Michigan Future Inc
- Assets
- $671.9k
- Revenue
- $341.0k
- Investments
- $0.0
- Employees
- 3
- Location
- Ann Arbor, MI
- Founding
- 12/1991
- Data as of
- 06/2022
- EIN
- 38-3001180
Organization Overview
Michigan Future Inc is located in Ann Arbor, MI. The organization was established in 1991. According to its NTEE Classification (Z99) the organization is classified as: Unknown, under the broad grouping of Unknown and related organizations. As of 06/2022, Michigan Future Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Michigan Future Inc 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 06/2022, Michigan Future Inc generated $341.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (10.8%) each year. All expenses for the organization totaled $521.8k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (13.6%) per year over the past 7 years. 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
TO BE A SOURCE OF NEW IDEAS ON HOW MICHIGAN'S PEOPLE, ENTERPRISES, AND COMMUNITIES CAN SUCCEED IN THE INFORMATION AGE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE RAISING STANDARD OF LIVING PROGRAM IS DEVELOPING A STATEWIDE AGENDA TO SUPPORT THE MICHIGAN FUTURE, INC MISSION TO RAISE THE STANDARD OF LIVING FOR ALL MICHIGAN HOUSEHOLDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Louis Glazer President/secretary | OfficerTrustee | 40 | $166,500 |
Kristen Rivet Employee | 40 | $160,500 | |
Kathleen M Wilbur Board Chair | OfficerTrustee | 1 | $0 |
Sandy K Baruah Treasurer | OfficerTrustee | 1 | $0 |
Melanca Clark Director | Trustee | 1 | $0 |
Peter Macgregor Director | Trustee | 1 | $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 | $341,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $341,000 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $341,000 |
| 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. | $175,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $139,383 |
| Pension plan accruals and contributions | $8,087 |
| Other employee benefits | $19,270 |
| Payroll taxes | $23,292 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $39,815 |
| 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 | $467 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,053 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,500 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $521,760 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $369,819 |
| Pledges and grants receivable | $300,000 |
| Accounts receivable, net | $0 |
| 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 | $2,089 |
| 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 | $671,908 |
| Accounts payable and accrued expenses | $29,828 |
| 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 | $29,828 |
| Net assets without donor restrictions | $82,380 |
| Net assets with donor restrictions | $559,700 |
| 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 | $671,908 |
Grants Awarded
Over the last fiscal year, Michigan Future Inc has awarded $18,700 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
DETROIT EDISON PUBLIC SCHOOL ACADEMY PURPOSE: PAY STIPENDS TO ALUMNI IN COLLEGE FOR BOOKS | $9,400 |
JALEN ROSE LEADERSHIP ACADEMY PURPOSE: PAY STIPENDS TO ALUMNI IN COLLEGE FOR BOOKS | $9,300 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that Michigan Future Inc has recieved totaling $440,000.
| Awarding Organization | Amount |
|---|---|
Skillman Foundation Detroit, MI PURPOSE: RISING INCOME FOR ALL POLICY PROJECT | $125,000 |
The Ralph C Wilson Jr Foundation Detroit, MI PURPOSE: TO SUPPORT MICHIGAN FUTURE'S RESEARCH ON THE STATE'S ECONOMY AND THE ECONOMIC WELL-BEING OF MICHIGAN HOUSEHOLDS. | $100,000 |
The Ralph C Wilson Jr Foundation Detroit, MI PURPOSE: TO SUPPORT MICHIGAN FUTURE'S RESEARCH ON THE STATE'S ECONOMY AND THE ECONOMIC WELL BEING OF MICHIGAN HOUSEHOLDS. | $50,000 |
Kresge Foundation Troy, MI PURPOSE: TO ESTABLISH AS AN IMPORTANT MISSION A RISING HOUSEHOLD INCOME FOR ALL AND AN UNDERSTANDING THAT THE POLICY LEVERS THAT MATTER MOST TO ACHIEVING THAT MISSION ARE IMPROVED EDUCATION ATTAINMENT; CREATING PLACES WHERE PEOPLE WANT TO LIVE AND WORK, AND SHARED PROSPERITY | $50,000 |
Hudson-Webber Foundation Detroit, MI PURPOSE: RAISING MICHIGANDERS LIVING STANDARDS PROJECT 2020-2021 | $50,000 |
Charles Stewart Mott Foundation Flint, MI PURPOSE: TO SUPPORT THE ENDEAVOR TO RAISE THE STANDARD OF LIVING FOR ALL MICHIGAN RESIDENTS. | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Bronson South Haven Hospital Kalamazoo, MI | $45,465,190 | $38,417,378 |
Dave Thomas Foundation For Adoption Dublin, OH | $82,316,858 | $45,774,004 |
Wellpoint Care Network Inc Milwaukee, WI | $8,696,347 | $28,630,570 |
Applewood Centers Inc Shaker Heights, OH | $31,325,035 | $19,367,243 |
Truth For Life Solon, OH | $28,565,821 | $20,814,256 |
D A Blodgett-St Johns Grand Rapids, MI | $32,947,785 | $18,508,103 |
Michigan Nonprofit Association Lansing, MI | $6,155,794 | $10,465,564 |
Mareda Inc Toledo, OH | $0 | $769,242 |
Ohio Laborers Training And Apprenticeship Fund Westerville, OH | $24,371,350 | $8,394,060 |
Marshall-Starke Development Center Inc Plymouth, IN | $2,688,412 | $6,830,962 |
North Oakland Residential Services Inc Oxford, MI | $2,525,841 | $6,535,346 |
Greater Cleveland Sports Commission Cleveland, OH | $9,405,346 | $6,945,850 |