VENTURE FOR AMERICA INC

EIN: 272987904 501(c)(3) Community Improvement

DETROIT, MI

Total Revenue
$2,498,672
Total Expenses
$2,197,983
Total Assets
$2,316,836
Net Assets
$875,966
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
2011
Legal Domicile
DE
Principal Officer
ERIC SOMERVILLE
Phone
6467366460
Tax Period
2024-01-01 to 2024-12-31

VENTURE FOR AMERICA INC, founded in 2011, is a community nonprofit in the Community Improvement sector that reported $2.5M in total revenue in fiscal year 2024. Revenue fell 50% from the prior year — a significant decline worth monitoring. Expenses of $2.2M left a modest 12% surplus.

Mission

VENTURE FOR AMERICA'S MISSION IS TO RESPONSIBLY STEWARD ITS REMAINING RESOURCES WHILE SUPPORTING THE TRANSITION, ADMINISTRATIVE CLOSE-OUT, AND LONG-TERM NEEDS OF ITS FELLOW AND ALUMNI COMMUNITY. THE ORGANIZATION IS COMMITTED TO PRESERVING ITS LEGACY OF ENTREPRENEURSHIP DEVELOPMENT AND ENSURING AN ORDERLY WIND-DOWN OF OPERATIONS CONSISTENT WITH ITS CHARITABLE PURPOSE.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $1,853,411
Program Service Revenue $55,500
Investment Income $334,432
Other Revenue $255,329
TOTAL REVENUE $2,498,672

Expense Breakdown

Grants Paid $0
Salaries & Benefits $1,734,478
Fundraising Expenses $0
Program Expenses $1,758,387
Other Expenses $463,505
TOTAL EXPENSES $2,197,983

Year-over-Year Comparison

2024 2023 Change
Revenue $2,498,672 $5,007,019 -0.5%
Expenses $2,197,983 $6,575,397 -0.7%
Net Income $300,689 $-1,568,378 -1.2%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

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Financial Distress Indicator

Liquidity & Cash Position

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Governance

Voting Members
8
Independent Members
8
Employees
35
Volunteers
8

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$176,216
Total Directors
8
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
DORIE SMITH CHAIRPERSON 3.00
Officer Director
$0 $0 $0
JAY BOCKHAUS TREASURER 3.00
Officer Director
$0 $0 $0
GIGI LEE CHANG DIRECTOR 3.00
Director
$0 $0 $0
SHEGUN OTULANA DIRECTOR 3.00
Director
$0 $0 $0
JAMES FEAGIN DIRECTOR 3.00
Director
$0 $0 $0
KARL MUTH DIRECTOR 3.00
Director
$0 $0 $0
KIM KOLT DIRECTOR 3.00
Director
$0 $0 $0
MAXINE CLARK DIRECTOR 3.00
Director
$0 $0 $0
ERIC SOMERVILLE CEO 40.00
Officer
$51,874 $7,383 $59,257
ELIZABETH PARK CFO 40.00
Officer
$98,344 $18,615 $116,959
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $2,498,672 $2,197,983 $2,316,836 $300,689
2023 $5,007,019 $6,575,397 $2,518,717 $-1,568,378
2022 $5,383,435 $6,488,193 $2,879,225 $-1,104,758
2021 $6,866,605 $5,365,396 $3,605,973 $1,501,209
2020 $5,050,304 $4,570,028 $3,808,754 $480,276
2020 $5,050,304 $4,569,567 $3,205,571 $480,737
2019 $6,046,528 $5,489,823 $2,895,143 $556,705
2018 $6,999,516 $6,062,134 $3,575,701 $937,382
2018 $6,999,516 $6,062,134 $3,575,701 $937,382
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