Overview
What is Innovation Depot Inc?
Innovation Depot Inc, located in Birmingham, Alabama, is a business incubation program that collaborates with the University of Alabama at Birmingham. Housed in a 140,000 square foot facility, it primarily supports the development and growth of emerging companies in the fields of biotech/life science, information technology, engineering technology, and business services. By offering management assistance, identifying financing alternatives, and providing a business incubation center, Innovation Depot aims to help these businesses develop, grow, and succeed. The program values and adds to its members, partners, and the community as a whole by serving as a catalyst for growth. Funding for the program comes from various sources, including the Birmingham regional business community, private foundations, and others.
Official website here: www.innovationdepot.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 88% (Three-Star out of Four Star rating)
Innovation Depot Inc has received a solid Three-Star rating from Charity Navigator, indicating a strong performance in accountability and financial health. With a score of 88%, the organization demonstrates effective management and transparency in its operations. The high percentage of independent board members (91%) and the absence of any material diversion of assets are noteworthy strengths that reflect a commitment to ethical governance.
The nonprofit excels in several key areas, including its financial statements, audit oversight, and program expense ratio, which stands at an impressive 83.69%. This ratio suggests that a significant portion of the organization's expenses is directed towards its programs and services, reinforcing its effectiveness in fulfilling its mission. However, there are some concerns regarding missing policies, such as a whistleblower policy and document retention guidelines, which could be improved to enhance organizational integrity.
Overall, while Innovation Depot Inc shows proficient financial practices and governance, addressing the noted limitations in policy documentation would further strengthen its accountability and overall effectiveness. The organization is positioned well to continue its impactful work within the community.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about Innovation Depot Inc?
94% of 19 reviewers on Facebook recommend Innovation Depot Inc. Here is a summary of their reviews:
Many commenters appreciate the supportive environment for startups that Innovation Depot fosters. Users highlight their positive experiences, particularly noting how engaging and beneficial forums like the @Inbia eBuilders Forum are for networking and exchanging ideas.
Overall, there's a strong sentiment that Innovation Depot delivers valuable resources and opportunities for emerging businesses, making it a highly recommended place for startup development and collaboration.
This AI summary has been generated from reviews found on Facebook.
Is Innovation Depot Inc legitimate?
Innovation Depot Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Innovation Depot Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $256,396
For more financial information, click here
Official website here: www.innovationdepot.org
What is the mission statement of Innovation Depot Inc?
Innovation Depot Inc's mission is to foster the growth of tech and bio-specializing, high-potential businesses. They achieve this by offering a roadmap for success, assistance in strategic areas, and access to a supportive community. By acting as a catalyst, Innovation Depot aims to enhance the growth of its members, partners, and the broader community. The organization provides management assistance, explores financing options, and offers a business incubation center, enabling these businesses to develop, prosper, and succeed.
Official website here: www.innovationdepot.org
Who is the CEO of Innovation Depot Inc?
Brooke Gillis is the Board Member of Innovation Depot Inc. The CEO's salary of Innovation Depot Inc is $0 and their total compensation is $0.
Official website here: www.innovationdepot.org
What is the revenue of Innovation Depot Inc?
Innovation Depot Inc's revenue in 2022 was $1,192,427.
Official website here: www.innovationdepot.org
Who are the executives of Innovation Depot Inc and what are their salaries?
Here are 31 key members and their salaries (Innovation Depot Inc's CEO's salary is $0 and their total compensation is $0):
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Official website here: www.innovationdepot.org
Where can I find the form 990 for Innovation Depot Inc?
Innovation Depot Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.innovationdepot.org
Learn more at the official website: www.innovationdepot.org
Mission Statement of Innovation Depot Inc
Innovation Depot Inc, a renowned business incubation program, is dedicated to fostering the growth of tech and bio-focused high-growth businesses. It accomplishes this mission by offering teams a proven strategy for success, providing support in critical areas, and granting access to a welcoming and inclusive community. By serving as a catalyst for growth, Innovation Depot adds value to its members, partners, and the broader community. The program is committed to aiding these businesses in their development, expansion, and eventual success. This is achieved through various means, such as offering management assistance, exploring financing alternatives, and providing a business incubation center. Innovation Depot's approach is designed to empower these emerging companies in the fields of biotech/life science, information technology, engineering technology, and business services.
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Impact
July, 2024
Innovation Depot Inc's impact is significant in the Birmingham, AL area, as it plays a crucial role in incubating and accelerating tech and bio-focused, high-growth businesses. By providing these teams with a proven blueprint for success, support in strategic areas, and access to an inclusive and supportive community, Innovation Depot acts as a catalyst for growth for its members, partners, and the community at large. Through its business incubation program, which is operated in partnership with the University of Alabama at Birmingham, Innovation Depot helps emerging biotech/life science, information technology, engineering technology, and business service companies to develop, grow, and ultimately succeed. This not only benefits the individual businesses involved but also contributes to the overall economic development and innovation ecosystem of the region.
This information is meant to be a general summary of Innovation Depot Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $138
- Program Service Revenue: $1,111,893
- Gross Receipts: $1,192,427
Assets and Liabilities:
- Total Assets: $14,266,683
- Total Liabilities: $4,091,997
- Net Assets: $10,174,686
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Rental income to start
Revenue
$1,044,182
Velocity fund
Revenue
$50,000
Tenant reimbursement o
Revenue
$17,711
Organization Details
Founding Year
1985
Phone
(205) 250-8010Principal Officer
Brooke Gillis
Main Address
1500 1st Ave North, Birmingham, AL, 35203
Website
www.innovationdepot.orgNTEE Category
Code: S30 - Community improvement
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