Venture Michigan Fund
- Assets
- $479.8m
- Revenue
- $100.5m
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 03/2005
- Data as of
- 12/2021
- EIN
- 20-1443645
Organization Overview
Venture Michigan Fund is located in New York, NY. The organization was established in 2005. According to its NTEE Classification (S12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Venture Michigan Fund 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 12/2021, Venture Michigan Fund generated $100.5m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 50.8% each year . All expenses for the organization totaled $18.5m during the year ending 12/2021. 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 RAISE CAPITAL AND INVEST THAT CAPITAL IN VENTURE CAPITAL FIRMS WITH THE INTENT TO BENEFIT THE STATE OF MICHIGAN'S EARLY OR SEED STAGE BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO RAISE CAPITAL AND INVEST THAT CAPITAL IN VENTURE CAPITAL FIRMS WITH THE INTENT TO BENEFIT THE STATE OF MICHIGAN'S EARLY OR SEED STAGE BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffrey Rinvelt Treasurer | Trustee | 0 | $0 |
Scott Idle President | Trustee | 0 | $0 |
Dawn Batts Secretary | Trustee | 0 | $0 |
Ann Storberg N/a | Trustee | 0 | $0 |
Tim Easterwood N/a | Trustee | 0 | $0 |
Fredrick Molnar N/a | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $671,924 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $5,394 |
| 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 | $100,484,897 |
| Statement of Expenses | |
|---|---|
| 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. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $127,238 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $15,438,083 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $23,495 |
| All other expenses | $0 |
| Total functional expenses | $18,483,171 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $66,614,651 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $369,578,604 |
| Intangible assets | $0 |
| Other assets | $43,566,244 |
| Total assets | $479,759,499 |
| Accounts payable and accrued expenses | $71,373 |
| 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 | $73,592,118 |
| Total liabilities | $73,663,491 |
| Net assets without donor restrictions | $406,096,008 |
| 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 |
| Total liabilities and net assets/fund balances | $406,096,008 |