Grand Rapids Economic Club
- Assets
- $821.3k
- Revenue
- $3.1m
- Investments
- $0.0
- Employees
- 6
- Location
- Grand Rapids, MI
- Founding
- 09/1975
- Data as of
- 06/2024
- EIN
- 23-7442555
Organization Overview
Grand Rapids Economic Club is located in Grand Rapids, MI. The organization was established in 1975. According to its NTEE Classification (Y42) the organization is classified as: Domestic Fraternal Societies, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 06/2024, Grand Rapids Economic Club employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Grand Rapids Economic Club is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2024, Grand Rapids Economic Club generated $3.1m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 10.1% each year . All expenses for the organization totaled $3.0m during the year ending 06/2024. While expenses have increased by 7.8% per year over the past 9 years. They've been increasing with an increasing level of total revenue. 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE A FORUM TO CONNECT, INFORM, AND INSPIRE OUR DIVERSE COMMUNITY ABOUT TODAY'S ECONOMIC ISSUES AND RELEVANT TOPICS OF THE DAY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LUNCHEON MEETINGS WITH SPEAKERS ON ECONOMIC ISSUES; PURPOSE IS TO INFORM THE APPROXIMATELY 1,400 MEMBERS ON CURRENT ECONOMIC ISSUES
TO PROVIDE A FORUM TO CONNECT, INFORM, AND INSPIRE OUR DIVERSE COMMUNITY ABOUT TODAY'S ECONOMIC ISSUES AND RELEVANT TOPICS OF THE DAY.
ANNUAL DINNER MEETING FEATURING AN EXPERT SPEAKING ON ECONOMIC ISSUES; THE OBJECTIVE IS TO PROMOTE GREATER UNDERSTANDING ON THE PART OF MEMBERS OF ECONOMIC ISSUES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Natalia Kovicak President | Officer | 40 | $185,845 |
See Attached List Directors | Trustee | $0 | |
Bob Herr Treasurer | Officer | $0 | |
Christina Keller Chair-Person | Officer | $0 | |
Sean Welsh Vice-Chair | Officer | $0 | |
Bob Wolford Secretary | Officer | $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 | $206 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $206 |
| Total Program Service Revenue | $3,072,068 |
| Investment income | $13,573 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$8 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,090,829 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $9,090 |
| 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. | $205,214 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $159,836 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $4,312 |
| Payroll taxes | $25,825 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,643 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $26,645 |
| Office expenses | $146 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $22,357 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,771 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $6,786 |
| All other expenses | $38,691 |
| Total functional expenses | $3,026,331 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $241,680 |
| Savings and temporary cash investments | $559,785 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $19,806 |
| 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 | $821,271 |
| 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 | $9,595 |
| Total liabilities | $9,595 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $811,676 |
| Total liabilities and net assets/fund balances | $821,271 |