Overview
What is Venture For America Inc?
Venture For America Inc is a nonprofit organization that fosters economic growth in American cities by empowering aspiring entrepreneurs. Based in Detroit, Michigan, they recruit and train top college graduates, placing them in startups in emerging entrepreneurial ecosystems across the nation. Through a rigorous two-year fellowship program, Venture For America offers a two-week training camp and ongoing support, helping fellows launch high-impact businesses. They also operate an accelerator for program graduates starting their own ventures. Committed to diversity and inclusion, Venture For America offers relocation assistance and support groups for underrepresented communities. In summary, Venture For America Inc is a dynamic nonprofit organization that equips the next generation of entrepreneurs with necessary skills and resources to create jobs and spur economic growth in American cities.
Official website here: www.ventureforamerica.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 92% (Four-Star out of Four Stars)
Venture For America Inc has achieved a Four-Star rating from Charity Navigator, indicating a high level of accountability and financial health. The overall score is reflective of their strong performance in financial management, with a notable 92% score in Accountability & Finance. The organization demonstrates transparency and governance excellence, boasting a fully independent board and robust financial oversight mechanisms.
Strengths highlighted in the evaluation include the organization’s commitment to ethical practices, evidenced by the presence of various policies such as conflict of interest and whistleblower protections. Additionally, there have been no reported material diversions of assets, indicating a well-managed financial structure. The organization also excels in its liabilities to assets ratio, showcasing its ability to maintain financial stability.
However, while the program expense ratio is commendable, it stands at 66.12%, suggesting that there is room for improvement in directing more funds towards programmatic activities. The fundraising efficiency ratio, though relatively strong, could also benefit from further optimization to increase the impact of their fundraising efforts. Overall, Venture For America Inc appears to be a reliable nonprofit with solid governance and financial practices, but with opportunities for growth in program expenditure and fundraising efficiency.
This AI summary has been generated from information found on Charity Navigator.
Is Venture For America Inc legitimate?
Venture For America Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Venture For America 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: $1,003,916
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,226,399
For more financial information, click here
Official website here: www.ventureforamerica.org
What is the mission statement of Venture For America Inc?
Venture For America Inc is an organization that aims to foster economic opportunity by mobilizing the next generation of entrepreneurs. They equip these individuals with the necessary skills and resources to create jobs, primarily through a two-year fellowship program. The program places recent college graduates in startups in emerging entrepreneurship ecosystems, providing them with training, ongoing support, and resources to launch their own high-impact businesses. Venture For America Inc also operates an accelerator for program graduates starting their own businesses. The organization is committed to diversity and inclusion, offering relocation assistance and support groups for underrepresented groups in entrepreneurial communities.
Official website here: www.ventureforamerica.org
Who is the CEO of Venture For America Inc?
Eric Somerville is the Director of Venture For America Inc. The CEO's salary of Venture For America Inc is $250,000 and their total compensation is $264,733.
Official website here: www.ventureforamerica.org
What is the revenue of Venture For America Inc?
Venture For America Inc's revenue in 2022 was $5,383,435.
Official website here: www.ventureforamerica.org
Who are the executives of Venture For America Inc and what are their salaries?
The average compensation at Venture For America Inc during 2022 was $65,925. There are 49 employees and 300 volunteers at Venture For America Inc.
Here are 19 key members and their salaries (Venture For America Inc's CEO's salary is $250,000 and their total compensation is $264,733):
- 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: $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: $250,000
- Related: $0
- Other: $14,733
- Compensation: $160,417
- Related: $0
- Other: $22,848
- Compensation: $125,000
- Related: $0
- Other: $10,261
- Compensation: $130,832
- Related: $0
- Other: $25,673
- Compensation: $111,000
- Related: $0
- Other: $10,301
- Compensation: $112,917
- Related: $0
- Other: $9,651
- Compensation: $113,750
- Related: $0
- Other: $25
Official website here: www.ventureforamerica.org
Where can I find the form 990 for Venture For America Inc?
Venture For America Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.ventureforamerica.org
Learn more at the official website: www.ventureforamerica.org
Mission Statement of Venture For America Inc
Venture For America Inc, a non-profit organization, is committed to fostering economic opportunity in various American cities. Their mission is to mobilize the next generation of entrepreneurs and equip them with the necessary skills and resources to create jobs. By operating a two-year fellowship program, Venture For America recruits, trains, and invests in talented recent college graduates, placing them in startups in emerging entrepreneurship ecosystems. The goal is to help these individuals launch their own high-impact businesses. The organization's mission is to contribute to the creation of job opportunities, thereby enhancing the economic well-being of communities.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
October, 2024
Venture For America Inc creates significant economic impact in American cities by cultivating the next generation of entrepreneurs. Through its structured two-year fellowship program, the organization recruits and trains top recent college graduates, placing them in startups within emerging entrepreneurship ecosystems. This approach not only provides invaluable experience for the fellows but also helps invigorate these startups with fresh talent and innovative ideas.
The fellowship includes a comprehensive training camp that equips participants with essential startup skills, entrepreneurial mindsets, and opportunities to build meaningful connections. Beyond training, ongoing programming throughout the two-year experience fosters civic engagement and deepens fellows' integration into local business communities. This dedication to immersive experiences enhances their ability to contribute positively to local economies.
Venture For America actively partners with a wide range of entrepreneurs and hiring managers to create career opportunities, ensuring a diverse representation among fellows. In 2022, for instance, nearly 55% of the selected fellows identified as racial or ethnic minorities. This commitment to inclusion not only enriches the program but strengthens entrepreneurship in underrepresented communities, driving innovation and job creation.
As fellows transition into roles within startups or launch their own high-impact businesses, they contribute to economic development and job growth in their respective cities. Programs like VFA's accelerator further support this trajectory by offering mentorship and funding opportunities to alumni. Overall, Venture For America plays a crucial role in fostering economic opportunity, cultivating talent, and strengthening vibrant local economies across the United States.
This information is meant to be a general summary of Venture For America 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.
- Investment Income: $51
- Program Service Revenue: $547,000
- Gross Receipts: $5,383,435
Assets and Liabilities:
- Total Assets: $2,879,225
- Total Liabilities: $751,216
- Net Assets: $2,128,009
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PLACEMENT FEES
Revenue
$547,000
Organization Details
Founding Year
2011
Phone
(646) 736-6460Principal Officer
Eric Somerville
Main Address
1420 WASHINGTON AVENUE 301, DETROIT, MI, 48226
Website
www.ventureforamerica.orgNTEE Category
Code: S30 - Community improvement
If you are a representative of Venture For America Inc and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.