Michigan Economic Development Foundation
- Assets
- $977.1k
- Revenue
- $782.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Okemos, MI
- Founding
- 09/1984
- Data as of
- 12/2023
- EIN
- 38-2527475
Organization Overview
Michigan Economic Development Foundation is located in Okemos, MI. The organization was established in 1984. According to its NTEE Classification (S46) the organization is classified as: Boards of Trade, 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. Michigan Economic Development Foundation 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 12/2023, Michigan Economic Development Foundation generated $782.2k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $1.1m during the year ending 12/2023. While expenses have increased by 5.4% per year over the past 9 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 LESSEN THE BURDEN OF THE GOVERNMENT OF THE STATE OF MICHIGAN, TO PROMOTE THE PUBLIC WELFARE
Describe the Organization's Program Activity:
Part 3 - Line 4a
INVESTMENT MISSIONS TO POSITION MICHIGAN AS THE PREMIER LOCATION IN NORTH AMERICA FOR INTERNATIONAL COMPANIES IN TARGETED INDUSTRY SECTORS. THESE MISSIONS ARE CONDUCTED BY KEY ECONOMIC DEVELOPMENT OFFICIALS TO TARGET SELECT COMPANIES AND EVENTS ABROAD, INCLUDING SEVEN MISSIONS THAT OCCURED IN 2023.
EVENTS, RECEPTIONS, & CONFERENCES TO PROMOTE ECONOMIC DEVELOPMENT IN MICHIGAN. IN 2023 THESE EVENTS WERE ATTENDED BY MORE THAN 10,000 PARTICIPANTS, INCLUDING BUSINESS REPS AND NATIONAL AND INTERNATIONAL AUTOMOTIVE SUPPLIERS.
COLLABORATION WITH OTHER LOCAL AND PRIVATE ENTITIES STRIVING TO ENSURE GROWTH AND PROVIDE AN ECONOMIC BOOST AND ENTERTAINMENT TO LOCAL COMMUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cynthia Stump Board Member | Trustee | 0.5 | $0 |
Deeana Ahmed Board Member | Trustee | 0.5 | $0 |
Eleanor Reece Board Member | Trustee | 0.5 | $0 |
Gabby Bruno Board Member | Trustee | 0.5 | $0 |
George W Cook III Board Member | Trustee | 0.5 | $0 |
Jeff Stoutenburg President | OfficerTrustee | 0.5 | $0 |
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 | $773,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $773,000 |
| Total Program Service Revenue | $0 |
| Investment income | $3,742 |
| 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 | $782,167 |
| 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. | $88,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $3,932 |
| Fees for services: Legal | $14,715 |
| Fees for services: Accounting | $39,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,427 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $766,788 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,916 |
| All other expenses | $0 |
| Total functional expenses | $1,057,501 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $727,036 |
| Pledges and grants receivable | $103,202 |
| Accounts receivable, net | $120,221 |
| 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 | $26,673 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $977,132 |
| Accounts payable and accrued expenses | $18,912 |
| 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 | $0 |
| Total liabilities | $18,912 |
| Net assets without donor restrictions | $783,220 |
| Net assets with donor restrictions | $175,000 |
| 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 | $977,132 |
Grants Awarded
Over the last fiscal year, Michigan Economic Development Foundation has awarded $30,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
CASEVILLE CHAMBER OF COMMERCE PURPOSE: LOCAL COLLABORATIONS | $10,000 |
LAPEER AREA CHAMBER OF COMMERCE PURPOSE: LOCAL COLLABORATIONS | $10,000 |
WYOMING-KENTWOOD CHAMBER OF COMMERCE PURPOSE: LOCAL COLLABORATIONS | $10,000 |