Innovate Mississippi

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1998

Legal Domicile

Phone

6019603644

Tax Period

2024-07-01 to 2025-06-30

Innovate Mississippi, founded in 1998, is a community nonprofit in the Science & Technology sector that reported $4.6M in total revenue in fiscal year 2024.

Mission

THE MISSION OF INNOVATE MISSISSIPPI, FORMERLY KNOWN AS MISSISSIPPI TECHNOLOGY ALLIANCE, IS TO DRIVE INNOVATION AND TECHNOLOGY-BASED ECONOMIC DEVELOPMENT FOR THE STATE OF MISSISSIPPI.

Program Service Accomplishments

Program 1

Expenses: $4,196,357 Revenue: $155,221

DELIVERED SUPPORT AND SERVICES THAT PROMOTE BUSINESS AND INVESTMENT DEVELOPMENT FOR INNOVATION & TECHNOLOGY-FOCUSED COMPANIES AND ORGANIZATIONS IN THE STATE OF MISSISSIPPI. INNOVATE MISSISSIPPI...

DELIVERED SUPPORT AND SERVICES THAT PROMOTE BUSINESS AND INVESTMENT DEVELOPMENT FOR INNOVATION & TECHNOLOGY-FOCUSED COMPANIES AND ORGANIZATIONS IN THE STATE OF MISSISSIPPI. INNOVATE MISSISSIPPI PROVIDES THE FOLLOWING PROGRAMS: 1. DEVELOPMENT OF INNOVATION AND TECHNOLOGY-FOCUSED STARTUP COMPANIES 2. DEVELOPMENT OF INVESTOR NETWORKS AND FUNDS TO INVEST IN MISSISSIPPI STARTUP COMPANIES. 3. CONNECTING STARTUP COMPANIES AND INVESTORS FOR MUTUAL BENEFIT 4. DEVELOPING REGIONAL ECOSYSTEMS AROUND TECHNOLOGY, INNOVATION AND ENTREPRENEURSHIP 5. HOSTING EVENTS TO HELP GROW THE ECOSYSTEM AND PROVIDE CONNECTIONS TO SUPPORT STARTUP GROWTH AND INVESTMENT

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $4,483,125

Program Service Revenue $105,172

Investment Income $0

Other Revenue $53,081

TOTAL REVENUE $4,641,378

Expense Breakdown

Grants Paid $339,000

Salaries & Benefits $809,144

Fundraising Expenses $0

Program Expenses $4,196,357

Other Expenses $3,387,213

TOTAL EXPENSES $4,535,357

Year-over-Year Comparison

	2024	2023	Change
Revenue	$4,641,378	$4,612,877	+0.0%
Expenses	$4,535,357	$1,984,973	+1.3%
Net Income	$106,021	$2,627,904	-1.0%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$240,065

Total Directors

$170,460

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JAMES ANTHONY JEFF JR	PRESIDENT	40.0	Officer Director	$152,036	$18,424	$170,460
ASHBY FOOTE	DIRECTOR	1.0	Director	$0	$0	$0
BRAD MCMULLAN	DIRECTOR	1.0	Director	$0	$0	$0
GERARD GIBERT	DIRECTOR	1.0	Director	$0	$0	$0
Jamie Miller	Director	1.0	Director	$0	$0	$0
Joe Donovan	Director	1.0	Director	$0	$0	$0
JOHN WALTERS	DIRECTOR	1.0	Director	$0	$0	$0
LAURA HIPP MAYER	DIRECTOR	1.0	Director	$0	$0	$0
MARK HENDERSON	DIRECTOR	1.0	Director	$0	$0	$0
NASHLIE SEPHUS	DIRECTOR	1.0	Director	$0	$0	$0
R MAYO FLINT III	DIRECTOR	1.0	Director	$0	$0	$0
RACHEL M DEVAUGHAN-PATRICK	DIRECTOR	1.0	Director	$0	$0	$0
Rebekah Staples	Director	1.0	Director	$0	$0	$0
JANET PARKER	SECRETARY	40.0	Officer	$65,000	$4,605	$69,605
LINDSEY W BENEFIELD	INVESTMENT DIRECTOR	40.0	Highest	$114,032	$11,367	$125,399
Robert H Buseck	MS Coding Academies Executive Director	40.0	Highest	$122,059	$14,197	$136,256
Victor Robinson	Investment Manager	40.0	Highest	$110,000	$12,635	$122,635

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$4,641,378	$4,535,357	$6,595,770	$106,021
2024	No data	No data	No data	No data
2024	$4,612,877	$1,984,973	$6,776,335	$2,627,904
2023	$1,998,207	$1,683,360	$1,521,742	$314,847
2022	$1,747,154	$1,837,164	$972,487	$-90,010
2021	$1,482,573	$1,742,792	$937,142	$-260,219
2020	$1,855,161	$1,922,009	$997,815	$-66,848
2019	$1,295,881	$1,605,979	$884,324	$-310,098
2018	$2,602,489	$1,733,780	$1,675,367	$868,709