Wayne State Univ Research & Techno- Logy Park In The City Of Detroit
- Assets
- $24.2m
- Revenue
- $9.0m
- Investments
- $0.0
- Employees
- 59
- Location
- Detroit, MI
- Founding
- 12/2002
- Data as of
- 12/2021
- EIN
- 41-2061387
Organization Overview
Wayne State Univ Research & Techno- Logy Park In The City Of Detroit, operating under the name Techtown Techtown Detroit, is located in Detroit, MI. The organization was established in 2002. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Techtown Techtown Detroit employed 59 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Techtown Techtown Detroit 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, Techtown Techtown Detroit generated $9.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 25.2% each year . All expenses for the organization totaled $5.8m during the year ending 12/2021. While expenses have increased by 13.7% per year over the past 7 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.
Since 2015, Techtown Techtown Detroit has awarded 43 individual grants totaling $1,319,055. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TECHTOWN IS DETROIT'S ENTREPRENEURSHIP HUB. WE EMPOWER DETROIT-BASED STARTUPS AND LOCAL BUSINESSES BY PROVIDING RESOURCES, COLLABORATIVE WORKSPACE AND EDUCATION FOR ENTREPRENEURS THAT WILL FURTHER ACCELERATE INCLUSIVE ECONOMIC DEVELOPMENT ACROSS DETROIT. TECHTOWN IS A 501(C)(3) NONPROFIT AND IS LOCATED WITHIN THE WOODWARD TECHNOLOGY CORRIDOR SMARTZONE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUSINESS UNITS AND PROGRAMSTECHNOLOGY-BASED ENTREPRENEURSHIP PROGRAMMING - START STUDIO: IDEA-STAGE ACCELERATOR THAT VALIDATES EARLY-STAGE TECH STARTUPS THROUGH CUSTOMER DISCOVERY.-INCUBATOR: AN INTENSE AND DYNAMIC PROGRAM FOCUSED ON HELPING PROMISING TECH STARTUPS MAKE THE TRANSITION INTO PROFITABLE COMPANIES. VIA A COHORT MODEL, TECHTOWN WILL HELP FOUNDERS STRENGTHEN THEIR BUSINESSES IN THREE KEY AREAS: BUSINESS OPERATIONS, TECHNICAL OPERATIONS AND FUNDRAISING READINESS.-TECHNOLOGY COMMERCIALIZATION: TECHTOWN EVALUATED AND ROADMAPPED THE COMMERCIALIZATION POTENTIAL OF UNIVERSITY OR HEALTH CARE SYSTEM-DEVELOPED TECHNOLOGIES; HIGH POTENTIAL TECHNOLOGIES TRANSITION INTO TECHTOWN PROGRAMS.-TRACTION: TAKES THE BUSINESS MOVE FROM PRODUCT TO PURCHASE VIA A UNIQUE COMMUNITY OF ACCOUNTABILITY THAT HELPS STARTUPS MOVE FROM LAUNCHING THE FIRST VERSION OF THEIR PRODUCT TO GENERATING RECURRING REVENUE. -CAPITAL ACCESS PROGRAM: A SERIES OF TRAINING MODULES AND COHORT SUPPORT THAT HELPS ENTREPRENEURS UNDERSTAND THE TECH FUNDING LANDSCAPE AND ACCESS THE FUNDS NEEDED TO GET THEIR BUSINESS OFF THE GROUND.SMALL BUSINESS SERVICES-RETAIL BOOT CAMP: PREPARES SERIOUS ENTREPRENEURS WITH STRONG RETAIL CONCEPTS FOR THE SUCCESSFUL LAUNCH OF THEIR BRICK-AND-MORTAR BUSINESS IN A CORE DETROIT COMMERCIAL DISTRICT.-313 STRONG: COMBINES ECONOMIC DEVELOPMENT AND START-UP ACCELERATION STRATEGIES TO TRANSFORM DETROIT'S HISTORICALLY UNDERSERVED NEIGHBORHOODS INTO VIBRANT AND DENSE COMMUNITIES.SPACE - REAL ESTATE PROGRAMMING-OFFICE AND LAB SPACE: COMMERCIAL REAL ESTATE FOR INNOVATIVE DETROIT BUSINESSES.-CO-WORKING: CO-WORKING COMMUNITY OFFERING DETROIT ENTREPRENEURS AN AFFORDABLE, FLEXIBLE AND COLLABORATIVE WORK ENVIRONMENT.-MEETING AND EVENT SPACE: RECENTLY RENOVATED FIRST FLOOR INCLUDES EVENT SPACE WITH SEATING UP TO 180; MEETING, CONFERENCE AND TRAINING ROOMS; OPEN, GALLEY-STYLE KITCHEN WITH CAFE SEATING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kelly Kozlowski Chief Operating Officer | Officer | 20 | $161,684 |
Allandra Bulger Executive Director, Co.act Detroit | 40 | $148,680 | |
Dawn Batts Strategist, Technology-Based Programs | 40 | $126,610 | |
Marlo Rencher Director, Technology-Based Programs | 40 | $119,926 | |
Amy Rencher Mgmt Dir Entrepreneurial Pgrms & Srvs | 40 | $118,038 | |
Danielle Manley Director, Development | 40 | $104,234 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Michigan Community Resources Co.act Program Facilitation | 12/30/20 | $105,467 |
Public Sector Consultants Medhealth Project Support | 12/30/20 | $103,756 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $107,397 |
| Related organizations | $0 |
| Government grants | $1,408,987 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,437,761 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,954,145 |
| Total Program Service Revenue | $67,299 |
| Investment income | $146 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$42,739 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,978,851 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $489,787 |
| 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. | $218,165 |
| Compensation of current officers, directors, key employees. | $146,182 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,146,217 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $298,636 |
| Payroll taxes | $177,443 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,575 |
| Fees for services: Accounting | $39,303 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,248,271 |
| Advertising and promotion | $187,998 |
| Office expenses | $139,411 |
| Information technology | $0 |
| Royalties | $125,055 |
| Occupancy | $125,817 |
| Travel | $364 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $355,358 |
| Interest | $29,798 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $75,169 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $5,753,462 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $379,360 |
| Savings and temporary cash investments | $1,423,652 |
| Pledges and grants receivable | $3,388,958 |
| Accounts receivable, net | $11,867,014 |
| 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 | $26,115 |
| Net Land, buildings, and equipment | $304,546 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $6,831,415 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $24,221,060 |
| Accounts payable and accrued expenses | $926,197 |
| Grants payable | $0 |
| Deferred revenue | $104,881 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $41,161 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $980,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $19,544 |
| Total liabilities | $2,071,783 |
| Net assets without donor restrictions | $16,553,395 |
| Net assets with donor restrictions | $5,595,882 |
| 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 | $24,221,060 |
Grants Awarded
Over the last fiscal year, Wayne State Univ Research & Techno- Logy Park In The City Of Detroit has awarded $251,239 in support to 16 organizations.
| Grant Recipient | Amount |
|---|---|
Detroit, MI PURPOSE: CDAD MINI GRANT | $42,000 |
Detroit, MI PURPOSE: CDAD MINI GRANT | $24,000 |
Detroit, MI PURPOSE: ACTIVATE FUND NONPROFIT FUNDAMENTALS GRANTEE | $20,000 |
FOODCORPS PURPOSE: CDAD MINI GRANT | $20,000 |
Detroit, MI PURPOSE: CDAD MINI GRANT | $20,000 |
Detroit, MI PURPOSE: CDAD MINI GRANT | $20,000 |
Grants Recieved
Over the last fiscal year, we have identified 19 grants that Wayne State Univ Research & Techno- Logy Park In The City Of Detroit has recieved totaling $4,312,651.
| Awarding Organization | Amount |
|---|---|
Kresge Foundation Troy, MI PURPOSE: THIS GRANT PROVIDES PROJECT SUPPORT AND REGRANTING FUNDS TO CO.ACT DETROIT TO ACT AS THE GRANTMAKING INTERMEDIARY FOR KRESGE INNOVATIVE PROJECTS: DETROIT ROUND 7, TO BE LAUNCHED IN NOVEMBER 2021. | $1,600,000 |
William Davidson Foundation Birmingham, MI PURPOSE: TO SUPPORT ENTREPRENEURSHIP PROGRAMMING | $550,000 |
William Davidson Foundation Birmingham, MI PURPOSE: TO SUPPORT ENTREPRENEURSHIP PROGRAMMING | $550,000 |
The Morris Foundation Fort Worth, TX PURPOSE: BOOKNOOK VIRTUAL TRAINING | $250,000 |
Jp Morgan Chase Foundation New York, NY PURPOSE: IN SUPPORT OF UNDERSERVED SMALL BUSINESS EXPANSION | $250,000 |
Kresge Foundation Troy, MI PURPOSE: THIS GRANT PROVIDES SUPPORT TO CO.ACT DETROIT TO ACT AS THE GRANTMAKING INTERMEDIARY FOR KRESGE INNOVATIVE PROJECTS: DETROIT ROUND 7, TO BE LAUNCHED IN THE FALL OF 2021. | $212,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Visit Indy Inc Indianapolis, IN | $20,981,890 | $14,589,218 |
The Convention And Visitors Bureau Of Greater Cleveland Inc Cleveland, OH | $25,296,918 | $17,425,666 |
Columbus Downtown Development Corporation Columbus, OH | $118,710,723 | $12,117,471 |
Wisconsin Dells Visitor & Convention Bureau Wisconsin Dells, WI | $26,952,168 | $17,110,395 |
Metropolitan Detroit Convention & Vistors Bureau Detroit, MI | $36,765,048 | $14,015,809 |
Detroit Economic Growth Corp Detroit, MI | $7,209,211 | $10,420,774 |
Lawrence Economic Development Corporation South Point, OH | $62,339,240 | $9,945,474 |
Wbd Inc Madison, WI | $14,868,892 | $9,399,155 |
Southwest Michigan First Corporation Kalamazoo, MI | $10,945,070 | $8,560,798 |
Wenonah Park Properties Inc Bay City, MI | $22,411,152 | $7,079,713 |
Applied Research Institute Bloomington, IN | $3,329,526 | $9,074,163 |
Grand Rapids-Kent Cty Convention Center & Vistors Bureau Grand Rapids, MI | $10,130,209 | $9,465,987 |