2025-09-09T12:27:42-05:00 2023-06-30 561965804 THOMAS JUDY & TUCKER PA 404 HUNT STREET SUITE 100 DURHAM NC 27701 990 2022-07-01 844902334 NCINNOVATION INC NCIN 9199061806 PO BOX 14288 RESEARCH TRIANGLE PARK NC 27709 J BENNET WATERS CEO 9194247262 2025-09-09 1 0 KRISTEN HOYLE CPA P00118964 9195717055 2025-09-03 2022 2025-03-06 01:10:19Z X X J BENNET WATERS PO BOX 14288 RESEARCH TRIANGLE PARK NC 27709 10283256 0 X HTTPS://NCINNOVATION.ORG/ X 2020 NC THE ORGANIZATION IS A PUBLIC-PRIVATE PARTNERSHIP TO ACCELERATE AND SCALE COMMERCIALIZED INNOVATION FROM NC'S UNIVERSITIES, CREATE JOBS, AND IMPROVE ECONOMIC OPPORTUNITIES IN ALL 100 COUNTIES OF NORTH CAROLINA. 11 10 2 11 0 0 8550000 10220000 0 0 0 62256 0 1000 8550000 10283256 0 0 0 0 108295 1050990 0 3500 3500 291185 1098877 399480 2153367 8150520 8129889 10758392 18408832 1700 18553 10756692 18390279 THE ORGANIZATION IS A PUBLIC-PRIVATE PARTNERSHIP TO ACCELERATE AND SCALE COMMERCIALIZED INNOVATION FROM NC'S UNIVERSITIES, CREAT JOBS, AND IMPROVE ECONOMIC OPPORTUNITIES IN ALL 100 COUNTIES OF NORTH CAROLINA. 0 0 1000 IN 2023, NCINNOVATION SUPPORTED STATEWIDE POLICY DEVELOPMENT; CREATED FOUR REGIONAL NETWORKS VIA THE ESTABLISHMENT OF HUBS AT FOUR NC RESEARCH UNIVERSITIES; AND CONTINUED BUILDING THE TEAM, PROCESSES, AND INFRASTRUCTURE REQUIRED TO EXECUTE ITS MISSION. 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 9 0 2 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 10 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 1 1 0 NC X LINDA HALL 9199061806 PO BOX 14288 RESEARCH TRIANGLE PARK NC 27709 KELLY KING BOARD CHAIR 1.00 X X 0 0 0 KIRK BRADLEY BOARD VICE-CHAIR 1.00 X X 0 0 0 DR KELLI BROWN BOARD MEMBER 1.00 X 0 0 0 KELLY FULLER BOARD MEMBER 1.00 X 180197 0 0 SHARON GABER PHD BOARD MEMBER 1.00 X 0 0 0 PETER HANS BOARD MEMBER 1.00 X 0 0 0 STAN KELLY BOARD MEMBER 1.00 X 0 0 0 HAROLD MARTIN SR PHD BOARD MEMBER 1.00 X 0 0 0 VEN POOLE BOARD MEMBER 1.00 X 0 0 0 DR PHILIP ROGERS BOARD MEMBER 1.00 X 0 0 0 LONNIE C POOLE III 32523-63023 BOARD MEMBER 1.00 X 0 0 0 BOB INGRAM 7122-32423 BOARD CHAIR 1.00 X 0 0 0 BENNET WATERS EX OFFICIO PRESIDENT & CEO 40.00 X 300000 0 0 MICHELLE BOLAS EXECUTIVE VICE PRESIDENT 40.00 X 0 0 0 480197 0 0 2 0 1 0 KELLY FULLER 2900 MONTPELIER COURT RALEIGH NC 27609 CONSULTING 180197 TECONOMY PARTNERS LLC 1355 OAKVIEW DRIVE COLUMBUS OH 43235 GOVERNANCE, BENCHMARKING AND ASSET MAPPI 168550 2 10220000 10220000 62256 62256 OTHER REVENUE 900099 1000 1000 1000 10283256 1000 0 62256 X 630079 630079 338830 338830 8813 8813 20537 20537 52731 52731 71500 71500 94188 94188 8520 8520 227268 227268 3500 3500 342169 342169 103060 103060 87973 87973 70444 70444 63544 63544 15166 15166 15045 15045 2153367 0 2149867 3500 4795471 708345 3060220 5962921 13904696 0 727628 0 7943 10758392 18408832 1700 18553 1700 18553 X 4793771 4485583 5962921 13904696 10756692 18390279 10758392 18408832 X 8129889 11923 -508225 X X 1 X 0 1 0 X 100000 3600000 8550000 10220000 22470000 100000 3600000 8550000 10220000 22470000 10939360 11530640 62256 62256 1000 1000 22533256 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 267184 267184 1886183 2153367 257668 64417 0 9516 1 2190 49160 79896 257668 388914 583371 267184 267184 548 12290 19974 64417 97229 145844 0 X PART X, LINE 2: THE ORGANIZATION ACCOUNTS FOR THE UNCERTAINTY IN INCOME TAXES USING THE PROVISIONS OF FASB ASC 740, INCOME TAXES. USING THAT GUIDANCE, TAX POSITIONS INITIALLY NEED TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS WHEN IT IS MORE-LIKELY-THAN-NOT THE POSITIONS WILL BE SUSTAINED UPON EXAMINATION BY THE TAX AUTHORITIES. IT ALSO PROVIDES GUIDANCE FOR DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE AND TRANSITION. AS OF JUNE 30, 2023, THE ORGANIZATION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE ORGANIZATION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. 1 0 0 0 0 0 0 0 0 0 BENNET WATERS EX OFFICIO PRESIDENT & CEO 300000 0 0 0 0 0 0 0 0 0 300000 0 0 0 KELLY FULLER BOARD MEMBER 0 0 0 0 180197 0 0 0 0 0 180197 0 0 0 KELLY FULLER BOARD MEMBER 72000 KELLY FULLER WAS AN INDEPENDENT CONTRACTOR EFFECTIVE JUNE 2021 AT A COMPENSATION LEVEL OF $18K PER MONTH AND SERVED IN THE CAPACITY OF A STRATEGIC ADVISOR. SHE WORKED IN THAT CAPACITY UNTIL AUGUST 31, 2022. KELLY FULLER WAS ELECTED TO THE BOARD OF DIRECTORS ON AUGUST 31, 2022. THERE WAS A ONE-MONTH PAYMENT PAID ON 9/1/2022 TO COVER ANY WRAP UP WORK NECESSARY IN CONJUNCTION WITH HER WORK AS STRATEGIC ADVISOR. ALTHOUGH KELLY FULLER WAS ELECTED AS A BOARD MEMBER ON AUGUST 31, 2022, HER SERVICES RENDERED WERE NOT IN THE CAPACITY OF A BOARD MEMBER OF THE ORGANIZATION. 0 FORM 990, PART VI, SECTION B, LINE 11B THIS AMENDMENT TO THE ORGANIZATION'S FY2023 IRS FORM 990 HAS BEEN REVIEWED BY THE ORGANIZATION'S AUDIT COMMITTEE AND FULL BOARD OF DIRECTORS PRIOR TO ITS FILING. THE REVIEW PROCESS INCLUDED POSTING THE AMENDED RETURN TO THE ORGANIZATION'S ONLINE BOARD SOFTWARE PORTAL; PROVIDING COPIES OF THE AMENDED RETURN AS PART OF EACH ENTITY'S PRE-MEETING MATERIALS; AND PRESENTING THE AMENDED RETURN IN THE PRESENCE OF ITS TAX ADVISORS TO THE AUDIT COMMITTEE AND BOARD OF DIRECTORS, RESPECTIVELY. IN REVIEWING EARLIER DRAFTS OF THIS AMENDMENT, AN AUDIT COMMITTEE MEMBER CORRECTLY POINTED OUT THAT A PREVIOUS AMENDMENT FILED IN APRIL 2025 WAS TECHNICALLY NOT REVIEWED BY THE FULL BOARD OF DIRECTORS PRIOR TO ITS FILING, THOUGH THE AMENDMENT WAS ENTIRELY ALIGNED WITH PRIOR GUIDANCE THE AUDIT COMMITTEE PROVIDED TO MANAGEMENT, AND ON WHICH MANAGEMENT UPDATED THE BOARD IN MARCH 2025. RELEVANT DETAILS FOLLOW. THE ORGANIZATION FILED ITS IRS FORM 990 FOR FY2023 IN MAY 2024. LATER THAT YEAR, THE ORGANIZATION CONDUCTED A COMPETITIVE RFP AND SELECTED A NEW INDEPENDENT ACCOUNTING FIRM. AS PART OF THE NEW FIRM'S REVIEW OF PRIOR TAX AND FINANCIAL DOCUMENTS, IT OFFERED INPUT ON SCHEDULE C OF THE FY2023 RETURN AND SUGGESTED THE ORGANIZATION MAKE A VOLUNTARY DISCLOSURE TO CLARIFY LANGUAGE AROUND ITS DESCRIPTION OF LOBBYING ACTIVITIES. MANAGEMENT ENGAGED THUSLY WITH ITS PRIOR TAX ADVISOR TO PREPARE AN AMENDMENT THAT REFLECTED THIS SINGULAR CHANGE, AND IT UPDATED THE AUDIT COMMITTEE FULLY ON THOSE EFFORTS IN THE COMMITTEE'S NOVEMBER 2024 MEETING. IN THE ORGANIZATION'S MARCH 2025 BOARD MEETING, THE ABOVE-REFERENCED AUDIT COMMITTEE MEMBER INQUIRED ABOUT THE STATUS OF THE AMENDED FILING. HE REFERENCED THE COMMITTEE'S NOVEMBER 2024 DISCUSSION AND "URGE(D)" THAT THE FILING OF THE AMENDED FY23 FORM 990 NOT BE CONSIDERED A LOW PRIORITY AND THAT THE ORGANIZATION "NEED(S) TO CORRECT WHAT WE HAVE SUBMITTED" AS SOON AS POSSIBLE (QUOTES TAKEN FROM VIDEO RECORDINGS OF THE MEETING). UPON RECEIVING THE AMENDED RETURN, VERIFYING WITH THE AUDIT COMMITTEE CHAIRMAN THAT IT COMPORTED WITH WHAT WAS DIRECTED BY THE AUDIT COMMITTEE, AND IN KEEPING WITH THE ABOVE-REFERENCED COMMITTEE MEMBER'S ADMONISHMENT THAT IT BE FILED AS SOON AS POSSIBLE, MANAGEMENT PROMPTLY FILED THE AMENDED FY2023 IRS FORM 990, NOTIFIED AUDIT COMMITTEE CHAIR, AND UPLOADED COPIES TO ITS ONLINE BOARD PORTAL. WHILE THE ORGANIZATION BELIEVES IT COMPLIED FULLY WITH THE INTENT OF ITEM 11(A) IN BOTH THE PRIOR AND THIS AMENDED FILING, IT OFFERS THE EXPLANATION ABOVE IN THE INTEREST OF FULL TRANSPARENCY. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION USES MARKET DATA AND A 3RD PARTY BENCHMARKING WHEN DETERMINING OFFICER COMPENSATION. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION MAKES ITS DOCUMENTS AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS DOCUMENTS AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G CONTRACT SERVICES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 323,045. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 323,045. PAYROLL FEES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 19,124. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 19,124. FORM 990, PART XI, LINE 9: CHANGE IN ALLOWANCE FOR DOUBTFUL PLEDGES - NPV -508,225. PART XII LN 2C THE PROCESS HAS NOT CHANGED FROM PRIOR YEAR. FORM 990 : AMENDED RETURN FORM 990 IS BEING AMENDED TO ACCOUNT FOR ELECTION UNDER IRC SECTION 501(H) TO HAVE ITS LOBBYING ACTIVITIES MEASURED BY THE EXPENDITURE TEST. THE ORGANIZATION WAS UNAWARE AT THE TIME OF FILING THAT THE ELECTION HAD PROPERLY BEEN MADE. FORM 4720 HAS BEEN ADDED TO REFLECT TAXES DUE ON EXCESS LOYBBING EXPENDITURES.