Overview
What is Venture Michigan Fund?
The Venture Michigan Fund is a nonprofit organization located in New York, specifically at 767 Fifth Avenue, 14th Floor, with the primary goal of raising capital and investing that capital into venture capital firms. By doing so, they aim to positively impact early or seed-stage businesses in Michigan. This investment strategy is intended to stimulate growth and development within the state.
Official website here: www.venturemichigan.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 88% - Three-Star out of Four Star rating
Venture Michigan Fund has achieved a solid Three-Star rating from Charity Navigator, reflecting its strong performance in accountability and finance. The organization boasts an impressive accountability score of 88%, showcasing effective governance through its majority independent board and well-maintained financial statements. The absence of material diversion of assets and the high ratio of program expenses to total expenses underscores its commitment to maximizing resources for its mission.
The fund demonstrates comprehensive transparency, with listed financial documents and policies, although it lacks a whistleblower policy and certain document retention procedures which could enhance its governance practices. While these limitations do not significantly detract from its overall rating, they highlight areas for potential improvement. The fund's commitment to accountability is further reinforced by its solid liabilities to assets ratio.
Overall, the Venture Michigan Fund stands out for its strong financial practices and governance, though addressing the noted omissions could further strengthen its organizational integrity. Its focus on program expenditures indicates that the majority of funds are effectively directed toward its initiatives, aligning with best practices in nonprofit operations.
This AI summary has been generated from information found on Charity Navigator.
Is Venture Michigan Fund legitimate?
Venture Michigan Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Venture Michigan Fund 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.venturemichigan.com
What is the mission statement of Venture Michigan Fund?
The Venture Michigan Fund is dedicated to raising capital and investing it in venture capital firms to support the growth of early or seed stage businesses within Michigan. By doing so, the fund aims to positively impact the state's economy and entrepreneurial ecosystem. Through strategic investments, the Venture Michigan Fund seeks to foster innovation and create new job opportunities for Michigan residents. The fund's efforts are geared towards providing financial resources and expertise to emerging companies, enabling them to scale and reach their full potential. The ultimate goal is to stimulate economic growth and create a vibrant business community within Michigan.
Official website here: www.venturemichigan.com
Who is the CEO of Venture Michigan Fund?
John Evans is the Treasurer of Venture Michigan Fund.
Official website here: www.venturemichigan.com
What is the revenue of Venture Michigan Fund?
Venture Michigan Fund's revenue in 2022 was $26,346,078.
Official website here: www.venturemichigan.com
Who are the executives of Venture Michigan Fund and what are their salaries?
There 7 volunteers at Venture Michigan Fund.
Here are 7 key members and their salaries:
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Official website here: www.venturemichigan.com
Where can I find the form 990 for Venture Michigan Fund?
Venture Michigan Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.venturemichigan.com
Learn more at the official website: www.venturemichigan.com
Mission Statement of Venture Michigan Fund
Venture Michigan Fund is a mission-driven organization dedicated to raising capital and investing that capital into venture capital firms. The ultimate goal is to benefit the early or seed stage businesses in Michigan. By investing in venture capital firms, Venture Michigan Fund aims to foster growth within the Michigan business community and contribute to its economic development.
The Venture Michigan Fund's strategy is twofold: first, they raise capital; second, they invest that capital in venture capital firms. The capital is specifically intended to support businesses in their early stages, providing them with the resources they need to grow and thrive. The organization's investment in venture capital firms allows them to reach a broad range of potential businesses and make a significant impact on Michigan's entrepreneurial ecosystem.
Moreover, the Venture Michigan Fund plays a vital role in the Michigan business community by identifying and supporting promising businesses that may not have access to other forms of funding. By focusing on early stage businesses, the organization helps to fill a gap in the funding landscape and provides these young companies with the resources they need to succeed. In doing so, the Venture Michigan Fund lays the groundwork for a vibrant and innovative business community in Michigan.
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Impact
October, 2024
Venture Michigan Fund significantly impacts the state's economy by raising capital and strategically investing in venture capital firms. This approach fuels the growth of early and seed-stage businesses within Michigan, fostering innovation and job creation. By channeling funds into promising startups, the Fund helps stimulate local entrepreneurship, enhances community improvement, and contributes to a vibrant economic landscape. The focus on supporting Michigan-based businesses not only strengthens the local economy but also positions the state as a hub for technological advancement and entrepreneurial success.
This information is meant to be a general summary of Venture Michigan Fund. 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.
- Investment Income: $1,632,809
- Gross Receipts: $26,346,078
Assets and Liabilities:
- Total Assets: $339,849,528
- Total Liabilities: $10,914,646
- Net Assets: $328,934,882
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Organization Details
Founding Year
2004
Phone
(646) 362-3700Principal Officer
John Evans
Main Address
767 Fifth Avenue 14th Floor, NEW YORK, NY, 10153
Website
www.venturemichigan.comNTEE Category
Code: S123 - Community improvement
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