Mercantile Bank Foundation
- Assets
- $5.5m
- Revenue
- $1.6m
- Investments
- $4.4m
- Employees
- 0
- Location
- Grand Rapids, MI
- Founding
- Data as of
- 12/2022
- EIN
- 87-4152774
Organization Overview
Mercantile Bank Foundation is located in Grand Rapids, MI. According to its NTEE Classification (T21) the organization is classified as: Corporate 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. Mercantile Bank Foundation 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 12/2022, Mercantile Bank Foundation generated $1.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (36.5%) each year. All expenses for the organization totaled $133.9k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed President | 2 | $0 | |
Name Not Listed Treasurer | 2 | $0 | |
Name Not Listed Secretary | 2 | $0 | |
Name Not Listed Director | 2 | $0 | |
Name Not Listed Director | 2 | $0 | |
Name Not Listed Director | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $1,514,414 |
| Interest on Savings | $8 |
| Dividends & Interest | $102,522 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $4,689 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $64 |
| Total Revenue | $1,621,697 |
| 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 | $130 |
| Total operating and administrative expenses | $25,389 |
| Contributions, gifts, grants paid | $108,500 |
| Total expenses and disbursements | $133,889 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,091,500 |
| Savings and temporary cash investments | $25,891 |
| 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 | $1,282,620 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $5,487,808 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| 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 | $0 |
Grants Awarded
Over the last fiscal year, Mercantile Bank Foundation has awarded $108,500 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
ANGELS OF ACTION PURPOSE: LIGHT UP THE NIGHT SPONSOR | $5,000 |
HEART OF WEST MICHIGAN UNITED WAY PURPOSE: GENERAL SUPPORT | $25,000 |
UM HEALTH-WEST FOUNDATION PURPOSE: 2023 VITALITY GALA | $12,500 |
OPPORTUNITY RESOURCE FUND PURPOSE: JUSTICE FUND | $10,000 |
AMERICAN RED CROSS PURPOSE: DISASTER RELIEF | $1,000 |
FERRIS FOUNDATION PURPOSE: GENERAL SUPPORT | $3,500 |