William M Factory Small Business Incubator
- Assets
- $3.1m
- Revenue
- $557.0k
- Investments
- $0.0
- Employees
- 4
- Location
- Tacoma, WA
- Founding
- 02/1996
- Data as of
- 06/2024
- EIN
- 91-1373010
Organization Overview
William M Factory Small Business Incubator is located in Tacoma, WA. The organization was established in 1996. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2024, William M Factory Small Business Incubator employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. William M Factory Small Business Incubator 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 06/2024, William M Factory Small Business Incubator generated $557.0k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 54.1% each year . All expenses for the organization totaled $253.7k during the year ending 06/2024. While expenses have increased by 4.2% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
THE INCUBATOR PROMOTES COMMUNITY REVITALIZATION THROUGH THE STARTUP AND EXPANSION OF SMALL BUSINESS ENTERPRISES, PARTICULARLY FOR UNDERREPRESENTED ENTREPRENEURS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING THE MOST RECENT FISCAL YEAR, THE INCUBATOR ASSISTED OVER 300 ENTREPRENEURS WITH WORKSHOPS ON BUSINESS TOPICS INCLUDING FINANCE, MARKETING, TECHNOLOGY AND INDUSTRY NETWORKING. THE INCUBATOR ALSO ENROLLED OVER 100 ENTREPRENEURS FOR ONE-ON-ONE COUNSELING ON THEIR EMERGING ENTERPRISES AND PROVIDED MENTORS, FACULTY REFERRALS AND OTHER BUSINESS RESOURCES. THE INCUBATOR AND TACOMA COMMUNITY COLLEGE SPONSORED AN IDEA & PITCH COMPETITION THAT ATTRACTED 20 APPLICANTS THAT RECEIVED TRAINING ON PRESENTATION SKILLS AND PREPARATION FOR VENTURE INVESTMENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tim Strege Executive Director | Officer | 40 | $85,670 |
Dennis Joyce Chair, Board Director | OfficerTrustee | 1 | $0 |
Arti O'brien Vice- Chair, Board Director | OfficerTrustee | 1 | $0 |
Chelsea Bjorkman Secretary/treasurer, Board Director | OfficerTrustee | 1 | $0 |
Andrea Pace Board Director | Trustee | 1 | $0 |
Melissa Littleton Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $124,516 |
| All other contributions, gifts, grants, and similar amounts not included above | $33,462 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $157,978 |
| Total Program Service Revenue | $0 |
| Investment income | $398,976 |
| 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 | $556,954 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,000 |
| 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. | $85,670 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $40,750 |
| Pension plan accruals and contributions | $15,460 |
| Other employee benefits | $19,275 |
| Payroll taxes | $12,207 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,691 |
| Fees for services: Accounting | $3,822 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $31,041 |
| Advertising and promotion | $959 |
| Office expenses | $1,505 |
| Information technology | $2,931 |
| Royalties | $0 |
| Occupancy | $2,388 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,541 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,129 |
| All other expenses | $0 |
| Total functional expenses | $253,718 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $42,158 |
| Savings and temporary cash investments | $169,206 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $44,808 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $3,453 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $2,834,989 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $16,996 |
| Total assets | $3,111,610 |
| Accounts payable and accrued expenses | $29,107 |
| 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 | $29,107 |
| Net assets without donor restrictions | $3,082,503 |
| 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 | $3,111,610 |