Innovation Portal Inc

Nonprofit profile at a glance

EIN
823400545
IRS 990 coverage
2023–2024
Forms available
Form 990 2024, Form 990-N 2022
Location
Mobile, AL, USA
Phone
2512027165
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Economic Development

Reported finances

Revenue
$2,212,834
Expenses
$2,057,078
Assets
$8,692,997
Liabilities
$1,187,820

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

18 people listed

Executive titles in this filing

  • TODD GREER (EXECUTIVE DIRECTOR)

Highest reported compensation

  • TODD GREER (EXECUTIVE DIRECTOR): $170,688 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

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.

What it reported doing in 2024

Innovation portal advanced its mission to cultivate a robust entrepreneurial ecosystem in coastal Alabama by delivering high-impact programs and services that support early-stage business development and long-term economic vitality. Over the fiscal year, the organization operated six cohort-based programs, including gbeta gulf coast, idea accelerator, portal fund rise, and techacademy, designed to guide entrepreneurs from idea to execution. Through these initiatives, along with the real advice mentoring program and aventure studio focused on industry-specific r&d including a prototype lab and an entrepreneur-in-residence program, innovation portal supported over 75 entrepreneurs and ventures, engaged more than 1,000 community members, and hosted over 125 events and 75 educational sessions. These efforts resulted in more than $16 million in capital raised by participating startups and the formal launch of 20 new businesses. The organization also achieved its goal of expanding access to technical assistance and resources, forming new partnerships with national organizations to strengthen the regional innovation pipeline. Innovation portal launched the second year of their regionally tailored accelerator program featuring 10 companies aligned with key gulf coast industries. A major milestone included a member of the gbeta 2024 cohort astro aerospace- received a phase ii sbir grant through the space force to continue their incredible work aggregating data through a constellation of satellites. The company is currently working to raise a round of capital and begin fabricating its satellites these accomplishments reflect innovation portal's strategic commitment to fostering inclusive innovation, driving business growth, and creating lasting economic impact for the community.

Operating model

Revenue model
Donor-supported. 66% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 70
  • Accountability: 84
  • Sustainability: 61
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 75.6%; rating input score 76
  • Program expense ratio: 81.3%; rating input score 81
  • Fundraising efficiency: $30.03 raised per $1 spent on fundraising; rating input score 69; 69th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 7%; rating input score 56; 56th percentile among comparable filings
  • Total-asset coverage ratio: 4.23; rating input score 81; 81st percentile among comparable filings
  • Liabilities to assets ratio: 0.14; rating input score 52; 52nd percentile among comparable filings
  • Officer compensation ratio: 8.3%; rating input score 36; 36th percentile among comparable filings

Growth

  • Program expense growth: 33.6% per year; rating input score 100; 94th percentile among comparable filings
  • Revenue growth: 28.7% per year; rating input score 100; 94th percentile among comparable filings
  • Asset growth: -0.7% per year; rating input score 0; 10th percentile among comparable filings

Details

  • Where the money goes: 75.6% of revenue deployed · 81.3% of spending went to programs
  • Governance: 17 of 17 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $1.7M in reported program spending
  • Leadership: top reported pay $171K · 18 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 3 contractors listed · $794K reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 5 filed schedules · includes major donors and executive pay
  • Filing history: 2 filing years from 2023 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • Review — Sustainability: Operating margin scored 56/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 36/100.
  • Review — Sustainability: Liabilities to assets ratio scored 52/100.