NCInnovation Inc

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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

2020

Legal Domicile

Principal Officer

J BENNET WATERS

Phone

9194247262

Tax Period

2023-07-01 to 2024-06-30

NCInnovation Inc, founded in 2020, is a major nonprofit in the Education sector that reported $259.1M in total revenue in fiscal year 2023. Revenue surged 2419% from the prior year, signaling strong growth momentum. The organization ran a surplus of $250.9M, a strong 97% operating margin.

Mission

THE ORGANIZATION IS A PUBLIC-PRIVATE PARTNERSHIP TO ACCELERATE AND SCALE COMMERCIALIZED INNOVATION FROM NC'S UNIVERSITIES, CREATE JOBS, AND IMPROVE ECONOMIC OPPORTUNITIES IN ALL 100 COUNTIES OF NORTH CAROLINA.

Program Service Accomplishments

Program 1

Expenses: $5,972,726 Revenue: $0

AS AUTHORIZED IN NORTH CAROLINA GENERAL STATUTE SEC. 143-728, NCINNOVATION SUPPORTED ITS STATEWIDE PROGRAM DEVELOPMENT BY AWARDING ITS FIRST RESEARCH COMMERCIALIZATION SUPPORT GRANTS IN A PILOT GRANT CYCLE IN MAY 2024 (WHICH WAS SUBSEQUENTLY recognized BY A PERFORMANCE AUDIT BY THE NORTH CAROLINA OFFICE OF THE STATE AUDITOR); CREATED FOUR REGIONAL NETWORKS VIA THE ESTABLISHMENT OF HUBS AT FOUR NC RESEARCH UNIVERSITIES; AND CONTINUED BUILDING THE TEAM, PROCESSES, AND INFRASTRUCTURE REQUIRED TO EXECUTE ITS MISSION.

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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 (2023)

Revenue Breakdown

Contributions & Grants $253,180,000

Program Service Revenue $0

Investment Income $5,899,795

Other Revenue $0

TOTAL REVENUE $259,079,795

Expense Breakdown

Grants Paid $2,924,550

Salaries & Benefits $2,574,219

Fundraising Expenses $0

Program Expenses $5,972,726

Other Expenses $2,663,095

TOTAL EXPENSES $8,161,864

Year-over-Year Comparison

	2023	2022	Change
Revenue	$259,079,795	$10,283,256	+24.2%
Expenses	$8,161,864	$2,153,367	+2.8%
Net Income	$250,917,931	$8,129,889	+29.9%

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

$1,364,170

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
J BENNET WATERS	PRESIDENT & CEO	40.0	Officer	$596,950	$73,510	$670,460
MICHELLE BOLAS	EVP & CIO	40.0	Officer	$337,500	$56,552	$394,052
JEFF SURAL THRU 93023	SVP & CHIEF STRATEGY OFFICER	40.0	Officer	$255,170	$44,488	$299,658
KELLY KING	CHAIR	1.0	Officer Director	$0	$0	$0
KIRK BRADLEY	VICE CHAIR	1.0	Officer Director	$0	$0	$0
J CANTEY ALEXANDER BEGAN 11823	BOARD MEMBER	1.0	Director	$0	$0	$0
BETH FRIEDRICH BEGAN 11823	BOARD MEMBER	1.0	Director	$0	$0	$0
KELLY FULLER	BOARD MEMBER	1.0	Director	$0	$0	$0
TODD KASPER BEGAN 11823	BOARD MEMBER	1.0	Director	$0	$0	$0
STAN KELLY	BOARD MEMBER	1.0	Director	$0	$0	$0
BLANNIE MILLER BEGAN 11823	SECRETARY	1.0	Officer Director	$0	$0	$0
ART POPE BEGAN 11823	BOARD MEMBER	1.0	Director	$0	$0	$0
VEN POOLE	BOARD MEMBER	1.0	Director	$0	$0	$0
BEN TEAUGUE BEGAN 11823	BOARD MEMBER	1.0	Director	$0	$0	$0
JEFF TURNER BEGAN 11823	BOARD MEMBER	1.0	Director	$0	$0	$0
JOSH HOWARD BEGAN 03124	SVP & CHIEF RISK OFFICER	40.0	Officer	$0	$0	$0
LINDA HALL BEGAN 041524	EVP & CFO	40.0	Officer	$0	$0	$0

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	No data	No data	No data	No data
2024	$259,079,795	$8,161,864	$272,938,913	$250,917,931
2023	$10,283,256	$2,153,367	$18,408,832	$8,129,889
2023	$10,283,256	$2,153,367	$18,408,832	$8,129,889
2023	$10,283,256	$2,153,367	$18,408,832	$8,129,889
2022	$1,750,000	$397,780	$4,795,472	$1,352,220
2021	$3,600,000	$245,800	$3,583,262	$3,354,200