Bay Future Inc
- Assets
- $1.2m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 5
- Location
- Bay City, MI
- Founding
- 05/2012
- Data as of
- 12/2022
- EIN
- 30-0274225
Organization Overview
Bay Future Inc is located in Bay City, MI. The organization was established in 2012. 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. As of 12/2022, Bay Future Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bay Future 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 12/2022, Bay Future Inc generated $1.9m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 29.2% each year . All expenses for the organization totaled $2.0m during the year ending 12/2022. While expenses have increased by 22.7% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO STRENGTHEN THE ECONOMIC ENVIRONMENT IN BAY COUNTY BY SUPPORTING EXISTING BUSINESS, NURTURING GROWTH, & PROMOTING STABILITY IN THE MARKET PLACE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO FACILITATE ECONOMIC DELOPMENT STRATEGIES THAT PROMOTE & SECURE OPPORTUNITIES FOR BUSINESS RETENTION, GROWTH, AND THE ATTRACTION OF NEW INDUSTRIES THAT CREATE QUALITY JOBS FOR COMMUNITY RESIDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jim Barcia Ex-Officio Board Member | Trustee | 1 | $0 |
Kerice Basmadjian Vice Chair | OfficerTrustee | 2 | $0 |
Laurie Bush Board Member | Trustee | 1 | $0 |
Ron Campbell Board Member | Trustee | 1 | $0 |
Mike Debo Secretary/treasurer | OfficerTrustee | 2 | $0 |
Kevin Cotter Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,586,166 |
| 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 | $1,586,166 |
| Total Program Service Revenue | $337,308 |
| Investment income | $0 |
| 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 | $1,923,474 |
| 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. | $111,700 |
| Compensation of current officers, directors, key employees. | $11,170 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $112,743 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $25,624 |
| Payroll taxes | $17,588 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $21,982 |
| Office expenses | $12,446 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $24,494 |
| Travel | $5,376 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,495 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,130 |
| Insurance | $3,099 |
| All other expenses | $2,388 |
| Total functional expenses | $1,951,198 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $596,652 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $529,775 |
| 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 | $5,745 |
| Net Land, buildings, and equipment | $5,354 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $14,595 |
| Total assets | $1,152,121 |
| Accounts payable and accrued expenses | $26,024 |
| 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 | $26,024 |
| Net assets without donor restrictions | $557,508 |
| Net assets with donor restrictions | $568,589 |
| 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 | $1,152,121 |