Traverse City Center Of Entrepreneurship
- Assets
- $418.2k
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 6
- Location
- Traverse City, MI
- Founding
- 10/2018
- Data as of
- 12/2022
- EIN
- 82-4116553
Organization Overview
Traverse City Center Of Entrepreneurship, operating under the name 20 Fathoms, is located in Traverse City, MI. The organization was established in 2018. As of 12/2022, 20 Fathoms employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. 20 Fathoms 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 12/2022, 20 Fathoms generated $1.0m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 10.7% each year . All expenses for the organization totaled $1.0m during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO CULTIVATE A THRIVING AND CONNECTED STARTUP ECOSYSTEM IN NW LOWER MICHIGAN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IS AN ENTREPRENEURSHIP INCUBATOR THAT PROVIDES NETWORKING OPPORTUNITIES AND A FUNCTIONAL WORKSPACE TO ITS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Casey Cowell Board Member | Trustee | 1 | $0 |
Lowell Gruman Board Chair, Interim Secretary | OfficerTrustee | 1 | $0 |
Janie Mcnabb Board Member | Trustee | 1 | $0 |
Eric Roberts Executive Director, Interim Treasurer | OfficerTrustee | 40 | $120,000 |
Rebecca Teahen Board Member | Trustee | 1 | $0 |
Greg Luyt Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $398,623 |
| All other contributions, gifts, grants, and similar amounts not included above | $234,774 |
| Noncash contributions included in lines 1a–1f | $83 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $633,397 |
| Total Program Service Revenue | $411,105 |
| Investment income | $0 |
| 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 | $1,044,952 |
| 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. | $120,000 |
| Compensation of current officers, directors, key employees. | $30,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $356,124 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $23,152 |
| Payroll taxes | $41,076 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,899 |
| Fees for services: Accounting | $7,341 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $141,063 |
| Advertising and promotion | $18,525 |
| Office expenses | $4,224 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $248,029 |
| Travel | $1,500 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $398 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $16,187 |
| Insurance | $0 |
| All other expenses | $7,935 |
| Total functional expenses | $1,028,416 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $312,619 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $44,682 |
| 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 | $60,937 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $418,238 |
| Accounts payable and accrued expenses | $14,184 |
| 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 | $193,900 |
| Other liabilities | $27,658 |
| Total liabilities | $235,742 |
| Net assets without donor restrictions | $0 |
| 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 | $182,496 |
| Total liabilities and net assets/fund balances | $418,238 |