Innovation Marquette Enterprise Corporation
- Assets
- $2.9m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 11
- Location
- Marquette, MI
- Founding
- 09/2015
- Data as of
- 09/2023
- EIN
- 47-3721222
Organization Overview
Innovation Marquette Enterprise Corporation is located in Marquette, MI. The organization was established in 2015. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2023, Innovation Marquette Enterprise Corporation employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Innovation Marquette 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 09/2023, Innovation Marquette Enterprise Corporation generated $2.2m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 30.9% each year . All expenses for the organization totaled $2.0m during the year ending 09/2023. While expenses have increased by 27.0% per year over the past 8 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
NON-PROFIT BUSINESS ACCELERATOR, PROVIDING SUPPORT SUPPORT AND SERVICES TO INNOVATORS, INVENTORS, RESEARCHERS AND ENTREPRENEURS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PARTNERS WITH OTHER COMMUNITY ASSETS AND ORGANIZATIONS TO HELP TRANSFORM THE COMMUNITY AND REGION INTO A WORLD-CLASS ENTREPRENEURIAL ECOSYSTEM SUPPORTING INNOVATORS, INVENTORS, RESEARCHERS, AND ENTREPRENEURS TO CREATE NEW TECH-BASED BUSINESS START-UPS AND OTHER ENTREPRENEURIAL ENDEAVORS THAT CREATE NEW JOBS AND RETAIN EXISTING ONES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Thiel CEO | Officer | 40 | $145,321 |
Thomas Anthos Chairperson | OfficerTrustee | 1 | $0 |
Nancy Lyons Secretary | OfficerTrustee | 1 | $0 |
Mark Link Treasurer | OfficerTrustee | 1 | $0 |
Spencer Stang Vice Chairperson | OfficerTrustee | 1 | $0 |
David Nyberg Vice Chairperson | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $576,575 |
| 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 | $576,575 |
| Total Program Service Revenue | $1,618,269 |
| Investment income | $5,444 |
| 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 | $2,200,288 |
| 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. | $145,321 |
| Compensation of current officers, directors, key employees. | $51,207 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $472,059 |
| Pension plan accruals and contributions | $23,098 |
| Other employee benefits | $39,520 |
| Payroll taxes | $51,743 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $78,297 |
| Fees for services: Accounting | $18,884 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $441,762 |
| Advertising and promotion | $79,790 |
| Office expenses | $58,811 |
| Information technology | $27,002 |
| Royalties | $0 |
| Occupancy | $228,003 |
| Travel | $82,144 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,669 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $47,969 |
| Insurance | $6,574 |
| All other expenses | $115,003 |
| Total functional expenses | $2,034,610 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $58,191 |
| Savings and temporary cash investments | $364,208 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $451,320 |
| 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 | $80,797 |
| Net Land, buildings, and equipment | $571,096 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,377,543 |
| Total assets | $2,903,155 |
| Accounts payable and accrued expenses | $60,260 |
| Grants payable | $0 |
| Deferred revenue | $50,000 |
| 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 | $1,464,765 |
| Total liabilities | $1,575,025 |
| Net assets without donor restrictions | $1,328,130 |
| 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 | $2,903,155 |