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Nonprofiteer
← MICHIGAN TECH ENTERPRISE CORPORATION

Form 990 for tax year 2022

Filed by MICHIGAN TECH ENTERPRISE CORPORATION.

Totals

Total revenue
$1,718,234
Total expenses
$1,309,229
Contributions and grants received
$1,435,934
Grants paid
$0
Program service revenue
$227,776
Investment income
$53,024
Other revenue
$1,500
Total assets, end of year
$3,491,836
Total liabilities, end of year
$373,789
Net assets or fund balances, end of year
$3,118,047
Program services expenses (Part IX)
$313,992
Management and general expenses
$995,237
Fundraising expenses
$0
Program service expenses (Part III)
$313,992

Program services were 24.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $1,435,934

  • 2a · Program service revenue: RENTAL INCOME

    total $222,392 · related or exempt $222,392

  • 2b · Program service revenue: OFFICE SERVICES

    total $5,384 · related or exempt $5,384

  • 3 · Investment income

    total $53,024 · excluded $53,024

  • 11a · Other revenue: OTHER REVENUE

    total $1,500 · related or exempt $1,500

  • 11e · Other revenue, total

    $1,500

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $159,100 · management and general $159,100

  • 7 · Other salaries and wages

    total $389,145 · program services $92,148 · management and general $296,997

  • 8 · Pension plan contributions

    total $44,650 · program services $7,372 · management and general $37,278

  • 9 · Other employee benefits

    total $120,000 · program services $18,430 · management and general $101,570

  • 10 · Payroll taxes

    total $41,244 · program services $7,050 · management and general $34,194

  • 11a · Fees: management

    total $84,748 · management and general $84,748

  • 11c · Fees: accounting

    total $13,044 · management and general $13,044

  • 12 · Advertising and promotion

    total $23,406 · management and general $23,406

  • 13 · Office expenses

    total $19,895 · management and general $19,895

  • 14 · Information technology

    total $16,153 · management and general $16,153

  • 16 · Occupancy

    total $139,195 · program services $25,000 · management and general $114,195

  • 17 · Travel

    total $9,463 · management and general $9,463

  • 19 · Conferences, conventions and meetings

    total $13,010 · management and general $13,010

  • 20 · Interest

    total $172 · management and general $172

  • 22 · Depreciation, depletion and amortization

    total $4,673 · management and general $4,673

  • 23 · Insurance

    total $6,026 · management and general $6,026

  • 24a · Other expenses: PROGRAM EXPENSES

    total $163,992 · program services $163,992

  • 24b · Other expenses: MISCELLANEOUS

    total $35,902 · management and general $35,902

  • 24c · Other expenses: EQUIPMENT REPAIR & MAINT

    total $25,411 · management and general $25,411

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $780,970 · end of year $881,653

  • 2 · Savings and temporary cash investments

    beginning of year $19,219 · end of year $269,221

  • 4 · Accounts receivable

    beginning of year $38,470 · end of year $32,214

  • 9 · Prepaid expenses and deferred charges

    beginning of year $170,261 · end of year $142,291

  • 10a · Land, buildings and equipment: cost or other basis

    $171,850

  • 10b · Land, buildings and equipment: accumulated depreciation

    $165,248

  • 10c · Land, buildings and equipment, net

    beginning of year $11,275 · end of year $6,602

  • 11 · Investments: publicly traded securities

    beginning of year $1,972,976 · end of year $2,159,855

  • 17 · Accounts payable and accrued expenses

    beginning of year $58,380 · end of year $56,479

  • 19 · Deferred revenue

    beginning of year $343,389 · end of year $303,382

  • 25 · Other liabilities

    beginning of year $16,218 · end of year $13,928

  • 27 · Net assets without donor restrictions

    beginning of year $2,575,184 · end of year $3,118,047

Mission and programs · 2022

Mission

TO PROMOTE ECONOMIC AND INDUSTRIAL DEVELOPMENT IN HOUGHTON COUNTY AND IN THE STATE OF MICHIGAN.

  • TO EXPAND OPPORTUNITY AND KNOWLEDGE PERTAINING TO SCIENTIFIC AND TECHNOLOGICAL RESEARCH AND DEVELOPMENT AMONG PUBLIC AND PRIVATE ENTITIES. THE ENTITY CREATED 13 NEW COMPANIES, HOUSED 9 COMPANIES, CREATED 45 NEW JOBS AND RETAINED 323 JOBS IN FISCAL YEAR 2023.

    Expenses $313,992 · Revenue $227,776

As filed on the 2022 return.

Listed in Part VII

  • Eric Waara

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • David Reed

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Mary Babcock

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Tom Merz

    VICE-CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Fred Molnar

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Jeff Ratcliffe

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Lee Rouse

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Alan West

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Steve Zutter

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • David Rowe

    CHIEF EXECUT

    Total calculated
    $193,416
    From this org
    $154,450
    From related orgs
    $0
    Other
    $38,966
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,450
    Bonus
    not reported
    Other
    not reported
    Deferred
    $12,356
    Nontaxable benefits
    $26,610
    Filer's total
    $193,416

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
7 January 2024
IRS schema version
2022v5.0
Source object
202410889349301341

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