Enterprise Center Inc
- Assets
- $3.7m
- Revenue
- $6.0m
- Investments
- $0.0
- Employees
- 11
- Location
- Chattanooga, TN
- Founding
- 02/2005
- Data as of
- 06/2021
- EIN
- 20-0062024
Organization Overview
Enterprise Center Inc is located in Chattanooga, TN. The organization was established in 2005. 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 06/2021, Enterprise Center Inc employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Enterprise Center Inc 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 06/2021, Enterprise Center Inc generated $6.0m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 40.7% each year . All expenses for the organization totaled $3.8m during the year ending 06/2021. While expenses have increased by 26.8% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ORGANIZE AND LEVERAGE THE RESEARCH, EDUCATIONAL AND TECHNOLOGICAL RESOURCES OF THE CITY OF CHATTANOOGA AND HAMILTON COUNTY AROUND THE FOLLOWING AREAS: BRIDGING THE DIGITAL DIVIDE WITH COMMUNITIES; BUILDING ON CHATTANOOGA'S GIGABIT-PER-SECOND INFRASTRUCTURE; AND, CREATING A DISTINCT LOCATION TO RECRUIT AND BUILD NEW TECHNOLOGY BASED BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DIGITAL EQUITY PROGRAM SUPPORTS PROVIDING TECHNOLOGY AND THE EDUCATION NECESSARY TO LEARN TO USE IT TO THE UNDERPRIVALEGED. THE ENTERPRISE CENTER BELIEVES THAT IF YOU PROVIDE PEOPLE WITH THE TOOLS TO HELP BETTER THEMSELVES, THEY WILL.
THE CHATTANOOGA INNOVATION DISTRICT, DESIGNATED IN JANUARY 2015, SUPPORTS BRINGING TECHNOLOGY AND IDEAS TO CHATTANOOGA, TN. THE INNOCATION DISTRICT IS ATTEMPTING TO SPREAD NEW IDEAS AND INFORMATION, AND GAIN NATIONWIDE ATTENTION FOR THE CITY OF CHATTANOOGA.
APPLICATIONS AND RESEARCH PROGRAM IS USING CHATTANOOGA'S ADVANCED INTERNET CAPABILITIES FOR THINGS SUCH AS NEW APPLICATION AND SOFTWARE DEVELOPMENT. PROGRAM PARTNERSHIPS INCLUDE COLLEGES ACROSS THE COUNTRY DUE TO THE HIGH INTERNET GIGABIT CAPABILITY FOUND IN CHATTANOOGA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Deb Socia President | Officer | 40 | $182,000 |
Daniel Ryan Vice-Chair | OfficerTrustee | 3 | $0 |
Courtney Watson Treasurer | OfficerTrustee | 3 | $0 |
Sydney Crisp Chair | OfficerTrustee | 3 | $0 |
Rick Hitchcock Secretary | OfficerTrustee | 3 | $0 |
Steven Angle Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,171,960 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,821,511 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,993,471 |
| Total Program Service Revenue | $0 |
| Investment income | $4,829 |
| 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 | $5,998,300 |
| 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. | $172,000 |
| Compensation of current officers, directors, key employees. | $34,400 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $465,132 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $116,751 |
| Payroll taxes | $49,112 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,215 |
| Fees for services: Accounting | $35,364 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $202,983 |
| Advertising and promotion | $0 |
| Office expenses | $69,040 |
| Information technology | $262,022 |
| Royalties | $0 |
| Occupancy | $136,791 |
| Travel | $4,985 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,259 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $28,232 |
| Insurance | $19,436 |
| All other expenses | $25,004 |
| Total functional expenses | $3,766,395 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,568,105 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $109,383 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,677,488 |
| Accounts payable and accrued expenses | $78,378 |
| 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 | $78,378 |
| Net assets without donor restrictions | $1,113,766 |
| Net assets with donor restrictions | $2,485,344 |
| 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 | $3,677,488 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Enterprise Center Inc has recieved totaling $565,000.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of Greater Chattanooga Inc Chattanooga, TN PURPOSE: SMART CITY STUDENT CONNECTIVITY PROJECT | $500,000 |
Mckenzie Foundation Chattanooga, TN PURPOSE: OPERATING FUNDS | $65,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Carter Street Corporation Chattanooga, TN | $16,714,346 | $6,596,539 |
Charlotte Center City Partners Charlotte, NC | $3,090,178 | $6,164,890 |
Venture Richmond Inc Richmond, VA | $7,025,585 | $5,575,003 |
Enterprise Center Inc Chattanooga, TN | $3,677,488 | $5,998,300 |
White River Planning & Development Dist Inc Batesville, AR | $13,868,468 | $4,307,468 |
Common Ground Alliance Alexandria, VA | $4,149,136 | $2,873,132 |
Forward Cities Inc Durham, NC | $1,196,373 | $2,460,187 |
Wepower Saint Louis, MO | $83,554 | $1,807,746 |
Industrial Commons Morganton, NC | $6,060,975 | $4,558,553 |
Partners In Ministry Laurinburg, NC | $1,633,972 | $2,541,350 |
Small Business Assistance Corp Savannah, GA | $17,970,431 | $1,539,306 |
Catalytic Development Funding Corp Of Northern Kentucky Covington, KY | $17,082,435 | $2,043,108 |