Overview
What is Masschallenge Inc?
Masschallenge Inc, situated in Boston, Massachusetts, is a prominent nonprofit organization that supports entrepreneurship on a global scale. Their primary mission is to empower entrepreneurs by providing them with essential resources to launch and grow successful enterprises. This is achieved through an annual global startup competition, which attracted over 1200 applicants from across the US and the world, resulting in the selection of 125 companies for a comprehensive 4-month accelerator program. During this period, these companies benefit from free office space, educational and networking events, mentorship opportunities, and multi-million dollar in-kind sponsorships from various corporate partners. Masschallenge Inc's team consists of 93 dedicated individuals who are committed to connecting entrepreneurs with the resources they need to launch and succeed immediately.
Official website here: www.masschallenge.org
What are the reviews and ratings of this charity?
**: Charity Navigator Rating 92% (Four-Star out of Four Stars )**ar Rating)**
Masschallenge Inc has received an impressive Four-Star rating from Charity Navigator, indicating strong accountability and financial management. The organization excels in its governance practices, boasting a fully independent board and adhering to robust financial oversight protocols. Although their program expense ratio is competitive, the assessment of impact measurement, culture, and adaptability is currently not scored, leaving some areas for improvement in transparency regarding their operational efficacy.
Strengths highlighted include zero material diversion of assets, established conflict of interest and record retention policies, as well as a solid fundraising efficiency. The organization maintains a healthy liabilities to assets ratio, demonstrating financial stability and effective resource management. These factors contribute positively to the organization’s credibility as a nonprofit.
As user reviews from GreatNonprofits could not be retrieved, insights from those directly involved with or affected by Masschallenge Inc are unavailable. Therefore, prospective supporters or partners may want to look for direct testimonials or explore further data regarding the day-to-day impact of their initiatives.
This AI summary has been generated from information found on Charity Navigator.
Is Masschallenge Inc legitimate?
Masschallenge Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Masschallenge 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: $1,372,061
Professional Fundraising Fees: $96,000
Other Salaries and Wages: $4,421,144
For more financial information, click here
Official website here: www.masschallenge.org
What is the mission statement of Masschallenge Inc?
Masschallenge Inc's mission is focused on supporting entrepreneurs. They accomplish this by organizing a global startup competition to stimulate business and job creation and running a 4-month accelerator program to provide resources needed for enterprise growth. The primary activities include hosting an annual competition, documenting and organizing essential resources, and organizing training and networking events. Furthermore, Masschallenge Inc runs a 4-month accelerator program, offering free office space, educational workshops, networking events, mentorship, and in-kind sponsorships to selected startups. The goal is to connect entrepreneurs with the necessary resources to launch and succeed immediately.
Official website here: www.masschallenge.org
Who is the CEO of Masschallenge Inc?
Lisa Mclaughlin is the Ceo/President of Masschallenge Inc. The CEO's salary of Masschallenge Inc is $276,412 and their total compensation is $281,212.
Official website here: www.masschallenge.org
What is the revenue of Masschallenge Inc?
Masschallenge Inc's revenue in 2022 was $10,179,370.
Official website here: www.masschallenge.org
Who are the executives of Masschallenge Inc and what are their salaries?
The average compensation at Masschallenge Inc during 2022 was $62,293. There are 93 employees and 500 volunteers at Masschallenge Inc.
Here are 20 key members and their salaries (Masschallenge Inc's CEO's salary is $276,412 and their total compensation is $281,212):
- Compensation: $276,412
- Related: $0
- Other: $4,800
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $181,263
- Related: $0
- Other: $1,750
- Compensation: $177,437
- Related: $0
- Other: $3,682
- Compensation: $59,552
- Related: $0
- Other: $1,750
- Compensation: $95,270
- Related: $0
- Other: $0
- Compensation: $157,686
- Related: $0
- Other: $0
- Compensation: $209,720
- Related: $0
- Other: $4,950
- Compensation: $214,720
- Related: $0
- Other: $5,175
- Compensation: $196,167
- Related: $0
- Other: $4,606
- Compensation: $129,569
- Related: $0
- Other: $3,825
- Compensation: $139,683
- Related: $0
- Other: $2,687
- Compensation: $147,668
- Related: $0
- Other: $3,955
- Compensation: $153,963
- Related: $0
- Other: $3,816
Official website here: www.masschallenge.org
Where can I find the form 990 for Masschallenge Inc?
Masschallenge Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.masschallenge.org
Learn more at the official website: www.masschallenge.org
Mission Statement of Masschallenge Inc
Masschallenge Inc, a renowned organization, is dedicated to assisting entrepreneurs in launching and growing successful enterprises. Their primary mission is to connect these innovators with the essential resources required for immediate business success. This is accomplished through various activities, such as organizing an annual global startup competition, cataloging and arranging crucial resources, and hosting training and networking events.
One of Masschallenge Inc's key initiatives is the global startup competition, which attracted over 1200 applicants from various parts of the United States and the world in Boston, MA. From this impressive pool of applicants, 125 companies were selected to participate in a comprehensive 4-month accelerator program. This program provides the chosen startups with valuable advantages, including free office space, educational and networking events, access to over 400 mentors, and multi-million dollar in-kind sponsorships from numerous corporate sponsors.
In essence, Masschallenge Inc serves as a supportive platform for budding entrepreneurs, offering them a plethora of resources and opportunities to empower their businesses and accelerate their growth. By connecting them with the necessary tools and guidance, Masschallenge Inc plays a significant role in fostering a thriving entrepreneurial ecosystem.
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Impact
October, 2024
MassChallenge Inc significantly impacts the entrepreneurial ecosystem by facilitating the launch and growth of successful enterprises. Through its annual $1 million startup competition, the organization catalyzes business and job creation, particularly in Massachusetts, but with far-reaching global implications.
In Boston, MassChallenge attracted over 1,200 applicants from around the world, selecting 125 startups to participate in its highly regarded four-month accelerator program. This program offers invaluable resources, including free office space, educational workshops, and networking opportunities. Participants gain access to an extensive network of over 400 mentors and a wealth of in-kind sponsorships from leading corporations, equipping them to navigate the challenges of entrepreneurship effectively.
By connecting entrepreneurs with critical resources and a supportive community, MassChallenge not only enhances individual startups' chances of success but also contributes to broader economic growth and innovation. Its initiatives foster an environment where startups can thrive, leading to job creation and community improvement in the regions it serves.
This information is meant to be a general summary of Masschallenge 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.
- Program Service Revenue: $407,732
- Gross Receipts: $10,179,370
Assets and Liabilities:
- Total Assets: $9,785,870
- Total Liabilities: $2,678,803
- Net Assets: $7,107,067
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LICENSE FEES
Revenue
$347,625
EVENT REVENUE
Revenue
$45,150
APPLICATION & ADMINISTRATIVE
Revenue
$14,957
Organization Details
Founding Year
2009
Phone
(617) 863-0845Principal Officer
Lisa Mclaughlin
Main Address
10 FAN PIER BLVD 3RD FLOOR, BOSTON, MA, 02210
Website
www.masschallenge.orgNTEE Category
Code: S43 - Community improvement
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