Michigan Certified Development Corporation
- Assets
- $8.3m
- Revenue
- $3.3m
- Investments
- $0.0
- Employees
- 22
- Location
- East Lansing, MI
- Founding
- 03/1984
- Data as of
- 09/2022
- EIN
- 38-2476532
Organization Overview
Michigan Certified Development Corporation is located in East Lansing, MI. The organization was established in 1984. 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 09/2022, Michigan Certified Development Corporation employed 22 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Michigan Certified Development Corporation 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 09/2022, Michigan Certified Development Corporation generated $3.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $3.7m during the year ending 09/2022. While expenses have increased by 9.0% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO STIMULATE ECONOMIC DEVELOPMENT IN MICHIGAN BY HELPING BUSINESSES TO OBTAIN FINANCING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ASSISTED 109 SMALL BUSINESSES WITH OBTAINING FINANCING THROUGH THE SBA 504 PROGRAM THEREBY BENEFITING THE MICHIGAN ECONOMY BY THE CREATION AND/OR RETENTION OF 3,226 JOBS. ASSISTED 46 SMALL BUSINESSES WITH OBTAINING FINANCING THROUGH THE SBA 7(A) LOAN PROGRAM THEREBY BENEFITING THE MICHIGAN ECONOMY BY THE CREATION AND/OR RETENTION OF 1,010 JOBS.
MONITORED REPAYMENTS FOR THE OUTSTANDING LOAN PORTFOLIO OF APPROXIMATELY 847 LOANS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Williams President | Officer | 40 | $200,082 |
David I Kramer V.P. Operations | 40 | $157,966 | |
Eric J Kehler V.P. 504 Lending | 40 | $151,558 | |
Steven Pricco Director Of 7a Lending | 40 | $149,015 | |
John Johnson Sr. Loan Officer | 40 | $136,532 | |
Scott Vroegindewey Senior Loan Officer | 40 | $113,757 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| 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 | $0 |
| Total Program Service Revenue | $3,510,270 |
| Investment income | $172,210 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$46,068 |
| Net Gain/Loss on Asset Sales | -$290,949 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,345,463 |
| 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. | $295,810 |
| Compensation of current officers, directors, key employees. | $59,162 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,004,597 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $322,725 |
| Payroll taxes | $166,104 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,655 |
| Fees for services: Accounting | $16,712 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $22,403 |
| Fees for services: Other | $100,819 |
| Advertising and promotion | $95,488 |
| Office expenses | $57,108 |
| Information technology | $110,716 |
| Royalties | $0 |
| Occupancy | $161,457 |
| Travel | $111,816 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $145,732 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $40,291 |
| Insurance | $39,045 |
| All other expenses | $0 |
| Total functional expenses | $3,721,907 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,367,352 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $214,274 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $600,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $23,361 |
| Net Land, buildings, and equipment | $1,432,182 |
| Investments—publicly traded securities | $3,649,092 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,184 |
| Total assets | $8,289,445 |
| Accounts payable and accrued expenses | $408,623 |
| 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 | $17,388 |
| Total liabilities | $426,011 |
| Net assets without donor restrictions | $7,863,434 |
| 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 | $8,289,445 |
Grants Awarded
Over the last fiscal year, Michigan Certified Development Corporation has awarded $105,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
NORTHERN ECONOMIC INITIATIVES CORP PURPOSE: FUNDING OF A LOAN LOSS RESERVE TO PROVIDE ECONOMIC DEVELOPMENT WITHIN THE COMMUNITY. | $45,000 |
Flint, MI PURPOSE: FUNDING OF A LOAN LOSS RESERVE TO PROVIDE ECONOMIC DEVELOPMENT WITHIN THE COMMUNITY. | $40,000 |
NORTHERN ECONOMIC INITIATIVES CORP PURPOSE: THE DEVELOPMENT OF INITIATEPROSPERITY.COM WEB PORTAL. | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
University Circle Incorporated Cleveland, OH | $134,622,719 | $18,118,457 |
Foundation For Detroits Future Detroit, MI | $47,892,805 | $26,320,980 |
Economic And Community Development Institute Inc Columbus, OH | $78,355,876 | $19,971,101 |
West Ohio Community Action Partnership Lima, OH | $6,981,623 | $15,279,840 |
Community Action Program Commission Of The Lancaster-Fairfield County Lancaster, OH | $11,087,648 | $12,770,614 |
West Central Wisconsin Community Action Agency Inc Glenwood City, WI | $21,268,900 | $13,007,959 |
Community Action Coaltion For South Central Wisconsin Inc Madison, WI | $4,809,920 | $12,236,312 |
Leads Newark, OH | $16,589,702 | $10,298,274 |
Blue Water Community Action Port Huron, MI | $3,539,859 | $9,991,743 |
Community Action Commission Of Fayette County Washington Court House, OH | $10,620,828 | $9,688,038 |
Downtown Cleveland Alliance Cleveland, OH | $4,884,612 | $9,424,862 |
Community Action Inc Of Rock And Walworth Counties Beloit, WI | $10,640,793 | $9,364,558 |