Civic Intelligence

5 Lakes Institute

EIN 26-0724304 • 501(c)3 • Milwaukee, WI

Profile

5 lakes institute is a curated network of entrepreneurs, research organizations, investors, and business and government leaders that drives and amplifies diverse and inclusive tech-enabled gdp growth in the midwest and great lakes region.

10437 W Innovation Dr 104Milwaukee, WI 53226

www.5lakesinstitute.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

59th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)3 • <$500k nonprofits • Source year 2025

Liabilities / Revenue

61st percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)3 • <$500k nonprofits • Source year 2025

Net Margin

77th percentile

24%

Higher net margin than 77% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2025

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

78th percentile

22%

Faster asset growth than 78% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2023 to 2025

Revenue Growth

50th percentile

-1.1%

Faster revenue growth than 50% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2023 to 2025

Assets

Up

$149,872

Up $33,459 (+29%) from 2024

Liabilities

Down

$0

Down $4,207 (-100%) from 2024

Net Assets

Up

$149,872

Up $37,666 (+34%) from 2024

Revenue

Down

$158,500

Down $252,000 (-61%) from 2024

Expenses

Down

$120,834

Down $278,250 (-70%) from 2024

Net Income

Up

$37,666

Up $26,250 (+230%) from 2024

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$300K$200K$100K$0Assets 2020: $140,414Liabilities 2020: $0Net Assets 2020: $140,4142020Assets 2021: $219,872Liabilities 2021: $36,600Net Assets 2021: $183,2722021Assets 2022: $65,088Liabilities 2022: $3,403Net Assets 2022: $61,6852022Assets 2023: $100,790Liabilities 2023: $0Net Assets 2023: $100,7902023Assets 2024: $116,413Liabilities 2024: $4,207Net Assets 2024: $112,2062024Assets 2025: $149,872Liabilities 2025: $0Net Assets 2025: $149,8722025

Highlighted filing

2025

Assets$149,872
Liabilities$0
Net Assets$149,872

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$600K$400K$200K$0-$200KRevenue 2020: $481,930Expenses 2020: $436,318Net Income 2020: $45,6122020Revenue 2021: $469,246Expenses 2021: $426,388Net Income 2021: $42,8582021Revenue 2022: $176,000Expenses 2022: $297,587Net Income 2022: -$121,5872022Revenue 2023: $162,000Expenses 2023: $122,895Net Income 2023: $39,1052023Revenue 2024: $410,500Expenses 2024: $399,084Net Income 2024: $11,4162024Revenue 2025: $158,500Expenses 2025: $120,834Net Income 2025: $37,6662025

Highlighted filing

2025

Revenue$158,500
Expenses$120,834
Net Income$37,666

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Apr 1, 2024 to Mar 31, 2025
Signed
Aug 25, 2025
Return Version
2024v5.0
Gross Receipts
$158,500
Mission and Program Overview

Mission

The institute is a not-for-profit organization dedicated to working with like-minded partners to build and connect the great lakes region's high technology entrepreneurial economy and culture by advancing scientific research, education and economic development and technological innovation.

5 lakes institute is a curated network of entrepreneurs, research organizations, investors, and business and government leaders that drives and amplifies diverse and inclusive tech-enabled gdp growth in the midwest and great lakes region.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$116,413$149,872▲ $33,459
Total Assets$116,413$149,872▲ $33,459
Liabilities
Accounts Payable and Accrued Expenses$4,207--
Total Liabilities$4,207$0▼ $4,207
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$112,179$149,845▲ $37,666
Net Assets With Donor Restrictions$27$27→ $0
Total Net Assets Fund Balance$112,206$149,872▲ $37,666
Total Liabilities and Net Assets / Fund Balance$116,413$149,872▲ $33,459
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Kathleen GallagherExecutive DiFT$87,400$87,400

Board Members and Trustees

NameTitle
John ByrnesChairman
Dan BroderickBoard Member
Gordon NameniBoard Member
Kathy HustBoard Member
Kyle CrumBoard Member
Randall KirkBoard Member
Tim HonakerBoard Member
Mark EhrmannSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$158,500
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$158,500
Change in Net Assets
$37,666
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$96,981
Other Expenses$23,853
Total Fundraising Expense$18,125
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$61,180$13,110$13,110$87,400
Fees for Services Accounting$5,360$1,149$1,149$7,658
Fees for Services Management$4,900$1,050$1,050$7,000
Payroll Taxes$4,871$1,044$1,044$6,959
Occupancy$2,064$443$443$2,950
Pension Plan Contributions$1,836$393$393$2,622
Insurance$1,379$295$295$1,969
Conferences and Meetings$1,158$248$248$1,654
Advertising$807$173$173$1,153
Office Expenses$722$154$154$1,030
Information Technology$307$66$66$439
Total Functional Expenses$84,584$18,125$18,125$120,834
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

A draft is provided to the board for its review prior to filing.

Form 990, Page 6, Part VI, Line 12C

The by-laws require that directors notify the board of any duality of interest or conflict whenever a matter is under consideration by the board.

Form 990, Page 6, Part VI, Line 15A

The organization determined the leased executive director's compensation by reviewing compensation of management officials in comparable organizations.

Form 990, Page 6, Part VI, Line 19

Financial statements, governing documents and policies are available to the public on request.

Filing and Contact Details

Filer

Filer Name
5 Lakes Institute
EIN
26-0724304
Phone
4142698330
Address
10437 W INNOVATION DR 104, MILWAUKEE, WI 53226

Signing Officer

Name
Kathleen Gallagher
Title
Executive Director
Phone
4142698330
Signed
2025-08-25

Organization Details

Principal Officer
Kathleen Gallagher
Formed
2007
Legal Domicile
Wi
Voting Board Members
9
Independent Board Members
9
Employees
1
Volunteers
60

Preparer

Firm
Belt Accounting and Tax LLC
Address
2417 SILVERNAIL RD, PEWAUKEE, WI 53072
Preparer
Kelli Belt
Phone
2626464323
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

5 lakes institute is a curated network of entrepreneurs, research organizations, investors, and business and government leaders that drives and amplifies diverse and inclusive tech-enabled gdp growth in the midwest and great lakes region.

Form 990, Page 2, Part III, Line 4A

-successfully organized in partnership with midwest research university network (mrun)six virtual programs that: facilitated nearly 600 one-on-one meetings between regional research organizations and investors. Attracted over 400 key people from companies, venture capital firms, universities,and government to learn from our programming. Educated our coalition members about innovation resources at 14 organizations from ten different areas of our region. Produced three newsletters to update/educate our coalition about regional innovation in the computing, food & ag tech and human health areas. Supported the executive directors columns for the milwaukee journal sentinel to educate about technology and innovation issues in the great lakes region. Supported season 4 of the executive directors midwest moxie program (available at wuwm and podcast platforms), which showcases successful founders in the region and provides educational opportunities for emerging entrepreneurs. Kicked off an initiative to grow our regions fusion energy ecosystem by educating and supporting stakeholders; added two 5 lakes fellows to support these efforts. Held a mixer/reception for 100+ scientists, fusion and supply chain companies, investors and others following the technology of fusion energy (tofe) meeting.

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt05 LAKES INSTITUTE IS A CURATED NETWORK OF ENTREPRENEURS, RESEARCH ORGANIZATIONS, INVESTORS, AND BUSINESS AND GOVERNMENT LEADERS THAT DRIVES AND AMPLIFIES DIVERSE AND INCLUSIVE TECH-ENABLED GDP GROWTH IN THE MIDWEST AND GREAT LAKES REGION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1-SUCCESSFULLY ORGANIZED IN PARTNERSHIP WITH MIDWEST RESEARCH UNIVERSITY NETWORK (MRUN)SIX VIRTUAL PROGRAMS THAT: FACILITATED NEARLY 600 ONE-ON-ONE MEETINGS BETWEEN REGIONAL RESEARCH ORGANIZATIONS AND INVESTORS. ATTRACTED OVER 400 KEY PEOPLE FROM COMPANIES, VENTURE CAPITAL FIRMS, UNIVERSITIES,AND GOVERNMENT TO LEARN FROM OUR PROGRAMMING. EDUCATED OUR COALITION MEMBERS ABOUT INNOVATION RESOURCES AT 14 ORGANIZATIONS FROM TEN DIFFERENT AREAS OF OUR REGION. PRODUCED THREE NEWSLETTERS TO UPDATE/EDUCATE OUR COALITION ABOUT REGIONAL INNOVATION IN THE COMPUTING, FOOD & AG TECH AND HUMAN HEALTH AREAS. SUPPORTED THE EXECUTIVE DIRECTORS COLUMNS FOR THE MILWAUKEE JOURNAL SENTINEL TO EDUCATE ABOUT TECHNOLOGY AND INNOVATION ISSUES IN THE GREAT LAKES REGION. SUPPORTED SEASON 4 OF THE EXECUTIVE DIRECTORS MIDWEST MOXIE PROGRAM (AVAILABLE AT WUWM AND PODCAST PLATFORMS), WHICH SHOWCASES SUCCESSFUL FOUNDERS IN THE REGION AND PROVIDES EDUCATIONAL OPPORTUNITIES FOR EMERGING ENTREPRENEURS. KICKED OFF AN INITIATIVE TO GROW OUR REGIONS FUSION ENERGY ECOSYSTEM BY EDUCATING AND SUPPORTING STAKEHOLDERS; ADDED TWO 5 LAKES FELLOWS TO SUPPORT THESE EFFORTS. HELD A MIXER/RECEPTION FOR 100+ SCIENTISTS, FUSION AND SUPPLY CHAIN COMPANIES, INVESTORS AND OTHERS FOLLOWING THE TECHNOLOGY OF FUSION ENERGY (TOFE) MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2A DRAFT IS PROVIDED TO THE BOARD FOR ITS REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE BY-LAWS REQUIRE THAT DIRECTORS NOTIFY THE BOARD OF ANY DUALITY OF INTEREST OR CONFLICT WHENEVER A MATTER IS UNDER CONSIDERATION BY THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION DETERMINED THE LEASED EXECUTIVE DIRECTOR'S COMPENSATION BY REVIEWING COMPENSATION OF MANAGEMENT OFFICIALS IN COMPARABLE ORGANIZATIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5FINANCIAL STATEMENTS, GOVERNING DOCUMENTS AND POLICIES ARE AVAILABLE TO THE PUBLIC ON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 2, PART III, LINE 4A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/TotalGrossUBIAmt00
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IRS990/USAddress/CityNm0MILWAUKEE
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ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/PersonNm0KATHLEEN GALLAGHER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum04142698330
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-08-25
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt05 LAKES INSTITUTE
ReturnHeader/Filer/BusinessNameControlTxt05LAK
ReturnHeader/Filer/EIN0260724304
ReturnHeader/Filer/PhoneNum04142698330
ReturnHeader/Filer/USAddress/AddressLine1Txt010437 W INNOVATION DR 104
ReturnHeader/Filer/USAddress/CityNm0MILWAUKEE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0WI
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ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0471234010
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BELT ACCOUNTING AND TAX LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt02417 SILVERNAIL RD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0PEWAUKEE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0WI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd053072
ReturnHeader/PreparerPersonGrp/PhoneNum02626464323
ReturnHeader/PreparerPersonGrp/PreparationDt02025-08-25
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0KELLI BELT
ReturnHeader/ReturnTs02025-08-25T22:32:39-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-04-01
ReturnHeader/TaxPeriodEndDt02025-03-31
ReturnHeader/TaxYr02024

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