Muncie Innovation Connector Inc
- Assets
- $3.2m
- Revenue
- $740.5k
- Investments
- $0.0
- Employees
- 5
- Location
- Muncie, IN
- Founding
- 06/2004
- Data as of
- 12/2021
- EIN
- 35-2216589
Organization Overview
Muncie Innovation Connector Inc is located in Muncie, IN. The organization was established in 2004. 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 12/2021, Muncie Innovation Connector Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Muncie Innovation Connector 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 12/2021, Muncie Innovation Connector Inc generated $740.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (6.1%) each year. All expenses for the organization totaled $870.9k 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 BE EAST CENTRAL INDIANA'S PRIMARY SPONSOR BRINGING IN TECHNOLOGICAL FIRMS.SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
ASSISTING IN THE CREATION OF EMERGING TECHNOLOGY-BASED COMPANIES THAT WILL IMPROVE THE ECONOMY OF EAST CENTRAL INDIANA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Theodore Baker Executive Director | Officer | 40 | $182,830 |
Ronald Fauquher Chairman Of The Board | OfficerTrustee | 1 | $0 |
James Borgmann Secretary/treasurer | OfficerTrustee | 1 | $0 |
Stefan Anderson Board Member | Trustee | 1 | $0 |
Kristen Smith Board Member | Trustee | 1 | $0 |
Jeff Parson Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $49,865 |
| All other contributions, gifts, grants, and similar amounts not included above | $396,975 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $446,840 |
| Total Program Service Revenue | $293,539 |
| Investment income | $112 |
| 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 | $740,491 |
| 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. | $391,349 |
| Compensation of current officers, directors, key employees. | $58,702 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $15,773 |
| Other employee benefits | $0 |
| Payroll taxes | $26,214 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $500 |
| Fees for services: Accounting | $7,798 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,000 |
| Advertising and promotion | $23,191 |
| Office expenses | $810 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $82,623 |
| Travel | $15,618 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,921 |
| Interest | $61,241 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $90,479 |
| Insurance | $12,297 |
| All other expenses | $10,303 |
| Total functional expenses | $870,929 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $682,933 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,013 |
| 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 | $22,017 |
| Net Land, buildings, and equipment | $2,342,205 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $135,430 |
| Total assets | $3,188,598 |
| Accounts payable and accrued expenses | $100,359 |
| Grants payable | $327,692 |
| 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 | $1,297,673 |
| Unsecured mortgages and notes payable | $176,744 |
| Other liabilities | $0 |
| Total liabilities | $1,902,468 |
| Net assets without donor restrictions | $1,261,130 |
| Net assets with donor restrictions | $25,000 |
| 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 | $3,188,598 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Muncie Innovation Connector Inc has recieved totaling $312,754.
| Awarding Organization | Amount |
|---|---|
George And Frances Ball Foundation Muncie, IN PURPOSE: SPARKIT MUNCIE | $111,177 |
George And Frances Ball Foundation Muncie, IN PURPOSE: SPARKIT MUNCIE | $111,177 |
Ball Brothers Foundation Muncie, IN PURPOSE: INNOVATION CONNECTOR TRAILBLAZER | $50,000 |
Community Foundation Of Muncie And Delaware County Inc Muncie, IN PURPOSE: PROGRAM SUPPORT | $36,400 |
George And Frances Ball Foundation Muncie, IN PURPOSE: RESULTS-BASED ACCOUNTABILITY CERTIFICATIONS | $2,000 |
George And Frances Ball Foundation Muncie, IN PURPOSE: RESULTS-BASED ACCOUNTABILITY CERTIFICATIONS | $2,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Milwaukee Economic Development Corp Milwaukee, WI | $129,937,785 | $4,507,113 |
The Center Of Workforce Innovations Inc Valparaiso, IN | $2,958,255 | $14,608,336 |
World Business Chicago Chicago, IL | $9,302,792 | $9,942,081 |
Enlace Chicago Chicago, IL | $7,912,354 | $9,016,287 |
West Central Indiana Economic Development District Inc Terre Haute, IN | $2,629,970 | $4,624,225 |
Common Wealth Development Inc Madison, WI | $16,900,042 | $3,774,568 |
Evansville Vanderburgh County Convention & Visitors Bureau Inc Evansville, IN | $5,490,585 | $3,551,749 |
Milwaukee Urban Strategic Investment Corp Milwaukee, WI | $23,035,863 | $4,044,506 |
Far South Cdc Chicago, IL | $4,303,074 | $2,694,787 |
Northwest Side Community Development Corporation Milwaukee, WI | $11,140,702 | $4,254,876 |
Wepower Saint Louis, MO | $83,554 | $1,807,746 |
Capitalplus Exchange Corporation Skokie, IL | $2,405,541 | $1,079,242 |