Civic Intelligence

Ventureprise Inc

990 • Fiscal year 2015 • EIN 56-1579361

Jul 01, 2014 to Jun 30, 2015 • Filed on Feb 25, 2016

Organization ProfileWWW.VENTUREPRISE.ORG
9201 University Cty Blvd Portal 252Charlotte, NC 28223

(704) 687-0900

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

85th percentile

0.30x

Higher debt load relative to assets than 85% of similar nonprofits.

2015 filings • 501(c)3 • <$500k nonprofits • Source year 2015

Liabilities / Revenue

83rd percentile

0.12x

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

2015 filings • 501(c)3 • <$500k nonprofits • Source year 2015

Net Margin

21st percentile

-12%

Higher net margin than 21% of similar nonprofits.

2015 filings • 501(c)3 • <$500k nonprofits • Source year 2015

Top Officer Pay

99th percentile

$141,288

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 38.4% of source-year revenue.

2015 filings • 501(c)3 • <$500k nonprofits • Source year 2015

Asset Growth

15th percentile

-31%

Faster asset growth than 15% of similar nonprofits.

2015 filings • 501(c)3 • <$500k nonprofits • Annualized from 2014 to 2015

Revenue Growth

18th percentile

-28%

Faster revenue growth than 18% of similar nonprofits.

2015 filings • 501(c)3 • <$500k nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets85th percentile

Assets

Down

$142,812

Down $63,119 (-31%) from 2014

Net Assets

Down

$99,416

Down $44,881 (-31%) from 2014

Liabilities

Down

$43,396

Down $18,238 (-30%) from 2014

Revenue And Expenses
Liabilities / Revenue83rd percentileNet Margin21st percentile

Revenue

Down

$367,761

Down $143,861 (-28%) from 2014

Expenses

Down

$412,642

Down $420,342 (-50%) from 2014

Net Income

Up

-$44,881

Up $276,481 (+86%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth15th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$800K$600K$400K$200K$0Assets 2012: $695,642Liabilities 2012: $81,548Net Assets 2012: $614,0942012Assets 2013: $544,695Liabilities 2013: $79,036Net Assets 2013: $465,6592013Assets 2014: $205,931Liabilities 2014: $61,634Net Assets 2014: $144,2972014Assets 2015: $142,812Liabilities 2015: $43,396Net Assets 2015: $99,4162015Assets 2016: $219,012Liabilities 2016: $39,314Net Assets 2016: $179,6982016Assets 2017: $254,733Liabilities 2017: $37,585Net Assets 2017: $217,1482017Assets 2018: $252,454Liabilities 2018: $42,129Net Assets 2018: $210,3252018Assets 2019: $219,869Liabilities 2019: $21,063Net Assets 2019: $198,8062019Assets 2020: $190,390Liabilities 2020: $1,820Net Assets 2020: $188,5702020Assets 2021: $181,453Liabilities 2021: $420Net Assets 2021: $181,0332021

Highlighted filing

2015

Assets$142,812
Liabilities$43,396
Net Assets$99,416
Open 2015 Filing

Operations Trend

Revenue Growth18th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.0M$500K$0-$500KRevenue 2012: $770,094Expenses 2012: $800,791Net Income 2012: -$30,6972012Expenses 2013: $897,1112013Revenue 2014: $511,622Expenses 2014: $832,984Net Income 2014: -$321,3622014Revenue 2015: $367,761Expenses 2015: $412,642Net Income 2015: -$44,8812015Revenue 2016: $448,664Expenses 2016: $368,382Net Income 2016: $80,2822016Revenue 2017: $391,966Expenses 2017: $354,516Net Income 2017: $37,4502017Revenue 2018: $20,735Expenses 2018: $27,558Net Income 2018: -$6,8232018Revenue 2019: $27,610Expenses 2019: $39,129Net Income 2019: -$11,5192019Revenue 2020: $20,263Expenses 2020: $30,499Net Income 2020: -$10,2362020Revenue 2021: $215Expenses 2021: $7,752Net Income 2021: -$7,5372021

Highlighted filing

2015

Revenue$367,761
Expenses$412,642
Net Income-$44,881
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Feb 25, 2016
Return Version
2014v6.0
Gross Receipts
$367,761
Mission and Program Overview

Mission

Ventureprise works to strengthen the charlotte regional ecosystem for innovation and entrepreneurship. The organization provides entrepreneurial and commercialization support for unc charlotte researchers and students including a student business incubator. It operates a business incubator and accelerator in the portal building that serves innovation-driven entrepreneurs from start-up through early-stage growth.

To service emerging small businesses

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$192,692$113,865▼ $78,827
Accounts Receivable$5,513$27,200▲ $21,687
Prepaid Expenses and Deferred Charges$1,546$1,747▲ $201
Cash and Non-Interest-Bearing Accounts$250--
Total Assets$205,931$142,812▼ $63,119
Other Assets Total$5,930$0▼ $5,930
Liabilities
Other Liabilities$27,118$35,693▲ $8,575
Deferred Revenue$18,142$0▼ $18,142
Accounts Payable and Accrued Expenses$16,374$7,703▼ $8,671
Total Liabilities$61,634$43,396▼ $18,238
Net Assets / Fund Balance
Unrestricted Net Assets$144,297$99,416▼ $44,881
Total Net Assets Fund Balance$144,297$99,416▼ $44,881
Total Liabilities and Net Assets / Fund Balance$205,931$142,812▼ $63,119
Compensation and Service Providers
Top Officer Pay99th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Paul WetenhallPresident/ex OfficioFT$133,960$7,328$141,288

Board Members and Trustees

NameTitle
Douglas DawsonBoard Member/chairman
Chris HallliganBoard Member
Dr Charles E BamfordBoard Member
John BradberryBoard Member
Keva WaltonBoard Member
Lori CollinsBoard Member
Louis J ForemanBoard Member
Patrick T MumfordBoard Member
Rajeev KulkarniBoard Member
Ronald ElmoreBoard Member
Stephen E SellersBoard Member
Dr Robert G WilhelmBoard Member/ Ex Officio
Jd CostaBoard Member/secretary
Elizabeth HardinTreasurer/ Ex Officio
Revenue and Support

Revenue Composition

Contributions and Grants
$50,000
Program Service Revenue
$315,891
Investment Income
$1,870
Other Revenue
$0
All Other Contributions
$50,000
Change in Net Assets
$-44,881

Audited Revenue Reconciliation

Revenue per Audited Statements
$367,761
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$128,590
Total Revenue per Audited Statements
$496,351
Total Revenue per Form 990
$367,761
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$309,814
Salaries, Compensation, and Employee Benefits$102,828
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$165,585$10,569-$176,154
Fees for Services Other$60,899--$60,899
Other Salaries and Wages$40,068$7,071-$47,139
Other Expenses$35,782$68-$35,850
Current Officers, Directors, Trustees, and Key Employees$28,815$5,085-$33,900
Advertising$10,194--$10,194
Pension Plan Contributions$8,485$1,497-$9,982
Travel$9,705--$9,705
Fees for Services Accounting-$8,100-$8,100
Other Employee Benefits$5,491$969-$6,460
Payroll Taxes$4,545$802-$5,347
Office Expenses$4,056$1,038-$5,094
Insurance$2,482--$2,482
Conferences and Meetings$1,336--$1,336
Total Functional Expenses$377,443$35,199$0$412,642

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$541,232
Expenses per Audited Statements$412,642
Total Expenses per Form 990$412,642
Expenses Not Reported on Form 990$128,590
Expenses Not Reported on Financial Statements$0
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
Deposits$35,693
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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, Part VI, Section B, Line 11

“The form 990 is forwarded to the designated officer to distribute to each board member of the governing body of the organization prior to filing.”

Form 990, Part VI, Section B, Line 12C

“Ventureprise, inc. Maintains a written conflict of interest policy. The center has a written form that all directors sign. The center does not match board members for mentoring with companies if there is a conflict.”

Form 990, Part VI, Section B, Line 15A

“The president is paid as an employee of the "university of north carolina at charlotte", and 25% of his salary and benefits are reimbursed to the university by this organization. When the position was open for recruiting in 2008, the president's salary was determined by the university in consultation with the finance committee. Since then, there has been only one subsequent adjustment, in line with cost of living, and was determined by the university.”

Form 990, Part VI, Section C, Line 19

“The organization's governing documents and financial statements are made available to the public upon request.”

FORM 990, PART VII, SECTION A, COLUMN F:

“The organization, in a full transparency posture to reporting, is reporting all benefits in full in column f, part vii and is not applying the $10,000 per item exception for certain benefits.”

Filing and Contact Details

Filer

Filer Name
Ventureprise Inc
EIN
56-1579361
Phone
7046870900
Address
9201 UNIVERSITY CTY BLVD PORTAL 252, CHARLOTTE, NC 28223

Signing Officer

Name
Paul Wetenhall
Title
President/executive Director
Phone
7046870900
Signed
2016-02-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Paul Wetenhall
Formed
1986
Legal Domicile
Nc
Voting Board Members
14
Independent Board Members
14
Employees
2
Volunteers
100

Preparer

Firm
Rsm US Llp
Address
230 N ELM ST STE 1100, GREENSBORO, NC 27401
Preparer
Adrienne Mckinney
Phone
3362724551
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Other fees for services: program service expenses 60,899. Management and general expenses 0. Fundraising expenses 0. Total expenses 60,899.”

FORM 990, PART XII, LINE 2C, AUDIT COMMITTEE:

“The audit committee's process of audit evaluation has not changed since prior year.”

Financial Statement Notes

PART X, LINE 2:

“The organization is a tax-exempt organization under section 501(c)(3) of the internal revenue code (irc). The organization records liabilities for income tax positions taken or expected to be taken when those postions are deemed uncertain to be upheld in an examination by taxing authorities. As of june 30, 2015, the tax years ended june 30, 2012 through 2014 were open for potential examination by taxing authorities. No liabilites for uncertain income tax positions were recorded as of june 30, 2015 and 2014.”

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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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IRS990/MissionDesc0VENTUREPRISE WORKS TO STRENGTHEN THE CHARLOTTE REGIONAL ECOSYSTEM FOR INNOVATION AND ENTREPRENEURSHIP. THE ORGANIZATION PROVIDES ENTREPRENEURIAL AND COMMERCIALIZATION SUPPORT FOR UNC CHARLOTTE RESEARCHERS AND STUDENTS INCLUDING A STUDENT BUSINESS INCUBATOR. IT OPERATES A BUSINESS INCUBATOR AND ACCELERATOR IN THE PORTAL BUILDING THAT SERVES INNOVATION-DRIVEN ENTREPRENEURS FROM START-UP THROUGH EARLY-STAGE GROWTH.
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IRS990/ProgSrvcAccomActy2Grp/Desc0OFFICE SPACE IS PROVIDED TO OUR CLIENTS AT AFFORDABLE RATES. THE SERVICES LISTED ABOVE ARE PROVIDED AT COST OR LOW MARGIN. APPROXIMATELY 24 TENANTS ARE PRESENTLY BENEFITING FORM THE PROGRAM IN OUR FACILITY.
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IRS990/RegularMonitoringEnfrcInd01
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IRS990/ReportOtherAssetsInd00
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC). THE ORGANIZATION RECORDS LIABILITIES FOR INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN WHEN THOSE POSTIONS ARE DEEMED UNCERTAIN TO BE UPHELD IN AN EXAMINATION BY TAXING AUTHORITIES. AS OF JUNE 30, 2015, THE TAX YEARS ENDED JUNE 30, 2012 THROUGH 2014 WERE OPEN FOR POTENTIAL EXAMINATION BY TAXING AUTHORITIES. NO LIABILITES FOR UNCERTAIN INCOME TAX POSITIONS WERE RECORDED AS OF JUNE 30, 2015 AND 2014.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE FORM 990 IS FORWARDED TO THE DESIGNATED OFFICER TO DISTRIBUTE TO EACH BOARD MEMBER OF THE GOVERNING BODY OF THE ORGANIZATION PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1VENTUREPRISE, INC. MAINTAINS A WRITTEN CONFLICT OF INTEREST POLICY. THE CENTER HAS A WRITTEN FORM THAT ALL DIRECTORS SIGN. THE CENTER DOES NOT MATCH BOARD MEMBERS FOR MENTORING WITH COMPANIES IF THERE IS A CONFLICT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE PRESIDENT IS PAID AS AN EMPLOYEE OF THE "UNIVERSITY OF NORTH CAROLINA AT CHARLOTTE", AND 25% OF HIS SALARY AND BENEFITS ARE REIMBURSED TO THE UNIVERSITY BY THIS ORGANIZATION. WHEN THE POSITION WAS OPEN FOR RECRUITING IN 2008, THE PRESIDENT'S SALARY WAS DETERMINED BY THE UNIVERSITY IN CONSULTATION WITH THE FINANCE COMMITTEE. SINCE THEN, THERE HAS BEEN ONLY ONE SUBSEQUENT ADJUSTMENT, IN LINE WITH COST OF LIVING, AND WAS DETERMINED BY THE UNIVERSITY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION'S GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION, IN A FULL TRANSPARENCY POSTURE TO REPORTING, IS REPORTING ALL BENEFITS IN FULL IN COLUMN F, PART VII AND IS NOT APPLYING THE $10,000 PER ITEM EXCEPTION FOR CERTAIN BENEFITS.

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$142,812
Liabilities
$43,396
Net assets
$99,416
Revenue
$367,761
Expenses
$412,642
Net income
-$44,881
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2021Detailed filing. Detailed filing data is available for this year.$1.81$0.00$1.81$0.00$0.08$0.08
2020Detailed filing. Detailed filing data is available for this year.$1.90$0.02$1.89$0.20$0.30$0.10
2019Detailed filing. Detailed filing data is available for this year.$2.20$0.21$1.99$0.28$0.39$0.12
2018Detailed filing. Detailed filing data is available for this year.$2.52$0.42$2.10$0.21$0.28$0.07
2017Detailed filing. Detailed filing data is available for this year.$2.55$0.38$2.17$3.92$3.55$0.37
2016Detailed filing. Detailed filing data is available for this year.$2.19$0.39$1.80$4.49$3.68$0.80
2015Detailed filing. Detailed filing data is available for this year.$1.43$0.43$0.99$3.68$4.13$0.45
2014Detailed filing. Detailed filing data is available for this year.$2.06$0.62$1.44$5.12$8.33$3.21
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.45$0.79$4.66$8.97
2012Summary only. Only limited summary data is available for this year.$6.96$0.82$6.14$7.70$8.01$0.31