Michigan Venture Capital Association
- Assets
- $1.4m
- Revenue
- $481.6k
- Investments
- $0.0
- Employees
- 2
- Location
- Bloomfield Hills, MI
- Founding
- Data as of
- 12/2022
- EIN
- 81-0559466
Organization Overview
Michigan Venture Capital Association, operating under the name Mvca, is located in Bloomfield Hills, MI. As of 12/2022, Mvca employed 2 individuals. Mvca is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, Mvca generated $481.6k 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 (3.7%) each year. All expenses for the organization totaled $646.8k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (4.9%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Mvca has awarded 49 individual grants totaling $1,053,436. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE ORGANIZATION IS TO GROW AND SUSTAIN A VIBRANT VENTURE CAPITAL COMMUNITY IN MICHIGAN BY PROMOTING AN ENTREPENURIAL ENVIRONMENT THROUGH ENCOURAGING INVESTMENTS IN NEW AND EMERGING COMPANIES, EDUCATING THE COMMUNITY TO THE BENEFITS OF VENTURE CAPITAL INVESTING AND PROMOTING PROFESSIONAL DEVELOPMENT OF MEMBERS THROUGH RESEARCH AND PROFESSIONAL DEVELOPMENT OPPORTUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE VENTURE FELLOWS PROGRAM IS DESIGNED TO INCREASE THE NUMBER OF VENTURE PROFESSIONALS IN MICHIGAN AND ACCELERATE FUNDRAISING AND DEPLOYMENT OF CAPITAL INTO EARLY STAGE COMPANIES. THE PROGRAM IS DESIGNED TO CREATE THE NEXT GENERATION OF VENTURE CAPITALISTS WITH TRACK RECORDS IN MICHIGAN BY EXPANDING JOB OPPORTUNITIES AT MICHIGAN VENTURE CAPITAL FIRMS.
EXECUTIVE CONNECT PROGRAM AIMS TO SIGNIFICANTLY IMPACT AN EARLY-STAGE COMPANY'S CHANCE OF SUCCESS BY PROVIDING ACCESS TO CORPORATE EXECUTIVES WITH RELEVANT MARKET OR INDUSTRY EXPERTISE OR STRONG DOMAIN KNOWLEDGE IN KEY AREAS. STARTUPS CAN EXPECT TO BE MATCHED WITH EXPERIENCED LEADERS WHO CAN SERVE AS BOARD MEMBERS, MENTORS AND ADVISORS AS THEY PLAN AND EXECUTE THEIR SALES, PRODUCTIVITY, AND FINANCIAL GROWTH STRATEGIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Rinvelt Chairman | OfficerTrustee | 5 | $0 |
Patti Glaza Vice Chairperson | OfficerTrustee | 5 | $0 |
Doug Neil Treasurer | OfficerTrustee | 5 | $0 |
Michael Gross Immediate Past Chair | OfficerTrustee | 5 | $0 |
Adrian Fortino Director | Trustee | 5 | $0 |
Fredrick Molnar Director | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $160,425 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $160,425 |
| Total Program Service Revenue | $302,645 |
| Investment income | $16,730 |
| 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 | $481,551 |
| 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. | $181,262 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $97,857 |
| Pension plan accruals and contributions | $8,373 |
| Other employee benefits | $0 |
| Payroll taxes | $19,601 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,101 |
| Fees for services: Accounting | $9,112 |
| Fees for services: Lobbying | $26,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $19,048 |
| Advertising and promotion | $104,055 |
| Office expenses | $20,679 |
| Information technology | $6,812 |
| Royalties | $0 |
| Occupancy | $21,472 |
| Travel | $625 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $125,905 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $866 |
| Total functional expenses | $646,768 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,272,300 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $38,540 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $46,248 |
| 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 | $476 |
| Total assets | $1,357,564 |
| Accounts payable and accrued expenses | $12,136 |
| Grants payable | $0 |
| Deferred revenue | $150,197 |
| 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 | $738 |
| Other liabilities | $78,740 |
| Total liabilities | $241,811 |
| Net assets without donor restrictions | $1,115,753 |
| 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 | $1,357,564 |
Grants Awarded
Over the last fiscal year, Michigan Venture Capital Association has awarded $72,044 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
FONTINALIS PARTNERS LLC PURPOSE: MI VENTURE FELLOWS P | $11,000 |
DETROIT VENTURES PARTNERS PURPOSE: MI VENTURE FELLOWS | $11,235 |
AUGMENT VENTURES PURPOSE: MI VENTURE FELLOWS | $21,234 |
GRAND VENTURES PURPOSE: MI VENTURE FELLOWS | $11,700 |
INVEST DETROIT FOUNDATION PURPOSE: MI VENTURE FELLOWS | $16,875 |