Michigan Future Inc
- Assets
- $1.3m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 3
- Location
- Ann Arbor, MI
- Founding
- 12/1991
- Data as of
- 06/2023
- 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 06/2023, 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 06/2023, Michigan Future Inc generated $1.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.5% each year. All expenses for the organization totaled $489.4k during the year ending 06/2023. 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 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 | $217,000 |
Sandy K Baruah Treasurer | OfficerTrustee | 1 | $0 |
Kathleen M Wilbur Board Chair | OfficerTrustee | 1 | $0 |
Melanca Clark Director | Trustee | 1 | $0 |
Paul Hillegonds Director | Trustee | 1 | $0 |
Dale Robertson 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 | $1,159,041 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,159,041 |
| Total Program Service Revenue | $0 |
| Investment income | $3,599 |
| 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 | $1,162,640 |
| 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. | $208,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $72,917 |
| Pension plan accruals and contributions | $8,428 |
| Other employee benefits | $13,880 |
| Payroll taxes | $18,244 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $83,670 |
| 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 | $622 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,942 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $489,401 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $725,260 |
| Pledges and grants receivable | $608,361 |
| 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 | $6,342 |
| 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 | $1,339,963 |
| Accounts payable and accrued expenses | $24,644 |
| 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 | $24,644 |
| Net assets without donor restrictions | $456,605 |
| Net assets with donor restrictions | $858,714 |
| 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 | $1,339,963 |
Grants Awarded
Over the last fiscal year, Michigan Future Inc has awarded $18,700 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
JALEN ROSE LEADERSHIP ACADEMY PURPOSE: PAY STIPENDS TO ALUMNI IN COLLEGE FOR BOOKS | $9,300 |
DETROIT EDISON PUBLIC SCHOOL ACADEMY PURPOSE: PAY STIPENDS TO ALUMNI IN COLLEGE FOR BOOKS | $9,400 |