Und Center For Innovation Foundation

Organization Overview

Und Center For Innovation Foundation is located in Grand Forks, ND. The organization was established in 1993. 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. Und Center For Innovation Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 12/2021, Und Center For Innovation Foundation generated $598.1k 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 (7.9%) each year. All expenses for the organization totaled $645.2k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (8.6%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.

Since 2014, Und Center For Innovation Foundation has awarded 38 individual grants totaling $2,268,781. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990T Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO MAINTAIN NATIONAL LEADERSHIP IN ENTREPRENEUR OUTREACH & EDUCATION.

Describe the Organization's Program Activity:

THE UND CENTER FOR INNOVATION FOUNDATION IS ORGANIZED FOR THE BENEFIT OF SUPPORTING INNOVATION AND COMMERCIALIZATION SUPPORT AT THE UNIVERSITY OF NORTH DAKOTA. THE FOUNDATION OWNS THE INA MAE RUDE ENTREPRENEUR CENTER, A BUSINESS INCUBATOR FACILITY THAT LICENSES SPACE TO TENANTS. THE INA MAE RUDE ENTREPRENEUR CENTER HOUSES PROGRAMMING TO SUPPORT COMMERCIALIZATION ACTIVITIES FOR THE UNIVERSITY OF NORTH DAKOTA, AND THE CENTER PROVIDES EXPERIENTIAL LEARNING OPPORTUNITIES FOR UND STUDENTS. THE FOUNDATION ALSO ENHANCES AND PROMOTES COMMERCE AND ECONOMIC DEVELOPMENT IN NORTH DAKOTA THROUGH INNOVATION CONSULTING, ENTREPRENEUR SEMINARS AND WORKSHOPS, AND BUSINESS COACHING FOR INNOVATORS. IN ADDITION, THE FOUNDATION PROVIDES FISCAL MANAGEMENT AND OPERATIONAL SUPPORT FOR PROJECTS FUNDED BY STATE GRANTS. THE FOUNDATION SUPPORTS OUTREACH PROGRAMS AND EDUCATIONAL SERVICES IN THE FIELD OF INNOVATION, ENTREPRENEURIAL ACTIVITY, COMMERCIALIZATION OF TECHNOLOGIES, STARTUP FUNDING STRATEGIES, AND BUSINESS INCUBATION AND ACCELERATION.


THE FOUNDATION OPERATES THE NORTH DAKOTA/MINNESOTA EB-5 REGIONAL CENTER PROGRAM. THE EB-5 PROGRAM IS AN IMMIGRANT INVESTOR PROGRAM FOCUSED ON BUSINESS DEVELOPMENT AND JOB CREATION TO STIMULATE ECONOMIC ACTIVITY AND IMPROVEMENTS IN REGIONAL PRODUCTIVITY THROUGH DIRECT FOREIGN INVESTMENT. THE PROGRAM IS ADMINISTERED BY THE US CITIZENSHIP AND IMMIGRATION SERVICE (USCIS) AND THE EB5 REGIONAL CENTER IS AN ENTITY APPROVED BY USCIS AS A DESIGNATED PLACE TO RECEIVE IMMIGRANT INVESTOR CAPITAL WITH NEW AND EMERGING BUSINESSES. THE NORTH DAKOTA/MINNESOTA EB5 REGIONAL CENTER RECEIVED ITS DESIGNATION IN APRIL 2011 AND THERE ARE THREE PORTFOLIO COMPANIES WITH APPROXIMATELY 600 INVESTORS.


STUDENT RUN ENTERPRISES (SRE) ENGAGES STUDENTS FROM ACROSS ALL DISCIPLINES AT THE UNIVERSITY OF NORTH DAKOTA IN EXPERIENTIAL LEARNING FOCUSED ON THE DEVELOPMENT OF ENTREPRENEURIAL AND INNOVATION SKILLS. THE PURPOSE OF STUDENT RUN ENTERPRISES IS TO ESTABLISH LEGACY SMALL BUSINESSES FOR STUDENTS TO MANAGE AND OPERATE SO THEY REFINE AND DEVELOP THEIR ENTREPRENEURIAL SKILLS. THE STUDENTS ARE PROVIDED WITH DEDICATED MENTORSHIP TO MONITOR THEIR PROGRESS AND ENCOURAGE REFLECTIVE PRACTICE ON THEIR BUSINESS DECISIONS.


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Board, Officers & Key Employees

Name (title)Compensation
Amy Whitney
Director/ceo
$36,336
Dale Morrison
Chair
$0
Linda Pancratz
Vice Chair
$0
Phil Gisi
Trustee
$0
Ed Schafer
Trustee
$0
Brooks Burgum
Trustee
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $487,000
All other contributions, gifts, grants, and similar amounts not included above$10,000
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$497,000
Total Program Service Revenue$39,979
Investment income $18,415
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $42,733
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 $598,127

Grants Awarded

Over the last fiscal year, Und Center For Innovation Foundation has awarded $397,321 in support to 12 organizations.

Grant RecipientAmount

UNIVERSITY OF NORTH DAKOTA

PURPOSE: Assist to UND Contracts & Grants, and Center for Innovation

$290,000

ELF TECHNOLOGY LLC EXP

PURPOSE: Support entrepreneurship

$18,000

MOBILE RECON INNOVATEND

PURPOSE: Support entrepreneurship

$17,984

ATLANTIC DRONE PROS

PURPOSE: Support entrepreneurship

$13,035

CLEANCOIL LLC INNOVATEND

PURPOSE: Support entrepreneurship

$10,519

ATHENA LTD

PURPOSE: Support entrepreneurship

$8,233
View Grant Profile

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Und Center For Innovation Foundation has recieved totaling $50,000.

Awarding OrganizationAmount
Communitygiving

St Cloud, MN

PURPOSE: GENERAL SUPPORT

$50,000
View Grant Recipient Profile

Endowment Analysis

Beg. Balance$4,105,441
Earnings$508,631
Net Contributions$7,500
Other Expense$60,305
Ending Balance$4,561,267

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