Innovation Marquette Enterprise Corporation

Analysis

Innovation Marquette Enterprise Corporation is a registered charity in United States, based in Marquette, MI. It received its IRS tax-exemption ruling in September 2015, 11 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Innovation Marquette Enterprise Corporation reported income of $2.2m and spending of $2.0m, spending 92% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $825k to $2.2m (+167%), an average of +28% a year. The sharpest change came in the year to September 2021, when income rose by 54%. Over the whole period it spent 84% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Innovation Marquette Enterprise Corporation sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 87th percentile within MI. Charities of a similar size with the same main cause include Greenville Area Development Corporation ($2.2m), New England Business Growth Collective Inc ($2.2m) and Club for Growth Foundation Inc ($2.2m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 26% and program service revenue 74% of the total. Compensation of current officers, directors and key employees was $145k (7.1% of expenses). Other salaries and wages came to $472k. At year end it held assets of $2.9m against liabilities of $1.6m, net assets of $1.3m. It reported 11 employees.