Develop Michigan Inc
- Assets
- $2.9m
- Revenue
- $9.2k
- Investments
- $2.9m
- Employees
- 0
- Location
- Lansing, MI
- Founding
- 02/2014
- Data as of
- 12/2023
- 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 12/2023, Develop Michigan Inc generated $9.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (35.0%) each year. All expenses for the organization totaled $13.6k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (30.8%) per year over the past 9 years. 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
2023
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 |
|---|---|---|---|
Yulonda Byrd President | 40 | $0 | |
Brett Oumedian Vice Chair/cfo | 10 | $0 | |
James L Logue III Evp Policy & Govt Relations | 10 | $0 | |
Mark S Mcdaniel Chair | 2.5 | $0 | |
Ted Rozeboom Secretary/treasurer | 2.5 | $0 | |
Julius Edwards 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 | $9,248 |
| Total Revenue | $9,248 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $7,500 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $3,419 |
| Total operating and administrative expenses | $13,556 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $13,556 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $10,504 |
| 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 | $2,781 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $2,930,971 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $2,946,312 |
| Accounts payable and accrued expenses | $39,057 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $2,460,547 |
| Other liabilities | $145,185 |
| Total liabilities | $2,644,789 |