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Innovate Abq INC

Albuquerque, NMUnknown exempt organizationEIN 47-2386705Revenue $197K in FY2020

On file with the IRSinnovateabq.com801 University Blvd Se No 207 · Albuquerque, NM

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To develop an innovation district located synergistically between the university of new mexico and downtown albuquerque, NM.

96¢ of each $1 spent went to programs.
Run by 11 volunteers and 2 employees.
Mission: Form 990 Part I, line 1 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2020
latest Form 990
Concern: the latest return is for FY2020, 6 tax years back; more than 4 tax years.
IRS e-file · Filing history
Spent on programs
96%
of spending
Looks good: 96% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Liabilities
$0
total owed
No data yet: the filing does not give total assets.
Pt X · Ln 26
Independent board members
11
of 14 voting members
Looks good: 11 of 14 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$197K
-74% vs prior year
Spent
$403K
To programs
96%
Net assets
$0
By yearFY2020–FY2020
Revenue
$197K
FY2020▼ -74%
Tap a bar for its year
Revenue by fiscal year
FY2020$768K
FY2020$197K
Expenses
$403K
FY2020▼ -47%
Tap a bar for its year
Expenses by fiscal year
FY2020$759K
FY2020$403K
Net assets
$0
FY2020▼ -100%
Tap a bar for its year
Net assets by fiscal year
FY2020$7.5M
FY2020$0

From the FY2020 Form 990 · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2020.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

96 cents of each dollar spent went to programs.

Program services 96% · $388K Management & general 4% · $15K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

14 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Michael Buehler
Vice Chair
$0Pt VII · Sec A
Chuck Wellborn
Secretary/Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
John Sanchez
Director
$0Pt VII · Sec A
See Innovate Abq INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Develops an innovation district between the university and downtown Albuquerque.

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Provided by the organization

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1 program · $388K · in their own filed words · FY2020
01

To develop an innovation district in albuquerque, new mexico.

$388Kprogram expense

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$197K
Ln 12
Other incomeLn 4–11$116K
Fees for servicesLn 2g$81K
Money outPt IX
$403K
Ln 25
Programscol B$388K
Managementcol C$15K
Owns and owesPt X
$0
net assets · Ln 32
Total assetsLn 16$0
LiabilitiesLn 26$0
PeoplePt VI, VII
14
listed · VII A
PaidVII A0
Voting boardVI 1a14
IndependentVI 1b11
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$81K
Other incomeLn 4–11$116K
Total revenueLn 12$197K
Assets in detailPt X, end of year
CashLn 1$0
SavingsLn 2$0
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$0
Other assetsLn 15$0
Total assetsLn 16$0
LiabilitiesLn 26$0
Net assetsLn 32$0
OperationsPt I, VI
EmployeesI 52
VolunteersI 611
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$0
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$7.5M$0
Total assetsLn 16$7.6M$0
LiabilitiesLn 26$167K$0
Net assetsLn 32$7.5M$0
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Legal feesLn 11b$3K$3K
Accounting feesLn 11c$3K$3K
Other fees for servicesLn 11g$332K$332K
Advertising and promotionLn 12$2K$2K
Office expensesLn 13$1K$1K
OccupancyLn 16$56K$56K
InsuranceLn 23$5K$5K
Total functional expensesLn 25$403K$388K$15K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2020 $768K$759K$9K$7.5M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2020 990 (6 parts)
Part I · Summary $196,882 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $419,324$0
I-9 Program service revenuePrior year $137,362$80,954
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $211,046$115,928
I-12 Total revenuePrior year $767,732$196,882
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $286,922$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $472,237$402,992
I-18 Total expensesPrior year $759,159$402,992
I-19 Revenue less expensesPrior year $8,573−$206,110
Part VI · Governance 11 of 14 board members independent, 2 to look at
VI-1a Voting members of the governing body14
VI-1b Independent voting members11
VI-2 Family or business relationship among officers or directorsYes
VI-15a Process for setting top official's payNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $196,882 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $80,954$80,954
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $115,928$115,928
VIII-12 Total revenueRelated to mission $80,954 · Unrelated business $0 · Excluded from tax $115,928$196,882
Part IX · Statement of functional expenses $402,992 across 7 lines filed
IX-11b Legal feesManagement $2,891$2,891
IX-11c Accounting feesManagement $2,913$2,913
IX-11g Other fees for servicesPrograms $332,392$332,392
IX-12 Advertising and promotionManagement $2,331$2,331
IX-13 Office expensesManagement $1,194$1,194
IX-16 OccupancyPrograms $55,778$55,778
IX-23 InsuranceManagement $5,493$5,493
IX-25 Total functional expensesPrograms $388,170 · Management $14,822 · Fundraising $0$402,992
Part X · Balance sheet $0 assets, 18 lines filed
X-1 Cash, non-interest-bearing$0
X-2 Savings and temporary cash investments$0
X-3 Pledges and grants receivable$0
X-4 Accounts receivableStart of year $116,734$0
X-8 Inventories for sale or use$0
X-9 Prepaid expenses and deferred chargesStart of year $8,344$0
X-10c Land, buildings and equipment, netStart of year $7,523,605$0
X-11 Publicly traded securities$0
X-12 Other securities$0
X-13 Program-related investments$0
X-14 Intangible assets$0
X-15 Other assets$0
X-16 Total assetsStart of year $7,648,683$0
X-25 Other liabilitiesStart of year $25,000$0
X-26 Total liabilitiesStart of year $167,121$0
X-27 Net assets without donor restrictionsStart of year $7,481,562$0
X-32 Total net assets or fund balancesStart of year $7,481,562$0
X-33 Total liabilities and net assetsStart of year $7,648,683$0
Part XI · Reconciliation of net assets $0 net assets at year end
XI-1 Total revenue$196,882
XI-2 Total expenses$402,992
XI-3 Revenue less expenses−$206,110
XI-4 Net assets at start of year$7,481,562
XI-9 Other changes in net assets−$7,275,452
XI-10 Net assets at end of year$0

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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