Venture Mentoring Team Inc
- Assets
- $206.7k
- Revenue
- $127.2k
- Investments
- $0.0
- Employees
- 1
- Location
- Pompano Beach, FL
- Founding
- 02/2017
- Data as of
- 12/2023
- EIN
- 81-5139940
Organization Overview
Venture Mentoring Team Inc is located in Pompano Beach, FL. The organization was established in 2017. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Venture Mentoring Team 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 12/2023, Venture Mentoring Team Inc generated $127.2k in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 4.9% each year. All expenses for the organization totaled $184.5k during the year ending 12/2023. 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
THE VENTURE MENTORING TEAM (VMT) IS A 501(C)(3) EDUCATIONAL NON-PROFIT ORGANIZATION DEDICATED TO PROVIDING FREE MENTORING SERVICES TO STARTUP FOUNDERS AND UNDERSERVED SMALL BUSINESS OWNERS. ESTABLISHED IN 2017, VMT CONNECTS ENTREPRENEURS WITH EXPERIENCED MENTORS TO SUPPORT THEIR BUSINESS GROWTH AND DEVELOPMENT. OUR TEAM OF OVER 250 CERTIFIED VOLUNTEER MENTORS OPERATES UNDER A STRICT CODE OF CONDUCT AND PROVIDES GUIDANCE IN AREAS SUCH AS BUSINESS STRATEGY, FUNDRAISING, AND OPERATIONS THROUGH STRUCTURED TEAM MENTORING SESSIONS. THE VMT AIMS TO CREATE A SAFE, INCLUSIVE, AND SUPPORTIVE ENVIRONMENT WHERE ENTREPRENEURS CAN ACCESS THE RESOURCES AND EXPERTISE THEY NEED TO SUCCEED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE VMT OPERATES MENTORING CHAPTERS HOSTED BY COMMUNITY PARTNERS LIKE UNIVERSITIES AND ECONOMIC DEVELOPMENT ORGANIZATIONS. WE OFFER A COMPREHENSIVE MENTORING PROGRAM THAT INCLUDES EXTENSIVE MENTOR TRAINING AND CERTIFICATION, ONGOING SUPPORT, AND RESOURCES FOR BOTH MENTORS AND MENTEES. OUR MENTORS VOLUNTEER THEIR TIME TO HELP ENTREPRENEURS NAVIGATE THE CHALLENGES OF BUILDING AND SCALING THEIR BUSINESSES. THE VMT ALSO ENGAGES IN COLLABORATIVE FUNDRAISING AND PROVIDES GRANT WRITING SUPPORT TO HELP OUR CHAPTERS SECURE NECESSARY FUNDING.SINCE OUR INCEPTION, WE HAVE SUCCESSFULLY MENTORED OVER ONE THOUSAND STARTUPS AND SMALL BUSINESSES, HELPING THEM ACHIEVE SUSTAINABILITY AND GROWTH. OUR MENTORING APPROACH HAS CONTRIBUTED TO JOB CREATION AND ECONOMIC DEVELOPMENT WITHIN THE COMMUNITIES WE SERVE.THE VMT'S OPERATIONS ARE FUNDED THROUGH PROGRAM FEES, DONATIONS, AND GRANTS FROM OUR COMMUNITY PARTNERS INCLUDING UNIVERSITIES, FOUNDATIONS, GOVERNMENT AND CORPORATE SPONSORS. IN SELECT SITUATIONS, WE DEFER FEES TO ENABLE PARTNERS TO LAUNCH NEW CHAPTERS PRIOR TO SECURING FUNDING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Nelson CEO | OfficerTrustee | 60 | $0 |
Jim Ryan Director | Trustee | 5 | $0 |
Tom Mersch Director | Trustee | 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 | $33,555 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $33,555 |
| Total Program Service Revenue | $88,900 |
| Investment income | $4,755 |
| 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 | $127,210 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $43,680 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $1,920 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,650 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $102,298 |
| Advertising and promotion | $17,275 |
| Office expenses | $5,529 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,846 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,763 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,951 |
| All other expenses | $0 |
| Total functional expenses | $184,487 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,687 |
| Savings and temporary cash investments | $201,022 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $206,709 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $206,709 |
| 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 | $206,709 |