Overview
What is Michigan Tech Enterprise Corporation?
Michigan Tech Enterprise Corporation, located in Houghton, Michigan, is a nonprofit organization with a mission to foster economic and industrial development within the county and state. The corporation actively promotes scientific and technological research and development among public and private entities by hosting educational programs and seminars, creating new companies, and providing job opportunities. During the fiscal year 2022, they organized 46 educational events, established 10 new companies, and generated 161 job opportunities. Furthermore, they also provide a workspace for eight companies, contributing to the overall growth and development of the region.
Official website here: www.mtecsz.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: Zero-Star out of Four Star rating (48%)
The Michigan Tech Enterprise Corporation has received a zero-star rating from Charity Navigator, indicating significant concerns regarding its accountability and financial practices. The organization scored 48 out of 100, with notable strengths in governance, such as a fully independent board and effective audit oversight. However, these strengths are overshadowed by serious weaknesses in transparency and financial management.
Key areas of concern include the absence of essential policies, such as a whistleblower policy and document retention procedures, both of which are critical for maintaining trust and accountability in nonprofit operations. Additionally, the corporation's program expense ratio is quite low at 19.42%, suggesting that only a small portion of its resources are directed towards its programs, raising questions about its overall impact and efficiency.
Moreover, the liabilities to assets ratio is concerning at 10.70%, indicating potential financial instability. The lack of a posted tax form on the nonprofit's website further diminishes transparency, which is crucial for donor confidence. Overall, while there are some governance strengths, the significant shortcomings in financial practices and transparency warrant cautious consideration from potential donors and stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is Michigan Tech Enterprise Corporation legitimate?
Michigan Tech Enterprise Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Michigan Tech Enterprise Corporation 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: $132,912
Professional Fundraising Fees: $0
Other Salaries and Wages: $372,762
For more financial information, click here
Official website here: www.mtecsz.com
What is the mission statement of Michigan Tech Enterprise Corporation?
Michigan Tech Enterprise Corporation is committed to fostering economic and industrial growth both within Houghton County and the state of Michigan. Their mission involves expanding opportunities and knowledge related to scientific and technological research and development among both public and private entities. During the fiscal year 2022, they conducted 46 educational programs and seminars, which were attended by 238 individuals. Furthermore, they established 10 new companies, resulting in 161 job creations. Additionally, they provided housing for eight companies.
Official website here: www.mtecsz.com
Who is the CEO of Michigan Tech Enterprise Corporation?
David Rowe is the Chair of Michigan Tech Enterprise Corporation. The CEO's salary of Michigan Tech Enterprise Corporation is $56,962 and their total compensation is $72,869.
Official website here: www.mtecsz.com
What is the revenue of Michigan Tech Enterprise Corporation?
Michigan Tech Enterprise Corporation's revenue in 2022 was $1,536,787.
Official website here: www.mtecsz.com
Who are the executives of Michigan Tech Enterprise Corporation and what are their salaries?
The average compensation at Michigan Tech Enterprise Corporation during 2022 was $101,135. There are 5 employees at Michigan Tech Enterprise Corporation.
Here are 11 key members and their salaries (Michigan Tech Enterprise Corporation's CEO's salary is $56,962 and their total compensation is $72,869):
- 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: $56,962
- Related: $0
- Other: $15,907
- Compensation: $33,200
- Related: $0
- Other: $0
Official website here: www.mtecsz.com
Where can I find the form 990 for Michigan Tech Enterprise Corporation?
Michigan Tech Enterprise Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.mtecsz.com
Learn more at the official website: www.mtecsz.com
Mission Statement of Michigan Tech Enterprise Corporation
Michigan Tech Enterprise Corporation, in its mission, focuses on promoting economic and industrial development within the state of Michigan and Houghton County specifically. This nonprofit organization seeks to expand opportunities and advance knowledge related to scientific and technological research and development among both public and private entities. Throughout the fiscal year 2022, Michigan Tech Enterprise Corporation organized 46 educational programs and seminars, attracting a total of 238 attendees. Furthermore, the corporation played a significant role in the creation of 10 new companies and the creation of 161 jobs. In addition, it provided housing for 8 companies, demonstrating its commitment to fostering growth and development in the fields of science and technology.
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
Michigan Tech Enterprise Corporation significantly contributes to economic and industrial development in Houghton County and throughout Michigan. By facilitating scientific and technological research and development, it enhances opportunities and knowledge exchange between public and private entities.
In fiscal year 2022, the corporation held 46 educational programs and seminars, attracting 238 attendees, which indicates a strong commitment to workforce development and skill enhancement in the region. Furthermore, it played a vital role in creating 10 companies and generating 161 jobs, demonstrating its impact on entrepreneurship and employment. Additionally, by housing 8 companies, it supports startups and emerging businesses, fostering a vibrant economic ecosystem. Overall, Michigan Tech Enterprise Corporation is a key player in driving community improvement and sustainable growth in Michigan.
This information is meant to be a general summary of Michigan Tech Enterprise Corporation. 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: $41,500
- Program Service Revenue: $182,418
- Gross Receipts: $1,536,787
Assets and Liabilities:
- Total Assets: $2,993,171
- Total Liabilities: $417,987
- Net Assets: $2,575,184
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.
RENTAL INCOME
Revenue
$167,829
REVOLVING LOAN INTEREST EARNE
Revenue
$9,474
OFFICE SERVICES
Revenue
$5,115
Organization Details
Founding Year
2002
Phone
(906) 487-7000Principal Officer
David Rowe
Main Address
600 E LAKESHORE DRIVE BOX 1, HOUGHTON, MI, 49931
Website
www.mtecsz.comNTEE Category
Code: S40 - Community improvement
If you are a representative of Michigan Tech Enterprise Corporation 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.