Wv Coalition For Technology-Based Economic Development Inc
- Assets
- $847.8k
- Revenue
- $647.5k
- Investments
- $0.0
- Employees
- 1
- Location
- South Charleston, WV
- Founding
- 11/2008
- Data as of
- 09/2021
- EIN
- 20-5793624
Organization Overview
Wv Coalition For Technology-Based Economic Development Inc, operating under the name Tech Connect Wv, is located in South Charleston, WV. The organization was established in 2008. 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. Tech Connect WV 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 09/2021, Tech Connect WV generated $647.5k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 7.9% each year. All expenses for the organization totaled $568.0k during the year ending 09/2021. While expenses have increased by 3.8% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
ADVANCED TECHNOLOGY-BASED ECONOMIC DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TECHCONNECT'S TECHWRX WEST VIRGINIA PROGRAM: FUNDED BY THE U.S. ECONOMIC DEVELOPMENT ADMINISTRATION AND THE STATE OF WEST VIRGINIA, THE TECHWRX WV PROGRAM LAUNCHED ON 11/11/19 WITH A CONCLUSION DATE OF 11/10/21. DURING 2021, THE PROGRAM PROVIDED ENHANCED COMMERCIALIZATION TECHNICAL ASSISTANCE IN CHEMICALS AND ADVANCED MATERIALS, TECHNOLOGY AND ADVANCED MANUFACTURING BY PROVIDING EXPERT TECHNICAL, ENTREPRENEURIAL, AND COMMERCIALIZATION GUIDANCE TO ENTREPRENEURS, START-UPS AND SMALL BUSINESSES IN THE PROJECT'S 40-COUNTY REGION. THE GOAL WAS TO CREATE NEW COMPANIES AND JOBS IN THE STATE. THE PROJECT WAS DELIVERED IN PARTNERSHIP WITH THREE SUB-AWARDEES: THE CHEMICAL ALLIANCE ZONE, THE CENTER FOR APPLIED RESEARCH & TECHNOLOGY AND THE INNOVA COMMERCIALIZATION GROUP. AS OF 9/30/21, HAD ASSISTED 71 ENTREPRENEURS AND SMALL BUSINESSES; CREATED 19 NEW COMPANIES; DEVELOPED 25 NEW PRODUCTS OR PROCESSES; CREATED 52 NEW JOBS; RETAINED 76 JOBS; AND ATTRACTED $4.6 MILLION IN FOLLOW-ON FUNDING.
TECHCONNECT LAUNCHED "BRIDGING THE ECOSYSTEM IN SCIENCE & TECHNOLOGY IN WEST VIRGINIA PROGRAM" (BEST IN WV) ON 9/29/19. SUPPORTED BY A FEDERAL & STATE TECHNOLOGY (FAST) PARTNERSHIP GRANT FROM THE U.S. SMALL BUSINESS ADMINISTRATION IN THE AMOUNT OF $125,000, THIS PROGRAM WAS DESIGNED TO HELP WEST VIRGINIA RESEARCH AND DEVELOPMENT (R&D)-FOCUSED SMALL BUSINESSES APPLY FOR AND WIN FEDERAL SMALL BUSINESS INNOVATION RESEARCH (SBIR) AND SMALL BUSINESS TECHNOLOGY TRANSFER (STTR) GRANTS. DELIVERED IN PARTNERSHIP WITH THE WV SMALL BUSINESS DEVELOPMENT CENTER, THE BEST IN WV PROGRAM HELD SBIR-STTR SEVERAL BOOTCAMPS IN 2021 THAT LED TO AN INCREASE RESEARCHERS, ENTREPRENEURS, AND BUSINESS LEADERS BEING INTRODUCED TO OR BETTER INFORMED ABOUT THE SBIR-STTR PROGRAMS' OPPORTUNITIES, NEW SBR AND STTR APPLICATIONS FILED BY WEST VIRGINIA COMPANIES, AND SBIR/STTR AWARDS WON BY WEST VIRGINIA COMPANIES. REVENUE AND EXPENSES ARE INCLUDED IN PROGRAM #1.
3 STEPS TO STARTUP - THE APPALACHIAN REGIONAL COMMISSION (ARC) AWARDED $1.2 MILLION IN 2020 TO INNOVA COMMERCIALIZATION GROUP, WEST VIRGINIA JOBS INVESTMENT TRUST, AND TECHCONNECTWV TO PROVIDE ENHANCED ENTREPRENEURIAL SUPPORT TO WEST VIRGINIA ENTREPRENEURS. TECHCONNECTWV'S ROLE IS TO DELIVER THE PROGRAM'S EDUCATION AND AWARENESS COMPONENTS. A 3 STEPS TO STARTUP VENTURE FAIR WAS HELD IN JANUARY 2021. THE EVENT HIGHLIGHTED THE RESOURCES AVAILABLE TO ASSIST ENTREPRENEURS IN WEST VIRGINIA IN STARTING AND GROWING THEIR BUSINESSES AND GAVE ATTENDEES AN OPPORTUNITY TO NETWORK WITH THEIR PEERS AS WELL WE WITH SERVICE PROVIDERS. BRAD SMITH, CHAIRMAN OF INUIT AND A WEST VIRGINIA NATIVE, WAS THE KEYNOTE SPEAKER. REVENUE AND EXPENSES ARE INCLUDED IN PROGRAM #1.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anne Barth Exec Dir-Term 8/31/21 | Officer | 40 | $58,650 |
Michele O'connor Chair | OfficerTrustee | 5 | $0 |
Matt Harbaugh Vice Chair | OfficerTrustee | 1 | $0 |
Kevin Highlander Treasurer | OfficerTrustee | 5 | $0 |
Kelley Goes Secretary | OfficerTrustee | 1 | $0 |
Greg Clutter Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $338,399 |
| All other contributions, gifts, grants, and similar amounts not included above | $292,598 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $630,997 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $647,497 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $22,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $79,350 |
| Compensation of current officers, directors, key employees. | $76,414 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $6,567 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $327,359 |
| Advertising and promotion | $0 |
| Office expenses | $5,218 |
| Information technology | $102,933 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,651 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,318 |
| All other expenses | $0 |
| Total functional expenses | $567,976 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $438,973 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $408,825 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $847,798 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $753,357 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $12,191 |
| Total liabilities | $765,548 |
| Net assets without donor restrictions | $82,250 |
| Net assets with donor restrictions | $0 |
| 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 | $847,798 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Wv Coalition For Technology-Based Economic Development Inc has recieved totaling $200,000.
| Awarding Organization | Amount |
|---|---|
Claude Worthington Benedum Foundation Pittsburgh, PA PURPOSE: FOR THE TECHCONNECT WEST VIRGINIA LEADERSHIP, GROWTH, AND SUSTAINABILITY STRATEGY (OVER TWO YEARS) | $100,000 |
Claude Worthington Benedum Foundation Pittsburgh, PA PURPOSE: FOR THE TECHCONNECT WEST VIRGINIA LEADERSHIP, GROWTH, AND SUSTAINABILITY STRATEGY (OVER TWO YEARS) | $100,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Marshall University Research Corporation Huntington, WV | $66,297,155 | $55,595,334 |
Pidc-Developement Management Corporation Philadelphia, PA | $0 | $30,722,052 |
Calvert Impact Capital Inc Bethesda, MD | $679,643,317 | $23,234,500 |
Delaware River Waterfront Corporation Philadelphia, PA | $26,551,411 | $24,883,136 |
T R W I B Inc Pittsburgh, PA | $14,392,055 | $22,959,509 |
Wright Brothers Institute Inc Dayton, OH | $23,307,656 | $22,085,089 |
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Purchase Area Development District Inc Mayfield, KY | $0 | $14,269,202 |
The Convention And Visitors Bureau Of Greater Cleveland Inc Cleveland, OH | $25,296,918 | $17,425,666 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Columbus Downtown Development Corporation Columbus, OH | $118,710,723 | $12,117,471 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |