Overview
What is Austin Community Growth Ventures?
Austin Community Growth Ventures, established as a 501(c)(3) charitable organization, serves as a research accelerator for biotechnology companies involved in economic development. Located in Austin, Minnesota, the nonprofit offers office and laboratory space, as well as access to equipment. It fosters collaborations with faculty and staff from the Hormel Institute, a program of the University of Minnesota, and students, faculty, and staff from Riverland Community College, a member of Minnesota State Colleges and Universities. The primary mission of Austin Community Growth Ventures is to promote, encourage, and aid in the creation of an innovative ecosystem that supports education, creates quality jobs, and increases the new application of biotechnology, agricultural technology, and food science. By providing education and training in idea development, patent submission, business planning, and financing, the nonprofit aims to facilitate the success of early-stage companies and developed companies in the field.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 87% (Three-Star out of Four Star rating)
Austin Community Growth Ventures has received a solid Three-Star rating from Charity Navigator, reflecting strong accountability and financial health with a score of 87%. The charity excels in several areas, notably achieving a perfect score of 100% for accountability and finance, which indicates a high level of transparency and effective financial management.
One of the organization's notable strengths is its independent board structure, consisting entirely of independent members, reinforcing its commitment to governance and ethical standards. Additionally, the absence of asset diversion and a well-managed conflict of interest policy contribute positively to its operational integrity. The program expense ratio is impressively high at 99.96%, highlighting the charity's focus on directing funds towards its programs and objectives.
While the rating is commendable, potential donors may still consider the overall impact of the organization and its outreach effectiveness, as the rating primarily reflects financial metrics and governance rather than program outcomes. Nevertheless, Austin Community Growth Ventures stands out for its financial accountability and transparent operations.
This AI summary has been generated from information found on Charity Navigator.
Is Austin Community Growth Ventures legitimate?
Austin Community Growth Ventures is a legitimate nonprofit organization registered as a 501(c)(3) entity. Austin Community Growth Ventures 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:
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Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Austin Community Growth Ventures?
Austin Community Growth Ventures, established as a 501(c)(3) organization, was initiated with the aim to foster an innovative ecosystem that encourages education, generates quality employment opportunities, and boosts the application of biotechnology, agricultural technology, and food science. The organization serves as a key facilitator, offering assistance in idea development, patent submission, business planning, and financing to early-stage and developed companies, thereby enhancing their chances of success. Austin Community Growth Ventures is committed to promoting education and training, ultimately contributing to the growth of the biotechnology and related sectors.
Who is the CEO of Austin Community Growth Ventures?
John Garry is the Chair of Austin Community Growth Ventures.
What is the revenue of Austin Community Growth Ventures?
Austin Community Growth Ventures's revenue in 2022 was $187,336.
Who are the executives of Austin Community Growth Ventures and what are their salaries?
There 6 volunteers at Austin Community Growth Ventures.
Here are 7 key members and their salaries:
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- Related: $121,458
- Other: $17,000
Where can I find the form 990 for Austin Community Growth Ventures?
Austin Community Growth Ventures's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Austin Community Growth Ventures
Austin Community Growth Ventures, a 501(c)(3) charitable organization, was established with a mission to foster an innovative ecosystem that supports education, generates quality jobs, and increases the application of biotechnology, agricultural technology, and food science. This nonprofit serves as a catalyst, providing early-stage companies and established ones with the necessary resources to succeed. By offering education and training in idea development, patent submission, business planning, and financing, Austin Community Growth Ventures aims to facilitate their growth and contribute to a thriving biotech sector.
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Impact
October, 2024
Austin Community Growth Ventures plays a significant role in fostering the development of biotechnology companies, contributing to economic growth and innovation in Austin, Minnesota. By providing essential resources such as office and laboratory space, access to specialized equipment, and research collaboration opportunities with experts from the Hormel Institute and Riverland Community College, ACGV accelerates the research and development processes for emerging and established biotech firms.
The organization actively supports the creation of an innovative ecosystem that promotes education and quality job creation. Through initiatives that encompass education and training in areas like idea development, patent submission, business planning, and financing, ACGV empowers early-stage companies to navigate challenges and capitalize on opportunities within the biotechnology, agricultural technology, and food science sectors.
By nurturing this environment, ACGV not only aids in the growth of individual companies but also contributes to the broader economic enhancement of the region, ensuring that Austin remains a vibrant hub for technological advancement and entrepreneurship.
This information is meant to be a general summary of Austin Community Growth Ventures. 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: $52
- Gross Receipts: $187,396
Assets and Liabilities:
- Total Assets: $294,741
- Total Liabilities: $19,600
- Net Assets: $275,141
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Organization Details
Founding Year
2015
Phone
(507) 433-9495Principal Officer
John Garry
Main Address
329 NORTH MAIN STREET SUITE 106L, AUSTIN, MN, 55912
NTEE Category
Code: S11 - Community improvement
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