Ferris Wheel Innovation Center
- Assets
- $450.5k
- Revenue
- $809.0k
- Investments
- $0.0
- Employees
- 38
- Location
- Flint, MI
- Founding
- 07/2017
- Data as of
- 12/2023
- EIN
- 81-5434313
Organization Overview
Ferris Wheel Innovation Center, operating under the name 100k Ideas, is located in Flint, MI. The organization was established in 2017. According to its NTEE Classification (B60) the organization is classified as: Adult Education, under the broad grouping of Education and related organizations. As of 12/2023, 100k Ideas employed 38 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. 100k Ideas 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, 100k Ideas generated $809.0k 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 (3.8%) each year. All expenses for the organization totaled $1.2m 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
HOUSED IN FLINT, MICHIGAN, WE ARE A NON-PROFIT WITH A MISSION TO RELIEVE THE INNOVATOR OF THE ENTREPRENEURIAL BURDEN. WE KNOW ENTREPRENEURSHIP CAN BE DIFFICULT, AND THAT'S WHY WE'RE HERE TO HELP. AS A COMMUNITY OF STUDENT PROFESSIONALS, LEAD BY A DYNAMIC LEADERSHIP TEAM, WE VET ENTREPRENEURIAL IDEAS TO PROVIDE A HELPING HAND IN BUSINESS DEVELOPMENT TO ANYONE REGARDLESS OF THEIR PRIOR EXPERIENCE OR BACKGROUND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FERRIS WHEEL INNOVATION CENTER PROGRAM IS DESIGNED TO FOSTER INTEREST IN S.T.E.A.M. (SCIENCE, TECHNOLOGY, ENGINEERING, ARTS, AND MATH) BY PROVIDING EXPERIMENTAL EDUCATION AND PRACTICAL TRAINING TO STUDENTS AS THEY ARE GUIDED IN AIDING INVENTORS, INNOVATORS AND ENTREPRENEURS IN BRINGING PRODUCTS FROM CONCEPT TO MARKET, AND TO PROMOTE ECONOMIC STABILITY IN FLINT, MICHIGAN THROUGH INNOVATION AND ENTREPRENEURISM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brandee Cooke-Brown Executive Di | Trustee | 40 | $85,486 |
Darrell Williams Director Of | Officer | 40 | $77,833 |
Cathy Gentry Director | Trustee | 1 | $0 |
Phil Hagerman Director | Trustee | 1 | $0 |
Dylan Luna Director | Trustee | 1 | $0 |
Mia Mcneil Director | Trustee | 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 | $772,161 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $772,161 |
| Total Program Service Revenue | $23,372 |
| 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 | $809,016 |
| 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. | $163,319 |
| Compensation of current officers, directors, key employees. | $56,146 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $390,256 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $37,411 |
| Payroll taxes | $44,813 |
| Fees for services: Management | $130,230 |
| Fees for services: Legal | $2,310 |
| Fees for services: Accounting | $18,083 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $26,610 |
| Advertising and promotion | $21,139 |
| Office expenses | $8,240 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $180,570 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $5,830 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $9,222 |
| All other expenses | $7,557 |
| Total functional expenses | $1,169,896 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,267 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $194,643 |
| 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 | $251,596 |
| Total assets | $450,506 |
| Accounts payable and accrued expenses | $37,665 |
| 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 | $401,968 |
| Total liabilities | $439,633 |
| Net assets without donor restrictions | -$91,913 |
| Net assets with donor restrictions | $102,786 |
| 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 | $450,506 |
Grants Awarded
Over the last fiscal year, Ferris Wheel Innovation Center has awarded $150,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
UNIVERSITY OF MICHIGAN PURPOSE: PROGRAM SUPPORT | $100,000 |
XLERATEHEALTH PURPOSE: PROGRAM SUPPORT | $50,000 |