Grow Utah Ventures Inc
- Assets
- $48.5k
- Revenue
- $248.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Kaysville, UT
- Founding
- 05/2010
- Data as of
- 12/2021
- EIN
- 27-1419686
Organization Overview
Grow Utah Ventures Inc is located in Kaysville, UT. The organization was established in 2010. 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. Grow Utah Ventures 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 12/2021, Grow Utah Ventures Inc generated $248.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (10.2%) each year. All expenses for the organization totaled $245.2k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (10.9%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE AND PROVIDE EDUCATIONAL OPPORTUNITIES WITH RESPECT TO ENTREPRENEURIAL ENTERPRISE
Describe the Organization's Program Activity:
Part 3 - Line 4a
RAMP - A COMPREHENSIVE INNOVATION ACCELERATOR FOR UTAH INNOVATORS PRODUCING AND MANUFACTURING PRODUCTS, OVER A 10 WEEK PERIOD. COHORT MEMBERS ARE TRAINED IN LAUNCHING THEIR INNOVATIONS, VALIDATING CUSTOMER DEMAND, DEVELOPING AND REFINING THEIR MINIMUM VAIABLE PRODUCT AND CREATING THEIR PROTOTYPE. INDUSTRY MENTORS ADVISE THE COHORT MEMBERS WITH BOTH THE TECHNICAL DESIGN AND BUILD OF THEIR INNOVATIONS AS WELL AS THE LAUNCH OF THEIR BUSINESS. RAMP PREPARES ALL COHORT MEMBERS FOR ACCESSING INVESTMENT CAPITAL FROM A VARIETY OF SOURCES. OVERALL, RAMP INCREASES THE SUCCESS RATE OF EARLY STAGE BUSINESSES AND INNOVATORS.
UAMMI MARKETING - MARKETING AND OUTREACH FOR THE UTAH ADVANCED MATERIALS AND MANUFACTURING INITIATIVE, WHICH IS UTAH'S TRADE ASSOCIATION FOR THIS SECTOR. THIS PROGRAM MANAGES THE NEWSLETTERS, ALL EVENTS, MARKETING MATERIALS, SOCIAL MEDIA, AND THE WEBSITE FOR THIS INITIATIVE.
CROWD PITCH - PROVIDES ENTREPRENEURS THE CHANGE TO PITCH THEIR BUSINESS IDEA TO INVESTORS AND EXPERT JUDGES IN HOPES OF WINNING THEIR SUPPORT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Justin Bott Vice President | OfficerTrustee | 1 | $0 |
T Craig Bott President | OfficerTrustee | 1 | $0 |
P Christian Andersen Secretary | OfficerTrustee | 1 | $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 | $241,656 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $241,656 |
| Total Program Service Revenue | $6,600 |
| 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 | $248,256 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $10,358 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,725 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $201,858 |
| Advertising and promotion | $11 |
| Office expenses | $16,287 |
| Information technology | $1,536 |
| Royalties | $0 |
| Occupancy | $7,998 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $39 |
| All other expenses | $421 |
| Total functional expenses | $245,233 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $47,580 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $897 |
| 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 | $48,477 |
| 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 | $0 |
| 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 | $48,477 |
| Total liabilities and net assets/fund balances | $48,477 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Grow Utah Ventures Inc has recieved totaling $70,000.
| Awarding Organization | Amount |
|---|---|
Sorenson Legacy Foundation Midvale, UT PURPOSE: GENERAL CHARITABLE PURPOSES | $70,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Visit Salt Lake Salt Lake City, UT | $7,092,794 | $14,927,768 |
Greater Phoenix Convention & Visitors Bureau Phoenix, AZ | $19,191,750 | $16,242,591 |
Greater Phoenix Economic Council Phoenix, AZ | $6,926,984 | $7,545,492 |
Region 10 League For Economic Assistance & Planning Inc Montrose, CO | $16,331,779 | $8,034,942 |
Cplc Nevada Inc Phoenix, AZ | $8,204,824 | $6,300,794 |
Partnership For Economic Innovation Tempe, AZ | $1,809,665 | $4,093,737 |
Albuquerque Convention & Visitors Bureau Inc Albuquerque, NM | $3,028,509 | $4,018,411 |
Karis Inc Grand Junction, CO | $4,115,604 | $3,050,096 |
Aurora Economic Development Council Inc Aurora, CO | $1,245,291 | $2,876,706 |
New Mexico Manufacturing Extension Partnership Albuquerque, NM | $3,504,787 | $2,700,614 |
Western Colorado Business Development Corp Grand Junction, CO | $7,096,798 | $2,689,196 |
Native Partnership For Housing Inc Gallup, NM | $6,530,837 | $1,130,197 |