M-1 Rail
- Assets
- $64.4m
- Revenue
- $7.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Detroit, MI
- Founding
- 08/2008
- Data as of
- 09/2022
- EIN
- 26-2310566
Organization Overview
M-1 Rail is located in Detroit, MI. The organization was established in 2008. According to its NTEE Classification (W40) the organization is classified as: Public Transportation Systems, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. M-1 Rail 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 09/2022, M-1 Rail generated $7.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.1% each year. All expenses for the organization totaled $39.7m during the year ending 09/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PLAN, DESIGN, CONSTRUCT, EQUIP, FURNISH, AND OPERATE A PUBLIC TRANSPORTATION SYSTEM
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO OPERATE AND MAINTAIN A STREET RAILWAY, AS ENABLED BY LEGISLATION ADVANCED BY THE STATE OF MICHIGAN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel B Gilbert Vice-Chair And Director | OfficerTrustee | 1 | $0 |
Roger S Penske Chair And Director | OfficerTrustee | 1 | $0 |
Darrell Burks Treasurer And Director | OfficerTrustee | 1 | $0 |
David Blaszkiewicz Secretary And Director | OfficerTrustee | 1 | $0 |
Matthew P Cullen Chief Executive Officer And Director | OfficerTrustee | 1 | $0 |
Kenneth Dilaura Vice-President And C.f.o. | Officer | 20 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Brookville Streetcar Maintenance | 9/29/22 | $1,159,468 |
Apparatus Solutions Inc Accounting Services | 9/29/22 | $369,628 |
Dykema Gossett Pllc Legal Services | 9/29/22 | $199,671 |
Rna Facilities Management Janitorial Services | 9/29/22 | $197,976 |
Rauhorn Electronic Electrical Repair Services | 9/29/22 | $279,734 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,256,121 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,090,687 |
| Noncash contributions included in lines 1a–1f | $65,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,346,808 |
| Total Program Service Revenue | $0 |
| Investment income | $98,160 |
| 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 | $7,448,768 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $23,948 |
| Compensation of current officers, directors, key employees. | $2,260 |
| Compensation to disqualified persons | $2,562,427 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $332,344 |
| Payroll taxes | $207,278 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $257,483 |
| Fees for services: Accounting | $421,439 |
| Fees for services: Lobbying | $30,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $164,222 |
| Advertising and promotion | $256,432 |
| Office expenses | $62,687 |
| Information technology | $520,298 |
| Royalties | $0 |
| Occupancy | $310,194 |
| Travel | $7,284 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $105,582 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $84,428 |
| Insurance | $936,756 |
| All other expenses | $326,844 |
| Total functional expenses | $39,667,382 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,510,166 |
| Savings and temporary cash investments | $172,274 |
| Pledges and grants receivable | $4,335,219 |
| Accounts receivable, net | $5,000,000 |
| 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 | $96,547 |
| Net Land, buildings, and equipment | $1,004,570 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $49,269,333 |
| Total assets | $64,388,109 |
| Accounts payable and accrued expenses | $695,195 |
| Grants payable | $0 |
| Deferred revenue | $112,475 |
| 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 | $4,586,050 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $5,393,720 |
| Net assets without donor restrictions | $58,994,389 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $64,388,109 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that M-1 Rail has recieved totaling $3,600,000.
| Awarding Organization | Amount |
|---|---|
Kresge Foundation Troy, MI PURPOSE: THIS GRANT SUPPORTS THE EXPECTED ANNUAL SHORTFALL IN OPERATING REVENUE FOR THE QLINE ALONG WITH THE ECONOMIC REALITIES OF A SUSPENSION OF SERVICE THAT BEGAN IN LATE MARCH 2020 BECAUSE OF THE COVID-19 PANDEMIC. | $2,000,000 |
Kresge Foundation Troy, MI PURPOSE: THIS GRANT SUPPORTS THE EXPECTED ANNUAL SHORTFALL IN OPERATING REVENUE FOR THE QLINE ALONG WITH THE ECONOMIC REALITIES OF A SUSPENSION OF SERVICE THAT BEGAN IN LATE MARCH 2020 AS A RESULT OF THE COVID-19 PANDEMIC. | $1,000,000 |
Kresge Foundation Troy, MI PURPOSE: THIS GRANT SUPPORTS THE EXPECTED ANNUAL SHORTFALL IN OPERATING REVENUE FOR THE QLINE ALONG WITH THE ECONOMIC REALITIES OF A SUSPENSION OF SERVICE BEGINNING IN LATE MARCH 2020. | $600,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
M-1 Rail Detroit, MI | $64,388,109 | $7,448,768 |
M-2 Rail Detroit, MI | $116,029,354 | $41,676,501 |
Huron Transit Corporation Thumb Area Transit Bad Axe, MI | $6,017,153 | $5,346,037 |
Oscoda-Wurtsmith Airport Authority Oscoda, MI | $44,123,314 | $2,449,059 |
Ddp Bike Share Corporation Detroit, MI | $1,018,187 | $1,904,657 |
International Safe Transit Association East Lansing, MI | $3,378,946 | $2,000,648 |
South Central Ohio Transit Hillsboro, OH | $984,138 | $1,105,343 |
Michigan Transportation Connection East Lansing, MI | $178,070 | $749,243 |
Tri-County Busing Inc Cadillac, MI | $985,408 | $901,544 |
Michigan Public Transit Assn Inc East Lansing, MI | $611,688 | $672,747 |
Ohio Public Transit Association Columbus, OH | $265,769 | $493,017 |
Plasterers And Cement Masons Apprenitceship Train Fund Loc 692 Merrillville, IN | $1,772,992 | $732,233 |