Destination Madison Foundation Inc
- Assets
- $557.9k
- Revenue
- $1.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Madison, WI
- Founding
- 01/2005
- Data as of
- 12/2020
- EIN
- 20-1127385
Organization Overview
Destination Madison Foundation Inc is located in Madison, WI. The organization was established in 2005. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Destination Madison Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2020, Destination Madison Foundation Inc generated $1.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (47.3%) each year. All expenses for the organization totaled $71.6k during the year ending 12/2020. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE AND ENCOURAGE ECONOMIC DEVELOPMENT AND WELL-BEING OF DIVERSE POPULATIONS WITHIN THE GREATER MADISON/DANE COUNTY AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE RESOURCE SUPPORT FOR EVENTS HOSTED BY THE CITY OF MADISON AND/OR THE GREATER MADISON CONVENTION & VISITORS BUREAU, INC. THAT PROMOTE AND ENCOURAGE ECONOMIC DEVELOPMENT WITHIN THE GREATER MADISON/DANE COUNTY AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joel Weitz Chair | OfficerTrustee | 0.5 | $0 |
Jonathan Bogatay Vice Chair (thru Oct) | OfficerTrustee | 0.5 | $0 |
Jeanette Riechers Vice Chair | OfficerTrustee | 0.5 | $0 |
Ellsworth Brown Secretary/treasurer | OfficerTrustee | 0.5 | $0 |
Deb Archer President/ceo | Officer | 1 | $0 |
Turina Bakken Trustee | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,500 |
| Total Program Service Revenue | $0 |
| Investment income | $212 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,712 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $15,391 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $55,627 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $25 |
| Total functional expenses | $71,607 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $371,652 |
| Savings and temporary cash investments | $162,259 |
| Pledges and grants receivable | $24,000 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $557,911 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $479,044 |
| Net assets with donor restrictions | $78,867 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $557,911 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Destination Madison Foundation Inc has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
Madison Gas & Electric Foundation Inc Madison, WI PURPOSE: GENERAL SUPPORT | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
World Business Chicago Chicago, IL | $9,302,792 | $9,942,081 |
Enlace Chicago Chicago, IL | $7,912,354 | $9,016,287 |
Midtown Detroit Inc Detroit, MI | $6,098,841 | $4,938,478 |
Detriot Economic Growth Association Detroit, MI | $6,651,865 | $5,567,044 |
Common Wealth Development Inc Madison, WI | $16,900,042 | $3,774,568 |
Renaissance Development Fund Benton Harbor, MI | $26,943,889 | $2,827,375 |
Humans First Detroit Detroit, MI | $6,650,332 | $4,303,626 |
Milwaukee Urban Strategic Investment Corp Milwaukee, WI | $23,035,863 | $4,044,506 |
Warren-Conner Development Coalition Inc Detroit, MI | $1,694,673 | $3,249,362 |
Destination Medical Center Corporation Rochester, MN | $379,838 | $2,053,572 |
Far South Cdc Chicago, IL | $4,303,074 | $2,694,787 |
Bay Future Inc Bay City, MI | $1,152,121 | $1,923,474 |