Traverse City Center Of Entrepreneurship
- Assets
- $293.8k
- Revenue
- $975.4k
- Investments
- $0.0
- Employees
- 5
- Location
- Traverse City, MI
- Founding
- 10/2018
- Data as of
- 12/2021
- EIN
- 82-4116553
Organization Overview
Traverse City Center Of Entrepreneurship, operating under the name 20 Fathoms, is located in Traverse City, MI. The organization was established in 2018. As of 12/2021, 20 Fathoms employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. 20 Fathoms 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, 20 Fathoms generated $975.4k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 11.5% each year . All expenses for the organization totaled $792.7k 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 CULTIVATE A THRIVING AND CONNECTED STARTUP ECOSYSTEM IN NW LOWER MICHIGAN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IS AN ENTREPRENEURSHIP INCUBATOR THAT PROVIDES NETWORKING OPPORTUNITIES AND A FUNCTIONAL WORKSPACE TO ITS MEMBERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric Roberts Executive Director | OfficerTrustee | 40 | $35,923 |
Lowell Gruman Vice President/treasurer | OfficerTrustee | 1 | $0 |
Kris Rockwood President | OfficerTrustee | 1 | $0 |
Casey Cowell Board Member | Trustee | 1 | $0 |
Janie Mcnabb Board Member | Trustee | 1 | $0 |
Tim Heger Secretary | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $502,884 |
| All other contributions, gifts, grants, and similar amounts not included above | $215,185 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $718,069 |
| Total Program Service Revenue | $257,302 |
| 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 | $975,371 |
| 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. | $402,376 |
| Compensation of current officers, directors, key employees. | $100,594 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $5,684 |
| Payroll taxes | $35,785 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,355 |
| Fees for services: Accounting | $9,065 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $62,329 |
| Advertising and promotion | $14,033 |
| Office expenses | $7,165 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $194,800 |
| Travel | $1,225 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $626 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,348 |
| Insurance | $16,345 |
| All other expenses | $3,773 |
| Total functional expenses | $792,710 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $235,323 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,133 |
| 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 | $56,336 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $293,792 |
| 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 | $153,900 |
| Other liabilities | $17,775 |
| Total liabilities | $171,675 |
| Net assets without donor restrictions | $0 |
| 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 | $122,117 |
| Total liabilities and net assets/fund balances | $293,792 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Traverse City Center Of Entrepreneurship has recieved totaling $41,500.
| Awarding Organization | Amount |
|---|---|
Huckle Family Foundation Wilmington, DE PURPOSE: FUNDS FOR A HEALTH INNOVATION LEADER SALARY WHO WILL BE TASKED WITH CREATING A HEALTH INNOVATION ECOSYSTEM IN TRAVERSE CITY, MICHIGAN, FOR THREE YEARS BEGINNING OCTOBER 2019 AND ENDING SEPTEMBER 2022 | $41,500 |
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Upmc Lititz Harrisburg, PA | $81,864,299 | $83,139,500 |
Procter & Gamble Benefit Plan Trust Cincinnati, OH | $69,184,153 | $97,679,425 |
United Church Homes Inc Marion, OH | $230,951,491 | $117,776,158 |
Providence Health Alliance Inc St Louis, MO | $27,745,143 | $62,779,739 |
American Society For Testing And Materials West Conshohocken, PA | $507,262,217 | $135,712,233 |
University Pediatric Associates Inc Indianapolis, IN | $25,897,136 | $100,827,780 |
Philadelphia Post-Acute Partnersllc Philadelphia, PA | $76,499,158 | $101,068,675 |
Alexian Brothers Ambulatory Group St Louis, MO | $321,335,814 | $68,677,417 |