Flagship Enterprise Center Inc
- Assets
- $36.3m
- Revenue
- $8.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Anderson, IN
- Founding
- 02/2004
- Data as of
- 05/2022
- EIN
- 04-3732583
Organization Overview
Flagship Enterprise Center Inc is located in Anderson, IN. The organization was established in 2004. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Flagship Enterprise Center Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 05/2022, Flagship Enterprise Center Inc generated $8.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 24.5% each year . All expenses for the organization totaled $2.6m during the year ending 05/2022. While expenses have increased by 9.0% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE FLAGSHIP ENTERPRISE CENTER'S MISSION IS TO CONTRIBUTE TO THE LONG-TERM ECONOMIC DEVELOPMENT OF THE COMMUNITIES OF ANDERSON, MADISON COUNTY, AND THE STATE OF INDIANA BY ENCOURAGING AND NURTURING THE ENTREPRENEURIAL SPIRIT THROUGH PROVIDING MENTORING, NETWORKING, BUSINESS SERVICES, EDUCATIONAL OPPORTUNITIES, AND ACCESS TO CAPITAL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN THE FISCAL YEAR ENDING MAY 31, 2022, FLAGSHIP ENTERPRISE CENTER LEASED 162,000 SQUARE FEET OF OFFICE, LAB, AND INDUSTRIAL SPACE TO GROWING COMPANIES INVOLVED IN RESEARCH AND DEVELOPMENT, MANUFACTURING, AND ENGINEERING. THE CENTER CLOSED 102 REGULAR SMALL BUSINESS LOANS DURING THE FISCAL YEAR. OF THESE LOANS, 48 WERE DISBURSED TO MINORITIES, 48 TO WOMEN, 9 TO VETERANS, 61 TO START-UP ENTERPRISES, AND 34 TO LOW-INCOME BUSINESSES. THE CENTER CLOSED 34 PPP LOANS DURING THE FISCAL YEAR. OF THESE LOANS, 0 WERE DISBURSED TO MINORITIES, 25 TO BLACK-OWNED BUSINESSES, 21 TO WOMEN OWNED BUSINESSES, 0 TO LOW-INCOME BUSINESSES. ADDITIONALLY, FLAGSHIP ENTERPRISE CENTER PROVIDED 22,044 HOURS OF TECHNICAL ASSISTANCE TO ITS CLIENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Terry Truitt President | 40 | $164,465 | |
Tim Lanane Vice Chair | OfficerTrustee | 1 | $0 |
Mary Jamerson Secretary | OfficerTrustee | 0.5 | $0 |
Dennis Carroll Chair | OfficerTrustee | 1.5 | $0 |
Dan Courtney Treasurer | OfficerTrustee | 0.5 | $0 |
Jon Adams Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $6,696,631 |
| All other contributions, gifts, grants, and similar amounts not included above | $65,540 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,762,171 |
| Total Program Service Revenue | $1,439,054 |
| Investment income | $342,027 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$5,169 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,589,036 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,082,027 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $123,925 |
| Payroll taxes | $106,765 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,308 |
| Fees for services: Accounting | $31,339 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $128,148 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $263,948 |
| Travel | $15,947 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $109,077 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $356,449 |
| Insurance | $0 |
| All other expenses | $166,332 |
| Total functional expenses | $2,627,658 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,479,104 |
| Savings and temporary cash investments | $312,024 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $480,207 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $5,047,989 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $10,936 |
| Net Land, buildings, and equipment | $25,818,485 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $162,729 |
| Total assets | $36,311,474 |
| Accounts payable and accrued expenses | $173,395 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $5,009,791 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $40,979 |
| Total liabilities | $5,224,165 |
| Net assets without donor restrictions | $31,020,887 |
| Net assets with donor restrictions | $66,422 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $36,311,474 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Flagship Enterprise Center Inc has recieved totaling $598,000.
| Awarding Organization | Amount |
|---|---|
Local Initiatives Support Corporation New York, NY PURPOSE: SEE PART IV | $598,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Financial Health Network Inc Chicago, IL | $19,686,455 | $18,603,239 |
St Louis Economic Development Partnership Saint Louis, MO | $27,235,860 | $13,883,018 |
Visit Indy Inc Indianapolis, IN | $20,981,890 | $14,589,218 |
Purchase Area Development District Inc Mayfield, KY | $0 | $14,269,202 |
Crosswalk Community Action Agency Inc West Frankfort, IL | $2,780,027 | $11,762,821 |
Wisconsin Dells Visitor & Convention Bureau Wisconsin Dells, WI | $26,952,168 | $17,110,395 |
Convention & Visitors Bureau Of Greater Kansas City Kansas City, MO | $12,878,337 | $11,432,355 |
Wbd Inc Madison, WI | $14,868,892 | $9,399,155 |
Brighton Park Neighborhood Council Chicago, IL | $4,048,275 | $8,262,492 |
Explore Branson Tourism Branson, MO | $1,396,845 | $7,616,014 |
Applied Research Institute Bloomington, IN | $3,329,526 | $9,074,163 |
Mhub Chicago, IL | $5,077,327 | $6,781,086 |