Financial Innovations Center Inc, Center For Fini Services Innovation in Chicago, Illinois (IL)

Financial Innovations Center Inc, Center For Fini Services Innovation
Employer Identification Number (EIN)	203006098
Name of Organization	Financial Innovations Center Inc
Secondary Name	Center For Fini Services Innovation
Address	20 N Clark St Ste 1950, Chicago, IL 60602-5116
Subsection	Charitable Organization
Ruling Date	07/2006
Deductibility	Contributions are deductible
Foundation	Organization which receives a substantial part of its support from a governmental unit or the general public
Organization	Corporation
Exempt Organization Status	Unconditional Exemption
Tax Period	12/2013
Assets	$5,000,000 to $9,999,999
Income	$1,000,000 to $4,999,999
Filing Requirement	990 (all other) or 990EZ return
Asset Amount	$7,815,900
Amount of Income	$4,983,435
Form 990 Revenue Amount	$4,964,884
National Taxonomy of Exempt Entities (NTEE)	Community Improvement, Capacity Building: Economic Development

Non-representatives - add comments:

Amount of income in 2013: $4,983,435 (it was $10,764,154 in 2012)

Financial Innovations Center Inc, Center For Fini Services Innovation:	$4,983,435
Other organizations performing similar types of work:	$135,279

Assets in 2013: $7,815,900 (it was $9,705,868 in 2012)

This organization:	$7,815,900
Other organizations performing similar types of work:	$114,906

Expenses in 2013: $8,594,388

This organization:	$8,594,388
Other organizations performing similar types of work:	$121,073

Income to expenses ratio in 2013: 0.6

Financial Innovations Center Inc, Center For Fini Services Innovation:	0.6
Other organizations performing similar types of work:	1.4

Number of employees in 2013: 48

Financial Innovations Center Inc, Center For Fini Services Innovation:	48
Other organizations performing similar types of work:	1

Employees paid over $100,000 in 2013: 25.0%

Financial Innovations Center Inc, Center For Fini Services Innovation:	25.0%
Other organizations performing similar types of work:	0.0%

Grants share in income in 2013: 34.7%

This organization:	34.7%
Other organizations performing similar types of work:	8.8%

Financial snapshot ($)

Revenue for 2013

Assets at the end of 2013

Functional expenses for 2013

Support schedule

	2012	2013
Checklist
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)?	Yes	Yes
Is the organization required to complete Schedule B, Schedule of Contributors?	Yes	Yes
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office?	No	No
Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year?	Yes	Yes
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Revenue Procedure 98-19?	No	No
Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts?	No	No
Did the organization receive or hold a conservation easement, including easements to preserve open space, the environment, historic land areas, or historic structures?	No	No
Did the organization maintain collections of works of art, historical treasures, or other similar assets?	No	No
Did the organization report an amount for escrow or custodial account liability; serve as a custodian or provide credit counseling, debt management, credit repair, or debt negotiation services?	No	No
Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi-endowments?	No	No
Did the organization report an amount for land, buildings, and equipment?	Yes	Yes
Did the organization report an amount for investments-other securities that is 5% or more of its total assets?	Yes	Yes
Did the organization report an amount for investments-program related that is 5% or more of its total assets?	No	No
Did the organization report an amount for other assets that is 5% or more of its total assets?	No	No
Did the organization report an amount for other liabilities?	Yes	Yes
Did the organization's separate or consolidated financial statements for the tax year include a footnote that addresses the organization's liability for uncertain tax positions under FIN 48 (ASC 740)?	Yes	Yes
Did the organization obtain separate, independent audited financial statements for the tax year?	No	No
Was the organization included in consolidated, independent audited financial statements for the tax year?	Yes	Yes
Is the organization a school described in section 170(b)(1)(A)(ii)?	No	No
Did the organization maintain an office, employees, or agents outside of the United States?	No	No
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more?	No	No
Did the organization report more than $5,000 of grants or other assistance to or for any foreign organization?	No	No
Did the organization report more than $5,000 of aggregate grants or other assistance to or for foreign individuals?	No	No
Did the organization report a total of more than $15,000 of expenses for professional fundraising services?	No	No
Did the organization report more than $15,000 total of fundraising event gross income and contributions?	No	No
Did the organization report more than $15,000 of gross income from gaming activities?	No	No
Did the organization operate one or more hospital facilities?	No	No
Did the organization attach a copy of its audited financial statements?	No	No
Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government?	No	Yes
Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals?	No	No
Did the organization answer 'Yes' about compensation of the organization's current and former officers, directors, trustees, key employees, and highest compensated employees?	Yes	Yes
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002?	No	No
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?	No	No
Did the organization maintain an escrow account other than a refunding escrow at any time during the year to defease any tax-exempt bonds?	No	No
Did the organization act as an 'on behalf of' issuer for bonds outstanding at any time during the year?	No	No
Did the organization engage in an excess benefit transaction with a disqualified person during the year?	No	No
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization's prior Forms 990 or 990-EZ?	No	No
Did the organization report any amount for receivables from or payables to any current or former officers, directors, trustees, key employees, highest compensated employees, or disqualified persons?	No	No
Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor or employee thereof, a grant selection committee member, or to a 35% controlled entity or family member of any of these persons?	No	No
Was the organization a party to a business transaction with one of the following parties
A current or former officer, director, trustee, or key employee?	No	No
A family member of a current or former officer, director, trustee, or key employee?	No	No
An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or direct or indirect owner?	No	No
Did the organization receive more than $25,000 in non-cash contributions?	No	No
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions?	No	No
Did the organization liquidate, terminate, or dissolve and cease operations?	No	No
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets?	No	No
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3?	Yes	Yes
Was the organization related to any tax-exempt or taxable entity?	Yes	Yes
Did the organization have a controlled entity within the meaning of section 512(b)(13)?	No	No
Did the organization make any transfers to an exempt non-charitable related organization?	No	No
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes?	No	No

	2011	2012	2013
Statements Regarding Other IRS Filings and Tax Compliance
The number reported in Box 3 of Form 1096		39	63
The number of Forms W-2G		0	0
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners?		Yes	No
The number of employees reported on Form W-3, Transmittal of Wage and Tax Statements, filed for the calendar year ending with or within the year covered by this return		42	48
Did the organization file all required federal employment tax returns?		Yes	Yes
Did the organization have unrelated business gross income of $1,000 or more during the year?	No	No	No
Has it filed a Form 990-T for this year?		No	No
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)?		No	No
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?		No	No
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?		No	No
Did the organization file Form 8886-T?		No	No
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions?		No	No
Did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?		No	No
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?		No	No
Did the organization notify the donor of the value of the goods or services provided?		No	No
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?		No	No
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?		No	No
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?		No	No
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?		No	No
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?		No	No
Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year?		No	No
Did the sponsoring organization make any taxable distributions under section 4966?		No	No
Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?		No	No
Initiation fees and capital contributions	$0	$0	$0
Gross receipts for public use of club facilities	$0	$0	$0
Gross income from members or shareholders	$0	$0	$0
Gross income from other sources	$0	$0	$0
Is the organization filing Form 990 in lieu of Form 1041?		No	No
The amount of tax-exempt interest received or accrued during the year		$0	$0
Is the organization licensed to issue qualified health plans in more than one state?		No	No
The amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans		$0	$0
The amount of reserves on hand		$0	$0
Did the organization receive any payments for indoor tanning services during the tax year?		No	No
Has it filed a Form 720 to report these payments?		No	No

	2012	2013
Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
Total reportable compensation from the organization	$653,990	$844,006
Total reportable compensation from related organizations	$0	$0
Total estimated amount of other compensation from the organization and related organizations	$44,559	$49,815
Total number of individuals who received more than $100,000 of reportable compensation from the organization	5	9
Total number of independent contractors who received more than $100,000 of compensation from the organization	4	3

	2011	2012	2013
Statement of Revenue
Total revenue	$4,118,731	$10,764,154	$4,964,884
Contributions, Gifts, Grants and Other Similar Amounts	$2,563,000	$8,160,000	$1,723,043
Program Service Revenue	$1,490,581	$2,595,764	$3,232,171
900099		$1,446,916	$1,997,710
900099		$715,500	$763,500
900099		$433,348	$470,961
All other program service revenue		$0	$0
Other Revenue
Investment income (including dividends, interest, and other similar amounts)	$11,138	$8,390	$9,670
Income from investment of tax-exempt bond proceeds	$0	$0	$0
Royalties	$0	$0	$0
Net rental income	$0	$0	$0
Gross rents (Real / Personal)	$0 / $0	$0 / $0	$18,551 / $0
Less: rental expenses (Real / Personal)	$0 / $0	$0 / $0	$18,551 / $0
Rental income or (loss) (Real / Personal)	$0 / $0	$0 / $0	$0 / $0
Net gain/loss from sales of assets other than inventory	$0	$0	$0
Net income/loss from fundraising events	$0	$0	$0
Net income/loss from gaming activities	$0	$0	$0
Net income/loss from sales of inventory	$0	$0	$0
Miscellaneous Revenue	$54,012	$0	$0

	2011	2012	2013
Statement of Functional Expenses
Total functional expenses	$5,185,035	$4,630,070	$8,594,388
Grants and other assistance to domestic organizations and domestic governments		$0	$3,055,000
Grants and other assistance to domestic individuals		$0	$0
Grants and other assistance to foreign organizations, foreign governments, and foreign individuals		$0	$0
Benefits paid to or for members		$0	$0
Compensation of current officers, directors, trustees, and key employees	$590,856	$653,991	$186,736
Compensation not included above, to disqualified persons		$0	$0
Other salaries and wages	$1,247,400	$1,558,871	$2,716,126
Pension plan accruals and contributions		$89,719	$105,049
Other employee benefits		$123,824	$165,186
Payroll taxes	$151,890	$180,431	$224,365
Fees for services (non-employees)
Management		$0	$0
Legal		$11,325	$5,943
Accounting		$19,920	$21,488
Lobbying		$0	$0
Professional fundraising services	$0	$0	$0
Investment management fees		$0	$0
Other		$488,374	$580,405
Advertising and promotion		$114,225	$95,971
Office expenses		$31,230	$55,114
Information technology		$105,029	$130,338
Royalties		$0	$0
Occupancy		$236,631	$239,351
Travel		$203,341	$245,984
Payments of travel or entertainment expenses for any federal, state, or local public officials		$0	$0
Conferences, conventions, and meetings		$122,231	$0
Interest		$0	$0
Payments to affiliates		$0	$0
Depreciation, depletion, and amortization		$29,301	$32,091
Insurance		$15,251	$25,188
Other expenses		$557,968	$403,967
Other expenses		$53,408	$195,377
Other expenses		$35,000	$60,642
Other expenses		$0	$50,067

	2011	2012	2013
Balance Sheet
Total assets	$4,231,093	$9,705,868	$7,815,900
Cash - non-interest-bearing		$1,107,625	$1,402,224
Savings and temporary cash investments		$3,038,401	$2,075,101
Pledges and grants receivable, net		$4,250,000	$2,465,000
Accounts receivable, net		$514,719	$1,040,286
Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees		$0	$0
Loans and other receivables from other disqualified persons, persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations		$0	$0
Notes and loans receivable, net		$0	$0
Inventories for sale or use		$0	$0
Prepaid expenses and deferred charges		$88,790	$78,374
Land, buildings, and equipment: cost or other basis		$159,214	$132,416
Investments - publicly traded securities		$0	$0
Investments - other securities		$523,214	$597,548
Investments - program-related		$0	$0
Intangible assets		$0	$0
Other assets		$23,905	$24,951
Total liabilities	$1,894,331	$979,549	$2,686,803
Accounts payable and accrued expenses		$264,378	$376,053
Grants payable		$0	$1,325,000
Deferred revenue		$391,772	$661,944
Tax-exempt bond liabilities	$0	$0	$0
Escrow or custodial account liability		$0	$0
Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified persons		$0	$0
Secured mortgages and notes payable to unrelated third parties	$0	$0	$0
Unsecured notes and loans payable to unrelated third parties	$0	$0	$0
Other liabilities (including federal income tax, payables to related third parties, and other liabilities)		$323,399	$323,806
Total net assets or fund balances	$2,336,762	$8,726,319	$5,129,097
Unrestricted net assets		$1,678,765	$1,786,690
Temporarily restricted net assets		$7,047,554	$3,342,407
Permanently restricted net assets		$0	$0
Capital stock or trust principal, or current funds		$0	$0
Paid-in or capital surplus, or land, building, or equipment fund		$0	$0
Retained earnings, endowment, accumulated income, or other funds	$0	$0	$0

Reason for Public Charity Status (for 2013)
The organization is not a private foundation because it is:	An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi)
Number of organizations supported	0
Sum of amounts of support	$0

	2009 - 2013 Total
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (for 2009 - 2013)
Public Support	$4,209,361
Subtotal Support	$16,781,299
Gifts, grants, contributions, and membership fees received	$16,781,299
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf	$0
The value of services or facilities furnished by a governmental unit to the organization without charge	$0
The portion of total contributions by each person (other than a governmental unit or publicly supported organization) that exceeds 2% of the total support	$12,571,938
Total Support	$16,843,295
Public Support	$16,781,299
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources	$61,996
Net income from unrelated business activities, whether or not the business is regularly carried on	$0
Other income. Do not include gain or loss from the sale of capital assets	$0
Gross receipts from related activities, etc.	$0

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Id	Name	Address	State	Established	Total Income
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2	Chicago Neighborhood Initiatives Inc	1000 E 111th Street No 10 Flr, Chicago, IL 60628-4614	IL	2010-08	$11,964,086
3	Wessex 504 Corporation	445 E North Water Street Suite 2703, Chicago, IL 60611	IL	2011-04	$891,737
4	Chicago Infrastructure Trust	222 West Merchandise Mart Plaza, Chicago, IL 60654-1103	IL	2013-10	$526,764
5	Jasper County Economic Development Incorporated	108 N Van Buren St, Newton, IL 62448	IL	2014-07	$98,571
6	Oregon Trail Days Festival, Oregon Trail Days	500 N 4th St, Oregon, IL 61061-1229	IL	2011-06	$87,393
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8	West Bloomington Revitalization Project Corporation	415 N Center, Bloomington, IL 61701	IL	2011-04	$47,386
9	Taylorville Development Association Inc	PO BOX 140, Taylorville, IL 62568-0140	IL	2007-05	$46,590
10	Greater Waukegan Development Coalition	130 N Genesee St, Waukegan, IL 60085-4382	IL	2014-02	$34,940
11	Us Route 50 Four-Lane Coalition	315 W Main St, Olney, IL 62450	IL	2008-05	$25,250
12	Lawndale Business Renaissance Association	3333 W Arthington St Ste 120, Chicago, IL 60624-4278	IL	2014-05	$16,000
13	1872 Nfp	165 N Canal St Apt 1401, Chicago, IL 60606-1406	IL	2014-08	$0
14	Assets Chicago Nfp	3948 W 26th St 213, Chicago, IL 60623	IL	2003-01	$0
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16	Atlanta Betterment Fund Nfp	2 Kenyon Ct, Bloomington, IL 61701-3320	IL	2013-06	$0
17	Belleville Community Development Corporation	Po Box 598, Belleville, IL 62222	IL	1999-11	$0
18	Bridge Investment Community Development Corporation	100 19th St Ste 109, Rock Island, IL 61201-8022	IL	2015-03	$0
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Number of organizations performing similar types of work

Alaska	23
Alabama	64
Arkansas	29
Arizona	41
California	299
Colorado	47
Connecticut	39
District of Columbia	35
Delaware	8
Florida	134
Georgia	71
Hawaii	27
Iowa	63
Idaho	15
Illinois	108
Indiana	79
Kansas	46
Kentucky	50
Louisiana	73
Massachusetts	46
Maryland	54
Maine	37
Michigan	101
Minnesota	55
Missouri	99
Mississippi	38

Montana	36
North Carolina	125
North Dakota	13
Nebraska	37
New Hampshire	25
New Jersey	61
New Mexico	41
Nevada	16
New York	213
Ohio	149
Oklahoma	39
Oregon	51
Pennsylvania	173
Rhode Island	6
South Carolina	63
South Dakota	34
Tennessee	56
Texas	168
Utah	17
Virginia	62
Vermont	16
Washington	47
Wisconsin	61
West Virginia	39
Wyoming	14
International	10

Total

3,253

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