5 Lakes Institute Inc
- Assets
- $100.8k
- Revenue
- $162.0k
- Investments
- $0.0
- Employees
- 1
- Location
- Milwaukee, WI
- Founding
- 04/2008
- Data as of
- 03/2023
- EIN
- 26-0724304
Organization Overview
5 Lakes Institute Inc is located in Milwaukee, WI. The organization was established in 2008. According to its NTEE Classification (U20) the organization is classified as: General Science, under the broad grouping of Science & Technology and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. 5 Lakes Institute 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 03/2023, 5 Lakes Institute Inc generated $162.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (32.4%) each year. All expenses for the organization totaled $122.9k during the year ending 03/2023. As we would expect to see with falling revenues, expenses have declined by (32.5%) per year over the past 5 years. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
5 LAKES INSTITUTE IS A NOT-FOR-PROFIT ORGANIZATION DEDICATED TO WORKING WITH LIKE-MINDED PARTNERS TO BUILD AND CONNECT THE GREAT LAKES REGION'S HIGH TECHNOLOGY ENTREPRENEURIAL ECONOMY AND CULTURE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
-SUCCESSFULLY ORGANIZED NINE VIRTUAL PROGRAMS IN PARTNERSHIP WITH MIDWEST RESEARCH UNIVERSITY NETWORK (MRUN) THAT FACILITATED NEARLY 700 ONE-ON-ONE MEETINGS. -ATTRACTED HUNDREDS OF KEY PEOPLE FROM COMPANIES, VENTURE CAPITAL FIRMS, UNIVERSITIES AND GOVERNMENT. -ENGAGED WITH STAKEHOLDERS ACROSS THREE VERTICALS: ENERGY, AGTECH AND INDUSTRIAL TECH. -HIGHLIGHTED EXCITING INITIATIVES IN OUR REGION LIKE GRAND FARM (FARGO), THE ILLINOIS INSTITUTE OF TECHNOLOGY (IIT)/CONED MICROGRID (CHICAGO), AND THE UW-STOUT DISCOVERY CENTER'S FAB LAB AND MANUFACTURING OUTREACH CENTER (MOC). -CONTINUED TO WORK ON SECURING FUNDING AROUND OUR PROGRAMMING. -SUPPORTED THE EXECUTIVE DIRECTOR'S EFFORTS TO WRITE COLUMNS FOR THE MILWAUKEE JOURNAL SENTINEL ABOUT TECHNOLOGY AND INNOVATION IN THE MIDWEST/GREAT LAKES REGION. -SUPPORTED THE EXECUTIVE DIRECTOR'S EFFORTS TO CONTINUE HOSTING MIDWEST MOXIE, WHICH AIRS ON WUWM AND IS AVAILABLE ON PODCAST PLATFORMS. MIDWEST MOXIE HIGHLIGHTS THE MIDWEST/GREAT LAKES REGION'S EMERGING AND SUCCESSFUL STARTUP FOUNDERS. -WORKED WITH THE BLUEPRINT ACCELERATOR FOR MINORITY-LED STARTUPS TO PLAN MORE PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Byrnes Chairman | OfficerTrustee | $0 | |
Walter Skipper Secretary | OfficerTrustee | $0 | |
Randall Kirk Board Member | Trustee | $0 | |
David Vasko Board Member | Trustee | $0 | |
Kathleen Gallagher Executive Di | Trustee | 40 | $87,400 |
Tim Honaker Board Member | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $162,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $162,000 |
| 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 | $162,000 |
| 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. | $87,400 |
| Compensation of current officers, directors, key employees. | $13,110 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $3,424 |
| Other employee benefits | $0 |
| Payroll taxes | $7,135 |
| Fees for services: Management | $2,181 |
| Fees for services: Legal | $7,506 |
| Fees for services: Accounting | $4,927 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,042 |
| Office expenses | $2,113 |
| Information technology | $1,027 |
| Royalties | $0 |
| Occupancy | $2,993 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,151 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,969 |
| All other expenses | $27 |
| Total functional expenses | $122,895 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100,790 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $100,790 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $100,790 |
| 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 | $100,790 |
Grants Awarded
Over the last fiscal year, 5 Lakes Institute Inc has awarded $282,120 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
GENR8TOR PURPOSE: EDUCATION | $100,000 |
YOUNG ENTERPRISE SOCIETY PURPOSE: EDUCATION | $182,120 |