DMC Foundation

“In a special board meeting on august 14, 2023, the directors of the dmc foundation voted to approve the dissolution and termination of the dmc foundation into community foundation for southeast michigan. The class b director roles terminated on june 30, 2023. The dmc directors, through article iii, sec. 2 of the bylaws of the dmc foundation appointed people to fill vacant director positions until the december 31, 2023 dissolution.”

“The organization had no committees.”

“The draft irs form 990 was distributed electronically to all trustees for review and comment prior to filing. The draft form 990 was prepared by professional tax preparers prior to the trustees' review. Any necessary changes were updated on the form. Once all necessary changes were made it was signed by the appropriate officer, dated and submitted by the filing deadline. A copy of the final approved form 990 was provided to all of the trustees before the return was filed.”

“Each director has signed a statement that affirms that such person; 1) has received a copy of the conflict of interest policy, 2) has read and understands the policy, 3) has agreed to comply with the policy, 4) understands that the dmc foundation is a charitable organization and that in order to maintain its federal tax-exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes.”

“The compensation for richard l. Devore president of the community foundation for southeast michigan and the dmc foundation, is set by the related organization. The following steps are taken by the related organization. The individual provides the chair and executive committee of the community foundation with the summary of annual accomplishments. The chair, discusses the summary with the executive committee. The executive committee determines the compensation of the foundation president after reviewing comparable compensation information of similarly qualified persons in functionally similar positions from similarly situated organizations with periodic review by independent firms and such decisions are contemporaneously documented as required. Compensation paid matthew j. Lewis and jenilyn norman represent amounts paid for services in their capacity as employees of cfsem, not as officers of the dmc foundation.”

“The organization makes its financial statements available to the public upon request and also the combined statements appear on the website and in the annual yearbook of the cfsem.”

“As of december 31, 2023 dmc foundation was dissolved with all assets and liabilities transferred to community foundation for southeast michigan.”

“Other fees: program service expenses 240,794. Management and general expenses 447,188. Fundraising expenses 0. Total expenses 687,982.”

“For support of grant review and monitoring, administration and staffing by the community foundation for southeast michigan.”

“Transfer of assets & liab. To cfsem, a 501(c)(3) entity, due to dissolution -77,225,741.”

“As of december 31, 2023 dmc foundation will cease to carry on any business, except as may be necessary for the proper winding down of dmc foundation. After marshalling its assets, dmc foundation shall pay or make adequate provision for all of its obligations, which adequate provision shall be made by seeking the assignment to and assumption by community foundation for southeast michigan ("cfsem") of dmc foundation's grant commitments and contractual obligations that extend beyond 2023.”

“An audit was conducted on the december 31, 2023 combined financial statements of the community foundation for southeast michigan and its supporting organizations, including the dmc foundation. The financial statements were prepared, and the audit was conducted in accordance with u.s. Gaap. An unmodified opinion was issued by the auditor. Oversight was provided by cfsem audit committee.”