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INNOVATION FOUNDATION INC: Form 990EZ, tax year 2021

View the entire original 990 at ProPublica ↗

Organization
INNOVATION FOUNDATION INC (EIN 80-0633175)
Tax period
2021-01-01 to 2021-12-31
Filed
2022-08-10
IRS object ID
202202229349201150
Schema version
2021v4.2
Source
Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header ReturnHeader

FieldValueIRS element (for citing)
Return2022-08-10T14:07:23-05:00ReturnTs
Tax Period End2021-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1MILLER COOPER & CO LTDBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line11751 Lake Cook Road Suite 400AddressLine1Txt
CityDeerfieldCityNm
State AbbreviationILStateAbbreviationCd
ZIP60015ZIPCd
FieldValueIRS element (for citing)
Return Type990EZReturnTypeCd
Tax Period Begin2021-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN800633175EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1The Innovation Foundation IncBusinessNameLine1Txt
FieldValueIRS element (for citing)
In Care Of% BRADLEY A KEYWELLInCareOfNm
Business Name ControlINNOBusinessNameControlTxt
Phone3122763200PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line11130 W MonroeAddressLine1Txt
CityChicagoCityNm
State AbbreviationILStateAbbreviationCd
ZIP60607ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonBradley KeywellPersonNm
Person TitleDirectorPersonTitleTxt
Phone3122763200PhoneNum
Signature2022-06-15SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

FieldValueIRS element (for citing)
Person FirstBradleyPersonFirstNm
Person LastKeywellPersonLastNm
FieldValueIRS element (for citing)
SSNXXX-XX-XXXXSSN

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonKate CzajaPreparerPersonNm
PTINP01421192PTIN
Phone8472055000PhoneNum

Additional Filer Information AdditionalFilerInformation

Trusted Customer TrustedCustomerGrp

FieldValueIRS element (for citing)
Trusted Customer2TrustedCustomerCd
FieldValueIRS element (for citing)
Tax2021TaxYr
Build TS2022-09-23 18:48:47ZBuildTS

Form 990-EZ IRS990EZ

FieldValueIRS element (for citing)
Method Of Accounting AccrualYes (X)MethodOfAccountingAccrualInd
Schedule B Not RequiredYes (X)ScheduleBNotRequiredInd
Website Addresswww.cttfuture.com; www.chicagoideas.comWebsiteAddressTxt
Organization501c3Yes (X)Organization501c3Ind
Type Of Organization CorpYes (X)TypeOfOrganizationCorpInd
Gross Receipts$5,893GrossReceiptsAmt
Info In Schedule O Part IYes (X)InfoInScheduleOPartIInd
Contributions Gifts Grants Etc$682ContributionsGiftsGrantsEtcAmt
Membership Dues$5,211MembershipDuesAmt
Cost Or Other Basis Expense Sale$0CostOrOtherBasisExpenseSaleAmt
Gain Or Loss From Sale Of Assets$0GainOrLossFromSaleOfAssetsAmt
Special Events Direct Expenses$0SpecialEventsDirectExpensesAmt
Special Events Net Income Loss$0SpecialEventsNetIncomeLossAmt
Cost Of Goods Sold$0CostOfGoodsSoldAmt
Gross Profit Loss Sls Of Invntry$0GrossProfitLossSlsOfInvntryAmt
Total Revenue$5,893TotalRevenueAmt
Salaries Other Comp Empl Bnft$252,071SalariesOtherCompEmplBnftAmt
Fees And Other Pymt To Ind Cntrct$77,913FeesAndOtherPymtToIndCntrctAmt
Occupancy Rent Utlts And Maint$700OccupancyRentUtltsAndMaintAmt
Other Expenses Total$100,537OtherExpensesTotalAmt
Total Expenses$431,221TotalExpensesAmt
Excess Or Deficit For Year-$425,328ExcessOrDeficitForYearAmt
Net Assets Or Fund Balances BOY$587,846NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY$162,518NetAssetsOrFundBalancesEOYAmt
Info In Schedule O Part IIYes (X)InfoInScheduleOPartIIInd

Cash Savings And Investments CashSavingsAndInvestmentsGrp

FieldValueIRS element (for citing)
BOY$570,326BOYAmt
EOY$88,828EOYAmt

Land And Buildings LandAndBuildingsGrp

FieldValueIRS element (for citing)
BOY$72,111BOYAmt
EOY$72,111EOYAmt

Other Assets Total Detail OtherAssetsTotalDetail

FieldValueIRS element (for citing)
BOY$8,917BOYAmt
EOY$6,634EOYAmt

Form990 Total Assets Form990TotalAssetsGrp

FieldValueIRS element (for citing)
BOY$651,354BOYAmt
EOY$167,573EOYAmt

Sum Of Total Liabilities SumOfTotalLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$63,508BOYAmt
EOY$5,055EOYAmt

Net Assets Or Fund Balances NetAssetsOrFundBalancesGrp

FieldValueIRS element (for citing)
BOY$587,846BOYAmt
EOY$162,518EOYAmt
FieldValueIRS element (for citing)
Primary Exempt PurposeTHE INNOVATION FOUNDATION WAS FORMED TO INSTITUTIONALIZE THE NON-PROFIT ACTIVITIES OF CHICAGO IDEAS WEEK. ONE PROGRAM WITH THE GOAL OF PHILANTHROPICALLY CREATING A POSITIVE IMPACT ON THE EDUCATIONAL AND INTELLECTUAL COMMUNITY OF CHICAGO.PrimaryExemptPurposeTxt

Program Srvc Accomplishment ProgramSrvcAccomplishmentGrp

FieldValueIRS element (for citing)
Description Program Srvc AccomCHICAGO IDEAS WEEK'S MISSION IS TO PROMOTE AND ENCOURAGE SHARING IDEAS, INSPIRING ACTION, AND IGNITING CHANGE TO POSITIVELY IMPACT THE WORLD. THE PROGRAM ANNUALLY HOSTS CHICAGO IDEAS WEEK WHICH BRINGS TOGETHER SOME OF THE WORLD'S MOST OUTSTANDING SPEAKERS TO PRESENT THEIR IDEAS AND INSPIRE THE INNOVATIONS OF TOMORROW AT VARIOUS SESSIONS ACROSS THE CITY OF CHICAGO. DUE TO THE COVID-19 PANDEMIC, PROGRAM SERVICES ARE EXCLUSIVELY HELD VIRTUALLY.DescriptionProgramSrvcAccomTxt
Program Service Expenses$354,083ProgramServiceExpensesAmt
FieldValueIRS element (for citing)
Total Program Service Expenses$354,083TotalProgramServiceExpensesAmt

Officer Director Trustee Empl OfficerDirectorTrusteeEmplGrp (4 entries)

TitleTitleTxtAverage Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRtCompensationCompensationAmtEmployee Benefit ProgramEmployeeBenefitProgramAmtExpense Account Other AllwncExpenseAccountOtherAllwncAmt
BRADLEY A KEYWELL
Chairman1.0$0$0$0
KIM KEYWELL
DIRECTOR1.0$0$0$0
SCOTT SMITH
DIRECTOR1.0$50,000$0$0
NORA DALEY
DIRECTOR1.0$0$0$0
FieldValueIRS element (for citing)
Activities Not Previously RptfalseActivitiesNotPreviouslyRptInd
Chg Made To Orgnzng Doc Not RptfalseChgMadeToOrgnzngDocNotRptInd
Organization Had UBIfalseOrganizationHadUBIInd
Subject To Proxy TaxfalseSubjectToProxyTaxInd
Organization Dissolved EtcfalseOrganizationDissolvedEtcInd
Form1120 Pol FiledfalseForm1120PolFiledInd
Made Loans To From OfficersfalseMadeLoansToFromOfficersInd
Engaged In Excess Benefit TransfalseEngagedInExcessBenefitTransInd
Prohibited Tax Shelter TransfalseProhibitedTaxShelterTransInd
States Where Copy Of Return Is FldILStatesWhereCopyOfReturnIsFldCd

Books In Care Of Detail BooksInCareOfDetail

FieldValueIRS element (for citing)
PersonBRADLEY A KEYWELLPersonNm

US Address USAddress

FieldValueIRS element (for citing)
Address Line11130 W MONROE STREETAddressLine1Txt
CityChicagoCityNm
State AbbreviationILStateAbbreviationCd
ZIP60607ZIPCd
FieldValueIRS element (for citing)
Phone3122763200PhoneNum
FieldValueIRS element (for citing)
Foreign Financial AccountfalseForeignFinancialAccountInd
Foreign OfficefalseForeignOfficeInd
Donor Advised FndsfalseDonorAdvisedFndsInd
Operate HospitalfalseOperateHospitalInd
Tanning Services ProvidedfalseTanningServicesProvidedInd
Related Organization Ctrl EntfalseRelatedOrganizationCtrlEntInd
Transaction With Control EntfalseTransactionWithControlEntInd
Political Campaign ActyfalsePoliticalCampaignActyInd
Lobbying ActivitiesfalseLobbyingActivitiesInd
School OperatingfalseSchoolOperatingInd
Trnsfr Exmpt Non Chrtbl Rltd OrgfalseTrnsfrExmptNonChrtblRltdOrgInd
Filed Schedule AYes (true)FiledScheduleAInd

Schedule A IRS990ScheduleA

FieldValueIRS element (for citing)
Public Organization170Yes (X)PublicOrganization170Ind

Gifts Grants Contri Rcvd170 GiftsGrantsContriRcvd170Grp

FieldValueIRS element (for citing)
Current Tax Year Minus4 Years$1,920,502CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years$2,884,610CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years$3,049,500CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$682,243CurrentTaxYearMinus1YearAmt
Current Tax Year$682CurrentTaxYearAmt
Total$8,537,537TotalAmt

Tax Rev Levied Orgnztnl Bnft170 TaxRevLeviedOrgnztnlBnft170Grp

FieldValueIRS element (for citing)
Total$0TotalAmt

Govt Furn Srvc Fclts Vl170 GovtFurnSrvcFcltsVl170Grp

FieldValueIRS element (for citing)
Total$0TotalAmt

Total Calendar Year170 TotalCalendarYear170Grp

FieldValueIRS element (for citing)
Current Tax Year Minus4 Years$1,920,502CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years$2,884,610CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years$3,049,500CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$682,243CurrentTaxYearMinus1YearAmt
Current Tax Year$682CurrentTaxYearAmt
Total$8,537,537TotalAmt
FieldValueIRS element (for citing)
Substantial Contributors Tot$4,398,340SubstantialContributorsTotAmt
Public Support Total170$4,139,197PublicSupportTotal170Amt

Gross Investment Income170 GrossInvestmentIncome170Grp

FieldValueIRS element (for citing)
Total$0TotalAmt

Unrelated Business Net Incm170 UnrelatedBusinessNetIncm170Grp

FieldValueIRS element (for citing)
Total$0TotalAmt

Other Income170 OtherIncome170Grp

FieldValueIRS element (for citing)
Total$0TotalAmt
FieldValueIRS element (for citing)
Total Support$8,537,537TotalSupportAmt
Gross Receipts Rltd Activities$644,296GrossReceiptsRltdActivitiesAmt
Public Support CY1700.48482PublicSupportCY170Pct
Public Support PY1700.72070PublicSupportPY170Pct
Thirty Thr Pct Suprt Tests CY170Yes (X)ThirtyThrPctSuprtTestsCY170Ind

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (6 entries)

Form And Line ReferenceFormAndLineReferenceDescExplanationExplanationTxt
FORM 990EZ PART I LINE 16Description:INSURANCE Amount:15007
FORM 990EZ PART I LINE 16Description:MARKETING Amount:5041
FORM 990EZ PART I LINE 16Description:M&E Amount:328
FORM 990EZ PART I LINE 16Description:OFFICE EXPENSE Amount:11179
FORM 990EZ PART I LINE 16Description:OTHER EXPENSES Amount:10274
FORM 990EZ PART I LINE 16Description:WEBSITE Amount:57135

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