Owatonna Incubator Inc
- Assets
- $314.1k
- Revenue
- $201.3k
- Investments
- $0.0
- Employees
- 2
- Location
- Owatonna, MN
- Founding
- 02/1990
- Data as of
- 12/2021
- EIN
- 41-1644556
Organization Overview
Owatonna Incubator Inc is located in Owatonna, MN. The organization was established in 1990. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Owatonna Incubator Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Owatonna Incubator 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, Owatonna Incubator Inc generated $201.3k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.8% each year. All expenses for the organization totaled $143.0k during the year ending 12/2021. While expenses have increased by 1.0% per year over the past 7 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
PROMOTION OF ECONOMIC DEVELOPMENT THROUGH REDUCED FACILITY COSTS AND MENTORSHIP OF START UP BUSINESSES AND FACILITATING GROWTH OF EXISTING BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE OWATONNA BUSINESS INCUBATOR HAD MANUFACTURING TENANTS THROUGHOUT 2016. THE MANUFACTURING TENANTS OCCUPIED APPROXIMATELY 24,000 SQUARE FEET OF THE 32,000 SQUARE FOOT FACILITY.
THE BUSINESS CONSULTING PROGRAM MET WITH BUSINESS CLIENTS IN THE DEVELOPMENT STAGE AND NEW BUSINESS STAGE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Owens Executive Di | Officer | 40 | $43,432 |
Joe Effertz President | Officer | 1 | $0 |
Greg Johnson Vice Preside | Officer | 1 | $0 |
Tammy Schmoll Past Preside | Officer | 1 | $0 |
Daniel Struss Treasurer | Officer | 1 | $0 |
Doug Voss Secretary | Officer | 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 | $44,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $44,000 |
| Total Program Service Revenue | $157,328 |
| 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 | $201,328 |
| 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. | $43,432 |
| Compensation of current officers, directors, key employees. | $11,292 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,161 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,532 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $18,583 |
| Office expenses | $6,043 |
| Information technology | $349 |
| Royalties | $0 |
| Occupancy | $55,941 |
| Travel | $122 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $25 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,852 |
| Insurance | $1,270 |
| All other expenses | $337 |
| Total functional expenses | $142,988 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $200,423 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | -$275 |
| 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 | $113,917 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $314,065 |
| 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 | $4,693 |
| Total liabilities | $4,693 |
| Net assets without donor restrictions | $309,372 |
| 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 | $314,065 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Metropolitan Consortium Of Community Developers Minneapolis, MN | $14,565,346 | $14,747,823 |
Wisconsin Womens Business Initiative Corporation Milwaukee, WI | $42,014,379 | $10,583,804 |
Women Venture St Paul, MN | $7,708,341 | $8,474,014 |
Urban Ventures Leadership Foundation Minneapolis, MN | $23,559,763 | $6,521,879 |
Bioconnect Iowa Des Moines, IA | $1,127,931 | $1,803,790 |
Startingblock Madison Inc Madison, WI | $3,788,993 | $962,585 |
Lakota Fund Kyle, SD | $17,004,625 | $4,059,450 |
Central Minnesota Development Company Andover, MN | $3,109,444 | $999,166 |
Northeast South Dakota Economic Corporation Sisseton, SD | $28,795,164 | $2,763,514 |
Beta Group Minneapolis, MN | $157,595 | $502,721 |
Women In Progress Inc Minneapolis, MN | $458,547 | $441,350 |
Iowa Community Capital Boone, IA | $2,471,585 | $1,776,388 |