Southwest Michigan First Corporation
- Assets
- $10.9m
- Revenue
- $8.6m
- Investments
- $262.6k
- Employees
- 27
- Location
- Kalamazoo, MI
- Founding
- 07/1989
- Data as of
- 12/2021
- EIN
- 38-2853785
Organization Overview
Southwest Michigan First Corporation is located in Kalamazoo, MI. The organization was established in 1989. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Southwest Michigan First Corporation employed 27 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southwest Michigan First Corporation 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 12/2021, Southwest Michigan First Corporation generated $8.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $7.9m during the year ending 12/2021. While expenses have increased by 5.5% 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.
Since 2020, Southwest Michigan First Corporation has awarded 277 individual grants totaling $3,689,783. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO SERVE AS A REGIONAL ECONOMIC DEVELOPMENT ORGANIZATION FOR SOUTHWEST MICHIGAN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OTHER ECONOMIC DEVELOPMENT - THE PURPOSE IS TO SERVE AS A REGIONAL ECONOMIC DEVELOPMENT ORGANIZATION TO ATTRACT BUSINESS TO AND RETAIN BUSINESS IN, AND TO REDUCE POVERTY AND THE BURDEN OF GOVERNMENT BY GROWING JOBS IN SOUTHWEST MICHIGAN.
SOUTHWEST MICHIGAN FIRST ADMINISTERED APROXIMATELY $4.1 MILLION IN GRANTS TO SMALL BUSINESSES THROUGH FUNDING FROM THE MEDC (STATE ECONOMIC DEVELOPMENT CORPORATION) DURING 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carla Sones President And Interim CEO | Officer | 29 | $260,909 |
Jill Bland Managing Partner | Officer | 40 | $252,859 |
Kim Weishaar Chief Financial Officer | Officer | 40 | $189,703 |
Heather Baker Chief Operating Officer | Officer | 40 | $189,078 |
Petey Stephanak Partner | 40 | $145,776 | |
Abbie Rumery Partner | 40 | $121,060 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
River Run Press Printing | 12/30/19 | $115,554 |
2 Fish Co Marketing And Design | 12/30/19 | $152,882 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,286,093 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,843,707 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,129,800 |
| Total Program Service Revenue | $313,297 |
| Investment income | $792 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $106,690 |
| Net Gain/Loss on Asset Sales | $5,326 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,560,798 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,977,127 |
| Grants and other assistance to domestic individuals. | $1,154,940 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,109,493 |
| Compensation of current officers, directors, key employees. | $461,001 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,029,963 |
| Pension plan accruals and contributions | $71,129 |
| Other employee benefits | $292,350 |
| Payroll taxes | $167,615 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $42,750 |
| Fees for services: Accounting | $28,153 |
| Fees for services: Lobbying | $13,180 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $28,700 |
| Fees for services: Other | $155,532 |
| Advertising and promotion | $79,867 |
| Office expenses | $102,142 |
| Information technology | $77,752 |
| Royalties | $0 |
| Occupancy | $152,746 |
| Travel | $17,849 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $179,956 |
| Interest | $38,517 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $162,857 |
| Insurance | $14,346 |
| All other expenses | $18,690 |
| Total functional expenses | $7,932,397 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $425 |
| Savings and temporary cash investments | $2,291,683 |
| Pledges and grants receivable | $955,691 |
| Accounts receivable, net | $41,565 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $104,606 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $141,963 |
| Net Land, buildings, and equipment | $3,962,440 |
| Investments—publicly traded securities | $59 |
| Investments—other securities | $262,573 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,184,065 |
| Total assets | $10,945,070 |
| Accounts payable and accrued expenses | $157,900 |
| Grants payable | $0 |
| Deferred revenue | $544,630 |
| 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 | $3,684,085 |
| Unsecured mortgages and notes payable | $545,400 |
| Other liabilities | $3,273,649 |
| Total liabilities | $8,205,664 |
| Net assets without donor restrictions | $2,680,031 |
| Net assets with donor restrictions | $59,375 |
| 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 | $10,945,070 |
Grants Awarded
Over the last fiscal year, Southwest Michigan First Corporation has awarded $2,953,175 in support to 198 organizations.
| Grant Recipient | Amount |
|---|---|
359 CORPORATION PURPOSE: MICHIGAN SMALL BUSINESS SURVIVAL PROGRAM (MEDC) | $15,000 |
AFXENTIS PHILIPPOU PURPOSE: MICHIGAN SMALL BUSINESS SURVIVAL PROGRAM (MEDC) | $15,000 |
2JON'S LLC PURPOSE: MICHIGAN SMALL BUSINESS SURVIVAL PROGRAM (MEDC) | $15,000 |
14 WEST LLC PURPOSE: MICHIGAN SMALL BUSINESS SURVIVAL PROGRAM (MEDC) | $15,000 |
3366 LK CORP PURPOSE: MICHIGAN SMALL BUSINESS SURVIVAL PROGRAM (MEDC) | $15,000 |
ALLCITY HOSPITALITY LLC PURPOSE: MICHIGAN SMALL BUSINESS SURVIVAL PROGRAM (MEDC) | $15,000 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Southwest Michigan First Corporation has recieved totaling $232,500.
| Awarding Organization | Amount |
|---|---|
Drive For Life Kalamazoo, MI PURPOSE: OPERATIONS | $155,000 |
Bronson Health Care Group Inc Kalamazoo, MI PURPOSE: GENERAL SUPPORT | $75,000 |
Comerica Charitable Foundation Detroit, MI PURPOSE: ECONOMIC DEVELOPMENT | $2,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Visit Indy Inc Indianapolis, IN | $20,981,890 | $14,589,218 |
The Convention And Visitors Bureau Of Greater Cleveland Inc Cleveland, OH | $25,296,918 | $17,425,666 |
Columbus Downtown Development Corporation Columbus, OH | $118,710,723 | $12,117,471 |
Wisconsin Dells Visitor & Convention Bureau Wisconsin Dells, WI | $26,952,168 | $17,110,395 |
Metropolitan Detroit Convention & Vistors Bureau Detroit, MI | $36,765,048 | $14,015,809 |
Detroit Economic Growth Corp Detroit, MI | $7,209,211 | $10,420,774 |
Lawrence Economic Development Corporation South Point, OH | $62,339,240 | $9,945,474 |
Wbd Inc Madison, WI | $14,868,892 | $9,399,155 |
Southwest Michigan First Corporation Kalamazoo, MI | $10,945,070 | $8,560,798 |
Wenonah Park Properties Inc Bay City, MI | $22,411,152 | $7,079,713 |
Applied Research Institute Bloomington, IN | $3,329,526 | $9,074,163 |
Grand Rapids-Kent Cty Convention Center & Vistors Bureau Grand Rapids, MI | $10,130,209 | $9,465,987 |