Business Leaders For Michigan
- Assets
- $8.3m
- Revenue
- $5.3m
- Investments
- $0.0
- Employees
- 10
- Location
- Detroit, MI
- Founding
- 04/1971
- Data as of
- 12/2022
- EIN
- 38-1941576
Organization Overview
Business Leaders For Michigan is located in Detroit, MI. The organization was established in 1971. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Business Leaders For Michigan employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Business Leaders For Michigan is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2022, Business Leaders For Michigan generated $5.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $4.1m during the year ending 12/2022. While expenses have increased by 2.6% 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
BUSINESS LEADERS FOR MICHIGAN'S MISSION IS TO BENCHMARK, EDUCATE, CONVENE AND ADVOCATE TO IMPROVE ECONOMIC DEVELOPMENT, TALENT, AND EQUITY, RESULTING IN A PLACE WHERE BUSINESS WANTS TO INVEST, AND PEOPLE WANT TO WORK AND LIVE. OUR VISION IS TO ENSURE MICHIGAN BECOMES A TOP 10 STATE FOR JOBS, EDUCATION, WIDELY SHARED PROSPERITY, AND A HEALTHY ECONOMY. BOARD MEMBERSHIP REPRESENTS THE EXECUTIVE LEADERS OF MICHIGAN'S LARGEST COMPANIES AND UNIVERSITIES. OUR MEMBERS DRIVE 40% OF THE STATE'S ECONOMY, GENERATE OVER $1 TRILLION IN ANNUAL REVENUE AND SERVE MORE THAN HALF OF ALL MICHIGAN PUBLIC UNIVERSITY STUDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ADVANCED THE MICHIGAN ROAD TO TOP TEN PLAN: - CREATED LAUNCH MICHIGAN COALITION OF BUSINESS, LABOR AND PHILANTHROPY.- TO IMPROVE K-12 EDUCATION OUTCOMES AND DIRECT MORE FUNDING TO THE CLASSROOM.- DEVELOPED ADDITIONAL STRATEGIES TO IMPROVE THE WORKFORCE DEVELOPMENT SYSTEM.- CREATED A SPECIAL COVID-19 WEBSITE, MATERIALS, BEST PRACTICES AND OTHER TOOLS FOR MEMBERS AND OTHER BUSINESSES TO USE; HELD TOWN HALLS TO SHARE UP-TO-DATE INFORMATION ON THE PANDEMIC AND BEST PRACTICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffrey Donofrio President | OfficerTrustee | 40 | $518,041 |
Howard Ungerleider Chair | OfficerTrustee | 1 | $0 |
Gerard M Anderson Vice Chair | OfficerTrustee | 1 | $0 |
Doug L Devos Vice Chair | OfficerTrustee | 1 | $0 |
Michael J Jandernoa Vice Chair | OfficerTrustee | 1 | $0 |
James P Keane Vice Chair | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Korn Ferry Executive Search Services | 12/30/20 | $176,885 |
Futureworks Consulting Services | 12/30/20 | $105,951 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $4,833,183 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $4,833,183 |
| Total Program Service Revenue | $1,445 |
| Investment income | $455,797 |
| 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 | $5,290,425 |
| 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. | $1,982,615 |
| Compensation of current officers, directors, key employees. | $552,533 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $108,982 |
| Pension plan accruals and contributions | $75,778 |
| Other employee benefits | $129,153 |
| Payroll taxes | $119,533 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,153 |
| Fees for services: Accounting | $194,790 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $164,308 |
| Advertising and promotion | $0 |
| Office expenses | $124,082 |
| Information technology | $50,912 |
| Royalties | $0 |
| Occupancy | $77,575 |
| Travel | $99,028 |
| 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 | $6,883 |
| Insurance | $16,312 |
| All other expenses | $1,935 |
| Total functional expenses | $4,056,266 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,215,886 |
| Savings and temporary cash investments | $33,629 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $77,600 |
| 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 | $149,138 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $5,479,488 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $333,725 |
| Total assets | $8,289,466 |
| Accounts payable and accrued expenses | $883,126 |
| 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 | $532,898 |
| Total liabilities | $1,416,024 |
| Net assets without donor restrictions | $6,873,442 |
| 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 | $8,289,466 |