Comerica Charitable Tr
- Assets
- $75.8m
- Revenue
- $13.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Detroit, MI
- Founding
- 06/2006
- Data as of
- 06/2022
- EIN
- 65-1259308
Organization Overview
Comerica Charitable Tr is located in Detroit, MI. The organization was established in 2006. According to its NTEE Classification (T30) the organization is classified as: Public Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Comerica Charitable Tr 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 06/2022, Comerica Charitable Tr generated $13.3m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.9% each year . All expenses for the organization totaled $8.6m during the year ending 06/2022. While expenses have increased by 1.4% per year over the past 8 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 2015, Comerica Charitable Tr has awarded 1,188 individual grants totaling $76,320,430. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO RECEIVE AND ADMINISTER FUNDS FOR DISTRIBUTIONS TO EXEMPT ORGANIZATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISTRIBUTIONS TO QUALIFIED CHARITIES
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Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Comerica Bank And Trust Na Investment Management | 6/29/17 | $324,502 |
Mayer Brown Llp Legal Fees | 6/29/17 | $162,353 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,807,668 |
| Investment income | $1,457,951 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,029,490 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,296,605 |
| Statement of Expenses | |
|---|---|
| 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 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 | $7,004 |
| Fees for services: Accounting | $52,769 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $614,550 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $100,042 |
| 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 | $100,000 |
| All other expenses | $0 |
| Total functional expenses | $8,605,126 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,301,337 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,600 |
| 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 | $50,000 |
| Investments—publicly traded securities | $72,029,207 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $403,288 |
| Total assets | $75,789,432 |
| Accounts payable and accrued expenses | $8,125 |
| 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 | $94,264 |
| Total liabilities | $102,389 |
| Net assets without donor restrictions | $74,404,818 |
| Net assets with donor restrictions | $1,282,225 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $75,687,043 |
Grants Awarded
Over the last fiscal year, Comerica Charitable Tr has awarded $6,960,486 in support to 188 organizations.
| Grant Recipient | Amount |
|---|---|
A CONTEMPORARY THEATRE INC PURPOSE: FOR THE ORGANIZATION'S GENERAL CHARITABLE PURPOSES | $10,000 |
AAPD FOUNDATION PURPOSE: FOR THE ORGANIZATION'S GENERAL CHARITABLE PURPOSES | $10,000 |
ADAMS CHRISTIAN SCHOOL PURPOSE: FOR THE ORGANIZATION'S GENERAL CHARITABLE PURPOSES | $20,000 |
ADOLESCENT COUNSELING SERVICES PURPOSE: FOR THE ORGANIZATION'S GENERAL CHARITABLE PURPOSES | $10,000 |
AFYTY PURPOSE: FOR THE ORGANIZATION'S GENERAL CHARITABLE PURPOSES | $105,000 |
ALPHA USA PURPOSE: FOR THE ORGANIZATION'S GENERAL CHARITABLE PURPOSES | $20,000 |