Flagstar Foundation Inc
- Assets
- $1.3m
- Revenue
- $406.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Troy, MI
- Founding
- 09/2017
- Data as of
- 12/2021
- EIN
- 82-1812075
Organization Overview
Flagstar Foundation Inc is located in Troy, MI. The organization was established in 2017. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking 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. Flagstar Foundation 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, Flagstar Foundation Inc generated $406.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (30.2%) each year. All expenses for the organization totaled $3.6m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2019, Flagstar Foundation Inc has awarded 519 individual grants totaling $10,056,139. 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
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paula Borja Secretary | 3 | $0 | |
Gary Wolf Trustee | 3 | $0 | |
Elizabeth Correa Managing Director | 3 | $0 | |
Laurie Mcpeck Treasurer | 3 | $0 | |
Donna Krall Trustee | 3 | $0 | |
Reggie Davis Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $403,308 |
| Interest on Savings | $3,451 |
| 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 | $0 |
| Total Revenue | $406,759 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $2,636 |
| Total operating and administrative expenses | $235,183 |
| Contributions, gifts, grants paid | $3,394,924 |
| Total expenses and disbursements | $3,630,107 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,264,240 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| 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 | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $1,264,240 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $1,031,000 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,031,000 |
Grants Awarded
Over the last fiscal year, Flagstar Foundation Inc has awarded $3,394,924 in support to 127 organizations.
| Grant Recipient | Amount |
|---|---|
STRATEGIC ALLIANCE COMMUNITY DEVELOPMENT CORPORATION PURPOSE: SEE ATTACHED GENERAL EXPLANATION | $700,000 |
Detroit, MI PURPOSE: SEE ATTACHED GENERAL EXPLANATION | $500,000 |
LOCAL INITIATIVES SUPPORT CORPORATION (LISC) DETROIT PROGRAM PURPOSE: SEE ATTACHED GENERAL EXPLANATION | $500,000 |
STRATEGIC ALLIANCE COMMUNITY DEVELOPMENT CORPORATION PURPOSE: SEE ATTACHED GENERAL EXPLANATION | $300,000 |
Southfield, MI PURPOSE: SEE ATTACHED GENERAL EXPLANATION | $100,000 |
Detroit, MI PURPOSE: SEE ATTACHED GENERAL EXPLANATION | $100,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Flagstar Foundation Inc has recieved totaling $1,000.
| Awarding Organization | Amount |
|---|---|
Dinello Family Foundation Naples, FL PURPOSE: GENERAL SUPPORT | $1,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Douglas & Maria Devos Foundation Grand Rapids, MI | $79,921,409 | $9,501,037 |
Fred F Silk Charitable Foundation Louisville, OH | $0 | $2,703,630 |
Jewish Foundation Of Cincinnati Cincinnati, OH | $344,322,004 | $65,111,190 |
Charles F Kettering Foundation Dayton, OH | $413,895,327 | $17,762,033 |
Jay And Jeanie Schottenstein Foundation Columbus, OH | $12,858,446 | $29,259,001 |
The Lozick Family Foundation Pepper Pike, OH | $264,438,182 | $44,457,050 |
Dow Company Foundation Bay City, MI | $175,531,548 | $110,489,699 |
Timken Foundation Of Canton Canton, OH | $32,951,548 | $35,361,538 |
Irving S Gilmore Foundation Kalamazoo, MI | $388,410,325 | $41,180,610 |
Reiman Foundation Inc Pewaukee, WI | $64,480,239 | $12,529,672 |
Siemer Family Foundation Columbus, OH | $55,510,313 | $15,843,554 |
Orphan Foundation Of America Orph Cleveland, OH | $10,515,752 | $16,785,416 |