Detroit Regional Chamber Foundation Inc
- Assets
- $6.3m
- Revenue
- $13.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Detroit, MI
- Founding
- 06/1981
- Data as of
- 06/2022
- EIN
- 38-2352462
Organization Overview
Detroit Regional Chamber Foundation Inc is located in Detroit, MI. The organization was established in 1981. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Detroit Regional Chamber Foundation 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 06/2022, Detroit Regional Chamber Foundation Inc generated $13.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.2% each year. All expenses for the organization totaled $9.5m during the year ending 06/2022. While expenses have increased by 1.5% per year over the past 7 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.
Since 2019, Detroit Regional Chamber Foundation Inc has awarded 54 individual grants totaling $1,436,500. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
DETROIT REGIONAL CHAMBER FOUNDATION, INC (THE "FOUNDATION") IS DEDICATED TO GROWING PROGRAMS OR INITIATIVES THAT ARE IMPORTANT TO ENSURING THE DETROIT REGION'S ECONOMY IS ONE OF THE FASTEST GROWING IN THE U.S.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE DETROIT PROMISE IS THE FOUNDATION'S UMBRELLA SCHOLARSHIP FOR ALL INCOMING COLLEGE STUDENTS, INCLUDING FOUR-YEAR UNIVERSITY STUDENTS FORMALLY ENROLLING THROUGH THE DETROIT COMPACT SCHOLARSHIP PROGRAM. THE DETROIT PROMISE IS A FOUNDATION-ADMINISTERED PROGRAM FUNDED BY THE MICHIGAN EDUCATION EXCELLENCE FOUNDATION ("MEEF"), A MICHIGAN NON-PROFIT ORGANIZATION. UNDER A MEMORANDUM OF UNDERSTANDING WITH THE MEEF, THE DETROIT PROMISE'S ESSENTIAL RESPONSIBILITY IS TO PROVIDE A LAST-DOLLAR SCHOLARSHIP FOR DETROIT HIGH SCHOOL STUDENTS ENTERING AREA COMMUNITY COLLEGES AND PARTICIPATING FOUR-YEAR UNIVERSITIES. A GRANT FROM THE MDRC PROVIDES SUPPORT TO COMMUNITY COLLEGE STUDENTS AND IMPROVE GRADUATION RATES BY REPLICATING A SUCCESSFUL PROGRAM IN NEW YORK.
MICHAUTO IS MICHIGAN'S ONLY AUTOMOTIVE AND MOBILITY CLUSTER ASSOCIATION TO PROTECT, RETAIN, AND GROW MICHIGAN'S SIGNATURE INDUSTRY WHILE ALSO ENSURING THE STATE'S LEADERSHIP IN ADVANCING THE DEVELOPMENT AND MANUFACTURING OF NEXT-GENERATION MOBILITY TECHNOLOGY.
THE FOUNDATION LEADS A COMPREHENSIVE EDUCATION AND TALENT PORTFOLIO OF PROGRAM AND POLICY WORK IN THE STATE. WITH THE GOAL TO INCREASE POSTSECONDARY DEGREE ATTAINMENT IN SOUTHEAST MICHIGAN TO 60% BY 2030, THE CHAMBER'S WORK WILL GROW THE TALENT POOL FOR EMPLOYERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Glenn Stevens Vice- President, Automotiv | Officer | 37.5 | $276,819 |
Sandy K Baruah President | OfficerTrustee | 15 | $255,759 |
Gregory Handel Vice President, Education | Officer | 37.5 | $180,055 |
Carolyn Sauer Senior Director | 37.5 | $143,984 | |
Karen Belans Treasurer | OfficerTrustee | 13 | $117,759 |
Bradley Williams Secretary & Executive Dire | OfficerTrustee | 17 | $101,277 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $600,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $11,442,057 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $12,042,057 |
| Total Program Service Revenue | $942,240 |
| Investment income | $898 |
| 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 | $12,985,195 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,282,972 |
| 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. | $1,101,261 |
| Compensation of current officers, directors, key employees. | $223,362 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,947,866 |
| Pension plan accruals and contributions | $169,531 |
| Other employee benefits | $196,913 |
| Payroll taxes | $204,388 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,378,432 |
| Advertising and promotion | $308,418 |
| Office expenses | $42,705 |
| Information technology | $66,131 |
| Royalties | $0 |
| Occupancy | $66,524 |
| Travel | $4,325 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $27,940 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $9,490,903 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,385,408 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,932,558 |
| 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 | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,502 |
| Total assets | $6,324,468 |
| Accounts payable and accrued expenses | $3,315 |
| Grants payable | $0 |
| Deferred revenue | $70 |
| 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 | $419,051 |
| Total liabilities | $422,436 |
| Net assets without donor restrictions | $527,799 |
| Net assets with donor restrictions | $5,374,233 |
| 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 | $6,324,468 |
Grants Awarded
Over the last fiscal year, Detroit Regional Chamber Foundation Inc has awarded $450,000 in support to 20 organizations.
| Grant Recipient | Amount |
|---|---|
Detroit, MI PURPOSE: GENERAL SUPPORT | $30,000 |
Detroit, MI PURPOSE: GENERAL SUPPORT | $30,000 |
Detroit, MI PURPOSE: GENERAL SUPPORT | $30,000 |
Detroit, MI PURPOSE: GENERAL SUPPORT | $30,000 |
Detroit, MI PURPOSE: GENERAL SUPPORT | $30,000 |
Detroit, MI PURPOSE: GENERAL SUPPORT | $30,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Detroit Regional Chamber Foundation Inc has recieved totaling $2,000.
| Awarding Organization | Amount |
|---|---|
The Butzel Long Charitable Trust Detroit, MI PURPOSE: PROVIDE ACCURATE AND VERIFIED DATA WITH EXTENSIVE ECONOMIC, WORKFORCE, AND EDUCATION STATISTICS TO SUPPORT DATA-DRIVEN BUSINESS, PHILANTHROPIC, POLICY, AND CAREER DECISIONS. | $2,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Dane Buy Local Foundation Inc Madison, WI | $199,958 | $19,130,759 |
Leap Lansing, MI | $5,631,252 | $15,493,708 |
Greater Cleveland Partnership Cleveland, OH | $36,035,820 | $14,402,868 |
Board Of Certified Safety Professionals Of The Americas Inc Indianapolis, IN | $35,079,358 | $17,695,377 |
Asqexcellence Inc Milwaukee, WI | $6,648,120 | $11,915,494 |
The Right Place Inc Grand Rapids, MI | $10,135,241 | $14,178,677 |
Central Indiana Corporate Partnership Inc Indianapolis, IN | $8,694,724 | $11,696,503 |
Automotive Industry Action Group Southfield, MI | $14,204,782 | $10,849,803 |
National Association Of Tax Professionals Inc Appleton, WI | $15,322,195 | $11,606,289 |
Detroit Regional Chamber Foundation Inc Detroit, MI | $6,324,468 | $12,985,195 |
Detroit Regional Chamber Detroit, MI | $15,593,687 | $11,203,489 |
Custom Electronic Design & Installation Association Fishers, IN | $40,806,745 | $4,400,829 |