Civic Intelligence

Michigan Tech Enterprise

EIN 30-0109013 • 501(c)3 • Houghton, MI

Profile

To promote economic and industrial development in houghton county and in the state of michigan.

600 E Lakeshore Drive Box 1Houghton, MI 49931

www.mtecsz.com

Siviq Scores

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

Liabilities / Assets

69th percentile

0.32x

Higher debt load relative to assets than 69% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

83rd percentile

0.88x

Higher debt load relative to revenue than 83% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Net Margin

82nd percentile

34%

Higher net margin than 82% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

74th percentile

$199,797

Higher top officer pay than 74% of similar nonprofits.

Top officer pay equals 9.3% of source-year revenue.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Asset Growth

94th percentile

69%

Faster asset growth than 94% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

73rd percentile

25%

Faster revenue growth than 73% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets69th percentile

Assets

Up

$5,912,043

Up $2,420,207 (+69%) from 2023

Liabilities

Up

$1,902,024

Up $1,528,235 (+409%) from 2023

Net Assets

Up

$4,010,019

Up $891,972 (+29%) from 2023

Operations
Liabilities / Revenue83rd percentileNet Margin82nd percentile

Revenue

Up

$2,154,560

Up $436,326 (+25%) from 2023

Expenses

Up

$1,431,852

Up $122,623 (+9.4%) from 2023

Net Income

Up

$722,708

Up $313,703 (+77%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth94th percentile

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

$6.0M$4.0M$2.0M$0Assets 2012: $1,755,623Liabilities 2012: $577,403Net Assets 2012: $1,178,2202012Assets 2013: $2,052,050Liabilities 2013: $666,717Net Assets 2013: $1,385,3332013Assets 2014: $2,029,602Liabilities 2014: $640,354Net Assets 2014: $1,389,2482014Assets 2015: $1,911,420Liabilities 2015: $497,703Net Assets 2015: $1,413,7172015Assets 2016: $2,067,604Liabilities 2016: $513,415Net Assets 2016: $1,554,1892016Assets 2017: $2,148,459Liabilities 2017: $545,493Net Assets 2017: $1,602,9662017Assets 2018: $2,173,587Liabilities 2018: $494,259Net Assets 2018: $1,679,3282018Assets 2019: $2,208,777Liabilities 2019: $439,574Net Assets 2019: $1,769,2032019Assets 2020: $2,306,565Liabilities 2020: $502,637Net Assets 2020: $1,803,9282020Assets 2021: $3,191,054Liabilities 2021: $421,636Net Assets 2021: $2,769,4182021Assets 2022: $2,993,171Liabilities 2022: $417,987Net Assets 2022: $2,575,1842022Assets 2023: $3,491,836Liabilities 2023: $373,789Net Assets 2023: $3,118,0472023Assets 2024: $5,912,043Liabilities 2024: $1,902,024Net Assets 2024: $4,010,0192024

Highlighted filing

2024

Assets$5,912,043
Liabilities$1,902,024
Net Assets$4,010,019
Open 2024 Filing

Operations Trend

Revenue Growth73rd percentile

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

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2012: $816,7732012Expenses 2013: $1,397,6632013Revenue 2014: $1,734,932Expenses 2014: $1,828,887Net Income 2014: -$93,9552014Revenue 2015: $1,500,013Expenses 2015: $1,484,230Net Income 2015: $15,7832015Revenue 2016: $1,321,444Expenses 2016: $1,163,825Net Income 2016: $157,6192016Revenue 2017: $1,385,977Expenses 2017: $1,434,670Net Income 2017: -$48,6932017Revenue 2018: $1,246,101Expenses 2018: $1,234,175Net Income 2018: $11,9262018Revenue 2019: $1,374,193Expenses 2019: $1,316,758Net Income 2019: $57,4352019Revenue 2020: $1,356,499Expenses 2020: $1,283,739Net Income 2020: $72,7602020Revenue 2021: $1,494,875Expenses 2021: $1,071,016Net Income 2021: $423,8592021Revenue 2022: $1,536,787Expenses 2022: $1,237,493Net Income 2022: $299,2942022Revenue 2023: $1,718,234Expenses 2023: $1,309,229Net Income 2023: $409,0052023Revenue 2024: $2,154,560Expenses 2024: $1,431,852Net Income 2024: $722,7082024

Highlighted filing

2024

Revenue$2,154,560
Expenses$1,431,852
Net Income$722,708
Open 2024 Filing

Filings

Most recent year

2024 • Form 990XML pending. An XML filing is linked for this year, but detailed extraction is still pending.

Open filing
Assets
$5,912,043
Liabilities
$1,902,024
Net assets
$4,010,019
Revenue
$2,154,560
Expenses
$1,431,852
Net income
$722,708
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.91$1.90$4.01$2.15$1.43$0.72
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.49$0.37$3.12$1.72$1.31$0.41
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.99$0.42$2.58$1.54$1.24$0.30
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.19$0.42$2.77$1.49$1.07$0.42
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.31$0.50$1.80$1.36$1.28$0.07
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.21$0.44$1.77$1.37$1.32$0.06
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.17$0.49$1.68$1.25$1.23$0.01
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.15$0.55$1.60$1.39$1.43$0.05
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.07$0.51$1.55$1.32$1.16$0.16
2015Detailed filing. Detailed filing data is available for this year.$1.91$0.50$1.41$1.50$1.48$0.02
2014Detailed filing. Detailed filing data is available for this year.$2.03$0.64$1.39$1.73$1.83$0.09
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.05$0.67$1.39$1.40
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.76$0.58$1.18$0.82
Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2022 below.

Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Apr 19, 2023
Return Version
2021v4.0
Gross Receipts
$1,536,787
Mission and Program Overview

Mission

To promote economic and industrial development in houghton county and in the state of michigan.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$2,175,004$1,972,976▼ $202,028
Cash and Non-Interest-Bearing Accounts$679,599$780,970▲ $101,371
Prepaid Expenses and Deferred Charges$194,909$170,261▼ $24,648
Other Notes and Loans Receivable, Net$72,645--
Accounts Receivable$42,712$38,470▼ $4,242
Savings and Temporary Cash Investments$17,712$19,219▲ $1,507
Land, Buildings, and Equipment, Net$8,473$11,275▲ $2,802
Total Assets$3,191,054$2,993,171▼ $197,883
Liabilities
Deferred Revenue$371,899$343,389▼ $28,510
Accounts Payable and Accrued Expenses$39,046$58,380▲ $19,334
Other Liabilities$10,691$16,218▲ $5,527
Total Liabilities$421,636$417,987▼ $3,649
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,769,418$2,575,184▼ $194,234
Total Net Assets Fund Balance$2,769,418$2,575,184▼ $194,234
Total Liabilities and Net Assets / Fund Balance$3,191,054$2,993,171▼ $197,883

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$11,275$160,575$171,850
Compensation and Service Providers
Top Officer Pay74th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
David RoweCEOFT$56,962$15,907$72,869
Macinnes ConsultingInterim ChiePT$33,200-$33,200

Board Members and Trustees

NameTitle
Eric WaaraChair
Tom MerzVice-chair
Alan WestBoard Member
Jeff RatcliffeBoard Member
Joe DancyBoard Member
Lee RouseBoard Member
Steve ZutterBoard Member
Mary BabcockSecretary
David ReedTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,312,869
Program Service Revenue
$182,418
Investment Income
$41,500
Other Revenue
$0
Change in Net Assets
$299,294

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,536,787
Revenue Not Reported on Form 990
$-493,528
Total Revenue per Audited Statements
$1,043,259
Total Revenue per Form 990
$1,536,787
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$700,204
Other Expenses$537,289
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$87,892$284,870-$372,762
Occupancy-$198,823-$198,823
Current Officers, Directors, Trustees, and Key Employees-$132,912-$132,912
Other Employee Benefits$18,352$84,747-$103,099
Fees for Services Management-$93,971-$93,971
Pension Plan Contributions$7,032$39,678-$46,710
Payroll Taxes$6,724$37,997-$44,721
Advertising-$28,788-$28,788
Other Expenses$92,369$24,956-$24,956
Information Technology-$20,208-$20,208
Conferences and Meetings-$10,365-$10,365
Office Expenses-$10,205-$10,205
Fees for Services Accounting-$8,772-$8,772
Depreciation Depletion-$4,673-$4,673
Travel-$4,202-$4,202
Insurance-$4,121-$4,121
Total Functional Expenses$212,369$1,025,124$0$1,237,493

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,237,493
Total Expenses per Audited Statements$1,237,493
Total Expenses per Form 990$1,237,493
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security Deposits Held$16,218
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
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

“Form 990 is reviewed by the finance committee. Then the form is approved for submission.”

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

“Board members sign "conflict of interest" disclosure forms annually.”

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

“The personnel committee reviews past performance and comparability data before determining the ceo's compensation package. Decisions are documented in the committee meeting minutes and the supporting detail information is kept in the employee's personnel file.”

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

“The personnel committee reviews past performance and comparability data before determining any key employee's compensation package. Decisions are documented in the committee meeting minutes and the supporting detail imformation is kept in the employee's personnel file.”

Form 990, Page 6, Part VI, Line 19

“Explanation documents are available upon request”

Filing and Contact Details

Filer

Filer Name
Michigan Tech Enterprise
EIN
30-0109013
Phone
9064877000
Address
600 E LAKESHORE DRIVE BOX 1, HOUGHTON, MI 49931

Signing Officer

Name
David Rowe
Title
CEO
Phone
9064877000
Signed
2023-04-19

Organization Details

Principal Officer
David Rowe
Formed
2002
Legal Domicile
Mi
Voting Board Members
9
Independent Board Members
9
Employees
5

Preparer

Firm
Anderson Tackman & Company Plc
Address
102 W WASHINGTON ST SUITE 109, MARQUETTE, MI 49855
Preparer
Lindsey C Besonen CPA
Phone
9062251166
Raw XML AppendixShowing 400 of 428 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0REFUNDS, REIMBURSEMENTS, MISC 46,872
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 IS REVIEWED BY THE FINANCE COMMITTEE. THEN THE FORM IS APPROVED FOR SUBMISSION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD MEMBERS SIGN "CONFLICT OF INTEREST" DISCLOSURE FORMS ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE PERSONNEL COMMITTEE REVIEWS PAST PERFORMANCE AND COMPARABILITY DATA BEFORE DETERMINING THE CEO'S COMPENSATION PACKAGE. DECISIONS ARE DOCUMENTED IN THE COMMITTEE MEETING MINUTES AND THE SUPPORTING DETAIL INFORMATION IS KEPT IN THE EMPLOYEE'S PERSONNEL FILE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE PERSONNEL COMMITTEE REVIEWS PAST PERFORMANCE AND COMPARABILITY DATA BEFORE DETERMINING ANY KEY EMPLOYEE'S COMPENSATION PACKAGE. DECISIONS ARE DOCUMENTED IN THE COMMITTEE MEETING MINUTES AND THE SUPPORTING DETAIL IMFORMATION IS KEPT IN THE EMPLOYEE'S PERSONNEL FILE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4EXPLANATION DOCUMENTS ARE AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15B
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IRS990/USAddress/StateAbbreviationCd0MI
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ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/PersonNm0DAVID ROWE

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