Innovation Valley Inc
- Assets
- $886.2k
- Revenue
- $50.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Knoxville, TN
- Founding
- 10/2008
- Data as of
- 06/2022
- EIN
- 26-2087582
Organization Overview
Innovation Valley Inc is located in Knoxville, TN. The organization was established in 2008. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Innovation Valley Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2022, Innovation Valley Inc generated $50.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (38.8%) each year. All expenses for the organization totaled $7.3k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (52.8%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE CORPORATION IS ORGANIZED EXCLUSIVELY FOR CHARITABLE EDUCATIONAL AND SCIENTIFIC PURPOSES, INCLUDING, FOR SUCH PURPOSES, THE MAKING OF DISTRIBUTIONS TO ORGANIZATIONS THAT QUALIFY AS EXEMPT ORGANIZATIONS UNDER SECTIONS 501(C)(3) AND 501(C)(6) OF THE INTERNAL REVENUE CODE, OR CORRESPONDING SECTION OF ANY FUTURE FEDERAL TAX CODE. THE PURPOSE WILL INCLUDE WITHOUT LIMITATION SUPPORT OF PUBLIC EDUCATION, WORKFORCE DEVELOPMENT AND JOB TRAINING AND SUPPORT OF SCIENTIFIC AND TECHNOLOGICAL ADVANCEMENTS IN THE CENTRAL EAST TENNESSEE AREA, INCLUDING WITHOUT LIMITATION ANDERSON, BLOUNT, KNOX, LOUDON, ROANE AND MONROE COUNTIES, PRIMARILY BY PROVIDING FUNDS AND SUPPORT TO ORGANIZATIONS SUCH AS THE BLOUNT PARTNERSHIP, THE KNOXVILLE AREA CHAMBER PARTNERSHIP, ANDERSON COUNTY ECONOMIC DEVELOPMENT AGENCY, THE ROANE ALLIANCE, TELLICO RESERVOIR DEVELOPMENT AGENCY AND LOUDON COUNTY ECONOMIC DEVELOPMENT AGENCY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT - DEVELOPING ACTIVITIES TO PROMOTE A FIVE COUNTY REGION BY EMPLOYING SEVERAL STRATEGIES INCLUDING PUBLIC RELATIONS, DIRECT MARKETING, AND OTHER AVAILABLE COMMUNICATION METHODS TO NATIONAL AND INTERNATIONAL AUDIENCES.
WORKFORCE DEVELOPMENT - TO ENSURE THIS REGION DOES NOT LOSE ITS MOST COMPETITIVE ADVANTAGE - A HIGHLY EDUCATED AND SKILLED WORKFORCE. MAINTAINING AND FURTHER DEVELOPING A HIGHLY EDUCATED AND SKILLED WORKFORCE BEGINS AT K-12 LEVEL, CONTINUES THROUGH HIGHER EDUCATION AND IS ONGOING AS STUDENTS AND OTHERS ENTER THE WORKFORCE.
OTHER PROGRAMS INCLUDE PUBLIC POLICY AND COMPETITIVE AIRFARE INITIATIVE.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mitch Steenrod President | Trustee | 0 | $0 |
Kim Bumpus Secretary | Trustee | 0 | $0 |
John Tolsma Director | Trustee | 0 | $0 |
Leon Downey Director | Trustee | 0 | $0 |
Mark Paganelli Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $50,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $50,000 |
| Total Program Service Revenue | $0 |
| Investment income | $595 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $50,595 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $90 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,245 |
| All other expenses | $0 |
| Total functional expenses | $7,335 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $886,181 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $886,181 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $883 |
| Net assets with donor restrictions | $885,298 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $886,181 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Innovation Valley Inc has recieved totaling $130,000.
| Awarding Organization | Amount |
|---|---|
Covenant Health Knoxville, TN PURPOSE: General support | $60,000 |
University Health System Inc Knoxville, TN PURPOSE: OPERATIONAL SUPPORT | $40,000 |
Knoxville Cbid Management Corporation Knoxville, TN PURPOSE: ECONOMIC DEVELOPMENT TO BENEFIT DOWNTOWN KNOXVILLE | $15,000 |
Knoxville Cbid Management Corporation Knoxville, TN PURPOSE: ECONOMIC DEVELOPMENT TO BENEFIT DOWNTOWN KNOXVILLE | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Helicopter Association International Inc Alexandria, VA | $38,045,658 | $4,215,283 |
National Association Of Electrical Distributors St Louis, MO | $12,015,051 | $10,580,917 |
Touchstone Energy Cooperative Inc Arlington, VA | $11,702,200 | $9,798,586 |
International Zinc Association Durham, NC | $9,583,285 | $9,824,037 |
Corenet Global Inc Atlanta, GA | $22,405,208 | $10,074,155 |
Association For Unmanned Vehicle Systems International Arlington, VA | $11,175,966 | $8,710,398 |
National Stone Sand And Gravel Association Alexandria, VA | $12,179,741 | $8,499,860 |
Sheet Metal & Air Conditioning Contractors Natl Industry Fd Of Us Chantilly, VA | $400,785 | $8,292,209 |
National Society Of Professional Engineers Alexandria, VA | $13,965,529 | $9,147,637 |
Vision Council Of America Alexandria, VA | $15,588,668 | $10,180,704 |
Nashville Area Chamber Of Commerce Nashville, TN | $10,414,739 | $9,196,086 |
North American Transmission Forum Inc Charlotte, NC | $10,236,042 | $8,601,218 |