Michigan Certified Development Corporation
- Assets
- $8.7m
- Revenue
- $3.7m
- Investments
- $0.0
- Employees
- 26
- Location
- East Lansing, MI
- Founding
- 03/1984
- Data as of
- 09/2023
- 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 09/2023, Michigan Certified Development Corporation employed 26 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 09/2023, Michigan Certified Development Corporation generated $3.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.8% each year. All expenses for the organization totaled $3.9m during the year ending 09/2023. While expenses have increased by 8.5% 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
2023
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 82 SMALL BUSINESSES WITH OBTAINING FINANCING THROUGH THE SBA 504 PROGRAM THEREBY BENEFITING THE MICHIGAN ECONOMY BY THE CREATION AND/OR RETENTION OF 2,288 JOBS. ASSISTED 39 SMALL BUSINESSES WITH OBTAINING FINANCING THROUGH THE SBA 7(A) LOAN PROGRAM THEREBY BENEFITING THE MICHIGAN ECONOMY BY THE CREATION AND/OR RETENTION OF 593 JOBS.
MONITORED REPAYMENTS FOR THE OUTSTANDING LOAN PORTFOLIO OF APPROXIMATELY 870 LOANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John A Janick Director | Trustee | 2 | $6,800 |
Mark Morante Director | Trustee | 2 | $6,960 |
Joseph Calvaruso Director | Trustee | 2 | $5,440 |
Tom Johnson Director | Trustee | 2 | $6,780 |
Janet Mcclelland Director | Trustee | 2 | $5,260 |
Anthony Reed Director | Trustee | 2 | $6,800 |
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 | $3,812,939 |
| Investment income | $186,338 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$315,843 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,683,434 |
| 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. | $321,768 |
| Compensation of current officers, directors, key employees. | $64,354 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,006,587 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $318,854 |
| Payroll taxes | $167,561 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,746 |
| Fees for services: Accounting | $18,731 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $21,592 |
| Fees for services: Other | $101,483 |
| Advertising and promotion | $133,395 |
| Office expenses | $53,178 |
| Information technology | $112,166 |
| Royalties | $0 |
| Occupancy | $268,911 |
| Travel | $130,107 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $146,806 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $37,270 |
| Insurance | $35,090 |
| All other expenses | $0 |
| Total functional expenses | $3,910,841 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $872,822 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $344,424 |
| 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 | $5,941 |
| Net Land, buildings, and equipment | $1,325,072 |
| Investments—publicly traded securities | $5,225,124 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $362,023 |
| Total assets | $8,735,406 |
| Accounts payable and accrued expenses | $387,107 |
| 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 | $381,064 |
| Total liabilities | $768,171 |
| Net assets without donor restrictions | $7,967,235 |
| 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 | $8,735,406 |
Grants Awarded
Over the last fiscal year, Michigan Certified Development Corporation has awarded $105,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
METRO COMMUNITY DEVELOPMENT PURPOSE: FUNDING OF A LOAN LOSS RESERVE TO PROVIDE ECONOMIC DEVELOPMENT WITHIN THE COMMUNITY. | $40,000 |
NORTHERN ECONOMIC INITIATIVES CORP PURPOSE: FUNDING OF A LOAN LOSS RESERVE TO PROVIDE ECONOMIC DEVELOPMENT WITHIN THE COMMUNITY. | $45,000 |
NORTHERN ECONOMIC INITIATIVES CORP PURPOSE: THE DEVELOPMENT OF INITIATEPROSPERITY.COM WEB PORTAL. | $20,000 |