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Nonprofit · EIN 38-2857500

VENTURE NORTH FUNDING AND DEVELOPMENT

Tax-exempt · TRAVERSE CITY, MI 49686

Financials

$988K$1M2023$1.2M$1M2024
Revenue Expenses · by fiscal year end
Financials of VENTURE NORTH FUNDING AND DEVELOPMENT by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$1,178,560$1,026,116$152,444$7,638,410$3,722,821$3,915,589
December 31, 2023990$987,877$1,023,065-$35,188$7,381,749$3,618,604$3,763,145
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$734,477
of which government grants
$477,652
Program service revenue
$404,292
Investment income
$39,791
Other revenue
$0

Expenses

Grants and similar amounts paid
$83,943
Compensation of officers, directors and key employees
$144,555
Other salaries and wages
$161,421
Salaries, compensation and benefits (total)
$370,792
Professional fundraising fees
$0
Legal fees
$3,605
Accounting fees
$12,100
Occupancy
$6,650
Travel
$23,102
Depreciation
$942
Program services (functional)
$940,843
Management and general (functional)
$85,273

Balance sheet and other

Total assets, start of year
$7,381,749
Total assets, end of year
$7,638,410
Total liabilities, end of year
$3,722,821
Net assets, end of year
$3,915,589
Land, buildings and equipment
$114
Net assets without donor restrictions
$3,915,589
Gross receipts
$1,178,560
Employees
0
Volunteers
16
Year formed
1989
State of legal domicile
MI

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.

NameTitleHours / weekCompensationOther / benefits
LAURA GALBRAITHPRESIDENT
Officer
60$144,000$555
GREG WESTDIRECTOR
Trustee or director
1$0$0
LOUISE WENZELDIRECTOR
Trustee or director
1$0$0
SAKURA TAKANODIRECTOR
Trustee or director
1$0$0
SKIP SIMMSDIRECTOR
Trustee or director
1$0$0
LAUREN HARRISDIRECTOR
Trustee or director
1$0$0
CHRIS HACKBARTHDIRECTOR
Trustee or director
1$0$0
ERIC GUSTADDIRECTOR
Trustee or director
1$0$0
ANDY COLEDIRECTOR
Trustee or director
1$0$0
MARY CLULODIRECTOR
Trustee or director
1$0$0
WARREN CALLDIRECTOR
Trustee or director
1$0$0
BILL BYRNETREASURER
Trustee or director, Officer
1$0$0
LAURA TRUDEAUSECRETARY
Trustee or director, Officer
1$0$0
CARLA GRIBBSIMMEDIATE PAST CHAIR
Trustee or director, Officer
1$0$0
LAURA REZNICHCHAIR
Trustee or director, Officer
1$0$0
990 for the year ended December 31, 2023: 15 people
NameTitleHours / weekCompensation
LAURA GALBRAITHPRESIDENT
Officer
40$138,107
CARLA GRIBBSIMMEDIATE PAST CHAIR
Trustee or director, Officer
1$0
LAUREN HARRISMARKETING COMMITTEE CHAIR
Trustee or director, Officer
1$0
SKIP SIMMSLOAN COMMITTEE CHAIR
Trustee or director, Officer
1$0
LAURA REZNICHCHAIR
Trustee or director, Officer
1$0
LAURA TRUDEAUSECRETARY
Trustee or director, Officer
1$0
BILL BYRNETREASURER
Trustee or director, Officer
1$0
WARREN CALLDIRECTOR
Trustee or director
1$0
SAKURA TAKANODIRECTOR
Trustee or director
1$0
GREG WESTDIRECTOR
Trustee or director
1$0
CHRIS HACKBARTHDIRECTOR
Trustee or director
1$0
LOUISE WENZELDIRECTOR
Trustee or director
1$0
MARY CLULODIRECTOR
Trustee or director
1$0
ANDY COLEDIRECTOR
Trustee or director
1$0
ERIC GUSTADDIRECTOR
Trustee or director
1$0

Address and contacts

Address (IRS master file)
414 E EIGHTH ST UNIT 201, TRAVERSE CITY, MI 49686-2670
Principal officer (990 for 2024)
LAURA GALBRAITH, 414 E EIGHTH STREET 201, TRAVERSE CITY, MI 49686
Signed the 990
LAURA GALBRAITH, PRESIDENT
Phone
(231) 995-7115
Return prepared by
MANER COSTERISAN PC

Mission

VENTURE NORTH'S MISSION IS TO SUPPORT THE REGION'S ECONOMIC GROWTH AND COMMUNITY DEVELOPMENT EFFORTS BY PROVIDING FUNDING OPTIONS, OFFERING TECHNICAL ASSISTANCE, AND BUILDING CONNECTIONS FOR VIABLE BUSINESSES, INCLUDING LOW-TO-MODERATE INCOME OPPORTUNITIES.

990 for the year ended December 31, 2024

Program accomplishments

  • REVENUE OF $404,292 IS DERIVED BY PROVIDING ACCESS TO CAPITAL TO BUSINESSES OTHERWISE NOT ABLE TO RECEIVE LOANS. IN 2024, VENTURE NORTH FUNDING AND DEVELOPMENT DISBURSED 20 NEW LOANS AND PROVIDE 92 BUSINESSES WITH MULTIPLE SERVICES AND RESOURCES THAT PROMOTE GROWTH, IMPROVE PROCESSES, INCREASE SALES, AND BECOME A THRIVING BUSINESS.
    Expenses $940,843 · grants $83,943 · revenue $404,292

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 yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
38-2857500
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
Publicly supported organization (509(a)(2))
Donations deductible (Pub 78)
Public charity, 50% deduction limit
Exempt since
1989
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$7,638,410
Income (IRS master file)
$1,178,560

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$1,178,560$1,026,116$7,638,410XML
990December 2023$987,877$1,023,065$7,381,749XML
990December 2022$1,193,048$800,546$6,846,913IRS
990December 2021–––IRS
990December 2020–––IRS
990December 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 38-2857500).

Questions about VENTURE NORTH FUNDING AND DEVELOPMENT

What is the EIN of VENTURE NORTH FUNDING AND DEVELOPMENT?
The employer identification number (EIN) of VENTURE NORTH FUNDING AND DEVELOPMENT is 38-2857500.
Is VENTURE NORTH FUNDING AND DEVELOPMENT tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1989.
Are donations to VENTURE NORTH FUNDING AND DEVELOPMENT tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does VENTURE NORTH FUNDING AND DEVELOPMENT 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 NORTH FUNDING AND DEVELOPMENT 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 NORTH FUNDING AND DEVELOPMENT 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 NORTH FUNDING AND DEVELOPMENT?
The 990 for the year ended December 31, 2024 names LAURA GALBRAITH.
Who are the officers and directors of VENTURE NORTH FUNDING AND DEVELOPMENT?
The 990 for the year ended December 31, 2024 lists 15 people; 1 received compensation from the organization, the highest $144,000 (LAURA GALBRAITH, PRESIDENT).
How much revenue does VENTURE NORTH FUNDING AND DEVELOPMENT have?
On its 990 for the year ended December 31, 2024 it reported revenue of $1,178,560, expenses of $1,026,116 and total assets of $7,638,410 at year end.

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