Lauren Hyde

    VICE PRESIDENT

    Total calculated
    $194,291
    From this org
    $0
    From related orgs
    $185,479
    Other
    $8,812
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $181,544 related
    Bonus
    $0 + $3,695 related
    Other
    $0 + $240 related
    Deferred
    $0 + $8,112 related
    Nontaxable benefits
    $0 + $700 related
    Filer's total
    $0 + $194,291 related

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 · Compensation committee
  • 3 · Approval by the board or compensation committee

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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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

  • VB IDEAS LLC

    $50,000

    TO ASSIST STARTUP COMPANIES WITH ADDITIONAL CAPITAL TO LAUNCH OR SCALE THEIR BUSINESS

  • DOMESTIQUE COFFEE LLC

    $50,000

    TO ASSIST STARTUP COMPANIES WITH ADDITIONAL CAPITAL TO LAUNCH OR SCALE THEIR BUSINESS

  • CROUX INC

    $25,000

    TO ASSIST STARTUP COMPANIES WITH ADDITIONAL CAPITAL TO LAUNCH OR SCALE THEIR BUSINESS

  • MONTHLY

    $25,000

    TO ASSIST STARTUP COMPANIES WITH ADDITIONAL CAPITAL TO LAUNCH OR SCALE THEIR BUSINESS

  • AUTONOMA INC

    $25,000

    TO ASSIST STARTUP COMPANIES WITH ADDITIONAL CAPITAL TO LAUNCH OR SCALE THEIR BUSINESS

  • CAHABA FIRE COMPANY LLC

    $25,000

    TO ASSIST STARTUP COMPANIES WITH ADDITIONAL CAPITAL TO LAUNCH OR SCALE THEIR BUSINESS

  • VIVOSPHERE LLC

    $12,500

    TO ASSIST STARTUP COMPANIES WITH ADDITIONAL CAPITAL TO LAUNCH OR SCALE THEIR BUSINESS

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
8 November 2024
IRS schema version
2023v5.1
Source object
202413209349314226

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