Invest Michigan
- Assets
- $16.1m
- Revenue
- $87.6k
- Investments
- $1.5m
- Employees
- 2
- Location
- Northville, MI
- Founding
- 05/2015
- Data as of
- 03/2023
- EIN
- 46-3865120
Organization Overview
Invest Michigan is located in Northville, MI. The organization was established in 2015. 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 03/2023, Invest Michigan employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Invest Michigan 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 03/2023, Invest Michigan generated $87.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (18.0%) each year. All expenses for the organization totaled $586.6k during the year ending 03/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ENHANCE TECHNOLOGICAL INNOVATION BY CREATING A SUPPORTIVE FINANCING ENVIRONMENT IN MI.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ORGANIZATION'S MISSION IS TO ENHANCE TECHNOLOGICIAL INNOVATION BY CREATING A NURTURING ENVIRONMENT DESIGNED TO ATTRACT START-UP AND EMERGING TECHNOLOGY-ORIENTED BUSINESSES IN MICHIGAN. FUNDING AND INVESTMENT FACILITATION PROGRAM TO IDENTIFY, DIRECT AND OPERATE PROGRAMS ASSOCIATED WITH ASSISTING IN FORMATION OF START-UP AND EARLY STAGE TECHNOLOGY BASED COMPANIES IN MICHIGAN. EXPANDING AND DIVERSIFYING THE LOCAL ECONOMY BY INCREASING THE NUMBER OF HIGH-TECH COMPANIES IN THE STATE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Moret President | OfficerTrustee | 50 | $281,344 |
Jody Vanderwel Treasurer | OfficerTrustee | 1 | $0 |
Matthew Turner Secretary | OfficerTrustee | 1 | $0 |
James Baker Director | Trustee | 1 | $0 |
James Tenzillo Vice President | Officer | 50 | $179,036 |
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 | $0 |
| Investment income | $68,181 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $18,465 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $87,646 |
| 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. | $494,409 |
| Compensation of current officers, directors, key employees. | $79,105 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $25,399 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $10,131 |
| Advertising and promotion | $6,870 |
| Office expenses | $21,285 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $12,177 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $760 |
| All other expenses | $15,574 |
| Total functional expenses | $586,605 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,583 |
| Savings and temporary cash investments | $377,397 |
| 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 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,495,854 |
| Investments—program-related | $14,179,884 |
| Intangible assets | $0 |
| Other assets | $64,527 |
| Total assets | $16,125,245 |
| Accounts payable and accrued expenses | $46,024 |
| 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 | $46,024 |
| Net assets without donor restrictions | $16,071,638 |
| Net assets with donor restrictions | $7,583 |
| 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 | $16,125,245 |
Grants Awarded
Over the last fiscal year, Invest Michigan has awarded $15,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
ANN ARBOR SPARK PURPOSE: SMART ZONES - SCREENING & SUPPORT OF PRE-SEED TRANSACTIONS | $5,000 |
GRAND VALLEY STATE UNIVERSITY PURPOSE: SMART ZONES - SCREENING & SUPPORT OF PRE-SEED TRANSACTIONS | $5,000 |
SOUTHWEST MICHIGAN INNOVATION CENTER INC PURPOSE: SMART ZONES - SCREENING & SUPPORT OF PRE-SEED TRANSACTIONS | $5,000 |