Greater Grand Rapids Chamber Foundation
- Assets
- $3.6m
- Revenue
- $810.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Grand Rapids, MI
- Founding
- 07/1972
- Data as of
- 12/2023
- EIN
- 23-7221790
Organization Overview
Greater Grand Rapids Chamber Foundation is located in Grand Rapids, MI. The organization was established in 1972. According to its NTEE Classification (T22) the organization is classified as: Private Independent Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Grand Rapids Chamber Foundation 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 12/2023, Greater Grand Rapids Chamber Foundation generated $810.1k in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (2.5%) each year. All expenses for the organization totaled $516.8k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (7.7%) per year over the past 9 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Greater Grand Rapids Chamber Foundation has awarded 39 individual grants totaling $318,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE PROGRAMMING AND FUNDING THAT ENCOURAGES FREE ENTERPRISE, ENHANCES THE QUALITY OF LIFE IN THE GREATER GRAND RAPIDS AREA, OR OTHERWISE SERVES A CHARITABLE, SCIENTIFIC, LITERARY, OR EDUCATIONAL PURPOSE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITY COLLABORATION INITIATIVE - THIS YEAR, FUNDING WAS USED FOR AN EASE OF DOING BUSINESS STUDY AND TO SUPPORT WORK AROUND PUBLIC SAFETY.
MINORITY BUSINESS DEVELOPMENT AND LEADERSHIP- THE FOUNDATION BUILT OUT A CENTER FOR ECONOMIC INCLUSION TO FOSTER ECONOMIC INCLUSION AND HELP SMALL BUSINESSES THRIVE WITH AN INTENTIONAL FOCUS ON DIVERSE-OWNED BUSINESSES. THE FOUNDATION ALSO DISTRIBUTED FUNDS FOR 35 SCHOLARSHIPS TO CULTIVATE COMMUNITY AND ORGANIZATIONAL LEADERS.
HOUSING NEXT - THE FOUNDATION WORKS TO REMOVE OBSTACLES TO INCREASE THE HOUSING SUPPLY ACROSS KENT AND OTTAWA COUNTIES THROUGH A FOCUS ON RESEARCH, DATA-BASED SOLUTIONS, TOOLS FOR GROWTH, TECHNICAL ASSISTANCE, AND COMMUNITY WILL-BUILDING TO INCREASE SUPPLY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nelson Sanchez Chair | Trustee | 1 | $0 |
Dan Meyering Director | Trustee | 1 | $0 |
Kim Mclaughlin Director | Trustee | 1 | $0 |
Jeff Lumpp Treasurer | Trustee | 1 | $0 |
Jeff Connolly Director | Trustee | 1 | $0 |
Jennifer Crowley Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $19,000 |
| Related organizations | $0 |
| Government grants | $768,511 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $787,511 |
| Total Program Service Revenue | $0 |
| Investment income | $25,918 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$6,942 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $810,097 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $33,183 |
| 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 | $88,079 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $6,966 |
| Payroll taxes | $23,167 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $41,966 |
| 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 | $323,389 |
| Total functional expenses | $516,750 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $957,828 |
| Savings and temporary cash investments | $33,070 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $93,250 |
| 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 | $2,474,606 |
| Total assets | $3,558,754 |
| Accounts payable and accrued expenses | $95,926 |
| Grants payable | $0 |
| Deferred revenue | $123,738 |
| 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 | $2,400,000 |
| Total liabilities | $2,619,664 |
| Net assets without donor restrictions | $700,758 |
| Net assets with donor restrictions | $238,332 |
| 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 | $3,558,754 |
Grants Awarded
Over the last fiscal year, Greater Grand Rapids Chamber Foundation has awarded $318,000 in support to 39 organizations.
| Grant Recipient | Amount |
|---|---|
WEST MI WINDOW WASHING PURPOSE: COVID assistance | $7,000 |
MOOMOO LLC PURPOSE: COVID assistance | $7,000 |
BERRY ORGANIC ACAI LLC PURPOSE: COVID assistance | $7,000 |
JAKU SUSHI AND GRILL PURPOSE: COVID assistance | $7,000 |
METRO ENGINEERING OF GRAND RAPIDS PURPOSE: COVID assistance | $7,000 |
THE FIRESIAN GASTROB PUB PURPOSE: COVID assistance | $7,000 |