2024-10-07T08:28:31-05:00 2023-12-31 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2023-01-01 450422671 UND Center for Innovation Foundation UNDC 7017773132 4200 James Ray Dr Grand Forks ND 58203 Amy Whitney Director/Chief Executive Officer 7017773132 2024-10-04 1 1 Deb Nelson CPA P01264758 6122536500 2024-09-23 2023 2024-10-15 13:58:12Z Amy Whitney 4200 James Ray Dr Grand Forks ND 58203 674747 0 X https://www.innovators.net/ X 1991 ND To maintain national leadership in entrepreneur outreach & education. 4 4 0 5 -2150 0 149043 353357 57229 61414 20470 -3232 82478 72653 309220 484192 230079 313857 0 0 0 0 0 0 3225 163592 188805 393671 502662 -84451 -18470 8057210 8356553 193673 172863 7863537 8183690 X To maintain national leadership in entrepreneur outreach and education, and become the leader in tech entrepreneurship in rural America. 0 0 377159 313857 102417 The UND Center for Innovation Foundation is organized for the benefit of supporting innovation and entrepreneurial activities at the University of North Dakota. The Foundation owns the Ina Mae Rude Entrepreneur Center, a business incubation facility that licenses space to tenants. The Ina Mae Rude Entrepreneur Center supports commercialization activities for the State of North Dakota and the University of North Dakota. The Foundation enhances and promotes commerce and economic development in North Dakota through innovation consulting, applied learning activities, entrepreneurial activity seminars and workshops, and business coaching for innovators. Additionally, the Foundation provides fiscal management and operational support for projects primarily funded by state grants. The Foundation supports outreach programs and educational services in the field of innovation, commercialization of technologies, startup funding strategies, and business incubation and acceleration. 38634 30000 The Foundation owns a wholly owned subsidiary that operates the North Dakota/Minnesota EB-5 Regional Center Program. The EB-5 program is an immigrant investor program focused on business development and job creation to stimulate economic activity and improvements in regional productivity through direct foreign investment. The program is administered by the US Citizenship and Immigration Service (USCIS) and the EB5 regional center is an entity approved by USCIS as a designated place to receive immigrant investor capital with new and emerging businesses. The North Dakota/Minnesota EB5 regional center received its designation in April 2011 and there are three portfolio companies with approximately 600 investors. 1507 1650 Student Run Enterprises (SRE) engages students from across all disciplines at the University of North Dakota in experiential learning focused on the development of entrepreneurial and innovation skills. The purpose of student run enterprises is to establish legacy small businesses for students to manage and operate so they refine and develop their entrepreneurial skills. The students are provided with weekly, dedicated mentorship from a Center for Innovation staff member as well as a UND faculty subject matter expert to monitor their progress and encourage reflective practice on their business decisions. 417300 1 1 0 0 0 0 0 1 1 1 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 17 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 X 4 4 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 X Amy Whitney 7017773132 4200 James Ray Dr Grand Forks ND 58203 Dale Morrison Chair (until Feb) 2.00 X X 0 0 0 Linda Pancratz Vice Chair (until Nov) 2.00 X X 0 0 0 Amy Whitney Director/CEO 6.00 X 48926 0 28866 Kristin Heck Vice Chair (as of Nov) 1.00 X X 0 0 0 Phil Gisi - Chair as of Feb Trustee (until Feb) 1.00 X X 0 0 0 Ed Schafer Trustee (until Nov) 1.00 X 0 0 0 Brooks Burgum Trustee (until Nov) 1.00 X 0 0 0 Lauris Molbert Trustee (until Nov) 1.00 X 0 0 0 Howard Dahl Trustee (until Nov) 1.00 X 0 0 0 Sally Miskavige Trustee (as of Nov) 1.00 X 0 0 0 Mickayla Rosard Trustee (as of Nov) 1.00 X 0 0 0 48926 0 28866 0 0 0 1 0 348357 5000 353357 EB-5 Fees 541900 30000 30000 Client Services 541900 15000 15000 Conference Income 541900 5693 5693 Student Run Enterprise 541900 1650 1650 9071 9071 61414 29652 -2150 31802 230324 157671 72653 72653 72653 32884 -32884 -32884 -32884 484192 134067 -2150 -1082 313857 313857 35861 35861 37170 37170 11135 2310 8825 2958 1410 1548 3429 3429 147 147 2502 2502 8964 8964 66527 63302 3225 Dues & Subscriptions 4181 4181 15931 413 15518 502662 417300 82137 3225 1175833 1166616 40000 50000 21246 19022 25000 25000 0 15000 4248256 1902675 2386626 2345581 4128736 4327478 279769 407856 8057210 8356553 12250 15222 23288 0 158135 157641 193673 172863 X 2984180 3116238 4879357 5067452 7863537 8183690 8057210 8356553 -18470 338623 0 X 0 1 X 1 0 X 746309 121594 497000 149043 353357 1867303 236319 252672 292734 336886 435028 1553639 982628 374266 789734 485929 788385 3420942 3420942 23598 20659 21269 15735 31802 113063 2935 1196 4131 3538136 1232589 0.96690 0.97420 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 80744 X 0 0 1 X 4031434 5000 342212 78842 4299804 4561267 5000 -450662 84171 4031434 4105441 7500 508631 60305 4561267 3852957 5559 326070 79145 4105441 3456747 6500 467441 77731 3852957 0.00000 0.82120 0.17880 1 0 3264267 1006114 2258153 983989 896561 87428 2345581 C2Renew Corp 12500 C Edgewood REIT 390495 C Medovex 13998 C Packet Digital, LLC 33086 C Endowment Investment Pool held Within UND Foundation 3808370 F Valley Angel Investment, LLC 6529 C Larada Sicences Inc. 12500 C Secured2 25000 C Pure Blue Tech 25000 C 4327478 Prepaid Rent Liability 6050 Operating Lease Liability 151591 157641 X 1415514 338623 435028 157671 931322 484192 0 484192 1095361 435028 157671 592699 502662 0 502662 Part III, Line 4: The Foundation receives art donations and uses these donations for public exhibition and as part of the Ina Mae Rude Entrepreneur Centrer. The Foundation does not collect art for financial gain. Part IV, Line 2b: The Foundation is acting as the fiscal agent for an unrelated organization. Through this relationship, the Foundation tracks revenues and expenses for the Organization. As of December 31, 2023 and 2022, the Foundation is holding $0 and $23,288, respectively for the Organization. Part V, Line 4: The endowment funds are used to support the entrepreneurial programs in North Dakota and the region. Part X, Line 2: The Foundation believes that it has appropriate support for any tax positions taken affecting their annual filing requirements, and as such, do not have any uncertain tax positions that are material to consolidated financial statements. The Foundation would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred. Part XI, Line 2d - Other Adjustments: Rental Expenses 157,671. Part XII, Line 2d - Other Adjustments: Rental Expense 157,671. 1 University of North Dakota 3100 University Ave Stop 8157 Grand Forks ND 58201 456014235 Government 243000 0 Assist to UND Contracts & Grants, and Center for Innovation ELF Technology LLC Exp 501 Main Street N Unit 409 Stillwater MN 55082 831192634 10000 0 Support entrepreneurship Fenworks LLC 33 S 3rd Street Ste D Grand Forks ND 58201 852533580 20000 0 Support entrepreneurship Getty Box Gizmo 727 1/2 3rd Street West Dickinson ND 58601 863572664 12000 0 Support entrepreneurship Homeland Hemp Co LLC 1227 N 18th St Bismarck ND 58504 834522184 10000 0 Support entrepreneurship Three Farm Daughters PO Box 14867 Grand Forks ND 58208 844008128 10000 0 Support entrepreneurship Dakota Don's Artisan Waffles 2204 2nd Avenue N Grand Forks ND 58203 833475552 6747 0 Support entrepreneurship 1 6 Part I, Line 2: Grants provided to organizations were made directly to pay for expenses. A record of the expense and purpose is provided to the foundation to ensure that all expenses paid with the grant money were legitimate expenses. The Innovation Foundation Board includes four ex-officio non-voting members of the University of North Dakota: The President, Vice President for Finance and Operations, Dean of the College of Business and Public Administration, and the Director of the Center for Innovation. They assist with oversite of the funds being awarded and are able to ensure that they are used for their intended purpose. 0 0 0 0 0 0 0 0 0 Amy Whitney Director/CEO 48926 0 0 0 0 0 0 0 30645 0 79571 0 0 0 Part II: Compensation reported in Schedule J, Part II for the Chief Executive Officer is paid by the University of North Dakota, an unrelated organization, for services provided to the UND Center for Innovation Foundation. Part I, Line 3: Compensation is determined and paid by the University of North Dakota, an unrelated governmental organization. Form 990, Part VI, Section A, line 2 Brooks Burgum has a business relationship with Linda Pancratz, Howard Dahl, and Lauris Molbert and it does not conflict with their role as a board member of the CFI Foundation. Ed Schafer and Howard Dahl have a business relationship and it does not conflict with their role as a board member of the CFI Foundation. Form 990, Part VI, Section B, line 11b The CEO and accounting staff will review the Form 990 prior to submission to the Audit Committee for approval. Upon approval from the audit committee the Form 990 is provided to the full board for review and approval prior to filing. Form 990, Part VI, Section B, line 12c The Foundation's conflict of interest policy covers trustees, staff, and their immediate family members. Foundation trustees agree to disclose to the Chairman and other trustees any potential conflicts of interest. The Board of Trustees shall have the responsibility for overseeing compliance with this policy, which includes evaluating actual or potential conflicts and recommending a course of action to the board. A contract or transaction may be entered into if the transaction is approved as a meeting where a quorum (not including the interested director) is present: (A) the material facts as to the contract or transation and as to the trustee's interest are fully disclosed or known to the Board; and (B) a majority of the Board (not counting the interested trustee) approves, authorizes or ratifies the contract or transaction. The interested trustee may be present for discussion to answer questions, but may not advocate for the action to be taken and must leave the room while a vote is taken. The minutes of all actions taken on such matters shall clearly reflect that these requirements have been met. Form 990, Part VI, Section B, line 15 The Foundation does not have employees. The individuals who are involved in the Foundation are employed by the University of North Dakota and salaries are set in accordance with University and State guidelines. Form 990, Part VI, Section C, line 19 The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request. Student Run Enterprises LLC 4200 James Ray Drive Suite 103 Grand Forks ND 582026090 843910123 General Business ND 1650 7644 UND Center For Innovation Foundation North Dakota Minnesota EB-5 Regional Center LLC 4200 James Ray Dr Grand Forks ND 58202 932013443 General Business ND 30000 15000 UND Center For Innovation Foundation