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Nonprofiteer
← ELEVATE VENTURES INC

Form 990 for tax year 2023

Filed by ELEVATE VENTURES INC.

Totals

Total revenue
$9,960,751
Total expenses
$11,621,084
Contributions and grants received
$1,382,264
Grants paid
$1,705,970
Program service revenue
$8,338,251
Investment income
$235,897
Other revenue
$4,339
Total assets, end of year
$11,990,431
Total liabilities, end of year
$2,378,013
Net assets or fund balances, end of year
$9,612,418
Program services expenses (Part IX)
$8,246,569
Management and general expenses
$3,261,848
Fundraising expenses
$112,667
Program service expenses (Part III)
$8,246,569

Program services were 71.0% 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)

    $1,347,403

  • 1f · All other contributions, gifts and grants

    $34,861

  • 2a · Program service revenue: IEDC State Contracts

    total $5,588,502 · related or exempt $5,588,502

  • 2b · Program service revenue: Rally Innovation Conference

    total $2,692,430 · related or exempt $2,692,430

  • 2c · Program service revenue: Management Fees

    total $56,250 · related or exempt $56,250

  • 2d · Program service revenue: Origins Revenue

    total $1,069 · related or exempt $1,069

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $337,863 · excluded $337,863

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $2,922,667

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

    securities $3,024,633

  • 7c · Gain or loss

    securities -$101,966 · other assets $0

  • 7d · Net gain or loss

    total -$101,966 · excluded -$101,966

  • 10a · Gross sales of inventory

    $7,889

  • 10b · Cost of goods sold

    $3,550

  • 10c · Net income from sales of inventory

    total $4,339 · excluded $4,339

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,705,970 · program services $1,705,970

  • 5 · Compensation of officers, directors and key employees

    total $965,992 · program services $506,946 · management and general $456,785 · fundraising $2,261

  • 7 · Other salaries and wages

    total $3,593,422 · program services $1,890,226 · management and general $1,703,196

  • 8 · Pension plan contributions

    total $136,089 · program services $71,586 · management and general $64,503

  • 9 · Other employee benefits

    total $192,085 · program services $101,041 · management and general $91,044

  • 10 · Payroll taxes

    total $235,852 · program services $124,064 · management and general $111,788

  • 11b · Fees: legal

    total $163,636 · program services $96,634 · management and general $67,002

  • 11c · Fees: accounting

    total $103,245 · program services $72,755 · management and general $30,490

  • 11d · Fees: lobbying

    total $1,103 · program services $1,000 · management and general $103

  • 11g · Fees: other

    total $288,298 · program services $230,678 · management and general $57,620 · fundraising $0

  • 12 · Advertising and promotion

    total $455,238 · program services $227,363 · management and general $227,875

  • 13 · Office expenses

    total $17,164 · program services $6,016 · management and general $11,049 · fundraising $99

  • 14 · Information technology

    total $252,458 · program services $124,880 · management and general $127,493 · fundraising $85

  • 16 · Occupancy

    total $140,428 · program services $10,931 · management and general $129,497

  • 17 · Travel

    total $182,633 · program services $158,733 · management and general $23,900

  • 19 · Conferences, conventions and meetings

    total $49,650 · program services $36,471 · management and general $13,179

  • 20 · Interest

    total $596 · management and general $596

  • 22 · Depreciation, depletion and amortization

    total $39,205 · management and general $39,205

  • 23 · Insurance

    total $69,309 · program services $3,374 · management and general $65,935

  • 24a · Other expenses: Events And Direct Regional Operations

    total $3,006,937 · program services $2,870,519 · management and general $26,196 · fundraising $110,222

  • 24b · Other expenses: BANK FEES

    total $8,330 · program services $5 · management and general $8,325

  • 24c · Other expenses: Taxes

    total $4,463 · program services $1,464 · management and general $2,999

  • 24d · Other expenses: DUE DILIGENCE

    total $4,067 · program services $4,067

  • 24e · All other expenses

    total $4,914 · program services $1,846 · management and general $3,068 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $695,647 · end of year $2,624,824

  • 2 · Savings and temporary cash investments

    beginning of year $3,227,818 · end of year $2,284,784

  • 3 · Pledges and grants receivable

    beginning of year $1,706,549 · end of year $1,238,884

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $82,397 · end of year $88,397

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $6,202

  • 9 · Prepaid expenses and deferred charges

    beginning of year $159,602 · end of year $75,053

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

    $197,203

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

    $141,698

  • 10c · Land, buildings and equipment, net

    beginning of year $78,886 · end of year $55,505

  • 11 · Investments: publicly traded securities

    beginning of year $5,840,966 · end of year $3,450,621

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $2,364,326 · end of year $2,166,161

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,022,720 · end of year $982,775

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $1,710,000 · end of year $1,332,769

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $186,940 · end of year $62,469

  • 27 · Net assets without donor restrictions

    beginning of year $9,712,950 · end of year $8,460,017

  • 28 · Net assets with donor restrictions

    beginning of year $1,523,581 · end of year $1,152,401

Mission and programs · 2023

Mission

Elevate Ventures is a venture development and venture capital organization focused on building sustainable innovation and entrepreneurship ecosystems in regions throughout Indiana, and fostering and developing high-potential, high-growth businesses for investment and returns for our stakeholders. We invest in high-potential cross-sector innovative companies with a minimum $500M TAM at the pre-seed, seed, and early stages.

  • 2023 was a year of tremendous growth at Elevate Ventures. As the state's venture development partner with the Indiana Economic Development Corporation (IEDC), Elevate has deployed $15.7 million of an estimated $70 million in SSBCI funding. $5.3 million of the deployed capital has gone to business enterprises owned and controlled by socially and economically disadvantaged individuals, often referred to as SEDI. In August 2023, Elevate hosted its final Nexus Pitch Competition. For over four years, the Nexus program served Indiana startups by hosting regional and statewide pitch competitions where winners took home direct investments ranging from $20,000-$100,000 awarding $6.46 million to 138 Indiana companies. To provide investments to as many eligible companies as possible, focusing attention on $20,000 investment opportunities, Elevate launched the Pre-Seed Fund to de-risk startups to the point that they are attractive to other investors and for follow-on seed-stage Elevate Ventures investment. The Pre-Seed Fund will also award $20,000-$100,000 in direct investments, but these awards can be sought and given any time of the year. This type of activity contributed to Pitchbook's Q4 2023 Global League Tables reporting that Elevate was the #1 Most Active VC in the Great Lakes region. Elevate has held the top spot regionally for seven straight years. Leading in National & Global Deal Activity. As the premier resource for data on the global capital markets, PitchBook also ranked Elevate as the 8th most active VC in the U.S. and 15th most active VC globally. More deal flow and deals completed lead to more innovation and growth in Indiana. With a focus on teaching entrepreneurship, since 2019, 1,000+ growth-minded individuals have participated in Elevate Origins training in a live environment. To make our entrepreneur and pitch curriculum accessible to more people, in September 2023, Elevate Ventures launched Origins in a digital, self-guided format. Built by founders and investors, Elevate Origins provides a curriculum that leads participants through the ideation process, provides tools to vet business models and develops the material required to draft a pitch deck and successfully pitch to investors. The content has been drafted to support first-time entrepreneurs as well as those looking for at-your-own-pace refresher content. Elevate Origins pitch decks have been used to raise Pre-Seed and Seed capital as well as added value to entrepreneurship curriculum in classrooms. In 2023, Elevate expanded its Origins program to a virtual learning platform. In all, Elevate offered online Origins training to more than 100 participants associated with higher-education institutions across Indiana and globally through a partnership with InnoPower, which focuses on advancing Black entrepreneurship. The partnership with InnoPower, led by CEO Emil Ekiyor, demonstrates how expanding Elevate's reach and identifying new innovators in the U.S. and as far away as Africa can attract more attention to our state. Also, through a partnership with Powderkeg, Elevate launched the Get IN. podcast and released 49 episodes. The show focuses on the unfolding stories and extraordinary innovations happening right now in software, hardtech, agtech, sportstech, medtech - all the techs. Lastly, from Aug. 29-31, 2023, Elevate Ventures' vision to launch the world's largest global cross-sector innovation conference came to fruition when RALLY opened its doors to 3,100+ people in Indianapolis. Entrepreneurs, C-suite executives, public policymakers, university leaders, investors and thought leaders from around the world converged to connect and understand the trends in technology and business that will empower them to shape the future. Based on post-event survey results, RALLY led to 21,539 creative collisions. RALLY's 279 speakers included Peyton Manning, Earvin "Magic" Johnson, Crystal Washington, Victoria Arlen and Guy Raz. Six Innovation Studios of the Future attracted registrants to 50+ panels and content sessions, with the Entrepreneurship and Software studios drawing the most attendance. RALLY was made possible with support from the Indiana Economic Development Corporation and our platinum-level sponsors AgriNovus Indiana, Purdue Innovates, Applied Research Institute (ARI), Indiana University and Sports Tech HQ. A special thank you to RALLY's inaugural partners including High Alpha, Indy Women in Tech, Indiana Technology & Innovation Association, Midwest House and 16 Tech Innovation District.

    Expenses $8,246,569 · Grants $1,705,970 · Revenue $8,338,251

As filed on the 2023 return.

Listed in Part VII

  • Christopher Day

    Chief Executive Officer

    Total calculated
    $394,664
    From this org
    $368,135
    From related orgs
    $0
    Other
    $26,529
    Hours/week
    8 + 32 related

    Schedule J breakdown matched by us

    Base
    $298,654
    Bonus
    $68,750
    Other
    $731
    Deferred
    $13,200
    Nontaxable benefits
    $13,329
    Filer's total
    $394,664

  • Phillip Lodato

    General Counsel, Chief Compliance Officer, and Secretary

    Total calculated
    $296,758
    From this org
    $285,267
    From related orgs
    $0
    Other
    $11,491
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $221,134
    Bonus
    $63,800
    Other
    $333
    Deferred
    $9,371
    Nontaxable benefits
    $2,120
    Filer's total
    $296,758

  • Robert Myer

    Board Chair

    Total calculated
    $0
    Hours/week
    1

  • Barbie Wentworth

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Don Densborn

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • John Sampson

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Larry Garatoni

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Steven Martin

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Barbara Uggen-Davis

    Chief Financial Officer (Through November 2023)

    Total calculated
    $274,570
    From this org
    $241,995
    From related orgs
    $0
    Other
    $32,575
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $183,549
    Bonus
    $58,000
    Other
    $446
    Deferred
    $8,968
    Nontaxable benefits
    $23,607
    Filer's total
    $274,570

  • Daniel Meek

    Entrepreneur -In-Residence

    Total calculated
    $209,145
    From this org
    $180,615
    From related orgs
    $0
    Other
    $28,530
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,209
    Bonus
    $30,000
    Other
    $406
    Deferred
    $5,613
    Nontaxable benefits
    $22,917
    Filer's total
    $209,145

  • Erica Schweyer

    Chief Operating Officer

    Total calculated
    $279,336
    From this org
    $248,509
    From related orgs
    $0
    Other
    $30,827
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $193,381
    Bonus
    $54,950
    Other
    $178
    Deferred
    $7,126
    Nontaxable benefits
    $23,701
    Filer's total
    $279,336

  • Jacob Schpok

    Partner

    Total calculated
    $278,866
    From this org
    $241,413
    From related orgs
    $0
    Other
    $37,453
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $189,595
    Bonus
    $51,620
    Other
    $198
    Deferred
    $10,065
    Nontaxable benefits
    $27,388
    Filer's total
    $278,866

  • Mark Gramelspacher

    Entrepreneur-in-Residence

    Total calculated
    $230,392
    From this org
    $222,925
    From related orgs
    $0
    Other
    $7,467
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $186,406
    Bonus
    $36,000
    Other
    $519
    Deferred
    $6,390
    Nontaxable benefits
    $1,077
    Filer's total
    $230,392

  • Matthew Tyner

    Managing Partner

    Total calculated
    $294,681
    From this org
    $254,388
    From related orgs
    $0
    Other
    $40,293
    Hours/week
    8 + 32 related

    Schedule J breakdown matched by us

    Base
    $233,243
    Bonus
    $20,913
    Other
    $232
    Deferred
    $8,127
    Nontaxable benefits
    $32,166
    Filer's total
    $294,681

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 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 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

The 10 largest by cash amount. The API serves every itemized grant.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202413209349306856

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