2025-11-10T08:15:58-06:00 2024-12-31 WITHUMSMITHBROWN PC 1835 MARKET STREET SUITE 1710 PHILADELPHIA PA 191032945 990 2024-01-01 824116553 TRAVERSE CITY CENTER OF ENTREPRENEURSHIP % SHILOH SLOMSKY TRAV 2319386519 10850 E TRAVERSE HWY STE 4400 TRAVERSE CITY MI 49684 CRAIG WESLEY EXECUTIVE DIRECTOR 2319386519 2025-11-05 true true Richard Ruvelson P00234075 2155462140 2024 2025-03-06 01:10:19Z 20 FATHOMS CRAIG WESLEY 10850 E TRAVERSE HWY STE 4400 TRAVERSE CITY MI 49684 2186239 false X WWW.20FATHOMS.ORG X 2018 MI Our mission is to accelerate the growth of tech startups, entrepreneurs, and scalable businesses in NW Lower Michigan. 6 6 17 12 0 0 734143 1539925 407592 591823 0 54491 50 0 1141785 2186239 598 205063 0 0 574063 1156161 0 0 0 575634 538519 1150295 1899743 -8510 286496 442756 2353206 266914 2033076 175842 320130 X TO CULTIVATE A THRIVING AND CONNECTED STARTUP ECOSYSTEM IN NW LOWER MICHIGAN. false false 1703436 205063 591823 We do this by delivering essential startup services, providing a community workspace, and connecting entrepreneurs with crucial resources that facilitate business growth. 1703436 true true false false false false false false false false true false false true true true true false false false false false false false false false false true false false false false false false false false false true false false false false false false false false false true 19 0 true 17 true false false false false false false false false false false false false X 6 6 false false false false false false false true true false false true true true true false false true true false MI X SHILOH SLOMSKY 2319386519 10850 E TRAVERSE HWY STE 4400 TRAVERSE CITY MI 49684 SHILOH SLOMSKY CFO AND TRIBAL LIAISON 40.0 0.0 X 100000 0 6218 ERIC ROBERTS ED(THRU9/24) BD MEM(EFF 10/24) 40.0 0.0 X X 73120 0 7683 CRAIG WESLEY EXEC. DIRECTOR (EFF. 10/2024) 40.0 0.0 X 26153 0 2490 LOWELL GRUMEN CHAIR 1.0 0.0 X X 0 0 0 JANIE MCNABB VICE CHAIR 1.0 0.0 X X 0 0 0 GREG LUYT SECRETARY 1.0 0.0 X X 0 0 0 REBECCA TEAHEN TREASURER 1.0 0.0 X X 0 0 0 ASHLEY SLOAT BOARD MEMBER 1.0 0.0 X X 0 0 0 199273 0 16391 0 false false false 0 1393383 146542 10468 1539925 STARTUP RENTAL 900099 386727 386727 PROGRAMMING REVENUE 900099 33531 33531 SPONSORSHIPS 900099 171565 171565 591823 54491 54491 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2186239 420258 226056 205063 205063 0 0 0 215664 203285 12379 0 789962 744652 45310 0 66137 62344 3793 84398 79556 4842 0 14168 3474 10694 4644 1139 3505 0 0 0 70606 60438 10168 56314 36208 20106 15552 3276 12276 18010 16350 1660 0 231610 231610 18546 14768 3778 0 57717 40157 17560 10140 10140 0 21928 21928 3037 304 2733 BANK CHARGES & FEES 12380 619 11761 DUES & SUBSCRIPTIONS 2346 117 2229 EMPLOYEE TRAINING 1089 54 1035 MISCELLANEOUS EXPENSES 432 22 410 1899743 1703436 196307 0 X 291643 201412 0 1342002 100602 177842 8205 0 0 0 0 0 0 0 0 0 0 0 234636 175728 42306 58908 0 0 0 0 0 0 0 0 0 573042 442756 2353206 0 78463 0 0 36464 13500 0 0 0 0 0 0 0 0 193900 193900 36550 1747213 266914 2033076 X 0 0 0 0 175842 320130 175842 320130 442756 2353206 X 286496 -142208 X false true X true true true X 297966 718069 633397 734143 1711490 4095065 116986 257295 411105 407592 420258 1613236 0 0 0 414952 975364 1044502 1141735 2131748 5708301 41500 75500 105665 60455 39000 322120 31825 77611 133670 63090 49127 355323 73325 153111 239335 123545 88127 677443 5030858 0 0 0 0 54491 54491 0 0 0 0 0 54491 54491 0 0 0 450 50 0 500 414952 975364 1044952 1141785 2186239 5763292 0.87291 0.83580 0.00945 0.00220 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 74074 68203 5871 160562 107525 53037 58908 RIGHT OF USE ASSET 573042 573042 0 REFUNDABLE ADVANCES 1024377 OPERATING LEASE LIABILITY 686786 REFUNDABLE SECURITY DEPOSITS 36050 1747213 X 2200603 14364 14364 2186239 2186239 1914107 14364 14364 1899743 1899743 PART X, LINE 2: 20Fathoms is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code However, income from certain activities not directly related to 20Fathoms' tax-exempt purpose is subject to taxation as unrelated business income. In addition, 20Fathoms qualifies for the charitable contribution deduction under Section 170(b)(1)(A) and has been classified as an organization other than a private foundation under Section 509(a)(2). GAAP requires entities to evaluate, measure, recognize and disclose any uncertain income tax positions taken on their tax return. GAAP prescribes a minimum recognition threshold that a tax position is required to meet in order to be recognized in the financial statements. 20Fathoms believes that it had no uncertain tax positions as defined in GAAP. true VENTURE NORTH FUNDING & DEVELOPMENT 202 E GRNDVIEW PKWY SUITE 202 TRVERSE CITY MI 49684 382857500 501(C)(3) 22738 SUBAWARD OF SBSH NORTHERN LAKES ECONOMIC ALLIANCE 1313 BOYNE AVENUE BOYNE CITY MI 49712 382616982 501(C)(3) 26189 SUBAWARD OF SBSH TRAVERSE CONNECT FOUNDATION 202 E GRNDVIEW PKWY SUITE 202 TRVERSE CITY MI 49684 844874842 501(C)(3) 26469 SUBAWARD OF SBSH GRAND VALLEY STATE UNIVERSITY 1 CAMPUS DRIVE ALLENDALE MI 49401 381684280 501(C)(3) 19317 SUBAWARD OF SBSH 4 0 PART I, DESCRIPTION OF PROCEDURE FOR MONITORING USE OF FUNDS: THE ORGANIZATION MAINTAINS WRITTEN POLICIES AND PROCEDURES FOR AWARDING AND MONITORING GRANTS. GRANT RECIPIENTS ARE SELECTED BASED ON ESTABLISHED ELIGIBILITY CRITERIA. THE ORGANIZATION REQUIRES PERIODIC REPORTS FROM GRANTEES TO ENSURE FUNDS ARE USED FOR THE INTENDED CHARITABLE PURPOSES. STAFF REVIEW THESE REPORTS AND MAY CONDUCT FOLLOW-UP COMMUNICATIONS OR SITE VISITS AS NEEDED. ALL GRANT-RELATED ACTIVITIES ARE DOCUMENTED AND RETAINED FOR COMPLIANCE AND AUDIT PURPOSES. LOWELL GRUEMEN CHAIRPERSON 17000 false PART IV, LINE 1: LOWELL GRUMEN IS MANAGING PARTNER OF BOOMERANG CATAPULT AND IS THE 20FATHOMS CHAIRPERSON. BOOMERANG PAID 20FATHOMS $17,100 IN 2024 FOR TWO OFFICE SPACES. FORM 990, PART VI, SECTION B, LINE 11B: EACH MEMBER OF THE BOARD IS GIVEN A COPY PRIOR TO FILING FOR REVIEW, EXECUTIVE DIRECTOR REVIEWS AND SIGNS. FORM 990, PART VI, SECTION B, LINE 12C: STAFF AND BOARD MEMBERS ARE REQUIRED TO ANNUALLY DISCLOSE CONFLICTS, WHICH ARE THEN REVIEWED BY THE BOARD OF DIRECTORS. IF A CONFLICT ARISES, THE BOARD MEMBER WITH THE CONFLICT WILL ABSTAIN FROM A VOTE ON THE MATTER. FORM 990, PART VI, SECTION B, LINE 15: Executive Director salary determined and voted ON by BOARD OF DIRECTORS and is based on same standards of Staff, except THE BOARD OF DIRECTORS determine increases. STAFF SALARIES ARE BASED ON (1) GRANT AWARD BUDGETS AND (2) REGIONAL COMPETITIVE REVIEW BY HR AND EXECUTIVE DIRECTOR IN REVIEW OF SKILLS/EDUCATION, EXPERIENCE OF HIRED STAFF. THE GRANT BUDGET RATES ARE BASED ON THE CURRENT STAFF'S SALARY OF REGIONAL COMPETITIVE RATES FOR NEW HIRES. EACH STAFF HAS A CONTRACT AND STARTING WAGE IS INCLUDED. INCREASES IN WAGES (ANNUAL RAISES/SOL) ARE REVIEWED BY EXECUTIVE DIRECTOR AND HR AND DETERMINED BASED ON JOB PERFORMANCE, INCREASE IN SKILLS/RESPONSIBILITIES, ETC. FORM 990, PART VI, LINE 19: ALL GOVERNING DOCUMENTS, INCLUDING THE CONFLICT OF INTEREST POLICY AND THE FINANCIAL STATEMENTS, ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: DEFERRED RENT ADJUSTMENT ($ 142,208)