Innovation Dupage
- Assets
- $83.1k
- Revenue
- $522.8k
- Investments
- $0.0
- Employees
- 24
- Location
- Glen Ellyn, IL
- Founding
- 05/2019
- Data as of
- 06/2023
- EIN
- 83-1137271
Organization Overview
Innovation Dupage is located in Glen Ellyn, IL. The organization was established in 2019. According to its NTEE Classification (P20) the organization is classified as: Human Service Organizations, under the broad grouping of Human Services and related organizations. As of 06/2023, Innovation Dupage employed 24 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Innovation Dupage 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 06/2023, Innovation Dupage generated $522.8k in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 7.8% each year. All expenses for the organization totaled $566.1k during the year ending 06/2023. While expenses have increased by 6.7% per year over the past 4 years. They've been increasing with an increasing level of total revenue. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
INNOVATION DUPAGE IS MADE POSSIBLE BY A NETWORK OF ACADEMIC, GOVERNMENTAL, AND BUSINESS PARTNERS. WE SHARE RESOURCES, TALENT, AND IDEAS AS WE SUPPORT OUR GROWING COMMUNITY OF LOCAL ENTREPRENEURS AND STARTUPS THROUGH EDUCATION, INCUBATION, ACCELERATION, AND COLLABORATION
Describe the Organization's Program Activity:
Part 3 - Line 4a
INNOVATION DUPAGE IS A NON-PROFIT VENTURE THAT UNITES STARTUP FOUNDERS AND SMALL BUSINESS OWNERS WITH THE PEOPLE, RESOURCES, AND PROGRAMS THAT HELP THEM GROW. MEMBERS COLLABORATE ACROSS AN EXTENSIVE NETWORK OF ENTERPRISE, ACADEMIC, ECONOMIC DEVELOPMENT, AND RESEARCH PARTNERS. INNOVATION DUPAGE SUPPORTS THE STARTUP COMMUNITY, ENHANCES REGIONAL PROSPERITY, ATTRACTS WORLD-CLASS TALENT, AND DRIVES SUSTAINABLE ECONOMIC GROWTH. THE ORGANIZATION FOSTERS INNOVATION AND SUPPORTS AND ENCOURAGES THE GROWTH OF JOBS, COMPANIES AND ECONOMIC DEVELOPMENT IN DUPAGE COUNTY AND SURROUNDING MIDWEST REGION BY PROVIDING ENTREPRENEURS ACCESS TO EDUCATION AND TRAINING RESOURCES, BUSINESS AND COMMUNITY SUPPORT, CAPITAL, AND CUSTOMERS.
INNOVATION DUPAGE OFFERS A 12-WEEK PROGRAM TWICE PER YEAR, TITLED "OWNER TO CEO." THIS PROGRAM IS OFFERED TO OWNERS OF SMALL BUSINESSES WITH REVENUES IN THE $200,000 TO $2 MILLION RANGE IN ORDER TO HELP AUGMENT THEIR SKILLS IN A NUMBER OF AREAS IN ORDER TO BE MORE EFFECTIVE IN THE MANAGEMENT OF THEIR BUSINESSES. THE PROGRAM SAW A DOZEN OR SO INSTRUCTORS/EXPERTS TEACH CLASSES IN AREAS SUCH AS FINANCE, MARKETING, HUMAN RESOURCES, INFORMATION TECHNOLOGY, AND SALES. THE EXPENSE AMOUNT INCLUDED HERE REPRESENTS THE COST INCURRED TO RUN THIS PROGRAM.
PART OF THE MISSION OF INNOVATION DUPAGE IS TO FOSTER ENTREPRENEURSHIP INTEREST AMONG COLLEGE AND HIGH SCHOOL STUDENTS. TO THAT END, PITCH COMPETITIONS ARE SPONSORED WHEREIN ASPIRING ENTREPRENEURS PRESENT THEIR BUSINESS IDEAS TO A PANEL OF INDEPENDENT JUDGES WITH SUCCESSFUL ENTREPRENEURIAL BACKGROUNDS. PRIZES ARE AWARDED TO ENCOURAGE THESE CONTESTANTS TO CONTINUE TO PURSUE THEIR ENDEAVORS. INNOVATION DUPAGE CONTRIBUTED $12,500 TOWARD SUCH PRIZE MONIES IN FY 2023.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Cassidy President | OfficerTrustee | 7 | $0 |
David Virgilio Treasurer | OfficerTrustee | 5 | $0 |
Gautam Wadhwa Secretary Beginning March 2023 | OfficerTrustee | 1 | $0 |
Dr Bob Clark Director | Trustee | 1 | $0 |
Jake Mickley Director Beginning November 2022 | Trustee | 1 | $0 |
Meredith Hannah Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $316,500 |
| All other contributions, gifts, grants, and similar amounts not included above | $45,829 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $362,329 |
| Total Program Service Revenue | $160,385 |
| Investment income | $31 |
| 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 | $522,777 |
| 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. | $118,385 |
| Compensation of current officers, directors, key employees. | $47,354 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $227,660 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $6,465 |
| Payroll taxes | $26,726 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,663 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $47,679 |
| Office expenses | $15,664 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $15,000 |
| Travel | $399 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,561 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,744 |
| All other expenses | $147 |
| Total functional expenses | $566,132 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17,487 |
| Savings and temporary cash investments | $43,644 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $21,997 |
| 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 | $83,128 |
| Accounts payable and accrued expenses | $29,130 |
| 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 | $29,130 |
| Net assets without donor restrictions | $53,998 |
| Net assets with donor restrictions | $0 |
| 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 | $83,128 |