Invest Up
- Assets
- $228.6k
- Revenue
- $612.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Marquette, MI
- Founding
- 12/2018
- Data as of
- 12/2021
- EIN
- 82-2441360
Organization Overview
Invest Up is located in Marquette, MI. The organization was established in 2018. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Invest Up 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, Invest Up generated $612.2k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 48.9% each year . All expenses for the organization totaled $570.3k during the year ending 12/2021. 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
TO ENHANCE THE VITALITY OF THE COMMUNITIES AFFECTED BY MICHIGAN'S UPPER PENINSULA BY LEVERAGING LOCAL RESOURCES WITH CAPITAL AND EXPERTISE AND FOSTERING ECONOMIC OPPORTUNITY THROUGHOUT THE AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INVESTUP UNDERTOOK A NUMBER OF ACTIVITIES AND ACTIONS AS WELL AS PURSUED A NUMBER OF INITIATIVES IN FURTHERANCE OF ITS FOUR STRATEGIC OBJECTIVES WHICH INCLUDE PROMOTING THE REGION AS THE PLACE TO WORK AND LIVE, ASSISTING WITH THE HIRING CHALLENGES THAT ARE IMPACTING EMPLOYERS, AND HELPING BUSINESS DEVELOP, GROW AND EXPAND.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Hicks Chairman | OfficerTrustee | 10 | $0 |
Matt Johnson Secretary | OfficerTrustee | 2 | $0 |
Melissa Holmquist Treasurer | OfficerTrustee | 2 | $0 |
Karyn Olsson Vice Chairma | OfficerTrustee | 2 | $0 |
Martin F Fittante CEO | Trustee | 40 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $123,780 |
| All other contributions, gifts, grants, and similar amounts not included above | $488,285 |
| Noncash contributions included in lines 1a–1f | $38,028 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $612,065 |
| Total Program Service Revenue | $0 |
| Investment income | $97 |
| 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 | $612,162 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $369,280 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,925 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $100,008 |
| Advertising and promotion | $51,270 |
| Office expenses | $2,030 |
| Information technology | $19,003 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $6,540 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $280 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,253 |
| Insurance | $694 |
| All other expenses | $55 |
| Total functional expenses | $570,347 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $142,022 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $80,000 |
| 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 | $6,585 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $228,607 |
| Accounts payable and accrued expenses | $33,503 |
| 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 | $38,584 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $72,087 |
| Net assets without donor restrictions | $156,520 |
| 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 | $228,607 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Invest Up has recieved totaling $75,000.
| Awarding Organization | Amount |
|---|---|
Daniel J Kobasic Foundation Escanaba, MI PURPOSE: ECONOMIC DEVELOPMENT RESEARCH | $40,000 |
Ak Steel Foundation Cleveland, OH PURPOSE: GENERAL SUPPORT | $25,000 |
Community Foundation For Southeast Michigan Detroit, MI PURPOSE: GENERAL OPERATIONS | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
16 Tech Community Corporation Indianapolis, IN | $90,414,871 | $43,820,376 |
Invest Detroit Foundation Detroit, MI | $154,389,743 | $12,808,930 |
Wright Brothers Institute Inc Dayton, OH | $23,307,656 | $22,085,089 |
Visit Indy Inc Indianapolis, IN | $20,981,890 | $14,589,218 |
The Convention And Visitors Bureau Of Greater Cleveland Inc Cleveland, OH | $25,296,918 | $17,425,666 |
Columbus Downtown Development Corporation Columbus, OH | $118,710,723 | $12,117,471 |
Wisconsin Dells Visitor & Convention Bureau Wisconsin Dells, WI | $26,952,168 | $17,110,395 |
Metropolitan Detroit Convention & Vistors Bureau Detroit, MI | $36,765,048 | $14,015,809 |
Detroit Economic Growth Corp Detroit, MI | $7,209,211 | $10,420,774 |
Lawrence Economic Development Corporation South Point, OH | $62,339,240 | $9,945,474 |
Wbd Inc Madison, WI | $14,868,892 | $9,399,155 |
Southwest Michigan First Corporation Kalamazoo, MI | $10,945,070 | $8,560,798 |