Overview
What is Technology Entrepreneur Center Inc?
Technology Entrepreneur Center Inc, also known as TEC Inc, is a nonprofit organization situated in St. Louis, Missouri. With a mission to support technology-driven entrepreneurs, TEC Inc operates primarily in the St. Louis region. Their main activity involves operating an incubator, offering subsidized rent to startups in their initial stages of business development. Beyond this, TEC Inc occasionally provides educational programs and networking opportunities to further assist these entrepreneurs. Their primary objective is to contribute to the revitalization of distressed communities by aiding in the creation and growth of technology-based businesses, thereby providing employment opportunities for local residents.
Official website here: www.downtowntrex.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 88% (Three-Star out of Four Stars)
Technology Entrepreneur Center Inc has earned a Three-Star rating from Charity Navigator, reflecting strong performance in accountability and finance. With an overall score calculated from a single beacon score, the organization demonstrates solid financial practices and governance, particularly with its high percentage of independent board members and effective financial oversight.
The organization scores particularly well in areas such as the material diversion of assets, program expense ratio, and liabilities to assets ratio, indicating sound financial health and responsible management of resources. However, there are notable limitations in its governance practices, most specifically the absence of a whistleblower policy, document retention and destruction policy, and tax form postings on its website, which detracts from its overall accountability score.
While the organization shows commendable fiscal responsibility and strong governance in several areas, these gaps in policy documentation suggest opportunities for improvement. Addressing these weaknesses could further enhance its rating and increase transparency for stakeholders and donors.
This AI summary has been generated from information found on Charity Navigator.
Is Technology Entrepreneur Center Inc legitimate?
Technology Entrepreneur Center Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Technology Entrepreneur Center Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $145,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $432,385
For more financial information, click here
Official website here: www.downtowntrex.com
What is the mission statement of Technology Entrepreneur Center Inc?
The Technology Entrepreneur Center Inc, in its mission, focuses on supporting technology-driven entrepreneurs in their early stages of business development. The primary activity of the center is operating an incubator, offering subsidized rent to these startups. Occasionally, the center also provides educational programs and networking opportunities to further assist these entrepreneurs. In addition to its incubator services, the center also aims to provide services and technical assistance to start-up companies in distressed communities, with an intent to help these companies hire residents from these communities.
Official website here: www.downtowntrex.com
Who is the CEO of Technology Entrepreneur Center Inc?
Patricia Hagen is the Director of Technology Entrepreneur Center Inc.
Official website here: www.downtowntrex.com
What is the revenue of Technology Entrepreneur Center Inc?
Technology Entrepreneur Center Inc's revenue in 2022 was $1,719,886.
Official website here: www.downtowntrex.com
Who are the executives of Technology Entrepreneur Center Inc and what are their salaries?
The average compensation at Technology Entrepreneur Center Inc during 2022 was $72,173. There are 8 employees and 10 volunteers at Technology Entrepreneur Center Inc.
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- Compensation: $178,422
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- Other: $14,912
Official website here: www.downtowntrex.com
Where can I find the form 990 for Technology Entrepreneur Center Inc?
Technology Entrepreneur Center Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.downtowntrex.com
Learn more at the official website: www.downtowntrex.com
Mission Statement of Technology Entrepreneur Center Inc
Technology Entrepreneur Center Inc, often abbreviated as TEC, is committed to supporting technology-driven entrepreneurs in their formative stages. The primary activity of TEC is operating an incubator, providing subsidized rent to these fledgling businesses. This incubator environment aids in the early development of these startups. Beyond this, TEC occasionally offers educational programs and networking opportunities to further support these entrepreneurs.
In addition to its incubator services, TEC extends its support to startups in communities classified as "distressed." The organization provides technical assistance in these areas, aiming to assist these companies in hiring residents from these communities. By doing so, TEC contributes to the economic growth and development of these communities, ultimately providing opportunities for local residents.
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Impact
October, 2024
Technology Entrepreneur Center Inc significantly enhances the entrepreneurial landscape in the St. Louis region by providing critical support to technology-based startups. Through its incubator program, TEC offers subsidized rent to early-stage companies, creating an accessible environment for entrepreneurs to develop and launch their businesses.
By focusing on "distressed" communities, TEC not only fosters innovation but also drives economic development in areas that need it most. The organization equips startups with essential services and technical assistance, directly aiding them in establishing a solid foundation for growth. Furthermore, TEC encourages job creation by assisting these businesses in hiring local residents, thereby helping to elevate the economic prospects of the community.
Additionally, TEC organizes educational programs and networking activities, creating valuable opportunities for entrepreneurs to learn, connect, and collaborate. This multifaceted approach not only supports individual startups but also contributes to a thriving technological ecosystem in St. Louis, promoting broader community improvement and resilience.
This information is meant to be a general summary of Technology Entrepreneur Center Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Gross Receipts: $2,489,487
Assets and Liabilities:
- Total Assets: $14,599,291
- Total Liabilities: $7,313,400
- Net Assets: $7,285,891
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Organization Details
Founding Year
2003
Phone
(314) 241-7500Principal Officer
Patricia Hagen
Main Address
911 WASHINGTON AVENUE SUITE 500, ST LOUIS, MO, 63101
Website
www.downtowntrex.comNTEE Category
Code: S43 - Community improvement
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