ELEVATE QUANTUM: Form 990, tax year 2024

View the entire original 990 at ProPublica ↗

Organization
ELEVATE QUANTUM (EIN 93-1969790)
Tax period
2024-10-01 to 2025-09-30
Filed
2026-08-17
IRS object ID
202632299349302408
Schema version
2024v5.5
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)
Return2026-08-17T13:22:31-05:00ReturnTs
Tax Period End2025-09-30TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN420714325PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1RSM US LLPBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line14 TIMES SQUAREAddressLine1Txt
CityNEW YORKCityNm
State AbbreviationNYStateAbbreviationCd
ZIP10036ZIPCd
FieldValueIRS element (for citing)
Return Type990ReturnTypeCd
Tax Period Begin2024-10-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN931969790EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1ELEVATE QUANTUMBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlELEVBusinessNameControlTxt
Phone2039845632PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line17100 N BROADWAY 1QAddressLine1Txt
CityDENVERCityNm
State AbbreviationCOStateAbbreviationCd
ZIP80221ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonJESSI OLSENPersonNm
Person TitleCHIEF EXECUTIVE OFFICERPersonTitleTxt
Phone2039845632PhoneNum
Signature2026-08-17SignatureDt
Discuss With Paid PreparerYes (1)DiscussWithPaidPreparerInd
FieldValueIRS element (for citing)
IRS Responsible Prty Info CurrYes (1)IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonKAREN LOPreparerPersonNm
PTINP01434915PTIN
Phone2123721000PhoneNum
Preparation2026-08-14PreparationDt
FieldValueIRS element (for citing)
Tax2024TaxYr
Build TS2025-03-06 01:10:19ZBuildTS

Form 990 IRS990

FieldValueIRS element (for citing)
Principal OfficerJESSI OLSENPrincipalOfficerNm

US Address USAddress

FieldValueIRS element (for citing)
Address Line17100 N BROADWAY 1QAddressLine1Txt
CityDENVERCityNm
State AbbreviationCOStateAbbreviationCd
ZIP80221ZIPCd
FieldValueIRS element (for citing)
Gross Receipts$7,142,294GrossReceiptsAmt
Group Return For Affiliates0GroupReturnForAffiliatesInd
Organization501c3Yes (X)Organization501c3Ind
Website AddressWWW.ELEVATEQUANTUM.ORGWebsiteAddressTxt
Type Of Organization CorpYes (X)TypeOfOrganizationCorpInd
Formation2023FormationYr
Legal Domicile StateCOLegalDomicileStateCd
Activity Or MissionELEVATE QUANTUM'S MISSION IS TO DRAMATICALLY ACCELERATE THE PACE OF COMMERCIALIZATION IN QUANTUM. ELEVATE QUANTUM IS A DESIGNATED TECHHUB BY THE U.S. DEPARTMENT OF COMMERCE ECONOMIC DEVELOPMENT ADMINISTRATION AND BOASTS THE LARGEST REGIONAL CONSORTIUM IN AMERICA. THE CONSORTIUM OF 120 ORGANIZATIONS WORKS TO ENSURE THAT THE REGION REMAINS THE GLOBAL EPICENTER FOR QUANTUM BY HELPING TURN CUTTING-EDGE RESEARCH INTO WORLD-CHANGING COMPANIES, FACILITATING A VIBRANT STARTUP AND SCALE-UP ECOSYSTEM AND BUILDING A STRONG WORKFORCE.ActivityOrMissionDesc
Voting Members Governing Body13VotingMembersGoverningBodyCnt
Voting Members Independent11VotingMembersIndependentCnt
Total Employee5TotalEmployeeCnt
Total Volunteers14TotalVolunteersCnt
Total Gross UBI$0TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm$0NetUnrelatedBusTxblIncmAmt
PY Contributions Grants$510,141PYContributionsGrantsAmt
CY Contributions Grants$7,132,354CYContributionsGrantsAmt
PY Program Service Revenue$0PYProgramServiceRevenueAmt
CY Program Service Revenue$9,940CYProgramServiceRevenueAmt
PY Investment Income$0PYInvestmentIncomeAmt
CY Investment Income$0CYInvestmentIncomeAmt
PY Other Revenue$379PYOtherRevenueAmt
CY Other Revenue$0CYOtherRevenueAmt
PY Total Revenue$510,520PYTotalRevenueAmt
CY Total Revenue$7,142,294CYTotalRevenueAmt
PY Grants And Similar Paid$0PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid$361,967CYGrantsAndSimilarPaidAmt
PY Benefits Paid To Members$0PYBenefitsPaidToMembersAmt
CY Benefits Paid To Members$0CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid$168,750PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid$1,013,965CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns$0PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns$0CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense$0CYTotalFundraisingExpenseAmt
PY Other Expenses$321,570PYOtherExpensesAmt
CY Other Expenses$1,165,631CYOtherExpensesAmt
PY Total Expenses$490,320PYTotalExpensesAmt
CY Total Expenses$2,541,563CYTotalExpensesAmt
PY Revenues Less Expenses$20,200PYRevenuesLessExpensesAmt
CY Revenues Less Expenses$4,600,731CYRevenuesLessExpensesAmt
Total Assets BOY$125,560TotalAssetsBOYAmt
Total Assets EOY$6,492,958TotalAssetsEOYAmt
Total Liabilities BOY$47,366TotalLiabilitiesBOYAmt
Total Liabilities EOY$1,776,475TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY$78,194NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY$4,716,483NetAssetsOrFundBalancesEOYAmt
Info In Schedule O Part IIIYes (X)InfoInScheduleOPartIIIInd
MissionELEVATE QUANTUM'S EXEMPT PURPOSE IS TO UNITE COLORADO, NEW MEXICO, AND WYOMING TO ESTABLISH THE MOUNTAIN WEST AS A GLOBAL LEADER IN QUANTUM DEVELOPMENT. THEIR MISSION FOCUSES ON ENHANCING U.S. ECONOMIC AND NATIONAL SECURITY BY FOSTERING REGIONAL COLLABORATION AND STRENGTHENING ENGAGEMENT AMONG STAKEHOLDERS.MissionDesc
Significant New Program Srvc0SignificantNewProgramSrvcInd
Significant Change0SignificantChangeInd
Expense$948,329ExpenseAmt
Revenue$9,940RevenueAmt
DescCOMMERCIALIZATION LAB - LOCATED IN ARVADA, COLORADO, AT THE QUANTUM COMMONS CAMPUS, THE ORGANIZATION'S COMMERCIALIZATION LAB OFFERS CUTTING EDGE, SHARED USE EQUIPMENT AND A VARIETY OF LABS, OFFICES, AND SUITES FOR LEASE. THIS LAB ALLOWS ACCESS TO THE UNITED STATES' FIRST OPEN ACCESS, MODULAR, QUANTUM COMPUTER IN ADDITION TO A VARIETY OF TOP OF THE LINE EQUIPMENT AND SERVICE OFFERINGS INCLUDING, BUT NOT LIMITED TO CRYOGENIC TESTBEDS, ATOMIC CLOCKS, ENVIRONMENTAL TESTING, PROTOTYPING EQUIPMENT, TEST AND MEASUREMENT EQUIPMENT, AND MUCH MORE.Desc

Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp

FieldValueIRS element (for citing)
Expense$502,279ExpenseAmt
Grant$361,967GrantAmt
DescPHOTONIC INTEGRATED CIRCUIT (PIC) FABRICATION - LOCATED IN ARVADA, COLORADO, AT THE QUANTUM COMMONS CAMPUS, THE ORGANIZATION'S PICFAB FOCUSES ON HIGH-MIX, LOW-VOLUME, RAPID-TURN, FABRICATION OF PICS. PICS ALLOW LIGHT (PHOTONS) INSTEAD OF ELECTRONS TO CARRY INFORMATION, ENABLING HIGH-BANDWIDTH, LOW-LOSS, ENERGY-EFFICIENT CIRCUITS FOR QUANTUM, SENSING, COMMUNICATIONS, AND MORE. THE ORGANIZATION'S PICFAB OPERATES WITH A HOST OF QUANTUM RELEVANT MATERIALS (SILICON NITRIDE, BARIUM TITANATE, TANTALUM PENTOXIDE, THIN-FILM LITHIUM NIOBATE) SERVING THE UNIQUE NEEDS OF THE INDUSTRY. IT ALSO OPERATES WITH LEAD TIMES OF 3-4 WEEKS INSTEAD OF THE LEAD TIMES EXPERIENCED BY QUANTUM COMPANIES TODAY OF 3-6 MONTHS OR MORE.Desc

Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp

FieldValueIRS element (for citing)
Expense$279,352ExpenseAmt
DescWORKFORCE DEVELOPMENT - SPANNING COLORADO AND NEW MEXICO, THE ORGANIZATION'S WORKFORCE DEVELOPMENT EFFORTS INCLUDE NOT JUST ACTIVATING THE STAKEHOLDERS IN THE QUANTUM WORKFORCE DEVELOPMENT ECOSYSTEM (EXECUTING ON PROJECTS WITH PARTNERS THAT HAVE ALREADY REACHED HUNDREDS OF LEARNERS), BUT ALSO INCLUDES EXECUTING ON ON-PREMISES TRAINING PROGRAMS LEVERAGING THE EQUIPMENT AT THE COMMERCIALIZATION LAB. THE ORGANIZATION'S TRAINING PROGRAMS WILL BE FOCUSED ON BUILDING THE NEXT GENERATION OF QUANTUM TECHNICIAN TALENT WITH INITIAL PROGRAMMING CENTERED ON THE CRYOGENIC TECHNICIAN WORKFORCE.Desc

Prog Srvc Accom Acty Other ProgSrvcAccomActyOtherGrp (2 entries)

ExpenseExpenseAmtDescDesc
$266,404CONSORTIUM ACTIVATION AND ENGAGEMENT - THE ORGANIZATION IS RESPONSIBLE FOR THE MANAGEMENT OF CONSORTIUM TO FACILITATE CROSS COLLABORATION BETWEEN A DIVERSE SET OF STAKEHOLDERS. THIS INCLUDES BUILDING OUT STRATEGIC CROSS-BORDER COLLABORATIONS, PARTNERING ON FUNDING APPLICATIONS, AND ACTIVATING THE REGION. AS PART OF THIS, THE ORGANIZATION OPERATES THREE ADVISORY BOARDS (INDUSTRY, SCIENCE, AND WORKFORCE) AS WELL AS A WORKFORCE COLLABORATIVE. THE ORGANIZATION IS ALSO INVOLVED IN ACTIVATING STATE AND LOCAL GOVERNMENT OFFICIALS, SUPPORTING COMPANIES IN THE REGION TO ACCESS FUNDING TO GET THEIR BUSINESSES OFF THE GROUND, AND FACILITATING AT LEAST ONE LARGE CONVENING OF ECOSYSTEM PARTNERS EACH YEAR.
$151,335ADVANCED QUANTUM PACKAGING - LOCATED IN ALBUQUERQUE, NEW MEXICO, THE ORGANIZATION'S ADVANCED QUANTUM PACKAGING OPERATIONS WILL FOCUS ON HIGH-MIX, LOW- TO MEDIUM-VOLUME PRODUCTION, SERVING THE NEEDS OF QUANTUM, QUANTUM ADJACENT, AND ADVANCED PHOTONICS COMPANIES. THE ORGANIZATION'S PACKAGING OPERATIONS WILL BE INITIALLY FOCUSED ON CHIP AND PHOTONICS-BASED TECHNIQUES (ADVANCED WIRE-BONDING, ULTRA-LOW-LOSS, FIBER-TO-CHIP CONNECTORIZATION, FLIP CHIP, PRECISION DIE ATTACH, WORLD-CLASS METROLOGY, AND MUCH MORE). THROUGH THE ORGANIZATION'S PARTNERSHIP WITH SANDIA NATIONAL LABORATORIES, IT WILL SERVE AS THE BRIDGE BETWEEN BREAKTHROUGH RESEARCH AND HIGHVOLUME FOUNDRIES TO DE-RISK, SCALE-UP, AND PREPARE TECH FOR DEFENSE AND COMMERCIAL PRODUCTION.
FieldValueIRS element (for citing)
Total Other Prog Srvc Expense$417,739TotalOtherProgSrvcExpenseAmt
Total Program Service Expenses$2,147,699TotalProgramServiceExpensesAmt
Described In Section501c3Yes (1)DescribedInSection501c3Ind
Schedule B RequiredYes (1)ScheduleBRequiredInd
Political Campaign Acty0PoliticalCampaignActyInd
Lobbying Activities0LobbyingActivitiesInd
Subject To Proxy Tax0SubjectToProxyTaxInd
Donor Advised Fund0DonorAdvisedFundInd
Conservation Easements0ConservationEasementsInd
Collections Of Art0CollectionsOfArtInd
Credit Counseling0CreditCounselingInd
Donor Rstr Or Quasi Endowments0DonorRstrOrQuasiEndowmentsInd
Report Land Building EquipmentYes (1)ReportLandBuildingEquipmentInd
Report Investments Other Sec0ReportInvestmentsOtherSecInd
Report Program Related Invst0ReportProgramRelatedInvstInd
Report Other Assets0ReportOtherAssetsInd
Report Other LiabilitiesYes (1)ReportOtherLiabilitiesInd
Include FIN48 FootnoteYes (1)IncludeFIN48FootnoteInd
Independent Audit Fincl StmtYes (1)IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt0ConsolidatedAuditFinclStmtInd
School Operating0SchoolOperatingInd
Foreign Office0ForeignOfficeInd
Foreign Activities0ForeignActivitiesInd
More Than5000 K To Org0MoreThan5000KToOrgInd
More Than5000 K To Individuals0MoreThan5000KToIndividualsInd
Professional Fundraising0ProfessionalFundraisingInd
Fundraising Activities0FundraisingActivitiesInd
Gaming Activities0GamingActivitiesInd
Operate Hospital0OperateHospitalInd
Grants To OrganizationsYes (1)GrantsToOrganizationsInd
Grants To Individuals0GrantsToIndividualsInd
Schedule J RequiredYes (1)ScheduleJRequiredInd
Tax Exempt Bonds0TaxExemptBondsInd
Engaged In Excess Benefit Trans0EngagedInExcessBenefitTransInd
PY Excess Benefit Trans0PYExcessBenefitTransInd
Loan Outstanding0LoanOutstandingInd
Grant To Related Person0GrantToRelatedPersonInd
Business Rln With Org Mem0BusinessRlnWithOrgMemInd
Business Rln With Fam Mem0BusinessRlnWithFamMemInd
Business Rln With35 Ctrl EntYes (1)BusinessRlnWith35CtrlEntInd
Deductible Non Cash Contri0DeductibleNonCashContriInd
Deductible Art Contribution0DeductibleArtContributionInd
Terminate Operations0TerminateOperationsInd
Partial Liquidation0PartialLiquidationInd
Disregarded Entity0DisregardedEntityInd
Related Entity0RelatedEntityInd
Related Organization Ctrl Ent0RelatedOrganizationCtrlEntInd
Trnsfr Exmpt Non Chrtbl Rltd Org0TrnsfrExmptNonChrtblRltdOrgInd
Activities Conducted Prtshp0ActivitiesConductedPrtshpInd
Schedule O RequiredYes (1)ScheduleORequiredInd
IRP Document3IRPDocumentCnt
IRP Document W2 G0IRPDocumentW2GCnt
Backup Wthld ComplianceYes (1)BackupWthldComplianceInd
Employee5EmployeeCnt
Employment Tax Returns FiledYes (1)EmploymentTaxReturnsFiledInd
Unrelated Bus Incm Over Limit0UnrelatedBusIncmOverLimitInd
Foreign Financial Account0ForeignFinancialAccountInd
Prohibited Tax Shelter Trans0ProhibitedTaxShelterTransInd
Taxable Party Notification0TaxablePartyNotificationInd
Nondeductible Contributions0NondeductibleContributionsInd
Quid Pro Quo Contributions0QuidProQuoContributionsInd
Form8282 Property Disposed Of0Form8282PropertyDisposedOfInd
Rcv Fnds To Pay Prsnl Bnft Cntrct0RcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft Cntrct0PayPremiumsPrsnlBnftCntrctInd
Indoor Tanning Services0IndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht Pymt0SubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst Inc0SubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VIYes (X)InfoInScheduleOPartVIInd
Governing Body Voting Members13GoverningBodyVotingMembersCnt
Independent Voting Member11IndependentVotingMemberCnt
Family Or Business Rln0FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties0DelegationOfMgmtDutiesInd
Change To Org Documents0ChangeToOrgDocumentsInd
Material Diversion Or Misuse0MaterialDiversionOrMisuseInd
Members Or Stockholders0MembersOrStockholdersInd
Election Of Board Members0ElectionOfBoardMembersInd
Decisions Subject To Approva0DecisionsSubjectToApprovaInd
Minutes Of Governing BodyYes (1)MinutesOfGoverningBodyInd
Minutes Of CommitteesYes (1)MinutesOfCommitteesInd
Officer Mailing Address0OfficerMailingAddressInd
Local Chapters0LocalChaptersInd
Form990 Provided To Gvrn BodyYes (1)Form990ProvidedToGvrnBodyInd
Conflict Of Interest PolicyYes (1)ConflictOfInterestPolicyInd
Annual Disclosure Covered PrsnYes (1)AnnualDisclosureCoveredPrsnInd
Regular Monitoring EnfrcYes (1)RegularMonitoringEnfrcInd
Whistleblower PolicyYes (1)WhistleblowerPolicyInd
Document Retention PolicyYes (1)DocumentRetentionPolicyInd
Compensation Process CEOYes (1)CompensationProcessCEOInd
Compensation Process OtherYes (1)CompensationProcessOtherInd
Investment In Joint Venture0InvestmentInJointVentureInd
States Where Copy Of Return Is FldCOStatesWhereCopyOfReturnIsFldCd
States Where Copy Of Return Is FldNMStatesWhereCopyOfReturnIsFldCd
Upon RequestYes (X)UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

FieldValueIRS element (for citing)
PersonDAWN CONLEY CFOPersonNm
Phone2039845632PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line17100 N BROADWAYAddressLine1Txt
CityDENVERCityNm
State AbbreviationCOStateAbbreviationCd
ZIP80221ZIPCd

Form990 Part VII Section A Form990PartVIISectionAGrp (16 entries)

TitleTitleTxtAverage Hours Per WeekAverageHoursPerWeekRtIndividual Trustee Or DirectorIndividualTrusteeOrDirectorIndOfficerOfficerIndReportable Comp From OrgReportableCompFromOrgAmtReportable Comp From Rltd OrgReportableCompFromRltdOrgAmtOther CompensationOtherCompensationAmt
ZACHARY YERUSHALMI
CHIEF EXECUTIVE OFFICER40.00Yes (X)Yes (X)$225,000$0$815
DAN CARUSO
DIRECTOR3.00Yes (X)$0$0$0
ALEX GREENBERG
DIRECTOR3.00Yes (X)$0$0$0
BROOKS JOHNSON
DIRECTOR (UNTIL 7/1/25)3.00Yes (X)$0$0$0
WENDY LEA
DIRECTOR3.00Yes (X)$0$0$0
EVE LIEBERMAN
DIRECTOR3.00Yes (X)$0$0$0
ANTHONY NEAL-GRAVES
DIRECTOR3.00Yes (X)$0$0$0
MASSIMO RUZZENE
DIRECTOR3.00Yes (X)$0$0$0
JESUS SALAZAR
DIRECTOR3.00Yes (X)$0$0$0
RENO SANCHEZ
DIRECTOR (AS OF 7/1/25)3.00Yes (X)$0$0$0
DR COLLEEN SIMPSON
DIRECTOR3.00Yes (X)$0$0$0
DR MARLOU SLOT
DIRECTOR (UNTIL 7/1/25)3.00Yes (X)$0$0$0
STEPHANIE TOMPKINS
DIRECTOR (AS OF 7/1/25)3.00Yes (X)$0$0$0
DR MATTHIAS TROYER
DIRECTOR3.00Yes (X)$0$0$0
CORBAN TILLEMANN-DICK
CHAIR OF THE BOARD3.00Yes (X)Yes (X)$0$0$0
JESSI OLSEN
CHIEF FINANCIAL OFFICER40.00Yes (X)$45,000$0$775
FieldValueIRS element (for citing)
Total Reportable Comp From Org$270,000TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org$0TotReportableCompRltdOrgAmt
Total Other Compensation$1,590TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K1IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed0FormerOfcrEmployeesListedInd
Total Comp Greater Than150 KYes (1)TotalCompGreaterThan150KInd
Compensation From Other Srcs0CompensationFromOtherSrcsInd

Contractor Compensation ContractorCompensationGrp

Contractor Name ContractorName

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1THE BOSTON CONSULTING GROUP INCBusinessNameLine1Txt

Contractor Address ContractorAddress

US Address USAddress

FieldValueIRS element (for citing)
Address Line1200 PIER FOUR BOULEVARDAddressLine1Txt
CityBOSTONCityNm
State AbbreviationMAStateAbbreviationCd
ZIP02210ZIPCd
FieldValueIRS element (for citing)
ServicesCONSULTINGServicesDesc
Compensation$190,000CompensationAmt
FieldValueIRS element (for citing)
Cntrct Rcvd Greater Than100 K1CntrctRcvdGreaterThan100KCnt
Government Grants$6,898,049GovernmentGrantsAmt
All Other Contributions$234,305AllOtherContributionsAmt
Total Contributions$7,132,354TotalContributionsAmt

Program Service Revenue ProgramServiceRevenueGrp

FieldValueIRS element (for citing)
DescEQUIPMENT LEASING REV.Desc
Business532420BusinessCd
Total Revenue Column$9,940TotalRevenueColumnAmt
Related Or Exempt Func Income$9,940RelatedOrExemptFuncIncomeAmt
FieldValueIRS element (for citing)
Total Program Service Revenue$9,940TotalProgramServiceRevenueAmt

Total Revenue TotalRevenueGrp

FieldValueIRS element (for citing)
Total Revenue Column$7,142,294TotalRevenueColumnAmt
Related Or Exempt Func Income$9,940RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue$0UnrelatedBusinessRevenueAmt
Exclusion$0ExclusionAmt
FieldValueIRS element (for citing)
Info In Schedule O Part IXYes (X)InfoInScheduleOPartIXInd

Grants To Domestic Orgs GrantsToDomesticOrgsGrp

FieldValueIRS element (for citing)
Total$361,967TotalAmt
Program Services$361,967ProgramServicesAmt

Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp

FieldValueIRS element (for citing)
Total$371,250TotalAmt
Program Services$371,250ProgramServicesAmt

Other Salaries And Wages OtherSalariesAndWagesGrp

FieldValueIRS element (for citing)
Total$487,112TotalAmt
Program Services$418,573ProgramServicesAmt
Management And General$68,539ManagementAndGeneralAmt

Other Employee Benefits OtherEmployeeBenefitsGrp

FieldValueIRS element (for citing)
Total$155,603TotalAmt
Program Services$142,075ProgramServicesAmt
Management And General$13,528ManagementAndGeneralAmt

Fees For Services Legal FeesForServicesLegalGrp

FieldValueIRS element (for citing)
Total$18,930TotalAmt
Management And General$18,930ManagementAndGeneralAmt

Fees For Services Accounting FeesForServicesAccountingGrp

FieldValueIRS element (for citing)
Total$77,574TotalAmt
Management And General$77,574ManagementAndGeneralAmt

Fees For Services Other FeesForServicesOtherGrp

FieldValueIRS element (for citing)
Total$886,563TotalAmt
Program Services$673,674ProgramServicesAmt
Management And General$212,889ManagementAndGeneralAmt

Advertising AdvertisingGrp

FieldValueIRS element (for citing)
Total$79,470TotalAmt
Program Services$79,470ProgramServicesAmt

Office Expenses OfficeExpensesGrp

FieldValueIRS element (for citing)
Total$15,980TotalAmt
Program Services$15,618ProgramServicesAmt
Management And General$362ManagementAndGeneralAmt

Information Technology InformationTechnologyGrp

FieldValueIRS element (for citing)
Total$15,365TotalAmt
Program Services$15,365ProgramServicesAmt

Occupancy OccupancyGrp

FieldValueIRS element (for citing)
Total$4,127TotalAmt
Program Services$4,127ProgramServicesAmt

Travel TravelGrp

FieldValueIRS element (for citing)
Total$42,622TotalAmt
Program Services$42,622ProgramServicesAmt

Insurance InsuranceGrp

FieldValueIRS element (for citing)
Total$6,007TotalAmt
Program Services$6,007ProgramServicesAmt

Other Expenses OtherExpensesGrp

FieldValueIRS element (for citing)
DescSUPPLIES & OTHER EXP.Desc
Total$18,993TotalAmt
Program Services$16,951ProgramServicesAmt
Management And General$2,042ManagementAndGeneralAmt

Total Functional Expenses TotalFunctionalExpensesGrp

FieldValueIRS element (for citing)
Total$2,541,563TotalAmt
Program Services$2,147,699ProgramServicesAmt
Management And General$393,864ManagementAndGeneralAmt
Fundraising$0FundraisingAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

FieldValueIRS element (for citing)
BOY$58,889BOYAmt
EOY$1,874,952EOYAmt

Pledges And Grants Receivable PledgesAndGrantsReceivableGrp

FieldValueIRS element (for citing)
BOY$66,671BOYAmt
EOY$144,208EOYAmt

Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp

FieldValueIRS element (for citing)
EOY$41,116EOYAmt
FieldValueIRS element (for citing)
Land Bldg Equip Cost Or Other Bss$4,432,682LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec$0LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

FieldValueIRS element (for citing)
BOY$0BOYAmt
EOY$4,432,682EOYAmt

Total Assets TotalAssetsGrp

FieldValueIRS element (for citing)
BOY$125,560BOYAmt
EOY$6,492,958EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

FieldValueIRS element (for citing)
BOY$47,366BOYAmt
EOY$235,574EOYAmt

Deferred Revenue DeferredRevenueGrp

FieldValueIRS element (for citing)
EOY$48,400EOYAmt

Other Liabilities OtherLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$0BOYAmt
EOY$1,492,501EOYAmt

Total Liabilities TotalLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$47,366BOYAmt
EOY$1,776,475EOYAmt
FieldValueIRS element (for citing)
Organization Follows FASB117Yes (X)OrganizationFollowsFASB117Ind

No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp

FieldValueIRS element (for citing)
BOY$78,194BOYAmt
EOY$4,716,483EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$78,194BOYAmt
EOY$4,716,483EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$125,560BOYAmt
EOY$6,492,958EOYAmt
FieldValueIRS element (for citing)
Reconcilation Revenue Expnss$4,600,731ReconcilationRevenueExpnssAmt
Prior Period Adjustments$37,558PriorPeriodAdjustmentsAmt
Other Changes In Net Assets$0OtherChangesInNetAssetsAmt
Method Of Accounting AccrualYes (X)MethodOfAccountingAccrualInd
Accountant Compile Or Review0AccountantCompileOrReviewInd
FS AuditedYes (1)FSAuditedInd

FS Audited Basis FSAuditedBasisGrp

FieldValueIRS element (for citing)
Separate Basis Fincl StmtYes (X)SeparateBasisFinclStmtInd
FieldValueIRS element (for citing)
Audit CommitteeYes (1)AuditCommitteeInd
Federal Grant Audit RequiredYes (1)FederalGrantAuditRequiredInd
Federal Grant Audit PerformedYes (1)FederalGrantAuditPerformedInd

Schedule A IRS990ScheduleA

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

Gifts Grants Contri Rcvd170 GiftsGrantsContriRcvd170Grp

FieldValueIRS element (for citing)
Current Tax Year Minus2 Years$62,000CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$510,141CurrentTaxYearMinus1YearAmt
Current Tax Year$7,132,354CurrentTaxYearAmt
Total$7,704,495TotalAmt

Total Calendar Year170 TotalCalendarYear170Grp

FieldValueIRS element (for citing)
Current Tax Year Minus2 Years$62,000CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$510,141CurrentTaxYearMinus1YearAmt
Current Tax Year$7,132,354CurrentTaxYearAmt
Total$7,704,495TotalAmt
FieldValueIRS element (for citing)
Public Support Total170$7,704,495PublicSupportTotal170Amt

Other Income170 OtherIncome170Grp

FieldValueIRS element (for citing)
Current Tax Year Minus1 Year$379CurrentTaxYearMinus1YearAmt
Total$379TotalAmt
FieldValueIRS element (for citing)
Total Support$7,704,874TotalSupportAmt
Gross Receipts Rltd Activities$9,940GrossReceiptsRltdActivitiesAmt
First5 Years170Yes (X)First5Years170Ind

Form990 Schedule A Part VI Form990ScheduleAPartVIGrp

FieldValueIRS element (for citing)
Form And Line ReferenceSCHEDULE A, PART II PUBLIC SUPPORT COMPUTATION:FormAndLineReferenceDesc
ExplanationTHE ORGANIZATION CHANGED ITS FISCAL YEAR DURING THE SCHEDULE A PUBLIC SUPPORT PERIOD AND FILED A SHORT-PERIOD RETURN. ACCORDINGLY, SCHEDULE A REFLECTS FISCAL YEAR 2024 AMOUNTS IN THE 2022 COLUMN, THE SHORT-PERIOD RETURN FOR JANUARY 1, 2024 THROUGH SEPTEMBER 30, 2024 IN THE 2023 COLUMN, AND THE FISCAL YEAR ENDING SEPTEMBER 30, 2025 IN THE 2024 COLUMN.ExplanationTxt

Schedule B IRS990ScheduleB

Contributor Information ContributorInformationGrp

FieldValueIRS element (for citing)
ContributorRESTRICTEDContributorNum

Contributor Business Name ContributorBusinessName

FieldValueIRS element (for citing)
Business Name Line1RESTRICTEDBusinessNameLine1

Contributor US Address ContributorUSAddress

FieldValueIRS element (for citing)
Address Line1RESTRICTEDAddressLine1
Address Line2RESTRICTEDAddressLine2
CityRESTRICTEDCity
StateRESTRICTEDState
ZIP CodeRESTRICTEDZIPCode
FieldValueIRS element (for citing)
Total ContributionsRESTRICTEDTotalContributionsAmt

Schedule D IRS990ScheduleD

Equipment EquipmentGrp

FieldValueIRS element (for citing)
Investment Cost Or Other Basis$4,432,682InvestmentCostOrOtherBasisAmt
Book Value$4,432,682BookValueAmt
FieldValueIRS element (for citing)
Total Book Value Land Buildings$4,432,682TotalBookValueLandBuildingsAmt

Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)

DescDescAmtAmt
SECURITY DEPOSITS$4,700
REFUNDABLE ADVANCES$1,487,801
FieldValueIRS element (for citing)
Total Liability$1,492,501TotalLiabilityAmt
Footnote TextYes (X)FootnoteTextInd
Total Rev Etc Audited Fincl Stmt$7,195,684TotalRevEtcAuditedFinclStmtAmt
Donated Services And Use Fclts$53,390DonatedServicesAndUseFcltsAmt
Revenue Not Reported$53,390RevenueNotReportedAmt
Revenue Subtotal$7,142,294RevenueSubtotalAmt
Revenue Not Reported Fincl Stmt$0RevenueNotReportedFinclStmtAmt
Total Revenue Per Form990$7,142,294TotalRevenuePerForm990Amt
Tot Expns Etc Audited Fincl Stmt$2,594,953TotExpnsEtcAuditedFinclStmtAmt
Donated Services Use Fclts$53,390DonatedServicesUseFcltsAmt
Expenses Not Reported$53,390ExpensesNotReportedAmt
Expenses Subtotal$2,541,563ExpensesSubtotalAmt
Expenses Not Rpt Fincl Stmt$0ExpensesNotRptFinclStmtAmt
Total Expenses Per Form990$2,541,563TotalExpensesPerForm990Amt

Supplemental Information Detail SupplementalInformationDetail

FieldValueIRS element (for citing)
Form And Line ReferencePART X, LINE 2:FormAndLineReferenceDesc
ExplanationTHE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE CODE). IN ADDITION, THE ORGANIZATION HAS BEEN DETERMINED BY THE INTERNAL REVENUE SERVICE NOT TO BE A PRIVATE FOUNDATION WITHIN THE MEANING OF SECTION 509(A) OF THE CODE. THE ORGANIZATION REQUIRES THAT A TAX POSITION BE RECOGNIZED OR DERECOGNIZED BASED ON A "MORE-LIKELY-THAN-NOT" THRESHOLD. THIS APPLIES TO POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE ORGANIZATION DOES NOT BELIEVE ITS FINANCIAL STATEMENTS INCLUDE, OR REFLECT, ANY UNCERTAIN TAX POSITIONS. THE ORGANIZATION'S IRS FORM 990, RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX, IS SUBJECT TO EXAMINATION BY THE FEDERAL AND STATE AUTHORITIES, GENERALLY FOR THREE YEARS AFTER FILING.ExplanationTxt

Schedule I IRS990ScheduleI

FieldValueIRS element (for citing)
Grant Records MaintainedYes (1)GrantRecordsMaintainedInd

Recipient Table RecipientTable (2 entries)

Address Line1USAddress/AddressLine1TxtCityUSAddress/CityNmState AbbreviationUSAddress/StateAbbreviationCdZIPUSAddress/ZIPCdRecipient EINRecipientEINCash GrantCashGrantAmtNon Cash AssistanceNonCashAssistanceAmtPurpose Of GrantPurposeOfGrantTxt
OCTAVE PHOTONICS
2735 BRISTLECONE CTLAFAYETTECO80026833700227$77,217$0OCTAVE SUBAWARD EQ PROJECT
QPIC INC
1190 CRESTMOON DRIVEBOULDERCO80303335026169$284,750$0DEVELOPMENT OF NANOFAB
FieldValueIRS element (for citing)
Total501c3 Org0Total501c3OrgCnt
Total Other Org2TotalOtherOrgCnt

Supplemental Information Detail SupplementalInformationDetail

FieldValueIRS element (for citing)
Form And Line ReferencePART I, LINE 2:FormAndLineReferenceDesc
ExplanationTHE ORGANIZATION CONDUCTS DUE DILIGENCE AND MONITORING OF SUBRECIPIENTS TO HELP ENSURE THAT SUBAWARD FUNDS ARE USED IN FURTHERANCE OF THE ORGANIZATION'S EXEMPT PURPOSES AND IN ACCORDANCE WITH APPLICABLE AWARD REQUIREMENTS. THE ORGANIZATION MAINTAINS DOCUMENTATION REGARDING RECIPIENT ELIGIBILITY AND THE USE OF AWARDED FUNDS.ExplanationTxt

Schedule J IRS990ScheduleJ

FieldValueIRS element (for citing)
Board Or Committee ApprovalYes (X)BoardOrCommitteeApprovalInd
Severance Payment0SeverancePaymentInd
Supplemental Nonqual Rtr Plan0SupplementalNonqualRtrPlanInd
Equity Based Comp Arrngm0EquityBasedCompArrngmInd
Comp Based On Revenue Of Flng Org0CompBasedOnRevenueOfFlngOrgInd
Comp Bsd On Rev Related Orgs0CompBsdOnRevRelatedOrgsInd
Comp Bsd Net Earns Flng Org0CompBsdNetEarnsFlngOrgInd
Comp Bsd Net Earns Rltd Orgs0CompBsdNetEarnsRltdOrgsInd
Any Non Fixed Payments0AnyNonFixedPaymentsInd
Initial Contract Exception0InitialContractExceptionInd

Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp

FieldValueIRS element (for citing)
PersonZACHARY YERUSHALMIPersonNm
TitleCHIEF EXECUTIVE OFFICERTitleTxt
Base Compensation Filing Org$225,000BaseCompensationFilingOrgAmt
Compensation Based On Rltd Orgs$0CompensationBasedOnRltdOrgsAmt
Bonus Filing Organization$0BonusFilingOrganizationAmount
Bonus Related Organizations$0BonusRelatedOrganizationsAmt
Other Compensation Filing Org$0OtherCompensationFilingOrgAmt
Other Compensation Rltd Orgs$0OtherCompensationRltdOrgsAmt
Deferred Compensation Flng Org$0DeferredCompensationFlngOrgAmt
Deferred Comp Rltd Orgs$0DeferredCompRltdOrgsAmt
Nontaxable Benefits Filing Org$815NontaxableBenefitsFilingOrgAmt
Nontaxable Benefits Rltd Orgs$0NontaxableBenefitsRltdOrgsAmt
Total Compensation Filing Org$225,815TotalCompensationFilingOrgAmt
Total Compensation Rltd Orgs$0TotalCompensationRltdOrgsAmt
Comp Report Prior990 Filing Org$0CompReportPrior990FilingOrgAmt
Comp Report Prior990 Rltd Orgs$0CompReportPrior990RltdOrgsAmt

Schedule L IRS990ScheduleL

Bus Tr Involve Interested Prsn BusTrInvolveInterestedPrsnGrp

Name Of Interested NameOfInterested

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1MAYBELL QUANTUM INDUSTRIES INCBusinessNameLine1Txt
FieldValueIRS element (for citing)
Relationship DescriptionENTITY MORE THAN 35% OWNED BY DIRECTOR, CORBAN TILLEMANN-DICKRelationshipDescriptionTxt
Transaction$1,837,840TransactionAmt
TransactionPURCHASE OF EQUIPMENTTransactionDesc
Sharing Of Revenues0SharingOfRevenuesInd

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (5 entries)

Form And Line ReferenceFormAndLineReferenceDescExplanationExplanationTxt
FORM 990, PART VI, SECTION B, LINE 11BTHE BOARD OF DIRECTORS REVIEW FORM 990 BEFORE IT IS FILED WITH THE INTERNAL REVENUE SERVICE.
FORM 990, PART VI, SECTION B, LINE 12CELEVATE QUANTUM HAS ADOPTED A WRITTEN CONFLICT OF INTEREST POLICY APPLICABLE TO ALL DIRECTORS, OFFICERS, EMPLOYEES, AND VOLUNTEERS. THE POLICY REQUIRES ANNUAL WRITTEN DISCLOSURES OF ACTUAL, POTENTIAL, OR PERCEIVED CONFLICTS OF INTEREST AND AFFIRMS EACH INDIVIDUAL'S UNDERSTANDING AND COMPLIANCE WITH THE POLICY. THE POLICY DEFINES CONFLICTS OF INTEREST BROADLY, INCLUDING FINANCIAL INTERESTS, RELATIONSHIPS WITH RELATED PARTIES, AND POTENTIAL EXCESS BENEFIT TRANSACTIONS. WHEN A CONFLICT IS DISCLOSED, THE BOARD OF DIRECTORS DETERMINES WHETHER A CONFLICT EXISTS, EXCLUDING THE INTERESTED PERSON FROM DELIBERATIONS AND VOTING. IF A CONFLICT IS FOUND, THE BOARD EVALUATES WHETHER THE PROPOSED TRANSACTION IS FAIR, REASONABLE, AND IN THE BEST INTEREST OF THE ORGANIZATION, AND MAY SEEK ALTERNATIVES OR COMPARABILITY DATA. ALL PROCEEDINGS, INCLUDING DISCLOSURES, DETERMINATIONS, AND VOTES, ARE DOCUMENTED IN BOARD MINUTES. THE POLICY ALSO INCLUDES PROCEDURES FOR ADDRESSING VIOLATIONS, MAINTAINING CONFIDENTIALITY, AND CONDUCTING PERIODIC REVIEWS TO ENSURE COMPLIANCE WITH CHARITABLE PURPOSES AND IRS REGULATIONS.
FORM 990, PART VI, SECTION B, LINE 15OFFICER COMPENSATION IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS BASED ON THE EDA-APPROVED BUDGET AND SUBSEQUENTLY DOCUMENTED.
FORM 990, PART VI, SECTION C, LINE 19THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FORM 990, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D).
FORM 990, PART IX, LINE 11GSTRATEGIC CONSULTING & RISK SERVICES: PROGRAM SERVICE EXPENSES 673,674. MANAGEMENT AND GENERAL EXPENSES 212,889. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 886,563.

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