INNOVATION FUND AMERICA INC

ELYRIA, OH | Lorain County
Economic Development
INNOVATION FUND AMERICA INC
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As of , this nonprofit no longer meets findCRA's qualification requirements and will no longer appear in CQ search results.

Reason for disqualification:

Overview

INNOVATION FUND AMERICA INC
46-1761848
1005 N ABBE RD CC220
ELYRIA, OH 44035
Lorain County

Mission Statement info

This nonprofit has not reported a mission statement.

CRA Category info
  • Economic Development
Nonprofit location info
  • LMI Census Tract
Awards & Certifications info
  • This nonprofit has not received any CRA awards or certifications.
Founded info
Not reported
Total Employees info
Not reported
Total Volunteers info
Not reported
Nonprofit Classification (NTEE Code) info
S30

S - Community Improvement, Capacity Building

Economic Development

Organizations whose primary purpose is to stimulate the economy, expand employment opportunities, encourage the establishment and growth of commerce and industry and otherwise enhance the economic development of the community.

IRS Activity Codes info
-
Not reported
-
Not reported
-
Not reported
Standard Business Classification (NAICS Code) info
813410
Civic and Social Organizations

CRA Alignment

CRA Category info
Economic Development
Workforce development, job training, and small business or startup support.
What does it mean for a nonprofit to be CRA aligned?
Each nonprofit on Community Qualifier has been reviewed by findCRA utilizing a dual evaluation process. Nonprofits are first evaluated by our proprietary algorithm, CRANIA, and then further validated by our CRA experts. When nonprofit passes both parts of this review, we create a nonprofit profile for them on Community Qualifier. From there, a nonprofit can claim their profile and add additional information including their programs & services, counties served, targeted clients and income groups and more.
Awards & Certifications info
Community Development Financial Institution info
Community Development Financial Institution Award Recipient info
New Market Tax Credit Recipient info
HUD Counseling Agency info
Low Income Housing Tax Credit Recipient info

IRS Summary

Income
$25K
Revenue
$25K
Assets
$51.6K

IRS Business Master File Details info

As of August 2024
Exempt Ruling Date info
2017-03
Deductibility Status info
Deductible
Last Tax Filing info
2023
Organization Type info
Corporation
Organization Tax Filing Status info
990 - Required to file Form 990-N - Income less than $25,000 per year
Foundation Tax Filing Status info
990-PF not required by IRS
Affiliation Classification info
Independent Organization
Basis for Foundation/Public Charity Status info
Organization which receives a substantial part of its support from a governmental unit or the general public 170(b)(1)(A)(vi)

IRS Publication 78 Details info

As of August 2024
Verified in Publication 78 info
Yes
Deductibility Limitation info
50% (60% for cash contributions)
Organization Description info
A public charity

IRS Form 990 Returns info

Through August 2023
Tax period ending in
2022-07
E-File
990
XML
990
Tax period ending in
2021-07
E-File
990
XML
990
Tax period ending in
2020-07
PDF
990
E-File
990
XML
990
Tax period ending in
2019-07
PDF
990
Tax period ending in
2018-07
PDF
990-EZ
Tax period ending in
2017-07
PDF
990
Tax period ending in
2016-07
PDF
990
Tax period ending in
2015-07
PDF
990
Tax period ending in
2014-07
PDF
990
Tax period ending in
2013-07
PDF
990-EZ

Nonprofit Location

Physical Address info
1005 N ABBE RD CC220
ELYRIA, OH 44035
Lorain County
Area Type info
Metropolitan Statistical Area
FIPS Geocoded Address info
17410
MSA/MD info
39
State info
093
County info
0712.01
Tract info
Moderate
Income Level info
Core-Based Statistical Area info
17410 - Cleveland, OH
Combined Statistical Area info
184 - Cleveland-Akron-Canton, OH
Metropolitan Division info
Not located in an MD.
Located In info
Low- or Moderate-Income Census Tract info
Opportunity Zone info
Majority Minority Census Tract info 28.12%
FFIEC Distressed Census Tract info
FFIEC Underserved Census Tract info

Market Data

Census Tract County
0712.01 Lorain County
Population
Total Population 4,314 313,101
Total Households 1,804 124,510
Income
Median Income* $40,875 $67,272
Median Family Income (2024 FFIEC est.) $94,100 $94,100
Tract Income Percentage 54.1% N/A
Below Poverty Level 14.5% 13.5%
Unemployment Level 6.4% 4.4%
Housing
Total Housing Units 2,032 134,591
Total Owner-Occupied Units 53.6% 72.9%
Total Renter-Occupied Units 35.1% 27.1%
Total Vacant Units 11.2% 8.1%
* Census Tract Median Income based on 2020 Tract Median Family Income as reported in the 2024 FFIEC Census Flat File. County Income based on Median Household Income as reported in the 2022 American Community Survey.
View more than 200 performance context data points for this county now.

Management

8
Total Voting Members
in Governing Body info
8
Independent Voting Members
in Governing Body info
Tax Filing Signatory info
Tracy Green
(440) 366-4274
Principal Officer info
Dr Roy A Church
findCRA Profile Owner
Nonprofit profile has not yet been claimed
Key Policies & Documents info
Written Conflict of Interest Policy
Written Document Retention & Destruction Policy
Written Whistleblower Policy
CEO Compensation Review Process
Written Minutes of Board Meetings
Financial Statements & Reporting info
Compiled or Reviewed by an Independent Accountant
Audited by an Independent Accountant
Included in Consolidated Financial Statements
Internal Audit Committee Review
Federal Grant Audit Required
Federal Grand Audit Performed
Organization Activities info
Provides Credit Counseling
Conducts Gaming Activities
Engages in Lobbying Activities
Engages in Political Activities
Makes Grants to Individuals
Makes Grants to Organizations

Information in this section is extracted from the nonprofit's e-filed tax return and based on answers provided by the nonprofit in their 990 e-filed for the tax period ending on 2022-07.

A hyphen (“-“) in this section indicates that the information was not required by the IRS or not reported by the nonprofit in its tax return e-filing.

This Nonprofit Profile was automatically created by findCRA based on data available from publicly available government and industry sources and our own research. This Nonprofit Profile is not currently maintained by, endorsed by, or affiliated with this nonprofit. Whenever possible, we utilize the most recent information available including information as made public by the Internal Revenue Service, U.S. Census Bureau, Federal Financial Institutions Examination Council, and more. The format and design of this Nonprofit Profile is ©findCRA. For more information about our Nonprofit Profiles, please visit help.findcra.com.