2026-08-17T13:22:31-05:00 2025-09-30 420714325 RSM US LLP 4 TIMES SQUARE NEW YORK NY 10036 990 2024-10-01 931969790 ELEVATE QUANTUM ELEV 2039845632 7100 N BROADWAY 1Q DENVER CO 80221 JESSI OLSEN CHIEF EXECUTIVE OFFICER 2039845632 2026-08-17 1 1 KAREN LO P01434915 2123721000 2026-08-14 2024 2025-03-06 01:10:19Z JESSI OLSEN 7100 N BROADWAY 1Q DENVER CO 80221 7142294 0 X WWW.ELEVATEQUANTUM.ORG X 2023 CO ELEVATE 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. 13 11 5 14 0 0 510141 7132354 0 9940 0 0 379 0 510520 7142294 0 361967 0 0 168750 1013965 0 0 0 321570 1165631 490320 2541563 20200 4600731 125560 6492958 47366 1776475 78194 4716483 X ELEVATE 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. 0 0 948329 9940 COMMERCIALIZATION 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. 502279 361967 PHOTONIC 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. 279352 WORKFORCE 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. 266404 CONSORTIUM 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. 151335 ADVANCED 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. 417739 2147699 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 3 0 1 5 1 0 0 0 0 0 0 0 0 0 0 0 0 X 13 11 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CO NM X DAWN CONLEY CFO 2039845632 7100 N BROADWAY DENVER CO 80221 ZACHARY YERUSHALMI CHIEF EXECUTIVE OFFICER 40.00 X X 225000 0 815 DAN CARUSO DIRECTOR 3.00 X 0 0 0 ALEX GREENBERG DIRECTOR 3.00 X 0 0 0 BROOKS JOHNSON DIRECTOR (UNTIL 7/1/25) 3.00 X 0 0 0 WENDY LEA DIRECTOR 3.00 X 0 0 0 EVE LIEBERMAN DIRECTOR 3.00 X 0 0 0 ANTHONY NEAL-GRAVES DIRECTOR 3.00 X 0 0 0 MASSIMO RUZZENE DIRECTOR 3.00 X 0 0 0 JESUS SALAZAR DIRECTOR 3.00 X 0 0 0 RENO SANCHEZ DIRECTOR (AS OF 7/1/25) 3.00 X 0 0 0 DR COLLEEN SIMPSON DIRECTOR 3.00 X 0 0 0 DR MARLOU SLOT DIRECTOR (UNTIL 7/1/25) 3.00 X 0 0 0 STEPHANIE TOMPKINS DIRECTOR (AS OF 7/1/25) 3.00 X 0 0 0 DR MATTHIAS TROYER DIRECTOR 3.00 X 0 0 0 CORBAN TILLEMANN-DICK CHAIR OF THE BOARD 3.00 X X 0 0 0 JESSI OLSEN CHIEF FINANCIAL OFFICER 40.00 X 45000 0 775 270000 0 1590 1 0 1 0 THE BOSTON CONSULTING GROUP INC 200 PIER FOUR BOULEVARD BOSTON MA 02210 CONSULTING 190000 1 6898049 234305 7132354 EQUIPMENT LEASING REV. 532420 9940 9940 9940 7142294 9940 0 0 X 361967 361967 371250 371250 487112 418573 68539 155603 142075 13528 18930 18930 77574 77574 886563 673674 212889 79470 79470 15980 15618 362 15365 15365 4127 4127 42622 42622 6007 6007 SUPPLIES & OTHER EXP. 18993 16951 2042 2541563 2147699 393864 0 58889 1874952 66671 144208 41116 4432682 0 0 4432682 125560 6492958 47366 235574 48400 0 1492501 47366 1776475 X 78194 4716483 78194 4716483 125560 6492958 4600731 37558 0 X 0 1 X 1 1 1 X 62000 510141 7132354 7704495 62000 510141 7132354 7704495 7704495 379 379 7704874 9940 X SCHEDULE A, PART II PUBLIC SUPPORT COMPUTATION: THE 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. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 4432682 4432682 4432682 SECURITY DEPOSITS 4700 REFUNDABLE ADVANCES 1487801 1492501 X 7195684 53390 53390 7142294 0 7142294 2594953 53390 53390 2541563 0 2541563 PART X, LINE 2: THE 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. 1 OCTAVE PHOTONICS 2735 BRISTLECONE CT LAFAYETTE CO 80026 833700227 77217 0 OCTAVE SUBAWARD EQ PROJECT QPIC INC 1190 CRESTMOON DRIVE BOULDER CO 80303 335026169 284750 0 DEVELOPMENT OF NANOFAB 0 2 PART I, LINE 2: THE 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. X 0 0 0 0 0 0 0 0 0 ZACHARY YERUSHALMI CHIEF EXECUTIVE OFFICER 225000 0 0 0 0 0 0 0 815 0 225815 0 0 0 MAYBELL QUANTUM INDUSTRIES INC ENTITY MORE THAN 35% OWNED BY DIRECTOR, CORBAN TILLEMANN-DICK 1837840 PURCHASE OF EQUIPMENT 0 FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS REVIEW FORM 990 BEFORE IT IS FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C ELEVATE 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 15 OFFICER 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 19 THE 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 11G STRATEGIC CONSULTING & RISK SERVICES: PROGRAM SERVICE EXPENSES 673,674. MANAGEMENT AND GENERAL EXPENSES 212,889. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 886,563.