Legacy Dmc
- Assets
- $0.0
- Revenue
- $132.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Detroit, MI
- Founding
- 06/1985
- Data as of
- 06/2021
- EIN
- 38-2571767
Organization Overview
Legacy Dmc is located in Detroit, MI. The organization was established in 1985. According to its NTEE Classification (E12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Legacy Dmc 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 06/2021, Legacy Dmc generated $132.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (5.8%) each year. All expenses for the organization totaled $5.4m during the year ending 06/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
MONITOR COMPLIANCE WITH THE POST-CLOSING COVENANTS CONTAINED IN THE PURCHASE AND SALE AGREEMENT BETWEEN DMC AND VANGUARD.
MONITOR COMPLIANCE WITH THE POST-CLOSING COVENANTS CONTAINED IN THE PURCHASE AND SALE AGREEMENT BETWEEN DMC AND VANGUARD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Widgren Chair | 1 | $0 | |
David Nicholson Trustee | 1 | $0 | |
Yale Levin Trustee | 1 | $0 | |
Cynthia Ford Trustee | 1 | $0 | |
Gloria Robinson Trustee | 1 | $0 | |
Alan Schwartz Vice Chair | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $642 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$839 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $132,571 |
| Total Revenue | $132,374 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $62,500 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $3,156 |
| Interest | $0 |
| Taxes | $220 |
| Depreciation | $0 |
| Occupancy | $4,950 |
| Travel, conferences, and meetings | $346 |
| Printing and publications | $0 |
| Other expenses | $27,965 |
| Total operating and administrative expenses | $220,039 |
| Contributions, gifts, grants paid | $5,160,000 |
| Total expenses and disbursements | $5,380,039 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $71,800 |
| Savings and temporary cash investments | $5,311,467 |
| Net Accounts receivable | $1 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,593 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $149,181 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Legacy Dmc has awarded $5,160,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
DMC FOUNDATION PURPOSE: GENERAL OPERATING SUPPORT | $2,580,000 |
CHILDREN'S HOSPITAL OF MICHIGAN FOUNDATION PURPOSE: GENERAL OPERATING SUPPORT | $2,580,000 |