Milwaukee Regional Innovation Center Inc
- Assets
- $8.0m
- Revenue
- $1.2m
- Investments
- $6.9m
- Employees
- 3
- Location
- Wauwatosa, WI
- Founding
- 03/2009
- Data as of
- 12/2021
- EIN
- 39-2076974
Organization Overview
Milwaukee Regional Innovation Center Inc is located in Wauwatosa, WI. The organization was established in 2009. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. As of 12/2021, Milwaukee Regional Innovation Center Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Milwaukee Regional Innovation 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 12/2021, Milwaukee Regional Innovation Center Inc generated $1.2m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $1.1m during the year ending 12/2021. While expenses have increased by 3.4% 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
THE MISSION OF THE ORGANIZATION IS (1) TO CREATE A CENTER FOR ENCOURAGING ENTREPRENEURSHIP MOTIVATED BY THE DESIRE TO GENERATE NEW EMPLOYMENT OPPORTUNITIES AND STIMULATE DEVELOPMENT; AND (2) TO PURSUE INNOVATION AND DEVELOPMENT OF RESEARCH PRODUCTS FOR THE BENEFIT OF THE MILWAUKEE REGIONAL MEDICAL CENTER, AREA UNIVERSITIES AND TECHNICAL SCHOOLS, AS WELL AS THE MILWAUKEE AREA, THE STATE OF WISCONSIN AND THE REGION; (3) TO SUPPORT AND HOUSE NEW AND DEVELOPING BUSINESSES ENGAGED IN TECHNOLOGY DEVELOPMENT, SCIENTIFIC RESEARCH AND RELATED ACTIVITIES, AND TO MODIFY AND REHABILITATE AND DEVELOP A TECHNOLOGY INNOVATION CENTER TO FURTHER THESE PURPOSES; 4) TO COMPLETE THE DEVELOPMENT OF THE MILWAUKEE COUNTY RESEARCH PARK AND TO MANAGE THE PARK IN ACCORDANCE WITH ITS DECLARATION OF CONVENTS, CONDITIONS, RESTRICTIONS AND DESIGN GUIDELINES; AND VARIOUS DEVELOPMENT AGREEMENTS WITH PARK OCCUPANTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF THE TECHNOLOGY INNOVATION CENTER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Guy Mascari Executive Director | Officer | 40 | $172,100 |
Robert Dennik Secretary | OfficerTrustee | 0.2 | $0 |
Nathaniel Cade Jr Treasurer | OfficerTrustee | 0.2 | $0 |
William Mastoris Chairman | OfficerTrustee | 0.2 | $0 |
Jaclynn Walsh Vice Chair | OfficerTrustee | 0.2 | $0 |
Richard Busalacchi Board Member | Trustee | 0.2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,026,924 |
| Investment income | $88,744 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $51,633 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,167,985 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $25,000 |
| 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. | $199,797 |
| Compensation of current officers, directors, key employees. | $69,929 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $160,861 |
| Pension plan accruals and contributions | $23,804 |
| Other employee benefits | $12,675 |
| Payroll taxes | $23,517 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $13,057 |
| Fees for services: Accounting | $57,814 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,400 |
| Advertising and promotion | $8,923 |
| Office expenses | $21,047 |
| Information technology | $24,471 |
| Royalties | $0 |
| Occupancy | $485,470 |
| Travel | $108 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,939 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $20,650 |
| Insurance | $36,303 |
| All other expenses | $0 |
| Total functional expenses | $1,117,491 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $454,934 |
| Savings and temporary cash investments | $69,712 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $37,347 |
| 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 | $14,672 |
| Net Land, buildings, and equipment | $254,600 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $6,863,296 |
| Investments—program-related | $311,073 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,005,634 |
| Accounts payable and accrued expenses | $150,617 |
| Grants payable | $0 |
| Deferred revenue | $21,956 |
| 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 | $71,330 |
| Total liabilities | $243,903 |
| Net assets without donor restrictions | $7,761,731 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $8,005,634 |
Endowment Analysis
| Beg. Balance | $5,055,373 |
| Earnings | $474,907 |
| Ending Balance | $5,530,280 |
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