Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Feb 2004.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
78 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
Something off? Claim to add context
Who runs it and what they're paid
12 people listed on the 990; $159K paid to officers and key staff.
Terry Truitt’s $183K as President is at the 60th percentile of top reported officer pay among 2832 $1–10M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.
Compensation history total reportable pay by year · 1 named individual · Part VII
| Name | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Terry Truitt | $182,785 | $182,478 | $154,393 | $164,465 | $159,038 |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
See Flagship Enterprise Center INC executive salaries →Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2No
- Top official's pay set by an independent reviewPt VI · Ln 15aYes
Programs and updates
Nurtures entrepreneurial spirit through mentoring, services, and capital access for economic development.
Questions for Flagship Enterprise Center INC
Your first name shows with your question. Flagship Enterprise Center INC answers here, for everyone.
In the fiscal year ending may 31, 2021, flagship enterprise center leased 162,000 square feet of office, lab, and industrial space to growing companies involved in research and development, manufacturing, and engineering. The center closed 101 regular small business loans during the fiscal year.
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
Federal money
The auditor reported no findings.
The auditor reported: a weakness in money controls.
The auditor reported no findings.
The auditor reported no findings.
By the numbers
The FY2021 990, line by line.
Download 990
| Line | Start FY21 | End FY21 |
|---|---|---|
| Cash and savingsLn 1–2 | $6.8M | $6.1M |
| Land, buildings, equipmentLn 10c | $19.4M | $19.1M |
| Total assetsLn 16 | $38.8M | $43.8M |
| LiabilitiesLn 26 | $14.6M | $18.7M |
| Net assetsLn 32 | $24.2M | $25.1M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Other salaries and wagesLn 7 | $1.0M | $752K | $266K | |
| Other employee benefitsLn 9 | $97K | $85K | $12K | |
| Payroll taxesLn 10 | $97K | $76K | $21K | |
| Legal feesLn 11b | $580 | $580 | ||
| Accounting feesLn 11c | $33K | $33K | ||
| Office expensesLn 13 | $154K | $124K | $31K | |
| OccupancyLn 16 | $254K | $99K | $155K | |
| TravelLn 17 | $3K | $2K | $821 | |
| InterestLn 20 | $148K | $148K | ||
| Depreciation, depletion and amortizationLn 22 | $367K | $367K | ||
| Other expenses (24a–d)Ln 24 | $337K | $337K | ||
| All other expensesLn 24e | $110K | $54K | $56K | |
| Total functional expensesLn 25 | $2.6M | $2.0M | $575K | $0 |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2025 LatestFiled with the IRS Feb 11, 2026 | $3.7M | $4.2M | −$507K | $31.0M | 990 PDF |
| FY2024Filed with the IRS Feb 19, 2025 | $4.1M | $3.7M | $351K | $31.5M | 990 PDF |
| FY2023Filed with the IRS Mar 11, 2024 | $3.4M | $3.4M | $53K | $31.1M | 990 PDF |
| FY2022Filed with the IRS Dec 1, 2022 | $8.6M | $2.6M | $6.0M | $31.1M | 990 PDF |
| FY2021 ViewingFiled with the IRS Nov 23, 2021 | $3.5M | $2.6M | $882K | $25.1M | 990 PDF |
Schedules filed Part IV
See the full FY2021 990 (6 parts)
Part I · Summary $3,502,370 revenue, 12 lines filed
Part VI · Governance 5 of 12 board members independent, no flags
Part VIII · Statement of revenue $3,502,370 across 7 lines filed
Part IX · Statement of functional expenses $2,620,587 across 12 lines filed
Part X · Balance sheet $43,787,383 assets, 18 lines filed
Part XI · Reconciliation of net assets $25,125,931 net assets at year end
Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File
Similar organizations you could support · Compare with another nonprofit
Names, privacy, and removal requests More
The names, titles, and compensation shown on this page are reproduced from IRS Form 990 filings, which are public records.
Philanthropy.org does not alter the content of those filings. All information appears exactly as reported by the filing organization for the tax year shown.
We publish only information contained in the public IRS filing — and less than the filing contains. Our profile pages do not display street addresses, telephone numbers, personal email addresses, or other personal contact information, even where the filing includes them.
Many people share the same name. A name shown on this page reflects only what one organization reported in one IRS filing for one tax year. It should not be interpreted as identifying any other individual with the same or a similar name.
If you are no longer affiliated with the organization, your name will generally stop appearing in future IRS filings once the organization no longer reports you. Pages for tax years in which you were reported remain published because those filings remain part of the public record.
Philanthropy.org does not alter or remove IRS filing records. Removing a page from this website would not remove the underlying IRS filing, which remains publicly available from the IRS and other publishers of the same information.
If you believe the IRS filing itself is inaccurate, corrections must be made by the filing organization or the IRS directly.