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Nonprofiteer
← FLAGSHIP ENTERPRISE CENTER INC

Form 990 for tax year 2024

Filed by FLAGSHIP ENTERPRISE CENTER INC.

Totals

Total revenue
$3,702,475
Total expenses
$4,209,065
Contributions and grants received
$915,890
Grants paid
$0
Program service revenue
$1,852,279
Investment income
$931,955
Other revenue
$2,351
Total assets, end of year
$38,573,905
Total liabilities, end of year
$7,588,742
Net assets or fund balances, end of year
$30,985,163
Program services expenses (Part IX)
$3,273,266
Management and general expenses
$935,799
Fundraising expenses
$0
Program service expenses (Part III)
$3,273,266

Program services were 77.8% 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)

    $627,743

  • 1f · All other contributions, gifts and grants

    $288,147

  • 2a · Program service revenue: CLIENT RENTAL INCOME

    total $1,484,687 · related or exempt $1,484,687

  • 2b · Program service revenue: LOAN PROGRAM INCOME

    total $367,592 · related or exempt $367,592

  • 3 · Investment income

    total $931,955 · excluded $931,955

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $2,351 · related or exempt $2,351

  • 11e · Other revenue, total

    $2,351

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $1,588,679 · program services $981,815 · management and general $606,864

  • 9 · Other employee benefits

    total $128,211 · program services $79,377 · management and general $48,834

  • 10 · Payroll taxes

    total $136,570 · program services $84,873 · management and general $51,697

  • 11b · Fees: legal

    total $894 · management and general $894

  • 11c · Fees: accounting

    total $35,949 · management and general $35,949

  • 13 · Office expenses

    total $216,426 · program services $125,306 · management and general $91,120

  • 16 · Occupancy

    total $632,703 · program services $632,703

  • 17 · Travel

    total $21,027 · program services $10,511 · management and general $10,516

  • 20 · Interest

    total $134,366 · program services $134,366

  • 22 · Depreciation, depletion and amortization

    total $515,588 · program services $515,588

  • 24a · Other expenses: BAD DEBTS

    total $328,780 · program services $328,780

  • 24b · Other expenses: PROGRAM GRANTS

    total $158,488 · program services $158,488

  • 24c · Other expenses: CLIENT SUPPORT

    total $87,368 · program services $87,368

  • 24d · Other expenses: MISCELLANEOUS

    total $59,803 · program services $46,234 · management and general $13,569

  • 24e · All other expenses

    total $164,213 · program services $87,857 · management and general $76,356

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,159,669 · end of year $3,193,095

  • 2 · Savings and temporary cash investments

    beginning of year $261,477 · end of year $250,128

  • 4 · Accounts receivable

    beginning of year $733,619 · end of year $477,484

  • 7 · Other notes and loans receivable

    beginning of year $7,574,234 · end of year $9,015,826

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,681 · end of year $19,322

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

    $30,124,115

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

    $4,700,421

  • 10c · Land, buildings and equipment, net

    beginning of year $25,518,028 · end of year $25,423,694

  • 15 · Other assets

    beginning of year $181,329 · end of year $194,356

  • 17 · Accounts payable and accrued expenses

    beginning of year $145,347 · end of year $148,759

  • 23 · Secured mortgages and notes payable

    beginning of year $6,733,767 · end of year $7,372,961

  • 25 · Other liabilities

    beginning of year $63,170 · end of year $67,022

  • 27 · Net assets without donor restrictions

    beginning of year $31,418,231 · end of year $30,985,163

  • 28 · Net assets with donor restrictions

    beginning of year $73,522 · end of year $0

Mission and programs · 2024

Mission

TO CONTRIBUTE TO THE LONG-TERM ECONOMIC DEVELOPMENT OF THE COMMUNITIES OF ANDERSON, MADISON COUNTY, AND THE STATE OF INDIANA BY ENCOURAGING AND NURTURING THE ENTREPRENEURIAL SPIRIT THROUGH PROVIDING MENTORING, NETWORKING, BUSINESS SERVICES, EDUCATIONAL OPPORTUNITIES, AND ACCESS TO CAPITAL.

Activities or mission (Part I)

THE FLAGSHIP ENTERPRISE CENTER'S MISSION IS TO CONTRIBUTE TO THE LONG-TERM ECONOMIC DEVELOPMENT OF THE COMMUNITIES OF ANDERSON, MADISON COUNTY, AND THE STATE OF INDIANA BY ENCOURAGING AND NURTURING THE ENTREPRENEURIAL SPIRIT THROUGH PROVIDING MENTORING, NETWORKING, BUSINESS SERVICES, EDUCATIONAL OPPORTUNITIES, AND ACCESS TO CAPITAL.

  • IN THE FISCAL YEAR ENDING MAY 31, 2025, FLAGSHIP ENTERPRISE CENTER LEASED 196,000 SQUARE FEET OF OFFICE, LAB, AND INDUSTRIAL SPACE TO GROWING COMPANIES INVOLVED IN RESEARCH AND DEVELOPMENT, MANUFACTURING, AND ENGINEERING. THE CENTER CLOSED 167 REGULAR SMALL BUSINESS LOANS DURING THE FISCAL YEAR. OF THESE LOANS, 71 WERE DISBURSED TO MINORITIES, 91 TO WOMEN, 19 TO VETERANS, 70 TO START-UP ENTERPRISES, AND 82 TO LOW-INCOME BUSINESSES. ADDITIONALLY, FLAGSHIP ENTERPRISE CENTER PROVIDED 6,276 HOURS OF TECHNICAL ASSISTANCE TO ITS CLIENTS.

    Expenses $3,273,266 · Revenue $1,854,630

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Tim Lanane

    CHAIR

    Total calculated
    $0
    Hours/week
    1.5

  • Stephanie Moran

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • David Eicks

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • Dan Courtney

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Doug Whitham

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5

  • Leila Kelly

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Terri Austin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Mike Barker

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Jon Adams

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Jack Keesling

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Suahil Housholder

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Terry Truitt

    PRESIDENT

    Total calculated
    $182,785
    From this org
    $182,785
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $167,167
    Bonus
    $4,000
    Other
    $11,618
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $182,785

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 · 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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2024
Filed
2 February 2026
IRS schema version
2024v5.5
Source object
202610429349301526

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