Overview
What is Traverse City Center Of Entrepreneurship?
Traverse City Center of Entrepreneurship, often referred to as 20 Fathoms, is a nonprofit organization situated in Traverse City, Michigan. This enterprise hub provides a supportive environment for its members, offering networking opportunities and a functional workspace. Its primary mission is to foster a thriving and interconnected startup ecosystem within Northwest Lower Michigan. With a dedicated team of six employees, the center aims to contribute positively to the local entrepreneurial community.
Official website here: www.20fathoms.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 68%, earning it a Two-Star out of Four Star rating. This rating indicates that while the Traverse City Center of Entrepreneurship demonstrates some strengths in accountability and financial management, there are notable areas for improvement. The organization has achieved a full score in several categories, including having a majority of independent board members and a high program expense ratio, which reflects its commitment to directing funds toward its mission.
However, the organization has significant limitations that impact its overall score. It received no points for having a whistleblower policy and for its document retention and destruction practices, which are crucial for transparency and governance. Additionally, the liabilities to assets ratio, although decent, reveals potential financial vulnerabilities that could be a concern going forward.
In summary, while the Traverse City Center of Entrepreneurship shows promise with effective governance in some areas, its lack of key policies and practices could hinder its overall effectiveness and accountability. Continuous improvement in these aspects may enhance its credibility and sustainability in the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about Traverse City Center Of Entrepreneurship?
82% of reviewers recommend Traverse City Center Of Entrepreneurship based on their experiences. Here's a look at their insights:
Many users appreciate the positive atmosphere of the shared workspace, noting it as a motivating and supportive environment. One reviewer specifically commended the functionality of the conference room and video monitor, emphasizing its effectiveness for client meetings. The enthusiasm for the space and its management reflects a strong commitment to fostering entrepreneurship within the community.
Overall, the center seems to be successfully creating a collaborative and empowering space for entrepreneurs, as highlighted by the positive remarks from its visitors.
This AI summary has been generated from reviews found on Facebook.
Is Traverse City Center Of Entrepreneurship legitimate?
Traverse City Center Of Entrepreneurship is a legitimate nonprofit organization registered as a 501(c)(3) entity. Traverse City Center Of Entrepreneurship 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: $120,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $356,124
For more financial information, click here
Official website here: www.20fathoms.org
What is the mission statement of Traverse City Center Of Entrepreneurship?
The Traverse City Center of Entrepreneurship aims to foster a prosperous and interconnected startup community within its ecosystem. By serving as an entrepreneurship incubator, the organization offers networking opportunities and provides a functional workspace for its members. Their mission is geared towards nurturing the growth and connectivity of startups, ultimately contributing to a vibrant entrepreneurial landscape. The center's activities include facilitating collaborations, offering resources, and creating an environment that supports the development and success of emerging businesses.
Official website here: www.20fathoms.org
Who is the CEO of Traverse City Center Of Entrepreneurship?
Eric Roberts is the Board Member of Traverse City Center Of Entrepreneurship.
Official website here: www.20fathoms.org
What is the revenue of Traverse City Center Of Entrepreneurship?
Traverse City Center Of Entrepreneurship's revenue in 2022 was $1,044,952.
Official website here: www.20fathoms.org
Who are the executives of Traverse City Center Of Entrepreneurship and what are their salaries?
The average compensation at Traverse City Center Of Entrepreneurship during 2022 was $79,354. There are 6 employees and 25 volunteers at Traverse City Center Of Entrepreneurship.
Here are 6 key members and their salaries:
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- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $120,000
- Related: $0
- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.20fathoms.org
Where can I find the form 990 for Traverse City Center Of Entrepreneurship?
Traverse City Center Of Entrepreneurship's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.20fathoms.org
Learn more at the official website: www.20fathoms.org
Mission Statement of Traverse City Center Of Entrepreneurship
Traverse City Center of Entrepreneurship, as a nonprofit organization, is committed to fostering a prosperous and interconnected startup ecosystem within Northwest Lower Michigan. Its primary mission is to cultivate this environment, serving as a hub for networking opportunities and providing a functional workspace for its members. By doing so, the center aims to nurture the growth of new businesses and entrepreneurial ventures, thereby contributing to the overall economic vitality of the region.
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Impact
July, 2024
Traverse City Center of Entrepreneurship plays a pivotal role in fostering a vibrant and interconnected startup ecosystem in northwest Lower Michigan. By serving as an entrepreneurship incubator, offering networking opportunities, and providing functional workspace to its members, the organization significantly boosts the region's entrepreneurial spirit. Its impact extends beyond just individual startups, contributing to community improvement and overall economic growth in Traverse City and its surrounding areas.
This information is meant to be a general summary of Traverse City Center Of Entrepreneurship. 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: $411,105
- Gross Receipts: $1,044,952
Assets and Liabilities:
- Total Assets: $418,238
- Total Liabilities: $235,742
- Net Assets: $182,496
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
STARTUP RENTAL
Revenue
$318,815
RECRUITMENT
Revenue
$67,000
PROGRAMMING REVENUE
Revenue
$25,290
Organization Details
Founding Year
2018
Phone
(231) 938-6519Principal Officer
Eric Roberts
Main Address
10850 E TRAVERSE HWY STE 4400, TRAVERSE CITY, MI, 49684
Website
www.20fathoms.orgNTEE Category
Code: S43 - Community improvement
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