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← AUSTIN COMMUNITY GROWTH VENTURES

Form 990 for tax year 2023

Filed by AUSTIN COMMUNITY GROWTH VENTURES.

Totals

Total revenue
$162,652
Total expenses
$202,293
Contributions and grants received
$144,907
Grants paid
$60,750
Program service revenue
$0
Investment income
$175
Other revenue
$17,570
Total assets, end of year
$259,300
Total liabilities, end of year
$23,800
Net assets or fund balances, end of year
$235,500
Program services expenses (Part IX)
$195,291
Management and general expenses
$7,002
Fundraising expenses
$0
Program service expenses (Part III)
$195,291

Program services were 96.5% 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.

  • 1f · All other contributions, gifts and grants

    $144,907

  • 3 · Investment income

    total $320 · excluded $320

  • 6a · Gross rents

    real property $17,570

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $17,570

  • 6d · Net rental income or loss

    total $17,570 · excluded $17,570

  • 7b · Less cost or other basis and sales expenses

    securities $145

  • 7c · Gain or loss

    securities -$145

  • 7d · Net gain or loss

    total -$145 · excluded -$145

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $60,750 · program services $60,750

  • 11a · Fees: management

    total $51,388 · program services $51,388

  • 11c · Fees: accounting

    total $6,569 · management and general $6,569

  • 11g · Fees: other

    total $923 · program services $923

  • 12 · Advertising and promotion

    total $402 · program services $402

  • 13 · Office expenses

    total $4,983 · program services $4,550 · management and general $433

  • 16 · Occupancy

    total $25,800 · program services $25,800

  • 17 · Travel

    total $251 · program services $251

  • 19 · Conferences, conventions and meetings

    total $40 · program services $40

  • 24a · Other expenses: RECREATION CENTER

    total $51,187 · program services $51,187

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $134,223 · end of year $79,436

  • 3 · Pledges and grants receivable

    beginning of year $156,918 · end of year $176,164

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,100 · end of year $2,200

  • 15 · Other assets

    beginning of year $1,500 · end of year $1,500

  • 17 · Accounts payable and accrued expenses

    beginning of year $800 · end of year $5,000

  • 25 · Other liabilities

    beginning of year $18,800 · end of year $18,800

  • 27 · Net assets without donor restrictions

    end of year $2,661

  • 28 · Net assets with donor restrictions

    beginning of year $275,141 · end of year $232,839

Mission and programs · 2023

Mission

AUSTIN COMMUNITY GROWTH VENTURES (ACGV) WAS ESTABLISHED AS A 501(C)(3) CHARITABLE ORGANIZATION BY THE DEVELOPMENT CORPORATION OF AUSTIN WITH THE OVERALL GOAL TO PROMOTE, ENCOURAGE, AND AID IN THE CREATION OF AN INNOVATIVE ECOSYSTEM THAT SUPPORTS EDUCATION, CREATES QUALITY JOBS, AND INCREASES THE NEW APPLICATION OF BIOTECHNOLOGY, AGIRCULTURAL TECHNOLOGY, AND FOOD SCIENCE. ACGV WILL SERVE AS A KEY FACILITATOR IN AFFORDING EARLY STAGE COMPANIES AND DEVELOPED COMPANIES A CHANCE TO SUCCEED BY PROVIDING EDUCATION AND TRAINING IN IDEA DEVELOPMENT ASSISTANCE, PATENT SUBMISSION, BUSINESS PLANNING ASSISTANCE, AND FINANCING.

Activities or mission (Part I)

ENHANCE THE COMMUNITY BY PROMOTING, ENCOURAGING, AND AIDING IN THE CREATION OF AN INNOVATIVE ECOSYSTEM THAT SUPPORTS EDUCATION, CREATES QUALITY JOBS, AND INCREASES THE NEW APPLICATION OF BIOTECHNOLOGY, AGRICULTURAL TECHNOLOGY AND FOOD SCIENCE.

  • TO SERVE AS A RESEARCH ACCELERATOR FOR BIOTECHNOLOGY COMPANIES INVOLVED IN ECONOMIC DEVELOPMENT BY PROVIDING OFFICE AND LABORATORY SPACE AND ACCESS TO EQUIPMENT, RESEARCH COLLABORATION WITH FACULTY AND STAFF OF THE HORMEL INSTITUE, A PROGRAM OF THE UNIVERSITY OF MINNESOTA AND STUDENTS, FACULTY AND STAFF OF RIVERLAND COMMUNITY COLLEGE, A MEMBER OF MINNESOTA STATE COLLEGES AND UNIVERSITIES IN THE CITY OF AUSTIN, MINNESOTA. PROVIDES BUSINESS EDUCATION TO SMALL BUSINESS OWNERS AND ASPIRING ENTREPRENEURS.

    Expenses $195,291 · Grants $60,000

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Geoff Smith

    CHAIR

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Gail Dennison

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Phil Minerich

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Dan Hoffman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Craig Johnson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • John Garry

    EXECUTIVE DIRECTOR - DCA

    Total calculated
    $130,106
    From this org
    $0
    From related orgs
    $126,316
    Other
    $3,790
    Hours/week
    8 + 38 related

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.

Grants on this return

  • VENN FOUNDATION

    $60,000

    AUSTIN COMMUNITY GROWTH VENTURES (ACGV) WORKED WITH VENN FOUNDATION IN SUPPORTING TECHNOLOGY COMMERCIALIZATION EFFORTS AT THE HORMEL INSTITUTE (HI). FUNDS WENT TO THE VENN FOUNDATION TO STRUCTURE PROGRAM-RELATED INVESTMENTS (PRIS) THAT WOULD SUPPORT ADVANCING HORMEL INSTITUTE RESEARCH COMMERCIALIZATION. FROM VENN, PRI FUNDS WENT TO SCIENTISTS TO FURTHER DISCOVERIES THAT HAD COMMERCIALIZATION POTENTIAL.

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
2023
Filed
1 November 2024
IRS schema version
2023v5.1
Source object
202423129349302517

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