Michigan Tech Enterprise Corporation
- Assets
- $3.2m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 6
- Location
- Houghton, MI
- Founding
- 07/2003
- Data as of
- 06/2021
- EIN
- 30-0109013
Organization Overview
Michigan Tech Enterprise Corporation is located in Houghton, MI. The organization was established in 2003. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2021, Michigan Tech Enterprise Corporation employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Michigan Tech Enterprise Corporation 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 06/2021, Michigan Tech Enterprise Corporation generated $1.5m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $1.1m during the year ending 06/2021. 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
TO PROMOTE ECONOMIC AND INDUSTRIAL DEVELOPMENT IN HOUGHTON COUNTY AND IN THE STATE OF MICHIGAN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO EXPAND OPPORTUNITY AND KNOWLEDGE PERTAINING TO SCIENTIFIC AND TECHNOLOGICAL RESEARCH AND DEVELOPMENT AMONG PUBLIC AND PRIVATE ENTITIES. THE ENTITY HELD 40 EDUCATIONAL PROGRAMS/SEMINARS WITH 714 ATTENDEES, HOUSED 9 COMPANIES, CREATED 16 NEW COMPANIES, AND ASSISTED IN THE CREATION OF 78 NEW JOBS DURING FISCAL YEAR 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel Jamison Chief Execut | Officer | 40 | $134,060 |
Macinnes Consulting Interim Chie | Officer | 40 | $19,600 |
Mary Babcock Secretary | OfficerTrustee | 1 | $0 |
Tom Merz Vice-Chair | OfficerTrustee | 0.5 | $0 |
David Reed Treasurer | OfficerTrustee | 1 | $0 |
Eric Waara Chair | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,255,864 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,255,864 |
| Total Program Service Revenue | $187,055 |
| Investment income | $32,304 |
| 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 | $1,494,875 |
| 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. | $96,838 |
| Compensation of current officers, directors, key employees. | $96,838 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $335,649 |
| Pension plan accruals and contributions | $27,626 |
| Other employee benefits | $104,108 |
| Payroll taxes | $31,198 |
| Fees for services: Management | $142,762 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,184 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $11,199 |
| Office expenses | $21,354 |
| Information technology | $22,137 |
| Royalties | $0 |
| Occupancy | $179,818 |
| Travel | $269 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,312 |
| Interest | $187 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,178 |
| Insurance | $5,691 |
| All other expenses | $0 |
| Total functional expenses | $1,071,016 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $679,599 |
| Savings and temporary cash investments | $17,712 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $42,712 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $72,645 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $194,909 |
| Net Land, buildings, and equipment | $8,473 |
| Investments—publicly traded securities | $2,175,004 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,191,054 |
| Accounts payable and accrued expenses | $39,046 |
| Grants payable | $0 |
| Deferred revenue | $371,899 |
| 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 | $10,691 |
| Total liabilities | $421,636 |
| Net assets without donor restrictions | $2,769,418 |
| 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 | $3,191,054 |
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