INNOVATION PORTAL INC

EIN: 823400545 501(c)(3) Community Improvement

MOBILE, AL

Total Revenue
$1,657,320
Total Expenses
$1,431,358
Total Assets
$8,757,842
Net Assets
$7,260,290
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Financial Trends

Organization Details

Formation Year
2017
Legal Domicile
AL
Principal Officer
TODD GREER
Phone
2512027165
Tax Period
2023-10-01 to 2024-09-30

INNOVATION PORTAL INC, founded in 2017, is a community nonprofit in the Community Improvement sector that reported $7.7M in total revenue in fiscal year 2023. The organization ran a surplus of $7.0M, a strong 91% operating margin.

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.

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

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $1,119,957
Program Service Revenue $343,546
Investment Income $1,700
Other Revenue $192,117
TOTAL REVENUE $1,657,320

Expense Breakdown

Grants Paid $0
Salaries & Benefits $406,965
Fundraising Expenses $53,067
Program Expenses $1,190,740
Other Expenses $1,024,393
TOTAL EXPENSES $1,431,358

Year-over-Year Comparison

2023 2022 Change
Revenue $1,657,320 $7,691,520 -0.8%
Expenses $1,431,358 $657,192 +1.2%
Net Income $225,962 $7,034,328 -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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Governance

Voting Members
18
Independent Members
18
Employees
5
Volunteers
45

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
4
$162,062
Total Directors
18
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
WES CRONKITE BOARD VICE CHAIR 1.00
Officer Director
$0 $0 $0
ELIZABETH THOMAS DIRECTOR 1.00
Director
$0 $0 $0
HAYLEY VAN ANTWERP FOUNDING EXECUTIVE DIRECTOR 1.00
Director
$0 $0 $0
HENRY O'CONNOR BOARD CHAIR 1.00
Officer Director
$0 $0 $0
MICHAEL CHAMBERS DIRECTOR 1.00
Director
$0 $0 $0
NEIL CHRISTOPHER TREASURER 1.00
Officer Director
$0 $0 $0
KRISTI GALLOWAY DIRECTOR 1.00
Director
$0 $0 $0
ABE HARPER DIRECTOR 1.00
Director
$0 $0 $0
GEORGE HUNTER DIRECTOR 1.00
Director
$0 $0 $0
FRANK LOTT DIRECTOR 1.00
Director
$0 $0 $0
TRICE STABLER DIRECTOR 1.00
Director
$0 $0 $0
MIKE STASHAK DIRECTOR 1.00
Director
$0 $0 $0
MEL WASHINGTON DIRECTOR 1.00
Director
$0 $0 $0
GIA WIGGINS DIRECTOR 1.00
Director
$0 $0 $0
MATT ZARZOUR DIRECTOR 1.00
Director
$0 $0 $0
HUNTER ADAMS DIRECTOR 1.00
Director
$0 $0 $0
ANITRA HENDERSON DIRECTOR 1.00
Director
$0 $0 $0
PATRICK SEALS DIRECTOR 1.00
Director
$0 $0 $0
TODD GREER EXECUTIVE DIRECTOR 40.00
Officer
$162,062 $0 $162,062
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
2024 $1,657,320 $1,431,358 $8,757,842 $225,962
2023 $7,691,520 $657,192 $7,101,797 $7,034,328
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