INNOVATION MARQUETTE ENTERPRISE CORPORATION

EIN: 473721222 501(c)(3) Community Improvement

MARQUETTE, MI

Total Revenue
$2,231,248
Total Expenses
$2,424,397
Total Assets
$2,590,385
Net Assets
$1,133,118
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2015
Legal Domicile
MI
Principal Officer
JOSEPH A THIEL
Phone
9062730688
Tax Period
2023-10-01 to 2024-09-30

INNOVATION MARQUETTE ENTERPRISE CORPORATION, founded in 2015, is a community nonprofit in the Community Improvement sector that reported $2.2M in total revenue in fiscal year 2023.

Mission

NON-PROFIT BUSINESS ACCELERATOR, PROVIDING SUPPORT SUPPORT AND SERVICES TO INNOVATORS, INVENTORS, RESEARCHERS AND ENTREPRENEURS.

Program Service Accomplishments

Program 1
Expenses: $1,678,544

The Organization partners with other community assets and organizations to help transform the community and region into a world-class entrepreneurial ecosystem supporting innovators, inventors...

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The Organization partners with other community assets and organizations to help transform the community and region into a world-class entrepreneurial ecosystem supporting innovators, inventors, researchers, and entrepreneurs to create new tech-based business start-ups and other entrepreneurial endeavors that create new jobs and retain existing ones.

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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 (2023)

Revenue Breakdown

Contributions & Grants $284,449
Program Service Revenue $1,936,206
Investment Income $7,384
Other Revenue $3,209
TOTAL REVENUE $2,231,248

Expense Breakdown

Grants Paid $5,000
Salaries & Benefits $819,690
Fundraising Expenses $57,746
Program Expenses $1,678,544
Other Expenses $1,599,707
TOTAL EXPENSES $2,424,397

Year-over-Year Comparison

2023 2022 Change
Revenue $2,231,248 $2,200,288 +0.0%
Expenses $2,424,397 $2,034,610 +0.2%
Net Income $-193,149 $165,678 -2.2%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✓ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
14
Independent Members
14
Employees
11
Volunteers
N/A

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
5
$175,328
Total Directors
13
$0
Key Employees
1
$175,328
Highest Compensated
1
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JOSEPH THIEL CEO 040.00
Officer Key Emp Highest
$162,717 $12,611 $175,328
KAREN KOVACS CHAIRPERSON 001.00
Officer Director
$0 $0 $0
NANCY LYONS SECRETARY 001.00
Officer Director
$0 $0 $0
SPENCER STANG TREASURER 001.00
Officer Director
$0 $0 $0
DAVID NYBERG VICE CHAIRPERSON 001.00
Officer Director
$0 $0 $0
RUTH SOLINSKI DIRECTOR 001.00
Director
$0 $0 $0
TYLER LOSINKSI DIRECTOR 001.00
Director
$0 $0 $0
ANDREW WALLNER DIRECTOR 001.00
Director
$0 $0 $0
ELIZABETH BERNHARD DIRECTOR 001.00
Director
$0 $0 $0
BILL LEISENRING DIRECTOR 001.00
Director
$0 $0 $0
LESLIE HARTMAN DIRECTOR 001.00
Director
$0 $0 $0
BROCK TESSMAN DIRECTOR 001.00
Director
$0 $0 $0
SCOTT MACINNES DIRECTOR 001.00
Director
$0 $0 $0
FRED MOLNAR DIRECTOR 001.00
Director
$0 $0 $0
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 $2,231,248 $2,424,397 $2,590,385 $-193,149
2023 $2,200,288 $2,034,610 $2,903,155 $165,678
2022 $1,649,387 $1,535,611 $2,836,209 $113,776
2021 $1,431,024 $965,149 $1,189,841 $465,875
2020 $926,812 $746,169 $733,617 $180,643
2019 $825,310 $589,233 $589,991 $236,077
2018 $598,365 $508,771 $394,219 $89,594
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