Overview
What is Connect Foundation?
Connect Foundation is a nonprofit organization based in San Diego, California, specifically at 9605 Scranton Road 110. Its primary mission is to elevate entrepreneurs within the life science and tech communities of the region by providing educational programming, mentorship, introductions, and access to capital. The foundation aims to help innovative companies thrive, ultimately making a meaningful impact on San Diego's development. Established over three decades ago, Connect Foundation serves as a trusted partner, fostering a world-class innovation economy by supporting entrepreneurs from their early stages to seasoned executives. The organization operates across various industry verticals, driven by an inclusive social good mindset, aiming to make a positive impact across the entire megaregion. With a workforce of 14 individuals, Connect Foundation plays a significant role in igniting San Diego's innovation economy.
Official website here: www.connect.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 91% - Four-Star out of Four Star rating from Charity Navigator.
Connect Foundation has earned a strong Four-Star rating from Charity Navigator, indicating effective management and accountability in its operations. With an Accountability & Finance Score of 91, the foundation demonstrates a high level of transparency and commitment to ethical practices, as evidenced by 100% independent board members and no material diversion of assets.
The organization excels in its financial efficiency, showcasing a program expense ratio of 77.81%, meaning a significant portion of its funds is directed towards its programs rather than administrative costs. Additionally, its fundraising efficiency is commendable, with just $0.10 spent to raise each dollar, indicating a well-managed funding strategy.
Despite its strengths, the working capital ratio of 0.67 years suggests a potential area for improvement in liquidity management. Overall, Connect Foundation's robust governance and high operational standards position it as a trustworthy nonprofit with a solid track record of financial responsibility.
This AI summary has been generated from information found on Charity Navigator.
Is Connect Foundation legitimate?
Connect Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Connect Foundation 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: $476,287
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,165,862
For more financial information, click here
Official website here: www.connect.org
What is the mission statement of Connect Foundation?
The Connect Foundation's mission is to foster entrepreneurship by offering educational programming, mentorship, introductions, and access to capital. Their goal is to help innovative companies thrive, enabling them to make a significant impact in various sectors. Established as an innovation instigator, Connect Foundation supports entrepreneurs, from first-time founders to seasoned executives, as they grow their companies. Operating across diverse industry verticals, the foundation is driven by a mindset centered on inclusive social good, aiming to make a positive impact across the entirety of the region. By providing access to institutional capital, strategic advising, and partnering opportunities, Connect Foundation brings together the region's culture and spirit to ignite its innovation economy.
Official website here: www.connect.org
Who is the CEO of Connect Foundation?
Mike Krenn is the Member Of Board of Connect Foundation. The CEO's salary of Connect Foundation is $301,140 and their total compensation is $301,140.
Official website here: www.connect.org
What is the revenue of Connect Foundation?
Connect Foundation's revenue in 2023 was $2,562,877.
Official website here: www.connect.org
Who are the executives of Connect Foundation and what are their salaries?
The average compensation at Connect Foundation during 2023 was $117,296. There are 14 employees and 30 volunteers at Connect Foundation.
Here are 94 key members and their salaries (Connect Foundation's CEO's salary is $301,140 and their total compensation is $301,140):
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Official website here: www.connect.org
Where can I find the form 990 for Connect Foundation?
Connect Foundation's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.connect.org
Learn more at the official website: www.connect.org
Mission Statement of Connect Foundation
The Connect Foundation, as an innovation instigator, is dedicated to elevating San Diego's entrepreneurial landscape. Established over three decades ago, this organization serves as a trusted partner, supporting pioneers in the life science and tech communities as they navigate the journey from budding entrepreneurs to seasoned executives. The Connect Foundation operates across various industry verticals, fostering an inclusive social good ethos that aims to create a positive impact across the entire innovation ecosystem.
In pursuit of its mission, the Connect Foundation provides a range of services designed to nurture entrepreneurial mastery. By offering access to institutional capital, strategic advising, and partnering opportunities, the organization brings together the region's culture and spirit to ignite the innovation economy. The Connect Foundation serves as a beacon of support, guiding entrepreneurs through the challenges of scaling their companies, from inception to maturity. Ultimately, the Connect Foundation's mission is to build a world-class innovation economy, enabling innovative companies to thrive and make meaningful contributions to the development of their respective communities.
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Impact
October, 2024
Connect Foundation significantly impacts the entrepreneurial landscape in San Diego by fostering an environment where innovative companies can thrive. Through comprehensive educational programming, mentorship, and strategic introductions, it empowers entrepreneurs from various backgrounds, helping them scale their businesses and contribute meaningfully to the local economy.
One of its hallmark events, the Life Science Luminary Dinner, exemplifies its influence by gathering key players in the life science sector. This annual event not only celebrates achievements but also strengthens relationships among top innovators, promoting collaboration within the community.
With over 30 years of experience, Connect Foundation acts as a catalyst for growth across diverse industry verticals, ensuring that both first-time founders and seasoned executives have access to critical resources such as capital and expert guidance. Its commitment to inclusive social good extends the benefits of entrepreneurial success throughout the entire region, making a lasting positive impact on San Diego's innovation economy.
This information is meant to be a general summary of Connect Foundation. 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 2023.
- Investment Income: $362
- Program Service Revenue: $456,384
- Gross Receipts: $2,562,877
Assets and Liabilities:
- Total Assets: $2,581,098
- Total Liabilities: $1,278,709
- Net Assets: $1,302,389
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
UNDERWRITING
Revenue
$244,500
PROGRAM FEES
Revenue
$211,884
Organization Details
Founding Year
2005
Phone
(858) 964-1300Principal Officer
Mike Krenn
Main Address
9605 SCRANTON ROAD 110, SAN DIEGO, CA, 92121
Website
www.connect.orgNTEE Category
Code: B90 - Education
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