Our mission is investing in entrepreneurs to build successful high growth companies in oklahoma.

501(c)(3) charity; gifts are tax-deductible.
83¢ of each $1 spent went to programs.
$820K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 6
filings with a surplus
Average surplus $557K a year · 11% of revenue · last 6 filings
Fine: a surplus in 4 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
83%
of spending
Looks good: 83% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$820K
to officers and key staff · 26% of spending
Worth a look: pay to officers and key staff is 26% of spending; over 20%.
Pt VII · Sec A
16 mo
of spending, in cash
Plus $19.6M in investments, Pt X · Ln 11–13
Looks good: 16.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
5
named funders · $662K
Looks good: 5 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$1.2M
5% of total assets
Looks good: liabilities are 5% of assets; 50% or less.
Pt X · Ln 26
Independent board members
31
of 32 voting members
Looks good: 31 of 32 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$4.3M
Spent
$3.1M
To programs
83%
Net assets
$22.9M
By yearFY2020–FY2025
Revenue
$4.3M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$4.3M
FY2021$5.3M
FY2022$9.6M
FY2023$6.7M
FY2024$3.4M
FY2025$2.1M
Expenses
$3.1M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$3.1M
FY2021$4.1M
FY2022$6.5M
FY2023$5.2M
FY2024$5.1M
FY2025$4.1M
Net assets
$22.9M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$22.9M
FY2021$27.4M
FY2022$24.7M
FY2023$28.6M
FY2024$24.3M
FY2025$22.0M

From the FY2020 Form 990 (year ending June 2020) · figures checked against the IRS filing · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Oct 1998.

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

Where the money goes

83 cents of each dollar spent went to programs.

Program services 83% · $2.6M Management & general 16% · $519K Fundraising 1% · $22K

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

42 people listed on the 990; $820K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
SVP Operations
$165,273Pt VII · Sec A
SVP Marketing
$154,455Pt VII · Sec A
SVP Client Services
$152,716Pt VII · Sec A
Director of Finance
$136,451Pt VII · Sec A
Venture Advisor
$105,894Pt VII · Sec A
Director of Business Development
$105,064Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Rex Smitherman’s $223K as President is at the 73rd percentile of top reported officer pay among 2832 $1–10M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Rex Smitherman$223,243$244,146$210,942$231,124$192,538$165,273
Mark Lauinger$182,026$188,728$163,670$204,153$174,562$152,716
Sarah Seagraves——$96,305$203,891$177,797$154,455
Judy Beech$183,666$182,714$157,865$184,834$164,952$136,451
Stacey Hollopeter———$164,692—$105,064
Richard Rainey$128,738$133,479$116,855$142,183$124,244$105,894
Darcy Wilborn$136,910$137,508$106,408$101,585$108,005—
Malachi Blankenship——$113,286$132,343$111,967—

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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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 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Nurtures Oklahoma entrepreneurs and builds high-growth companies by hosting student business plan competitions that connect participants with mentors, investors, and essential business resources.

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Provided by the organization

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3 programs · $1.8M · in their own filed words · FY2019
01

The organization manages and operates the oklahoma technology commercialization center ("otcc"), a program of the oklahoma center for the advancement of science and technology ("ocast") under an annual contract.

$1.3Mprogram expense
02

Love's entrepreneur cup business plan competitionthe business plan competition is funded by the love's corporation and other sponsors throughout the state of oklahoma. Students involved in the competition gain access to networks of successful entrepreneurs, lenders and investors, team-building opportunities, business planning skills, and…

$306Kprogram expense
03

The organization also operates the technology business finance program ("TBFP"), a program of ocast, under an annual contract. TBFP'S primary mission is to provide early stage, proof-of-concept funding to qualified oklahoma companies that are commercializing new products, services and processes for the purpose of expanding and…

$197Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2024
See all 5 funders →
Grants paid · 2 grants · $30K · 2024–2024
Cheezeone LLCFY2024$15,000
Heritage Funeral DirectorsFY2024$15,000

By the numbers

The FY2020 990, line by line.

1The main four
Money inPt VIII
$4.3M
Ln 12
Gifts and grantsLn 1h$2.6M
Fees for servicesLn 2g$1.0M
Investment incomeLn 3$697K
Money outPt IX
$3.1M
Ln 25
Programscol B$2.6M
Managementcol C$519K
Fundraisingcol D$22K
Owns and owesPt X
$22.9M
net assets · Ln 32
Cash and savingsLn 1–2$4.2M
Total assetsLn 16$24.1M
LiabilitiesLn 26$1.2M
PeoplePt VI, VII
42
listed · VII A
PaidVII A6
Voting boardVI 1a32
IndependentVI 1b31
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2.6M
Government grantsLn 1e$1.7M
Fees for servicesLn 2g$1.0M
Investment incomeLn 3$697K
Other incomeLn 4–11$3K
Gains on assetsLn 7$619K
Total revenueLn 12$4.3M
Assets in detailPt X, end of year
CashLn 1$1K
SavingsLn 2$4.2M
Cash and savings togetherLn 1–2$4.2M
InvestmentsLn 11–13$19.6M
Land, buildings, equipmentLn 10c$53K
Other assetsLn 15$47K
Total assetsLn 16$24.1M
LiabilitiesLn 26$1.2M
Net assetsLn 32$22.9M
OperationsPt I, VI
EmployeesI 512
VolunteersI 652
Fiscal year endsHeaderJune
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$6.3M$4.2M
InvestmentsLn 11–13$19.9M$19.6M
Land, buildings, equipmentLn 10c$9K$53K
Total assetsLn 16$26.5M$24.1M
LiabilitiesLn 26$1.2M$1.2M
Net assetsLn 32$25.2M$22.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$685K$545K$129K$10K
Other salaries and wagesLn 7$571K$454K$108K$9K
Pension plan contributionsLn 8$20K$16K$4K$298
Other employee benefitsLn 9$69K$55K$13K$1K
Payroll taxesLn 10$102K$81K$19K$2K
Legal feesLn 11b$9K$9K
Accounting feesLn 11c$27K$27K
Lobbying feesLn 11d$13K$13K
Investment management feesLn 11f$977K$977K
Other fees for servicesLn 11g$77K$55K$22K
Advertising and promotionLn 12$92K$77K$15K
Office expensesLn 13$56K$13K$43K$233
Information technologyLn 14$73K$73K
OccupancyLn 16$33K$26K$6K$495
TravelLn 17$13K$13K
InterestLn 20$43K$43K
Depreciation, depletion and amortizationLn 22$6K$6K
InsuranceLn 23$31K$8K$23K
Other expenses (24a–d)Ln 24$252K$231K$21K
Total functional expensesLn 25$3.1M$2.6M$519K$22K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $2.1M$4.1M−$1.9M$22.0M 990 PDF
FY2024 $3.4M$5.1M−$1.6M$24.3M 990 PDF
FY2023 $6.7M$5.2M$1.4M$28.6M 990 PDF
FY2022 $9.6M$6.5M$3.1M$24.7M 990 PDF
FY2021 $5.3M$4.1M$1.2M$27.4M 990 PDF
FY2020 Viewing $4.3M$3.1M$1.1M$22.9M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $4,286,699 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $2,559,647$2,555,558
I-9 Program service revenuePrior year $1,252,498$1,030,585
I-10 Investment incomePrior year $480,912$697,456
I-11 Other revenuePrior year $0$3,100
I-12 Total revenuePrior year $4,293,057$4,286,699
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 $2,338,931$1,447,077
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,188,894$1,700,622
I-18 Total expensesPrior year $3,527,825$3,147,699
I-19 Revenue less expensesPrior year $765,232$1,139,000
Part VI · Governance 31 of 32 board members independent, no flags
VI-1a Voting members of the governing body32
VI-1b Independent voting members31
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $4,286,699 across 8 lines filed
VIII-1e Government grants$1,677,558
VIII-1f All other contributions, gifts and grants$878,000
VIII-1h Total contributions, gifts and grants$2,555,558
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,030,585$1,030,585
VIII-3 Investment incomeExcluded from tax $78,570$78,570
VIII-7 Net gain or loss on sales of assetsExcluded from tax $618,886$618,886
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $3,100$3,100
VIII-12 Total revenueRelated to mission $1,033,685 · Unrelated business $0 · Excluded from tax $697,456$4,286,699
Part IX · Statement of functional expenses $3,147,699 across 19 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $545,156 · Management $129,441 · Fundraising $10,273$684,870
IX-7 Other salaries and wagesPrograms $454,462 · Management $107,906 · Fundraising $8,564$570,932
IX-8 Pension plan contributionsPrograms $15,822 · Management $3,757 · Fundraising $298$19,877
IX-9 Other employee benefitsPrograms $55,155 · Management $13,096 · Fundraising $1,039$69,290
IX-10 Payroll taxesPrograms $81,278 · Management $19,298 · Fundraising $1,532$102,108
IX-11b Legal feesManagement $8,546$8,546
IX-11c Accounting feesManagement $26,846$26,846
IX-11d Lobbying feesPrograms $13,000$13,000
IX-11f Investment management feesPrograms $976,540$976,540
IX-11g Other fees for servicesPrograms $54,534 · Management $22,085$76,619
IX-12 Advertising and promotionPrograms $76,936 · Management $14,942$91,878
IX-13 Office expensesPrograms $12,831 · Management $43,301 · Fundraising $233$56,365
IX-14 Information technologyManagement $73,044$73,044
IX-16 OccupancyPrograms $26,281 · Management $6,240 · Fundraising $495$33,016
IX-17 TravelPrograms $12,975$12,975
IX-20 InterestPrograms $42,501$42,501
IX-22 Depreciation, depletion and amortizationManagement $5,975$5,975
IX-23 InsurancePrograms $7,663 · Management $23,438$31,101
IX-24 Other expenses (24a–d)Programs $231,330 · Management $20,886$252,216
IX-25 Total functional expensesPrograms $2,606,464 · Management $518,801 · Fundraising $22,434$3,147,699
Part X · Balance sheet $24,106,057 assets, 16 lines filed
X-1 Cash, non-interest-bearingStart of year $1,000$1,000
X-2 Savings and temporary cash investmentsStart of year $6,318,154$4,184,195
X-4 Accounts receivableStart of year $252,540$235,467
X-9 Prepaid expenses and deferred chargesStart of year $0$137
X-10c Land, buildings and equipment, netStart of year $8,997$52,759
X-11 Publicly traded securitiesStart of year $1,509,014$1,856,291
X-13 Program-related investmentsStart of year $18,362,089$17,729,608
X-15 Other assetsStart of year $16,758$46,600
X-16 Total assetsStart of year $26,468,552$24,106,057
X-17 Accounts payable and accrued expensesStart of year $112,490$160,633
X-19 Deferred revenueStart of year $42,634$112,758
X-25 Other liabilitiesStart of year $0$101,445
X-26 Total liabilitiesStart of year $1,222,582$1,161,961
X-27 Net assets without donor restrictionsStart of year $25,245,970$22,944,096
X-32 Total net assets or fund balancesStart of year $25,245,970$22,944,096
X-33 Total liabilities and net assetsStart of year $26,468,552$24,106,057
Part XI · Reconciliation of net assets $22,944,096 net assets at year end
XI-1 Total revenue$4,286,699
XI-2 Total expenses$3,147,699
XI-3 Revenue less expenses$1,139,000
XI-4 Net assets at start of year$25,245,970
XI-5 Net unrealized gains (losses) on investments−$3,207,989
XI-9 Other changes in net assets−$232,885
XI-10 Net assets at end of year$22,944,096

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

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