Nonprofit · EIN 27-2987904
VENTURE FOR AMERICA INC
Tax-exempt · DETROIT, MI 48226
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $2,498,672 | $2,197,983 | $300,689 | $2,316,836 | $1,440,870 | $875,966 |
| December 31, 2023 | 990 | $5,007,019 | $6,575,397 | -$1,568,378 | $2,518,717 | $1,959,086 | $559,631 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $1,853,411
- Program service revenue
- $55,500
- Investment income
- $334,432
- Net gain from sales of assets
- $331,714
- Other revenue
- $255,329
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $176,216
- Other salaries and wages
- $1,458,450
- Salaries, compensation and benefits (total)
- $1,734,478
- Professional fundraising fees
- $0
- Occupancy
- $1,859
- Travel
- $15,754
- Program services (functional)
- $1,758,387
- Management and general (functional)
- $439,596
Balance sheet and other
- Total assets, start of year
- $2,518,717
- Total assets, end of year
- $2,316,836
- Total liabilities, end of year
- $1,440,870
- Net assets, end of year
- $875,966
- Net assets without donor restrictions
- $875,966
- Gross receipts
- $2,498,672
- Employees
- 35
- Volunteers
- 8
- Year formed
- 2011
- State of legal domicile
- DE
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| ELIZABETH PARK | CFO Officer | 40 | $98,344 | $18,615 |
| ERIC SOMERVILLE | CEO Officer | 40 | $51,874 | $7,383 |
| DORIE SMITH | CHAIRPERSON Trustee or director, Officer | 3 | $0 | $0 |
| JAY BOCKHAUS | TREASURER Trustee or director, Officer | 3 | $0 | $0 |
| GIGI LEE CHANG | DIRECTOR Trustee or director | 3 | $0 | $0 |
| SHEGUN OTULANA | DIRECTOR Trustee or director | 3 | $0 | $0 |
| JAMES FEAGIN | DIRECTOR Trustee or director | 3 | $0 | $0 |
| KARL MUTH | DIRECTOR Trustee or director | 3 | $0 | $0 |
| KIM KOLT | DIRECTOR Trustee or director | 3 | $0 | $0 |
| MAXINE CLARK | DIRECTOR Trustee or director | 3 | $0 | $0 |
990 for the year ended December 31, 2023: 22 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| ERIC SOMERVILLE | CEO Trustee or director, Officer | 40 | $250,000 | $21,631 |
| ELIZABETH PARK | EMPLOYEE Key employee | 40 | $171,000 | $23,918 |
| CARRIE MURPHY | EMPLOYEE Highest-paid employee | 40 | $141,000 | $25,105 |
| COLLEEN JUI LIAN WONG | EMPLOYEE Highest-paid employee | 40 | $125,000 | $13,002 |
| MARY WRIGHT | EMPLOYEE Highest-paid employee | 40 | $127,000 | $25 |
| KEENAN COVINGTON | EMPLOYEE Highest-paid employee | 40 | $115,000 | $10,114 |
| TYLER MICHAEL ORGINSKI | EMPLOYEE Highest-paid employee | 40 | $115,000 | $25 |
| DORIE SMITH | CHAIRPERSON Trustee or director, Officer | 3 | $0 | $0 |
| JAY BOCKHAUS | TREASURER Trustee or director, Officer | 3 | $0 | $0 |
| JENNIFER GABRIELLI | FORMER DIRECTOR Trustee or director | 3 | $0 | $0 |
| SHANE TINTLE | FORMER DIRECTOR Trustee or director | 3 | $0 | $0 |
| JARET DAVIS | FORMER DIRECTOR Trustee or director | 3 | $0 | $0 |
| ERIC FELDER | FORMER DIRECTOR Trustee or director | 3 | $0 | $0 |
| CHRISTIAN ANTHONY | FORMER DIRECTOR Trustee or director | 3 | $0 | $0 |
| MARCY ENGEL | FORMER DIRECTOR Trustee or director | 3 | $0 | $0 |
| MATT HAGGMAN | FORMER DIRECTOR Trustee or director | 3 | $0 | $0 |
| GIGI LEE CHANG | DIRECTOR Trustee or director | 3 | $0 | $0 |
| SHEGUN OTULANA | DIRECTOR Trustee or director | 3 | $0 | $0 |
| JAMES FEAGIN | DIRECTOR Trustee or director | 3 | $0 | $0 |
| KARL MUTH | DIRECTOR Trustee or director | 3 | $0 | $0 |
| KIM KOLT | DIRECTOR Trustee or director | 3 | $0 | $0 |
| MAXINE CLARK | DIRECTOR Trustee or director | 3 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 1420 WASHINGTON BLVD STE 301, DETROIT, MI 48226-1750
- In care of
- % KATHY GLEDHILL
- Principal officer (990 for 2024)
- ERIC SOMERVILLE, 1420 WASHINGTON BOULEVARD 301, DETROIT, MI 48226
- Signed the 990
- BETSYE PARK, CFO
- Phone
- (646) 736-6460
- Return prepared by
- SST ACCOUNTANTS & CONSULTANTS PLLC
Mission
VENTURE FOR AMERICA'S MISSION IS TO RESPONSIBLY STEWARD ITS REMAINING RESOURCES WHILE SUPPORTING THE TRANSITION, ADMINISTRATIVE CLOSE-OUT, AND LONG-TERM NEEDS OF ITS FELLOW AND ALUMNI COMMUNITY. THE ORGANIZATION IS COMMITTED TO PRESERVING ITS LEGACY OF ENTREPRENEURSHIP DEVELOPMENT AND ENSURING AN ORDERLY WIND-DOWN OF OPERATIONS CONSISTENT WITH ITS CHARITABLE PURPOSE.
Program accomplishments
- IN 2024, VENTURE FOR AMERICA (VFA) CONTINUED TO OPERATE ITS ENTREPRENEURSHIP AND FELLOWSHIP PROGRAMS, PROVIDING TRAINING, PLACEMENT SUPPORT, AND COMMUNITY RESOURCES TO ITS NETWORK OF FELLOWS AND ALUMNI. THROUGHOUT THE YEAR, THE ORGANIZATION ALSO EXPERIENCED INCREASING FINANCIAL AND OPERATIONAL CHALLENGES, INCLUDING A SIGNIFICANT DECLINE IN VENTURE FUNDING AMONG COMPANY PARTNERS, WHICH REDUCED BOTH REVENUE AND AVAILABLE PLACEMENT OPPORTUNITIES. THESE ECONOMIC HEADWINDS, COUPLED WITH SHIFTING PHILANTHROPIC PRIORITIES, LED TO A SUBSTANTIAL DECREASE IN GRANT FUNDING THAT HISTORICALLY COMPRISED THE MAJORITY OF THE ORGANIZATION'S INCOME.ON AUGUST 6, 2024, THE BOARD OF DIRECTORS AND LEADERSHIP TEAM ANNOUNCED THAT VFA WOULD BEGIN THE PROCESS OF WINDING DOWN CURRENT DAY-TO-DAY OPERATIONS. THIS DECISION FOLLOWED SEVERAL YEARS OF CHANGES IN THE ENTREPRENEURIAL LANDSCAPE AND INCREASING DIFFICULTY SUSTAINING THE ORGANIZATION'S HISTORICAL FUNDING MODEL. THE ANNOUNCEMENT ALSO RECOGNIZED VFA'S ACHIEVEMENTS OVER ITS 13-YEAR HISTORY, INCLUDING SUPPORTING OVER 950 COMPANIES, CONTRIBUTING TO ECONOMIC GROWTH IN MORE THAN 20 CITIES, ENABLING FELLOWS AND ALUMNI TO LAUNCH MORE THAN 375 BUSINESSES, AND BUILDING A COMMUNITY OF MORE THAN 1,600 INDIVIDUALS.FOLLOWING THIS DECISION, VFA MAINTAINED A SMALL TRANSITION TEAM RESPONSIBLE FOR COMPLETING THE REQUIRED ADMINISTRATIVE, OPERATIONAL, AND FINANCIAL TASKS ASSOCIATED WITH THE WIND-DOWN. THESE ACTIVITIES CONTINUED THROUGH THE END OF THE YEAR.THE BOARD OF DIRECTORS IS CONTINUING TO EXPLORE POTENTIAL STRATEGIC RESTRUCTURING OPTIONS THAT MAY SUPPORT THE ONGOING NEEDS OF THE EXISTING FELLOW AND ALUMNI COMMUNITY AND DETERMINE WHETHER A FUTURE ITERATION OF VFA IS FEASIBLE. WHILE OPERATIONAL ACTIVITIES ARE WINDING DOWN, THE ORGANIZATION EMPHASIZED THE ENDURING STRENGTH AND IMPACT OF THE VFA COMMUNITY AND ITS LONG-TERM LEGACY IN ENTREPRENEURSHIP DEVELOPMENT.Expenses $1,758,387 · revenue $310,829
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 27-2987904
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2011
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S30)
- Assets (IRS master file)
- $2,316,836
- Income (IRS master file)
- $2,498,672
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $2,498,672 | $2,197,983 | $2,316,836 | IRS |
| 990 | December 2023 | $5,007,019 | $6,575,397 | $2,518,717 | XML |
| 990 | December 2022 | $5,383,435 | $6,488,193 | $2,879,225 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2019 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 27-2987904).
Questions about VENTURE FOR AMERICA INC
- What is the EIN of VENTURE FOR AMERICA INC?
- The employer identification number (EIN) of VENTURE FOR AMERICA INC is 27-2987904.
- Is VENTURE FOR AMERICA INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2011.
- Are donations to VENTURE FOR AMERICA INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does VENTURE FOR AMERICA INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of VENTURE FOR AMERICA INC due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did VENTURE FOR AMERICA INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of VENTURE FOR AMERICA INC?
- The 990 for the year ended December 31, 2024 names ERIC SOMERVILLE.
- Who are the officers and directors of VENTURE FOR AMERICA INC?
- The 990 for the year ended December 31, 2024 lists 10 people; 2 received compensation from the organization, the highest $98,344 (ELIZABETH PARK, CFO).
- How much revenue does VENTURE FOR AMERICA INC have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $2,498,672, expenses of $2,197,983 and total assets of $2,316,836 at year end.
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