Detroit Economic Club
- Assets
- $3.4m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 7
- Location
- Detroit, MI
- Founding
- 01/1942
- Data as of
- 06/2022
- EIN
- 38-0508823
Organization Overview
Detroit Economic Club is located in Detroit, MI. The organization was established in 1942. According to its NTEE Classification (V22) the organization is classified as: Economics, under the broad grouping of Social Science and related organizations. As of 06/2022, Detroit Economic Club employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Detroit Economic Club 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 06/2022, Detroit Economic Club generated $1.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.4%) each year. All expenses for the organization totaled $1.3m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (5.2%) per year over the past 7 years. 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
SINCE IT'S ORIGIN IN 1934, THE MISSION OF THE DETROIT ECONOMIC CLUB (DEC) HAS BEEN TO PROVIDE A PLATFORM FOR THE DEBATE AND DISCUSSION OF THE GREAT BUSINESS, GOVERNMENT AND SOCIAL ISSUES OF THE DAY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SPEAKER MEETINGS: THESE MEETINGS WERE MOSTLY HELD IN-PERSON, WITH A HANDFUL OF VIRTUAL EVENTS. SPEAKERS INCLUDED CEOS, GOVERNMENT OFFICIALS, AND AUTHORS. MEETINGS PROVIDE A PLATFORM FOR THE DISCUSSION AND DEBATE OF IMPORTANT BUSINESS, GOVERNMENT AND SOCIAL ISSUES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Grigorian Director, President & CEO | OfficerTrustee | 40 | $293,557 |
Gerard M Anderson Executive Chairman | OfficerTrustee | 1 | $0 |
Mary Culler Vice President | OfficerTrustee | 1 | $0 |
Peter Gudritz Vice President | OfficerTrustee | 1 | $0 |
Terry Rhadigan Vice President | OfficerTrustee | 1 | $0 |
Mark Mendola Director, Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $96,585 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $93,800 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,143,416 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,333,801 |
| Total Program Service Revenue | $87,805 |
| Investment income | $48,969 |
| 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 | $1,470,575 |
| 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. | $331,958 |
| Compensation of current officers, directors, key employees. | $39,835 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $288,136 |
| Pension plan accruals and contributions | $17,035 |
| Other employee benefits | $61,516 |
| Payroll taxes | $38,595 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $70,205 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $25,056 |
| Fees for services: Other | $48,230 |
| Advertising and promotion | $1,309 |
| Office expenses | $2,293 |
| Information technology | $5,583 |
| Royalties | $0 |
| Occupancy | $42,631 |
| Travel | $1,817 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,835 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $13,751 |
| All other expenses | $32,182 |
| Total functional expenses | $1,252,900 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $595,653 |
| Savings and temporary cash investments | $66,005 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $2,754,008 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,415,666 |
| 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 | $42,000 |
| Total liabilities | $42,000 |
| Net assets without donor restrictions | $3,373,666 |
| 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 | $3,415,666 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Detroit Economic Club has recieved totaling $7,500.
| Awarding Organization | Amount |
|---|---|
Henry Ford Health System Detroit, MI PURPOSE: ORGANIZATIONAL SUPPORT | $7,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Economics Center For Education And Research Cincinnati, OH | $6,139,514 | $2,342,935 |
Detroit Economic Club Detroit, MI | $3,415,666 | $1,470,575 |
Partnership For Economics Education And Research Ann Arbor, MI | $871,068 | $1,233,853 |
Tuscarawas County Economic Development Corporation Dover, OH | $139,805 | $382,540 |
Michigan Council On Economic Education Sterling Heights, MI | $58,733 | $127,233 |
Wisconsin Council On Economic Education Inc Milwaukee, WI | $292,276 | $263,380 |
Americas Turning Point Inc Crown Point, IN | $8,123 | $0 |
Mansfield-Richland Area Edu Fndtn Inc Mansfield, OH | $482,278 | $0 |
Association For University Business And Economic Research Auber Muncie, IN | $140,046 | $0 |
Consumer Culture Theory Consortium Inc Madison, WI | $144,668 | $0 |