INNOVATION FOUNDATION INC: Form 990, tax year 2020

View the entire original 990 at ProPublica ↗

Organization: INNOVATION FOUNDATION INC (EIN 80-0633175)
Tax period: 2020-01-01 to 2020-12-31
Filed: 2021-11-10
IRS object ID: 202143149349307454
Schema version: 2020v4.1
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
Form 990
Schedule A
Schedule B
Schedule D
Schedule O
Schedule R

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2021-11-10T17:01:12-06:00	ReturnTs
Tax Period End	2020-12-31	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Preparer Firm Name PreparerFirmName

Field	Value	IRS element (for citing)
Business Name Line1	MILLER COOPER & CO LTD	BusinessNameLine1Txt

Preparer US Address PreparerUSAddress

Field	Value	IRS element (for citing)
Address Line1	1751 Lake Cook Road Suite 400	AddressLine1Txt
City	Deerfield	CityNm
State Abbreviation	IL	StateAbbreviationCd
ZIP	60015	ZIPCd

Field	Value	IRS element (for citing)
Return Type	990	ReturnTypeCd
Tax Period Begin	2020-01-01	TaxPeriodBeginDt

Filer Filer

Field	Value	IRS element (for citing)
EIN	800633175	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	The Innovation Foundation Inc	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
In Care Of	% BRADLEY A KEYWELL	InCareOfNm
Business Name Control	INNO	BusinessNameControlTxt
Phone	3122763200	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	1130 W Monroe	AddressLine1Txt
City	Chicago	CityNm
State Abbreviation	IL	StateAbbreviationCd
ZIP	60607	ZIPCd

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	Bradley Keywell	PersonNm
Person Title	Director	PersonTitleTxt
Phone	3122763200	PhoneNum
Signature	2021-08-15	SignatureDt
Discuss With Paid Preparer	Yes (true)	DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

Field	Value	IRS element (for citing)
Person First	Bradley	PersonFirstNm
Person Last	Keywell	PersonLastNm

Field	Value	IRS element (for citing)
SSN	XXX-XX-XXXX	SSN

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	Kate Czaja	PreparerPersonNm
PTIN	P01421192	PTIN
Phone	8472055000	PhoneNum

Additional Filer Information AdditionalFilerInformation

Trusted Customer TrustedCustomerGrp

Field	Value	IRS element (for citing)
Trusted Customer	3	TrustedCustomerCd

Field	Value	IRS element (for citing)
Tax	2020	TaxYr
Build TS	2022-09-23 18:48:47Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Principal Officer	BRADLEY A KEYWELL	PrincipalOfficerNm

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	285 OLD GREEN BAY ROAD	AddressLine1Txt
City	GLENCOE	CityNm
State Abbreviation	IL	StateAbbreviationCd
ZIP	60022	ZIPCd

Field	Value	IRS element (for citing)
Gross Receipts	$787,864	GrossReceiptsAmt
Group Return For Affiliates	false	GroupReturnForAffiliatesInd
Organization501c3	Yes (X)	Organization501c3Ind
Website Address	www.cttfuture.com; www.chicagoideas.com	WebsiteAddressTxt
Type Of Organization Corp	Yes (X)	TypeOfOrganizationCorpInd
Formation	2010	FormationYr
Legal Domicile State	IL	LegalDomicileStateCd
Activity Or Mission	THE INNOVATION FOUNDATION WAS FORMED TO INSTITUTIONALIZE THE NON-PROFIT ACTIVITIES OF CHICAGO IDEAS WEEK.	ActivityOrMissionDesc
Voting Members Governing Body	4	VotingMembersGoverningBodyCnt
Voting Members Independent	4	VotingMembersIndependentCnt
Total Employee	17	TotalEmployeeCnt
Total Volunteers	0	TotalVolunteersCnt
Total Gross UBI	$0	TotalGrossUBIAmt
PY Contributions Grants	$3,199,429	PYContributionsGrantsAmt
CY Contributions Grants	$765,908	CYContributionsGrantsAmt
PY Program Service Revenue	$386,529	PYProgramServiceRevenueAmt
CY Program Service Revenue	$21,956	CYProgramServiceRevenueAmt
PY Investment Income	$0	PYInvestmentIncomeAmt
CY Investment Income	$0	CYInvestmentIncomeAmt
PY Other Revenue	$0	PYOtherRevenueAmt
CY Other Revenue	$0	CYOtherRevenueAmt
PY Total Revenue	$3,585,958	PYTotalRevenueAmt
CY Total Revenue	$787,864	CYTotalRevenueAmt
PY Grants And Similar Paid	$0	PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid	$0	CYGrantsAndSimilarPaidAmt
PY Benefits Paid To Members	$0	PYBenefitsPaidToMembersAmt
CY Benefits Paid To Members	$0	CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid	$1,501,857	PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid	$891,466	CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns	$0	PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns	$0	CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense	$202,055	CYTotalFundraisingExpenseAmt
PY Other Expenses	$2,384,400	PYOtherExpensesAmt
CY Other Expenses	$738,969	CYOtherExpensesAmt
PY Total Expenses	$3,886,257	PYTotalExpensesAmt
CY Total Expenses	$1,630,435	CYTotalExpensesAmt
PY Revenues Less Expenses	-$300,299	PYRevenuesLessExpensesAmt
CY Revenues Less Expenses	-$842,571	CYRevenuesLessExpensesAmt
Total Assets BOY	$1,582,291	TotalAssetsBOYAmt
Total Assets EOY	$651,354	TotalAssetsEOYAmt
Total Liabilities BOY	$184,359	TotalLiabilitiesBOYAmt
Total Liabilities EOY	$63,508	TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY	$1,397,932	NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY	$587,846	NetAssetsOrFundBalancesEOYAmt
Info In Schedule O Part III	Yes (X)	InfoInScheduleOPartIIIInd
Mission	THE 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.	MissionDesc
Significant New Program Srvc	false	SignificantNewProgramSrvcInd
Significant Change	Yes (true)	SignificantChangeInd
Expense	$1,105,442	ExpenseAmt
Revenue	$21,956	RevenueAmt
Desc	CHICAGO 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.	Desc
Total Program Service Expenses	$1,105,442	TotalProgramServiceExpensesAmt
Described In Section501c3	Yes (true)	DescribedInSection501c3Ind
Schedule B Required	Yes (true)	ScheduleBRequiredInd
Political Campaign Acty	false	PoliticalCampaignActyInd
Lobbying Activities	false	LobbyingActivitiesInd
Subject To Proxy Tax	false	SubjectToProxyTaxInd
Donor Advised Fund	false	DonorAdvisedFundInd
Conservation Easements	false	ConservationEasementsInd
Collections Of Art	false	CollectionsOfArtInd
Credit Counseling	false	CreditCounselingInd
Donor Rstr Or Quasi Endowments	false	DonorRstrOrQuasiEndowmentsInd
Report Land Building Equipment	Yes (true)	ReportLandBuildingEquipmentInd
Report Investments Other Sec	false	ReportInvestmentsOtherSecInd
Report Program Related Invst	false	ReportProgramRelatedInvstInd
Report Other Assets	false	ReportOtherAssetsInd
Report Other Liabilities	false	ReportOtherLiabilitiesInd
Include FIN48 Footnote	false	IncludeFIN48FootnoteInd
Independent Audit Fincl Stmt	Yes (true)	IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt	false	ConsolidatedAuditFinclStmtInd
School Operating	false	SchoolOperatingInd
Foreign Office	false	ForeignOfficeInd
Foreign Activities	false	ForeignActivitiesInd
More Than5000 K To Org	false	MoreThan5000KToOrgInd
More Than5000 K To Individuals	false	MoreThan5000KToIndividualsInd
Professional Fundraising	false	ProfessionalFundraisingInd
Fundraising Activities	false	FundraisingActivitiesInd
Gaming Activities	false	GamingActivitiesInd
Operate Hospital	false	OperateHospitalInd
Grants To Organizations	false	GrantsToOrganizationsInd
Grants To Individuals	false	GrantsToIndividualsInd
Schedule J Required	false	ScheduleJRequiredInd
Tax Exempt Bonds	false	TaxExemptBondsInd
Engaged In Excess Benefit Trans	false	EngagedInExcessBenefitTransInd
PY Excess Benefit Trans	false	PYExcessBenefitTransInd
Loan Outstanding	false	LoanOutstandingInd
Grant To Related Person	false	GrantToRelatedPersonInd
Business Rln With Org Mem	false	BusinessRlnWithOrgMemInd
Business Rln With Fam Mem	false	BusinessRlnWithFamMemInd
Business Rln With35 Ctrl Ent	false	BusinessRlnWith35CtrlEntInd
Deductible Non Cash Contri	false	DeductibleNonCashContriInd
Deductible Art Contribution	false	DeductibleArtContributionInd
Terminate Operations	false	TerminateOperationsInd
Partial Liquidation	false	PartialLiquidationInd
Disregarded Entity	false	DisregardedEntityInd
Related Entity	Yes (true)	RelatedEntityInd
Related Organization Ctrl Ent	false	RelatedOrganizationCtrlEntInd
Trnsfr Exmpt Non Chrtbl Rltd Org	false	TrnsfrExmptNonChrtblRltdOrgInd
Activities Conducted Prtshp	false	ActivitiesConductedPrtshpInd
Schedule O Required	Yes (true)	ScheduleORequiredInd
IRP Document	15	IRPDocumentCnt
IRP Document W2 G	0	IRPDocumentW2GCnt
Backup Wthld Compliance	Yes (true)	BackupWthldComplianceInd
Employee	17	EmployeeCnt
Employment Tax Returns Filed	Yes (true)	EmploymentTaxReturnsFiledInd
Unrelated Bus Incm Over Limit	false	UnrelatedBusIncmOverLimitInd
Foreign Financial Account	false	ForeignFinancialAccountInd
Prohibited Tax Shelter Trans	false	ProhibitedTaxShelterTransInd
Taxable Party Notification	false	TaxablePartyNotificationInd
Nondeductible Contributions	false	NondeductibleContributionsInd
Quid Pro Quo Contributions	Yes (true)	QuidProQuoContributionsInd
Quid Pro Quo Contri Discl	Yes (true)	QuidProQuoContriDisclInd
Form8282 Property Disposed Of	false	Form8282PropertyDisposedOfInd
Rcv Fnds To Pay Prsnl Bnft Cntrct	false	RcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft Cntrct	false	PayPremiumsPrsnlBnftCntrctInd
Form8899 Filedind	false	Form8899Filedind
Form1098 C Filed	false	Form1098CFiledInd
Indoor Tanning Services	false	IndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht Pymt	false	SubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst Inc	false	SubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VI	Yes (X)	InfoInScheduleOPartVIInd
Governing Body Voting Members	4	GoverningBodyVotingMembersCnt
Independent Voting Member	4	IndependentVotingMemberCnt
Family Or Business Rln	false	FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties	false	DelegationOfMgmtDutiesInd
Change To Org Documents	false	ChangeToOrgDocumentsInd
Material Diversion Or Misuse	false	MaterialDiversionOrMisuseInd
Members Or Stockholders	false	MembersOrStockholdersInd
Election Of Board Members	false	ElectionOfBoardMembersInd
Decisions Subject To Approva	false	DecisionsSubjectToApprovaInd
Minutes Of Governing Body	false	MinutesOfGoverningBodyInd
Minutes Of Committees	false	MinutesOfCommitteesInd
Officer Mailing Address	false	OfficerMailingAddressInd
Local Chapters	false	LocalChaptersInd
Form990 Provided To Gvrn Body	Yes (true)	Form990ProvidedToGvrnBodyInd
Conflict Of Interest Policy	Yes (true)	ConflictOfInterestPolicyInd
Annual Disclosure Covered Prsn	Yes (true)	AnnualDisclosureCoveredPrsnInd
Regular Monitoring Enfrc	Yes (true)	RegularMonitoringEnfrcInd
Whistleblower Policy	false	WhistleblowerPolicyInd
Document Retention Policy	false	DocumentRetentionPolicyInd
Compensation Process CEO	Yes (true)	CompensationProcessCEOInd
Compensation Process Other	Yes (true)	CompensationProcessOtherInd
Investment In Joint Venture	false	InvestmentInJointVentureInd
States Where Copy Of Return Is Fld	IL	StatesWhereCopyOfReturnIsFldCd
Other Website	Yes (X)	OtherWebsiteInd
Upon Request	Yes (X)	UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Field	Value	IRS element (for citing)
Person	BRADLEY A KEYWELL	PersonNm
Phone	3122763200	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	285 OLD GREEN BAY ROAD	AddressLine1Txt
City	GLENCOE	CityNm
State Abbreviation	IL	StateAbbreviationCd
ZIP	60022	ZIPCd

Form990 Part VII Section A Form990PartVIISectionAGrp (6 entries)

TitleTitleTxt	Average Hours Per WeekAverageHoursPerWeekRt	Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt	OfficerOfficerInd	Reportable Comp From OrgReportableCompFromOrgAmt	Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt	Other CompensationOtherCompensationAmt	Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd
MEGAN M MCDONALD PAULSON
EXECUTIVE DIRECTOR	40.0	0.0	Yes (X)	$131,700	$0	$0
SARAH RUTH-GILLIS
MANAGING PRODUCER	40.0	0.0	Yes (X)	$114,070	$0	$0
BRADLEY A KEYWELL
Chairman	1.0	0.0		$0	$0	$0	Yes (X)
KIM KEYWELL
Director	1.0	0.0		$0	$0	$0	Yes (X)
SCOTT SMITH
DIRECTOR	1.0	0.0		$0	$0	$0	Yes (X)
NORA DALEY
Director	1.0	0.0		$0	$0	$0	Yes (X)

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	$245,770	TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org	$0	TotReportableCompRltdOrgAmt
Total Other Compensation	$0	TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K	2	IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed	false	FormerOfcrEmployeesListedInd
Total Comp Greater Than150 K	false	TotalCompGreaterThan150KInd
Compensation From Other Srcs	false	CompensationFromOtherSrcsInd
Cntrct Rcvd Greater Than100 K	0	CntrctRcvdGreaterThan100KCnt
All Other Contributions	$765,908	AllOtherContributionsAmt
Total Contributions	$765,908	TotalContributionsAmt

Program Service Revenue ProgramServiceRevenueGrp

Field	Value	IRS element (for citing)
Desc	CHICAGO IDEAS WEEK	Desc
Business	611710	BusinessCd
Total Revenue Column	$21,956	TotalRevenueColumnAmt
Related Or Exempt Func Income	$21,956	RelatedOrExemptFuncIncomeAmt

Field	Value	IRS element (for citing)
Total Program Service Revenue	$21,956	TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$0	TotalRevenueColumnAmt

Incm From Invest Bond Proceeds IncmFromInvestBondProceedsGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$0	TotalRevenueColumnAmt

Royalties Revenue RoyaltiesRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$0	TotalRevenueColumnAmt

Rental Income Or Loss RentalIncomeOrLossGrp

Field	Value	IRS element (for citing)
Real	$0	RealAmt
Personal	$0	PersonalAmt

Net Rental Income Or Loss NetRentalIncomeOrLossGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$0	TotalRevenueColumnAmt

Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$0	TotalRevenueColumnAmt

Field	Value	IRS element (for citing)
Fundraising Gross Income	$0	FundraisingGrossIncomeAmt
Fundraising Direct Expenses	$0	FundraisingDirectExpensesAmt

Net Incm From Fundraising Evt NetIncmFromFundraisingEvtGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$0	TotalRevenueColumnAmt

Field	Value	IRS element (for citing)
Gaming Gross Income	$0	GamingGrossIncomeAmt
Gaming Direct Expenses	$0	GamingDirectExpensesAmt

Net Income From Gaming NetIncomeFromGamingGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$0	TotalRevenueColumnAmt

Field	Value	IRS element (for citing)
Gross Sales Of Inventory	$0	GrossSalesOfInventoryAmt
Cost Of Goods Sold	$0	CostOfGoodsSoldAmt

Net Income Or Loss NetIncomeOrLossGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$0	TotalRevenueColumnAmt

Field	Value	IRS element (for citing)
Other Revenue Total	$0	OtherRevenueTotalAmt

Total Revenue TotalRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$787,864	TotalRevenueColumnAmt
Related Or Exempt Func Income	$21,956	RelatedOrExemptFuncIncomeAmt

Grants To Domestic Orgs GrantsToDomesticOrgsGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Grants To Domestic Individuals GrantsToDomesticIndividualsGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Foreign Grants ForeignGrantsGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Benefits To Members BenefitsToMembersGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp

Field	Value	IRS element (for citing)
Total	$245,769	TotalAmt
Program Services	$173,022	ProgramServicesAmt
Management And General	$17,695	ManagementAndGeneralAmt
Fundraising	$55,052	FundraisingAmt

Comp Disqual Persons CompDisqualPersonsGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Other Salaries And Wages OtherSalariesAndWagesGrp

Field	Value	IRS element (for citing)
Total	$577,469	TotalAmt
Program Services	$406,538	ProgramServicesAmt
Management And General	$41,578	ManagementAndGeneralAmt
Fundraising	$129,353	FundraisingAmt

Pension Plan Contributions PensionPlanContributionsGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Other Employee Benefits OtherEmployeeBenefitsGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Payroll Taxes PayrollTaxesGrp

Field	Value	IRS element (for citing)
Total	$68,228	TotalAmt
Program Services	$48,033	ProgramServicesAmt
Management And General	$4,912	ManagementAndGeneralAmt
Fundraising	$15,283	FundraisingAmt

Fees For Services Management FeesForServicesManagementGrp

Field	Value	IRS element (for citing)
Total	$134,152	TotalAmt
Program Services	$122,666	ProgramServicesAmt
Management And General	$11,278	ManagementAndGeneralAmt
Fundraising	$208	FundraisingAmt

Fees For Services Legal FeesForServicesLegalGrp

Field	Value	IRS element (for citing)
Total	$12,966	TotalAmt
Management And General	$12,966	ManagementAndGeneralAmt

Fees For Services Accounting FeesForServicesAccountingGrp

Field	Value	IRS element (for citing)
Total	$91,482	TotalAmt
Management And General	$91,482	ManagementAndGeneralAmt

Fees For Services Lobbying FeesForServicesLobbyingGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Fees For Services Prof Fundraising FeesForServicesProfFundraising

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Fees For Services Other FeesForServicesOtherGrp

Field	Value	IRS element (for citing)
Total	$12,614	TotalAmt
Program Services	$2,936	ProgramServicesAmt
Management And General	$8,510	ManagementAndGeneralAmt
Fundraising	$1,168	FundraisingAmt

Advertising AdvertisingGrp

Field	Value	IRS element (for citing)
Total	$98,657	TotalAmt
Program Services	$98,657	ProgramServicesAmt

Office Expenses OfficeExpensesGrp

Field	Value	IRS element (for citing)
Total	$38,490	TotalAmt
Program Services	$786	ProgramServicesAmt
Management And General	$37,704	ManagementAndGeneralAmt

Information Technology InformationTechnologyGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Royalties RoyaltiesGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Occupancy OccupancyGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Travel TravelGrp

Field	Value	IRS element (for citing)
Total	$6,397	TotalAmt
Program Services	$3,456	ProgramServicesAmt
Management And General	$1,950	ManagementAndGeneralAmt
Fundraising	$991	FundraisingAmt

Pymt Travel Entrtnmnt Pub Ofcl PymtTravelEntrtnmntPubOfclGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Conferences Meetings ConferencesMeetingsGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Interest InterestGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Payments To Affiliates PaymentsToAffiliatesGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Depreciation Depletion DepreciationDepletionGrp

Field	Value	IRS element (for citing)
Total	$140,645	TotalAmt
Program Services	$140,645	ProgramServicesAmt

Insurance InsuranceGrp

Field	Value	IRS element (for citing)
Total	$22,345	TotalAmt
Management And General	$22,345	ManagementAndGeneralAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDesc	TotalTotalAmt	Program ServicesProgramServicesAmt	Management And GeneralManagementAndGeneralAmt
DESIGN, AUDIO, VIDEO	$89,260	$89,260
FACILITY RENTAL	$20,162	$11,620	$8,542
MEALS & ENTERTAINMENT	$4,579	$106	$4,473
PROGRAM EXPENSES	$7,094	$7,076	$18

All Other Expenses AllOtherExpensesGrp

Field	Value	IRS element (for citing)
Total	$60,126	TotalAmt
Program Services	$641	ProgramServicesAmt
Management And General	$59,485	ManagementAndGeneralAmt

Total Functional Expenses TotalFunctionalExpensesGrp

Field	Value	IRS element (for citing)
Total	$1,630,435	TotalAmt
Program Services	$1,105,442	ProgramServicesAmt
Management And General	$322,938	ManagementAndGeneralAmt
Fundraising	$202,055	FundraisingAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

Field	Value	IRS element (for citing)
BOY	$1,245,356	BOYAmt
EOY	$570,326	EOYAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Pledges And Grants Receivable PledgesAndGrantsReceivableGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Accounts Receivable AccountsReceivableGrp

Field	Value	IRS element (for citing)
BOY	$92,651	BOYAmt
EOY	$0	EOYAmt

Receivables From Officers Etc ReceivablesFromOfficersEtcGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Rcvbl From Disqualified Prsn RcvblFromDisqualifiedPrsnGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Inventories For Sale Or Use InventoriesForSaleOrUseGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp

Field	Value	IRS element (for citing)
BOY	$41,528	BOYAmt
EOY	$8,917	EOYAmt

Field	Value	IRS element (for citing)
Land Bldg Equip Cost Or Other Bss	$1,088,736	LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec	$1,016,625	LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

Field	Value	IRS element (for citing)
BOY	$202,756	BOYAmt
EOY	$72,111	EOYAmt

Investments Pub Traded Sec InvestmentsPubTradedSecGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Investments Other Securities InvestmentsOtherSecuritiesGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Investments Program Related InvestmentsProgramRelatedGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Intangible Assets IntangibleAssetsGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Other Assets Total OtherAssetsTotalGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Total Assets TotalAssetsGrp

Field	Value	IRS element (for citing)
BOY	$1,582,291	BOYAmt
EOY	$651,354	EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

Field	Value	IRS element (for citing)
BOY	$145,417	BOYAmt
EOY	$63,508	EOYAmt

Grants Payable GrantsPayableGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Deferred Revenue DeferredRevenueGrp

Field	Value	IRS element (for citing)
BOY	$27,404	BOYAmt
EOY	$0	EOYAmt

Tax Exempt Bond Liabilities TaxExemptBondLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Escrow Account Liability EscrowAccountLiabilityGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Loans From Officers Directors LoansFromOfficersDirectorsGrp

Field	Value	IRS element (for citing)
BOY	$11,538	BOYAmt
EOY	$0	EOYAmt

Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Unsecured Notes Loans Payable UnsecuredNotesLoansPayableGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Other Liabilities OtherLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Total Liabilities TotalLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$184,359	BOYAmt
EOY	$63,508	EOYAmt

Field	Value	IRS element (for citing)
Organization Follows FASB117	Yes (X)	OrganizationFollowsFASB117Ind

No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp

Field	Value	IRS element (for citing)
BOY	$1,345,932	BOYAmt
EOY	$587,846	EOYAmt

Donor Restriction Net Assets DonorRestrictionNetAssetsGrp

Field	Value	IRS element (for citing)
BOY	$52,000	BOYAmt
EOY	$0	EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$1,397,932	BOYAmt
EOY	$587,846	EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$1,582,291	BOYAmt
EOY	$651,354	EOYAmt

Field	Value	IRS element (for citing)
Reconcilation Revenue Expnss	-$842,571	ReconcilationRevenueExpnssAmt
Donated Services And Use Fclts	$32,485	DonatedServicesAndUseFcltsAmt
Method Of Accounting Accrual	Yes (X)	MethodOfAccountingAccrualInd
Accountant Compile Or Review	false	AccountantCompileOrReviewInd
FS Audited	Yes (true)	FSAuditedInd

FS Audited Basis FSAuditedBasisGrp

Field	Value	IRS element (for citing)
Separate Basis Fincl Stmt	Yes (X)	SeparateBasisFinclStmtInd

Field	Value	IRS element (for citing)
Audit Committee	Yes (true)	AuditCommitteeInd
Federal Grant Audit Required	false	FederalGrantAuditRequiredInd

Schedule A IRS990ScheduleA

Field	Value	IRS element (for citing)
Public Organization170	Yes (X)	PublicOrganization170Ind

Gifts Grants Contri Rcvd170 GiftsGrantsContriRcvd170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$4,330,250	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$1,920,502	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$2,884,610	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$3,049,500	CurrentTaxYearMinus1YearAmt
Current Tax Year	$682,243	CurrentTaxYearAmt
Total	$12,867,105	TotalAmt

Tax Rev Levied Orgnztnl Bnft170 TaxRevLeviedOrgnztnlBnft170Grp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Govt Furn Srvc Fclts Vl170 GovtFurnSrvcFcltsVl170Grp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Total Calendar Year170 TotalCalendarYear170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$4,330,250	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$1,920,502	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$2,884,610	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$3,049,500	CurrentTaxYearMinus1YearAmt
Current Tax Year	$682,243	CurrentTaxYearAmt
Total	$12,867,105	TotalAmt

Field	Value	IRS element (for citing)
Substantial Contributors Tot	$3,593,755	SubstantialContributorsTotAmt
Public Support Total170	$9,273,350	PublicSupportTotal170Amt

Gross Investment Income170 GrossInvestmentIncome170Grp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Unrelated Business Net Incm170 UnrelatedBusinessNetIncm170Grp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Other Income170 OtherIncome170Grp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Field	Value	IRS element (for citing)
Total Support	$12,867,105	TotalSupportAmt
Gross Receipts Rltd Activities	$1,175,192	GrossReceiptsRltdActivitiesAmt
Public Support CY170	0.72070	PublicSupportCY170Pct
Public Support PY170	0.68520	PublicSupportPY170Pct
Thirty Thr Pct Suprt Tests CY170	Yes (X)	ThirtyThrPctSuprtTestsCY170Ind

Schedule B IRS990ScheduleB

Contributor Information ContributorInformationGrp

Field	Value	IRS element (for citing)
Contributor	RESTRICTED	ContributorNum

Contributor Business Name ContributorBusinessName

Field	Value	IRS element (for citing)
Business Name Line1	RESTRICTED	BusinessNameLine1

Contributor US Address ContributorUSAddress

Field	Value	IRS element (for citing)
Address Line1	RESTRICTED	AddressLine1
Address Line2	RESTRICTED	AddressLine2
City	RESTRICTED	City
State	RESTRICTED	State
ZIP Code	RESTRICTED	ZIPCode

Field	Value	IRS element (for citing)
Total Contributions	RESTRICTED	TotalContributionsAmt

Schedule D IRS990ScheduleD

Field	Value	IRS element (for citing)
Art Public Exhibition Amounts		ArtPublicExhibitionAmountsGrp
Held Works Art		HeldWorksArtGrp
CY Minus3 Yr Endwmt Fund		CYMinus3YrEndwmtFundGrp
CY Minus4 Yr Endwmt Fund		CYMinus4YrEndwmtFundGrp
Land		LandGrp
Buildings		BuildingsGrp
Leasehold Improvements		LeaseholdImprovementsGrp
Equipment		EquipmentGrp

Other Land Buildings OtherLandBuildingsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$1,088,736	OtherCostOrOtherBasisAmt
Depreciation	$1,016,625	DepreciationAmt
Book Value	$72,111	BookValueAmt

Field	Value	IRS element (for citing)
Total Book Value Land Buildings	$72,111	TotalBookValueLandBuildingsAmt
Total Rev Etc Audited Fincl Stmt	$853,821	TotalRevEtcAuditedFinclStmtAmt
Donated Services And Use Fclts	$65,957	DonatedServicesAndUseFcltsAmt
Revenue Not Reported	$65,957	RevenueNotReportedAmt
Revenue Subtotal	$787,864	RevenueSubtotalAmt
Total Revenue Per Form990	$787,864	TotalRevenuePerForm990Amt
Tot Expns Etc Audited Fincl Stmt	$1,663,907	TotExpnsEtcAuditedFinclStmtAmt
Donated Services Use Fclts	$33,472	DonatedServicesUseFcltsAmt
Expenses Not Reported	$33,472	ExpensesNotReportedAmt
Expenses Subtotal	$1,630,435	ExpensesSubtotalAmt
Total Expenses Per Form990	$1,630,435	TotalExpensesPerForm990Amt

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (5 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
PART VI, SECTION B, LINE 11B	THE 990 IS REVIEWED BY THE BOARD AND MADE AVAILABLE FOR REVIEW TO THE EXECUTIVE DIRECTOR OF THE ORGANIZATION. ANY ISSUES BASED ON THE REVIEW PROCESS ARE DISCUSSED AND ADDRESSED WITH AN OUTSIDE ACCOUNTING FIRM BEFORE BEING SIGNED.
PART VI, SECTION B, LINE 15B	ALL COMPENSATION IS REVIEWED AND DISCUSSED WITH TOP MANAGEMENT, AND REVIEW OF COMPARABLE ROLES OUTSIDE THE ORGANIZATION IS COMPLETED IN ORDER TO DETERMINE FAIR AND COMPETITIVE COMPENSATION FOR ROLES NEEDED.
PART VI, SECTION C, LINE 19	IN 2020, THE ANNUAL REPORT WILL INCLUDE FINANCIAL STATEMENTS FROM 2020. ALL REPORTS ARE AVAILABLE ONLINE AND BY REQUEST. ADDITIONALLY, THE ORGANIZATION POSTS FINANCIAL INFORMATION ON GUIDESTAR.
PART VI, SECTION B, LINE 12C	TO ENSURE THE ORGANIZATION OPERATES IN A MANNER CONSISTENT WITH CHARITABLE PURPOSES AND DOES NOT ENGAGE IN ACTIVITIES THAT COULD JEOPARDIZE ITS TAX-EXEMPT STATUS, PERIODIC REVIEWS ARE CONDUCTED.
PART III, LINE 3	THE INNOVATION FOUNDATION DID NOT HOLD ITS USUAL ANNUAL EVENTS IN 2020 DUE TO THE ONGOING COVID-19 PANDEMIC.

Schedule R IRS990ScheduleR

Id Related Org Txbl Partnership IdRelatedOrgTxblPartnershipGrp

Related Organization Name RelatedOrganizationName

Field	Value	IRS element (for citing)
Business Name Line1	LIGHTBANK MANAGEMENT LLC	BusinessNameLine1Txt

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	600 W CHICAGO AVE 775	AddressLine1Txt
City	CHICAGO	CityNm
State Abbreviation	IL	StateAbbreviationCd
ZIP	60654	ZIPCd

Field	Value	IRS element (for citing)
EIN	611578522	EIN
Primary Activities	management	PrimaryActivitiesTxt
Legal Domicile State	IL	LegalDomicileStateCd

Direct Controlling Entity Name DirectControllingEntityName

Field	Value	IRS element (for citing)
Business Name Line1	na	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Predominant Income Type	n/a	PredominantIncomeTypeTxt
Share Of Total Income	$0	ShareOfTotalIncomeAmt
Share Of EOY Assets	$0	ShareOfEOYAssetsAmt
UBI Code V	$0	UBICodeVAmt
Ownership	0.00000	OwnershipPct

Field	Value	IRS element (for citing)
Receipt Of Int Annts Rnts Rylts	false	ReceiptOfIntAnntsRntsRyltsInd
Gift Grnt Or Cap Contri To Oth Org	false	GiftGrntOrCapContriToOthOrgInd
Gift Grnt Cap Contri From Oth Org	false	GiftGrntCapContriFromOthOrgInd
Loans Or Guarantees To Other Org	false	LoansOrGuaranteesToOtherOrgInd
Loans Or Guarantees From Oth Org	false	LoansOrGuaranteesFromOthOrgInd
Asset Sale To Other Org	false	AssetSaleToOtherOrgInd
Asset Purchase From Other Org	false	AssetPurchaseFromOtherOrgInd
Asset Exchange	false	AssetExchangeInd
Rental Of Facilities To Oth Org	false	RentalOfFacilitiesToOthOrgInd
Rental Of Fclts From Oth Org	Yes (true)	RentalOfFcltsFromOthOrgInd
Perform Of Services For Oth Org	false	PerformOfServicesForOthOrgInd
Perform Of Services By Other Org	false	PerformOfServicesByOtherOrgInd
Sharing Of Facilities	false	SharingOfFacilitiesInd
Paid Employees Sharing	false	PaidEmployeesSharingInd
Reimbursement Paid To Other Org	false	ReimbursementPaidToOtherOrgInd
Reimbursement Paid By Other Org	false	ReimbursementPaidByOtherOrgInd
Transfer To Other Org	false	TransferToOtherOrgInd
Transfer From Other Org	false	TransferFromOtherOrgInd

Transactions Related Org TransactionsRelatedOrgGrp

Other Organization Name OtherOrganizationName

Field	Value	IRS element (for citing)
Business Name Line1	Lightbank Mangement	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Transaction Type	K	TransactionTypeTxt
Involved	$81,872	InvolvedAmt
Method Of Amount Determination	Actual Expense	MethodOfAmountDeterminationTxt