Cinnaire Corporation Cinnaire
- Assets
- $75.6m
- Revenue
- $49.8m
- Investments
- $5.0m
- Employees
- 0
- Location
- Lansing, MI
- Founding
- 04/1994
- Data as of
- 12/2022
- EIN
- 38-3126310
Organization Overview
Cinnaire Corporation Cinnaire is located in Lansing, MI. The organization was established in 1994. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cinnaire Corporation Cinnaire 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 12/2022, Cinnaire Corporation Cinnaire generated $49.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.0% each year . All expenses for the organization totaled $22.6m during the year ending 12/2022. While expenses have increased by 4.7% 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 2019, Cinnaire Corporation Cinnaire has awarded 124 individual grants totaling $1,223,238. 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
CINNAIRE PROVIDES EQUITY CAPITAL AND FLEXIBLE LOANS TO EXPAND AND PRESERVE AFFORDABLE HOUSING IN UNDERSERVED COMMUNITIES. THESE INVESTMENTS REVITALIZE NEIGHBORHOODS, EMPOWER INDIVIDUALS AND CREATE ECONOMIC OPPORTUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Mcdaniel Chief Executive Officer | 40 | $960,197 | |
Deborah Toby Chief Human Resource Officer | 40 | $323,582 | |
Kevin Crawley Chief Operating Officer | 40 | $541,183 | |
Jennifer Everhart Executive Vice President | 40 | $325,509 | |
Susan Frank Executive Vice President | 40 | $358,935 | |
Brett Oumedian Chief Financial Officer | 40 | $408,478 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Small Business Association Of Michigan | 12/30/22 | $1,848,437 |
Kutak Rock Llp | 12/30/22 | $393,452 |
Plante & Moran Pllc | 12/30/22 | $234,255 |
Lyman & Sheets | 12/30/22 | $196,451 |
Clark Hill Plc | 12/30/22 | $181,230 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $12,188,000 |
| Interest on Savings | $288,154 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $14,797,822 |
| Capital Gain Net Income | $14,797,822 |
| Net ST Capital Gain | $14,797,822 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $22,558,854 |
| Total Revenue | $49,832,830 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $3,840,162 |
| Other employee salaries and wages | $7,938,779 |
| Pension plans, employee benefits | $2,342,466 |
| Interest | $510,082 |
| Taxes | $17,345 |
| Depreciation | $131,048 |
| Occupancy | $531,337 |
| Travel, conferences, and meetings | $596,290 |
| Printing and publications | $0 |
| Other expenses | $3,457,999 |
| Total operating and administrative expenses | $22,074,597 |
| Contributions, gifts, grants paid | $568,306 |
| Total expenses and disbursements | $22,642,903 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $33,499,802 |
| Net Accounts receivable | $19,502,989 |
| 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 | $382,538 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $1,401,912 |
| Net Land, buildings, and equipment | $758,298 |
| Other assets | $16,406,828 |
| Total assets | $75,554,015 |
| Accounts payable and accrued expenses | $10,885,707 |
| Grants payable | $0 |
| Deferred revenue | $284,762 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $1,465,939 |
| Other liabilities | $382,553 |
| Total liabilities | $13,018,961 |
Grants Awarded
Over the last fiscal year, Cinnaire Corporation Cinnaire has awarded $568,306 in support to 29 organizations.
| Grant Recipient | Amount |
|---|---|
ASPIRE RELATIONSHIP EDUCATION PURPOSE: GENERAL SUPPORT | $2,102 |
AVIS FORD INC PURPOSE: GENERAL SUPPORT | $30,000 |
ALLEN NEIGHBORHOOD CENTER PURPOSE: DEBT FORGIVENESS | $250,000 |
BOYS & GIRLS CLUB OF ALPENA PURPOSE: GENERAL SUPPORT | $25,000 |
CHAMPS MALE MENTORING PROGRAM PURPOSE: GENERAL SUPPORT | $1,797 |
CHRISTINA CULTURAL ARTS CENTER PURPOSE: GENERAL SUPPORT | $2,102 |