Detroit Regional Chamber Foundation Inc
- Assets
- $5.3m
- Revenue
- $12.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Detroit, MI
- Founding
- 06/1981
- Data as of
- 06/2023
- 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 06/2023, Detroit Regional Chamber Foundation Inc generated $12.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.6% each year. All expenses for the organization totaled $12.8m during the year ending 06/2023. While expenses have increased by 5.2% 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.
Since 2019, Detroit Regional Chamber Foundation Inc has awarded 64 individual grants totaling $1,586,500. 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
2023
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 NONPROFIT 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. PER STATE OF MICHIGAN STATUTE, THE DPZA IS ALLOCATED A PORTION OF STATE PROPERTY TAXES COLLECTED IN THE CITY OF DETROIT FOR THE EXPRESS PURPOSE OF FUNDING A COLLEGE PROMISE PROGRAM. THE DPZA HAS DESIGNATED THE FOUNDATION AS ITS PARTNER TO ADMINISTER THIS PROGRAM AND USES THE TAX CAPTURE REVENUE TO ALLOCATE FUNDING TO THE FOUNDATION TO FUND THE PROGRAM WITHIN THE STATUTE GUIDELINES.
ECONOMIC DEVELOPMENT:THE FOUNDATION'S ECONOMIC PROSPERITY STRATEGY POSITIONS THE DETROIT REGION FOR LONG-TERM GLOBAL COMPETITIVENESS FOR THE NEXT DECADE AND BEYOND. THE WORK IS FUNDED THROUGH CONTRIBUTIONS AND GRANTS FROM CORPORATE DONORS AND PRIVATE PHILANTHROPY. THE STRATEGY IS EXECUTED THROUGH A SERIES OF INITIATIVES ENSURING THE REGION IS EDUCATED, EMPLOYED, HEALTHY, AND LEADING IN NEXT-GENERATION MOBILITY.LEADERSHIP DETROIT:LEADERSHIP DETROIT PROVIDES THE FOUNDATION FOR A LIFELONG COMMITMENT TO LEADERSHIP BY CREATING AWARENESS OF KEY ISSUES THAT AFFECT THE DETROIT REGION AND TO CHALLENGE EMERGING AND EXISTING COMMUNITY LEADERS TO BRING ABOUT POSITIVE CHANGE IN THE COMMUNITY THROUGH INFORMED LEADERSHIP.RACIAL JUSTICE AND ECONOMIC EQUITY:THE FOUNDATION LEVERAGES ITS POSITION AS A COVENER OF BUSINESS TO ENSURE PERVASIVE AND LONG-TERM CHANGE BOTH SOCIETALLY AND ECONOMICALLY. THIS WORK IS ROOTED IN REFLECTIVE FOCUS ON ACCOUNTABILITY INTERNALLY AND EXTERNALLY THROUGH A COMMITMENT TO ENSURING THE REGION'S EQUITABLE FUTURE.
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 |
|---|---|---|---|
Sandy K Baruah President | OfficerTrustee | 15 | $250,706 |
Liazbeth Ardisana Chairman Of The Board | OfficerTrustee | 1 | $0 |
Richard Rassel Vice Chair | OfficerTrustee | 1 | $0 |
Bradley Williams Secretary & Executive Dire | OfficerTrustee | 17 | $103,391 |
Karen Belans Treasurer | OfficerTrustee | 13 | $126,137 |
Megan Spanitz Vice- President, Resource | Officer | 11 | $88,348 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $1,400,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $9,637,082 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $11,037,082 |
| Total Program Service Revenue | $1,153,895 |
| Investment income | $29,472 |
| 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 | $12,220,449 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $884,420 |
| 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. | $1,120,830 |
| Compensation of current officers, directors, key employees. | $240,271 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,924,244 |
| Pension plan accruals and contributions | $210,666 |
| Other employee benefits | $235,830 |
| Payroll taxes | $284,294 |
| 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 | $4,008,996 |
| Advertising and promotion | $336,812 |
| Office expenses | $37,220 |
| Information technology | $122,159 |
| Royalties | $0 |
| Occupancy | $121,676 |
| Travel | $14,550 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $90,245 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $12,845,129 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,414,879 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,412,684 |
| 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 | $515,045 |
| Total assets | $5,342,608 |
| Accounts payable and accrued expenses | $7,890 |
| Grants payable | $0 |
| Deferred revenue | $57,366 |
| 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 | $65,256 |
| Net assets without donor restrictions | $557,478 |
| Net assets with donor restrictions | $4,719,874 |
| 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 | $5,342,608 |
Grants Awarded
Over the last fiscal year, Detroit Regional Chamber Foundation Inc has awarded $450,000 in support to 20 organizations.
| Grant Recipient | Amount |
|---|---|
2BRIGHT ENTERPRISES PURPOSE: GENERAL SUPPORT | $15,000 |
AGI CONSTRUCTION PURPOSE: GENERAL SUPPORT | $15,000 |
BAGS TO BUTTERFLIES PURPOSE: GENERAL SUPPORT | $15,000 |
AUSOME LEARNING CENTER PURPOSE: GENERAL SUPPORT | $30,000 |
BRILLIANT DETROIT PURPOSE: GENERAL SUPPORT | $30,000 |
CODE313 PURPOSE: GENERAL SUPPORT | $30,000 |