Norfolk Innovation Corridor
- Assets
- $82.4k
- Revenue
- $171.8k
- Investments
- $0.0
- Employees
- 1
- Location
- Norfolk, VA
- Founding
- Data as of
- 06/2023
- EIN
- 84-4182364
Organization Overview
Norfolk Innovation Corridor is located in Norfolk, VA. According to its NTEE Classification (S30) the organization is classified as: Economic Development, 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. Norfolk Innovation Corridor 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, Norfolk Innovation Corridor generated $171.8k in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 27.9% each year . All expenses for the organization totaled $159.3k during the year ending 06/2023. 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
TO ENCOURAGE GROWTH IN ENTREPRENEURSHIP AND INNOVATION BY ATTRACTING NEW TECHNOLOGY STARTUPS AND BY RETAINING A TALENTED WORKFORCE AND ATTRACTING ADDITIONAL TALENT WHILE ALSO INCREASING LOCAL JOB OPPORTUNITIES THAT WILL HELP THE UNEMPLOYED, MINORTIY AND DISADVANTAGED LIVING IN THE AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION SHALL SUPPORT THE DEVELOPMENT, MASTER-PLANNING, PROGRAMMING, BRANDING AND MARKETING, PUBLIC AWARENESS, COMMUNITY-BUILDING AND ECONOMIC GROWTH OF THE NORFOLK INNOVATION CORRIDOR OF NORFOLK, VIRGINIA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Linda Peck Executive Di | Officer | 10 | $27,473 |
Monique Adams Director | Trustee | $0 | |
Alphonso Albert Director | Trustee | $0 | |
Bob Armstrong Director | Trustee | $0 | |
Fred Babers Director | Trustee | $0 | |
Larry Bernert Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $50,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $46,800 |
| Noncash contributions included in lines 1a–1f | $20,800 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $96,800 |
| Total Program Service Revenue | $75,000 |
| Investment income | $0 |
| 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 | $171,800 |
| 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. | $29,973 |
| Compensation of current officers, directors, key employees. | $5,995 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,672 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $4,034 |
| Payroll taxes | $3,253 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,198 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,600 |
| Office expenses | $880 |
| Information technology | $392 |
| Royalties | $0 |
| Occupancy | $3,017 |
| Travel | $435 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $396 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,311 |
| Insurance | $736 |
| All other expenses | $0 |
| Total functional expenses | $159,276 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $80,220 |
| 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 | $470 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $1,667 |
| Other assets | $0 |
| Total assets | $82,357 |
| 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 | $7,741 |
| Total liabilities | $7,741 |
| Net assets without donor restrictions | $74,616 |
| 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 | $82,357 |