Detroit Chapter Of The Turnaround Management Association
- Assets
- $161.9k
- Revenue
- $80.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Royal Oak, MI
- Founding
- Data as of
- 12/2021
- EIN
- 38-3201432
Organization Overview
Detroit Chapter Of The Turnaround Management Association is located in Royal Oak, MI. Detroit Chapter Of The Turnaround Management Association is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Detroit Chapter Of The Turnaround Management Association generated $80.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (10.0%) each year. All expenses for the organization totaled $68.4k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (8.6%) per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ASSOCIATION IS ORGANIZED FOR ANY PURPOSE APPROPRIATE FOR A "BUSINESS LEAGUE" AS DEFINED WITHIN THE MEANING OF SECTION 501(C)(6)OF THE INTERNAL REVENUE CODE OF 1986 AS AMENDED. NO PART OF THE NET EARNINGS OF THE ASSOCIATION SHALL INURE TO THE BENEFIT OF, OR BE DISTRIBUTABLE TO ITS MEMBERS, DIRECTORS, OFFICERS, OR OTHER PRIVATE PERSONS. THE ASSOCIATION IS NOT ORGANIZED FOR PROFIT. NOT WITHSTANDING ANY OTHER PROVISION OF THE BYLAWS, THE ASSOCIATION SHALL NOT CARRY ON ANY OTHER ACTIVITIES NOT PERMITTED TO BE CARRIED ON BY AN ASSOCIATION EXEMPT FROM FEDERAL INCOME TAX UNDER 501(C)(6).
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE MEMBERS AND THE TURNAROUND COMMUNITY EDUCATIONAL OPPORTUNITIES VIA PROGRAMS AND EVENTS TO ALLOW THE CONTINUED EXCELLENT SERVICE TO THE CLIENTS.
PROMOTED THE TURAROUND PROFESSION BY EDUCATING BANKERS AND ATTORNEYS ON HOW BEST TO UTILIZE THE EXPERTISE OF LOCAL TURNAROUND PROFESSIONALS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Boudreau Director | Officer | 1 | $0 |
Laura Eisele Director | Officer | 1 | $0 |
Heather Gardner Director | Officer | 1 | $0 |
Ryan Gross Director | Officer | 1 | $0 |
Eric Grozenski Director | Officer | 1 | $0 |
Deb Kovsky Director | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $12,180 |
| Fundraising events | $0 |
| Related organizations | $0 |
| 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 | $12,180 |
| Total Program Service Revenue | $25,607 |
| Investment income | $11 |
| 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 | $80,836 |
| 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. | $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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $57,065 |
| Advertising and promotion | $0 |
| Office expenses | $9,765 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,554 |
| All other expenses | $0 |
| Total functional expenses | $68,384 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100,525 |
| Savings and temporary cash investments | $57,708 |
| Pledges and grants receivable | $0 |
| 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 | $3,704 |
| 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 | $161,937 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $0 |
| 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 | $161,937 |
| Total liabilities and net assets/fund balances | $161,937 |
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