Develop Michigan Inc
- Assets
- $11.8m
- Revenue
- $1.8m
- Investments
- $11.8m
- Employees
- 0
- Location
- Lansing, MI
- Founding
- 02/2014
- Data as of
- 12/2021
- EIN
- 45-3948512
Organization Overview
Develop Michigan Inc is located in Lansing, MI. The organization was established in 2014. According to its NTEE Classification (S12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Develop Michigan 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 12/2021, Develop Michigan Inc generated $1.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 22.0% each year . All expenses for the organization totaled $37.7k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE ECONOMIC DEVELOPMENT REAL ESTATE PROJECTS AND THE CREATION OF WEALTH AND JOB OPPORTUNITIES WITHIN THE STATE OF MICHIGAN. DEVELOP MICHIGAN, INC WILL PROMOTE AND FACILITATE INVESTMENT OF PRIVATE AND PUBLIC CAPITAL IN THE FORM OF EQUITY OR LOANS TO BUSINESS AND ORGANIZATIONS LOCATED WITHIN THE STATE OF MICHIGAN
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rick Laber President | 40 | $0 | |
Brett Oumedian CFO | 10 | $0 | |
James L Logue III CEO | 10 | $0 | |
Mark S Mcdaniel Chair | 2.5 | $0 | |
Ted Rozeboom Secretary | 2.5 | $0 | |
Ken Herrmann Director | 2.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $1,796,443 |
| Total Revenue | $1,796,443 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $18,182 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $4,575 |
| Total operating and administrative expenses | $37,709 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $37,709 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $9,086 |
| Net Accounts receivable | $2,056 |
| 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 | $2,063 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $11,780,971 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $11,794,176 |
| Accounts payable and accrued expenses | $659,115 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $11,060,547 |
| Other liabilities | $9,057 |
| Total liabilities | $11,728,719 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Neighborhood Progress Inc Cleveland, OH | $14,988,219 | $7,783,828 |
Fund For Our Economic Future Of Northeast Ohio Cleveland, OH | $9,063,861 | $3,744,961 |
Baum Family Foundation Hastings, MI | $10,431,479 | $1,291,317 |
Egbert M Freese Foundation Galion, OH | $9,775,286 | $868,185 |
West Central Development Corporation Perrysburg, OH | $4,806,920 | $1,182,846 |
Thomas P And Sondra D Sheehan Charitable Foundation Fishers, IN | $5,927,664 | $430,035 |
Silver Beach Shadowland Saint Joseph, MI | $1,430,963 | $437,280 |
Wayne County-Detroit Cde Inc Detroit, MI | $4,766,254 | $730,026 |
Joint Economic Development Initiative Of Southern Ohio Jackson, OH | $6,947 | $427,000 |
Community Rewards Services Lexington, OH | $578 | $388,612 |
Harbor Hall Foundation Harbor Springs, MI | $13,613,969 | $2,399,523 |
Ohio Cpa Foundation Columbus, OH | $4,192,549 | $612,444 |