Schoolcraft Development Authority Inc
- Assets
- $25.0m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Livonia, MI
- Founding
- 09/1986
- Data as of
- 06/2022
- EIN
- 38-2671221
Organization Overview
Schoolcraft Development Authority Inc is located in Livonia, MI. The organization was established in 1986. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Schoolcraft Development Authority Inc 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 06/2022, Schoolcraft Development Authority Inc generated $2.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.2% each year . All expenses for the organization totaled $2.6m during the year ending 06/2022. While expenses have increased by 15.0% 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
DEVELOP SCHOOLCRAFT COLLEGE LAND AND DISTRIBUTE NET PROCEEDS EXCLUSIVELY TO EDUCATIONAL PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISTRIBUTIONS TO SCHOOLCRAFT COLLEGE OR IT'S DEVELOPMENT COMPONENT UNITS FOR CHARITABLE PURPOSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Glenn Cerny President | OfficerTrustee | 2 | $0 |
Jon Lamb Secretary/trasurer | OfficerTrustee | 3 | $0 |
Robert R Nix II Jd, Vice President | OfficerTrustee | 0.25 | $0 |
Kathleen Lomako Director | Trustee | 0.25 | $0 |
Joan Gebhardt Director | Trustee | 0.25 | $0 |
James Fausone Director | Trustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $1,351,250 |
| 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 | $1,351,250 |
| Total Program Service Revenue | $0 |
| Investment income | $903,006 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $373,511 |
| 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 | $2,650,999 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,600,000 |
| 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. | $0 |
| 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 | $5,807 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| 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 | $957 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $2,615,464 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $147,698 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $24,864,915 |
| 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 | $0 |
| Total assets | $25,012,613 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $26,350,147 |
| 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 | $26,350,147 |
| Net assets without donor restrictions | -$1,337,534 |
| 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 | $25,012,613 |
Grants Awarded
Over the last fiscal year, Schoolcraft Development Authority Inc has awarded $520,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Livonia, MI PURPOSE: TO SUPPORT HIGHER EDUCATION | $500,000 |
Livonia, MI PURPOSE: TO SUPPORT HIGHER EDUCATION | $20,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Schoolcraft Development Authority Inc has recieved totaling $1,351,250.
| Awarding Organization | Amount |
|---|---|
Sc Health Sciences Inc Livonia, MI PURPOSE: TO SUPPORT HIGHER EDUCATION | $1,351,250 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Youngstown State University Foundation Youngstown, OH | $318,269,128 | $38,933,738 |
Michigan State University Foundation East Lansing, MI | $535,425,307 | $55,850,938 |
Ivy Tech Foundation Inc Indianapolis, IN | $133,152,328 | $30,082,278 |
Kent State University Foundation Kent, OH | $245,939,628 | $27,886,498 |
University Of Akron Foundation Akron, OH | $205,506,114 | $14,662,521 |
School Employees Benefit Trust Cincinnati, OH | $16,584,284 | $19,989,967 |
Friends Of Breakthrough Schools Cleveland, OH | $75,617,435 | $14,315,646 |
University Research Park Inc Madison, WI | $162,117,796 | $19,527,506 |
Eastern Michigan University Foundation Ypsilanti, MI | $82,145,619 | $14,420,618 |
Michigan Tech Fund Houghton, MI | $217,061,508 | $42,674,434 |
Ers Strategic Properties Inc Rootstown, OH | $122,229,530 | $11,683,070 |
Cuyahoga Community College Foundati Cleveland, OH | $98,727,251 | $19,770,120 |