Energy And Environmental Research Center Foundation
- Assets
- $7.3m
- Revenue
- $9.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Grand Forks, ND
- Founding
- 11/1992
- Data as of
- 06/2023
- EIN
- 36-3842479
Organization Overview
Energy And Environmental Research Center Foundation, operating under the name EERC Services, is located in Grand Forks, ND. The organization was established in 1992. According to its NTEE Classification (T99) the organization is classified as: Philanthropy, Voluntarism & Grantmaking Foundations N.E.C., under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. EERC Services 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 06/2023, EERC Services generated $9.9m in total revenue. All expenses for the organization totaled $8.7m during the year ending 06/2023. While expenses have increased by 99.9% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
ADVANCING UNIVERSITY OF NORTH DAKOTA EERC TECHNOLOGY TO THE MARKETPLACE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE EERC FOUNDATION PROVIDES A DEDICATED INFRASTRUCTURE TO SUPPORT COMMERCIALIZATION ACTIVITIES AND HOUSES THE RIGHTS TO TECHNOLOGIES DEVELOPED BY THE EERC. THROUGH TWO DECADES OF EXPERIENCE MEETING A WIDE VARIETY OF UNIQUE CLIENT NEEDS, THE EERC FOUNDATION HAS DEVELOPED HIGHLY FLEXIBLE AND INNOVATIVE APPROACHES TO A VARIETY OF BUSINESS ARRANGEMENTS. THESE INCLUDE TAILORED LICENSING AND EQUITY AGREEMENTS THAT SUPPORT THE CLIENTS ACHIEVING A COMPETITIVE EDGE. (CONTINUED ON SCHEDULE O)THE EERC AND ITS PARTNER, THE EERC FOUNDATION, ARE COMMITTED TO COMMERCIALIZATION. SPIN-OFF BUSINESSES AND HIGH-TECH AND MANUFACTURING JOBS THAT PAY WELL ARE SOME OF THE MANY FRUITS OF SUCCESSFUL COMMERCIALIZATION EFFORTS. THE POTENTIAL BENEFITS OF EFFECTIVE COMMERCIALIZATION OF EERC-DEVELOPED TECHNOLOGIES ARE ENORMOUS. COMMERCIALIZATION ALSO SECURES WORK AT THE EERC THROUGH DEVELOPMENT CONTRACTS AS WELL AS BY PROVIDING FUNDING TO ASSIST IN THE DEVELOPMENT OF COMMERCIALLY VIABLE TECHNOLOGY. THE EERC FOUNDATION INVESTING CASH IN THE EERC CREATES A VIRTUOUS CYCLE OF ECONOMIC GROWTH. EQUALLY IMPORTANT IS THE EERC FOUNDATION'S ROLE IN PROVIDING INCENTIVES FOR INNOVATIVE WORK AT THE EERC. UNDER THE STATE BOARD OF HIGHER EDUCATION POLICY, INVENTORS IN A COMMERCIALIZED TECHNOLOGY RECEIVE AT LEAST 30% OF THE NET COMMERCIALIZATION INCOME. IN ESSENCE, THE EERC FOUNDATION SUPPORTS THE EERC MARKET-DRIVEN BUSINESS MODEL OF A TIMELY AND SEAMLESS TRANSITION BETWEEN THE CREATION OF THE TECHNOLOGY AND ITS COMMERCIALIZATION THAT LEADS TO ECONOMIC DEVELOPMENT. THE EERC FOUNDATION ACTS AS THE EERC'S "COMMERCIALIZATION CATALYST." AS OF FISCAL YEAR END JUNE 30, 2023, THE EERC FOUNDATION HAS 22 ACTIVE, ISSUED US PATENTS AND 9 PATENTS PENDING.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Gorecki President And CEO | OfficerTrustee | 1 | $0 |
David Straley Chair | OfficerTrustee | 1 | $0 |
Josh Klug Vice Chair | OfficerTrustee | 1 | $0 |
Shannon Angielski Member | Trustee | 0.5 | $0 |
Jeff Hume Member | Trustee | 0.5 | $0 |
Robert Mclennan Member | Trustee | 0.5 | $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 | $40,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $40,000 |
| Total Program Service Revenue | $9,823,754 |
| Investment income | $66,334 |
| 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 | $9,930,088 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $249,034 |
| 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 | $0 |
| Fees for services: Legal | $25,835 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $13,718 |
| Fees for services: Other | $19,501 |
| Advertising and promotion | $0 |
| Office expenses | $468 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $805 |
| 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 | $86,395 |
| Insurance | $57,835 |
| All other expenses | $28,748 |
| Total functional expenses | $8,698,518 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,375,907 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,350,186 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $94,151 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $3,376,654 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $1,139,787 |
| Other assets | $0 |
| Total assets | $7,336,685 |
| Accounts payable and accrued expenses | $1,306,881 |
| Grants payable | $0 |
| Deferred revenue | $1,210,865 |
| 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 | $2,517,746 |
| Net assets without donor restrictions | $4,818,939 |
| 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 | $7,336,685 |