Civic Intelligence

M-2 Rail

990 • Fiscal year 2017 • EIN 30-0783442

Oct 01, 2016 to Sep 30, 2017 • Filed on May 21, 2018

Organization ProfileQLINEDETROIT.COM

Refreshing map…

7520 Woodward AvenueDetroit, MI 48202-2807

(313) 528-3044

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

76th percentile

0.65x

Higher debt load relative to assets than 76% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Liabilities / Revenue

98th percentile

19.06x

Higher debt load relative to revenue than 98% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Net Margin

84th percentile

28%

Higher net margin than 84% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Top Officer Pay

3rd percentile

$0

Higher top officer pay than 3% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Asset Growth

46th percentile

4.9%

Faster asset growth than 46% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2016 to 2017

Revenue Growth

1st percentile

-73%

Faster revenue growth than 1% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets76th percentile

Assets

Up

$154,973,512

Up $7,263,224 (+4.9%) from 2016

Net Assets

Up

$54,869,259

Up $1,470,085 (+2.8%) from 2016

Liabilities

Up

$100,104,253

Up $5,793,139 (+6.1%) from 2016

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin84th percentile

Revenue

Down

$5,250,721

Down $13,848,512 (-73%) from 2016

Expenses

Up

$3,780,636

Up $2,721,257 (+257%) from 2016

Net Income

Down

$1,470,085

Down $16,569,769 (-92%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth46th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$200M$150M$100M$50M$0Assets 2015: $94,763,495Liabilities 2015: $59,404,175Net Assets 2015: $35,359,3202015Assets 2016: $147,710,288Liabilities 2016: $94,311,114Net Assets 2016: $53,399,1742016Assets 2017: $154,973,512Liabilities 2017: $100,104,253Net Assets 2017: $54,869,2592017Assets 2019: $136,753,928Liabilities 2019: $92,634,805Net Assets 2019: $44,119,1232019Assets 2020: $128,856,688Liabilities 2020: $91,242,782Net Assets 2020: $37,613,9062020Assets 2021: $122,137,270Liabilities 2021: $90,975,280Net Assets 2021: $31,161,9902021Assets 2022: $116,029,354Liabilities 2022: $49,317,246Net Assets 2022: $66,712,1082022

Highlighted filing

2017

Assets$154,973,512
Liabilities$100,104,253
Net Assets$54,869,259
Open 2017 Filing

Operations Trend

Revenue Growth1st percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$60M$40M$20M$0-$20MRevenue 2015: $20,993,832Expenses 2015: $732,768Net Income 2015: $20,261,0642015Revenue 2016: $19,099,233Expenses 2016: $1,059,379Net Income 2016: $18,039,8542016Revenue 2017: $5,250,721Expenses 2017: $3,780,636Net Income 2017: $1,470,0852017Revenue 2019: $3,101,011Expenses 2019: $7,066,363Net Income 2019: -$3,965,3522019Revenue 2020: $410,460Expenses 2020: $6,915,677Net Income 2020: -$6,505,2172020Revenue 2021: $410,027Expenses 2021: $6,861,943Net Income 2021: -$6,451,9162021Revenue 2022: $41,676,501Expenses 2022: $6,126,383Net Income 2022: $35,550,1182022

Highlighted filing

2017

Revenue$5,250,721
Expenses$3,780,636
Net Income$1,470,085
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2016 to Sep 30, 2017
Signed
May 21, 2018
Return Version
2016v3.0
Gross Receipts
$5,250,721
Mission and Program Overview

Mission

To support m-1 rail in the planning, design, construction, acquisition, and operation of a public transportation facility in the city of detroit, michigan.

To support and carry out the exempt purposes of m-1 rail, a michigan nonprofit corporation.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$108,433,242$145,568,263▲ $37,135,021
Accounts Receivable$8,019,618$4,205,458▼ $3,814,160
Cash and Non-Interest-Bearing Accounts$15,417,924$3,605,105▼ $11,812,819
Savings and Temporary Cash Investments$812,374$546,004▼ $266,370
Pledges and Grants Receivable$14,147,290$454,911▼ $13,692,379
Prepaid Expenses and Deferred Charges$142,098--
Total Assets$147,710,288$154,973,512▲ $7,263,224
Other Assets Total$737,742$593,771▼ $143,971
Liabilities
Other Liabilities$24,673,909$50,220,966▲ $25,547,057
Mortgage Notes Payable Secured by Investment Property$41,353,000$41,353,000→ $0
Accounts Payable and Accrued Expenses$28,089,728$8,431,224▼ $19,658,504
Deferred Revenue$194,477$99,063▼ $95,414
Total Liabilities$94,311,114$100,104,253▲ $5,793,139
Net Assets / Fund Balance
Unrestricted Net Assets$53,399,174$54,869,259▲ $1,470,085
Total Net Assets Fund Balance$53,399,174$54,869,259▲ $1,470,085
Total Liabilities and Net Assets / Fund Balance$147,710,288$154,973,512▲ $7,263,224

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$100,051,384$1,695,147$101,746,531
Buildings$25,542,101$304,133$25,846,234
Other Land Buildings$18,867,770$562,151$19,429,921
Land$1,107,008-$1,107,008
Compensation and Service Providers
Top Officer Pay3rd percentile

Board Members and Trustees

NameTitle
Matthew P CullenChair and Director
Paul ChildsPresident and C.e.o.
Roger S PenskeVice-chair and Director
Jenilyn NormanVice-president and C.f.o.
Daniel B GilbertDirector
George W Jackson JrDirector
Richard RapsonDirector
Sommer WoodsAssistant Secretary
David BlaskiewiczSecretary
Paul TrulikTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Stacy And Witbeck INCConstruction Management2800 HARBOR BAY PARKWAY, Alameda, CA 94502-3040$52,950,498
Brookville Equipment CorporationStreetcar Manufacturer175 EVANS STREET, Brookville, PA 15825-9411$13,208,028
Hntb Michigan INCOwner's Representative535 GRISWOLD SUITE 1100, Detroit, MI 48226-3605$7,097,758
Turner Construction CompanyConstruction Management535 GRISWOLD SUITE 1525, Detroit, MI 48226-3696$2,772,821
Aecom Great LakesEngineering10850 TRAVERSE HIGHWAY, Traverse City, MI 49684-1363$767,967
Revenue and Support

Revenue Composition

Contributions and Grants
$4,773,495
Program Service Revenue
$470,522
Investment Income
$912
Other Revenue
$5,792
Change in Net Assets
$1,470,085

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table4$175,564Cost
Total Noncash Contributions4$175,564-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,780,636
Total Fundraising Expense$51,061
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$2,759,428--$2,759,428
Fees for Services Other$533,391$62,752$31,376$627,519
Interest$183,354$21,571$10,786$215,711
Insurance$146,538$17,240$8,620$172,398
Fees for Services Accounting$2,423$285$143$2,851
All Other Expenses$2,320$273$136$2,729
Total Functional Expenses$3,627,454$102,121$51,061$3,780,636
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-See Part VRocket Fiber Provides Public Wi-fi on the Streetcars and at Stations, in Addition to Managing the Information Technology Environment for M-2 RailNo$416,085
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Advance From Affiliate$50,220,966
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Daniel b. Gilbert is the chair of quicken loans, inc., and matthew p. Cullen is a principal of rock ventures llc and chief executive officer of jack entertainment, llc, both of which are affiliates of quicken loans, inc. Various directors and officers also serve together on the boards of directors of various other non-profit organizations in the metropolitan detroit area, including m-1 rail, the supported organization.”

Form 990, Part VI, Section B, Line 11B

“The organization hired a public accounting firm to prepare form 990. The chief financial officer reviewed the return prior to distributing a draft copy to the treasurer and audit and finance committee members for their review. Comments from these individuals were reviewed and appropriately incorporated into the final form 990 that was filed. A final copy of form 990 was provided to each board member via e-mail prior to filing for their information.”

Form 990, Part VI, Section B, Line 12C

“The conflict of interest policy is provided to the applicable parties annually. In addition, directors and officers sign an acknowledgment statement and provide information regarding potential conflicts on the annual form. Management reviews the disclosures, and follows up, if necessary.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
M-2 Rail
EIN
30-0783442
Phone
3135283044
Address
7520 WOODWARD AVENUE, DETROIT, MI 48202-2807

Signing Officer

Name
Jenilyn Norman
Title
Chief Financial Officer
Phone
3135283044
Signed
2018-05-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jenilyn Norman
Formed
2013
Legal Domicile
Mi
Voting Board Members
5
Independent Board Members
3
Employees
0
Volunteers
6

Preparer

Firm
George Johnson & Company
Address
1200 BUHL BUILDING 535 GRISWOLD, DETROIT, MI 48226-3689
Preparer
Michael R Nicholas
Phone
3139652655
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 3

“Construction of a public transportation system was completed during the year ended september 30, 2017, and ongoing operation of the public transportation system commenced.”

Form 990, Part IX, Line 11G

“Other professional services: program service expenses 533,391. Management and general expenses 62,752. Fundraising expenses 31,376. Total expenses 627,519.”

Financial Statement Notes

PART X, LINE 2:

“M-1 rail is a not-for-profit organization exempt from income taxes under section 501(c)(3) of the internal revenue code (irc) and is a publicly supported organization under irc section 509(a)(1). M-2 rail is a not-for-profit organization exempt from income taxes under section 501(c)(3) of irc and is classified as a type 2 supporting organization to m-1 rail under irc section 509(a)(3). Although m-1 rail and m-2 rail were granted income tax exemption by the internal revenue service, such exemption does not apply to "unrelated business taxable income." at september 30, 2017 and 2016, the organization has determined that no unrelated business income taxes are due for its activities. Accordingly, no provision for income taxes has been recorded in the accompanying consolidated financial statements. Management annually reviews its tax positions and has determined that there are no material uncertain tax positions that require recognition in the consolidated financial statements. The organization is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. Management believes it is no longer subject to income tax examinations for years prior to september 30, 2013. On december 22, 2017, the u.s. Government enacted comprehensive tax legislation commonly referred to as the tax cuts and jobs act (the "tax act"). The tax act makes broad and complex changes to the u.s. Tax code, including, but not limited to, (1) reducing the u.s. Federal corporate tax rate from 35 percent to 21 percent and changing rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after december 31, 2017. The act reduces the corporate tax rate to 21 percent, effective january 1, 2018. The impact to the organization for entity level taxes is not considered significant.”

Raw XML AppendixShowing 400 of 532 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIR AND DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE-CHAIR AND DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt6PRESIDENT AND C.E.O.
IRS990/Form990PartVIISectionAGrp/TitleTxt7VICE-PRESIDENT AND C.F.O.
IRS990/Form990PartVIISectionAGrp/TitleTxt8TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt9ASSISTANT SECRETARY
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IRS990/GrantsToOrganizationsInd00
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IRS990/LegalDomicileStateCd0MI
IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MiscellaneousRevenueGrp/ExclusionAmt05792
IRS990/MiscellaneousRevenueGrp/TotalRevenueColumnAmt05792
IRS990/MissionDesc0TO SUPPORT M-1 RAIL IN THE PLANNING, DESIGN, CONSTRUCTION, ACQUISITION, AND OPERATION OF A PUBLIC TRANSPORTATION FACILITY IN THE CITY OF DETROIT, MICHIGAN.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/NoListedPersonsCompensatedInd0X
IRS990/NoncashContributionsAmt0175564
IRS990/NondeductibleContributionsInd00
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0737742
IRS990/OtherAssetsTotalGrp/EOYAmt0593771
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherLiabilitiesGrp/BOYAmt024673909
IRS990/OtherLiabilitiesGrp/EOYAmt050220966
IRS990/OtherRevenueTotalAmt05792
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt014147290
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt0454911
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0142098
IRS990/PrincipalOfficerNm0JENILYN NORMAN
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0531190
IRS990/ProgramServiceRevenueGrp/Desc0FEES FOR SERVICES
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0470522
IRS990/ProgSrvcAccomActy2Grp/Desc0ONGOING OPERATION OF A PUBLIC TRANSPORTATION SYSTEM.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt02830674
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt0307500
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
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IRS990/PYGrantsAndSimilarPaidAmt00
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IRS990/PYOtherExpensesAmt01059379
IRS990/PYOtherRevenueAmt00
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IRS990/PYRevenuesLessExpensesAmt018039854
IRS990/PYSalariesCompEmpBnftPaidAmt00
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IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt019099233
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt01470085
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/RelatedOrganizationsAmt0175564
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0163022
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0812374
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0546004
IRS990ScheduleA/Form990SchASupportingOrgGrp/Contribution35ControlledInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionControllerInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionFamilyInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ControlledDisqualifiedPrsnInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnControllIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnOwnrIntInd00
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IRS990ScheduleA/Form990SchASupportingOrgGrp/LoanDisqualifiedPersonInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/OrganizationChangeSuprtOrgInd00
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IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgSectionC456Ind00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportNonSupportedOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SuprtOrgNoIRSDeterminationInd00
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0M-2 RAIL HAS A CLOSE CONNECTION WITH M-1 RAIL, THE SUPPORTED ORGANIZATION. THE FIVE-MEMBER BOARD OF DIRECTORS OF M-2 RAIL IS COMPRISED OF PERSONS WHO COMPRISE THE MAJORITY OF THE EXECUTIVE COMMITTEE OF M-1 RAIL, WHICH HAS SIX MEMBERS. TWO ADDITIONAL M-1 RAIL DIRECTORS SERVE AS OFFICERS TO M-2 RAIL. M-1 RAIL HAS 14 TOTAL DIRECTORS, OF WHICH SEVEN REPRESENT M-2 RAIL IN SOME CAPACITY. MATTHEW P. CULLEN IS THE PRESIDENT AND C.E.O. OF M-1 RAIL AND THE CHAIR OF M-2 RAIL. PAUL CHILDS IS THE VICE-PRESIDENT, C.O.O., AND ASSISTANT SECRETARY OF M-1 RAIL AND THE PRESIDENT AND C.E.O. OF M-2 RAIL. CERTAIN OFFICERS OF M-2 RAIL (PAUL CHILDS, JENILYN NORMAN, WHO IS THE C.F.O. OF M-2 RAIL, AND SOMMER WOODS, WHO IS THE ASSISTANT SECRETARY OF M-2 RAIL) WORK FULL-TIME OVERSEEING THE ACTIVITIES OF BOTH M-1 RAIL AND M-2 RAIL. THE MANAGEMENT OF BOTH ORGANIZATIONS IS VESTED IN THESE INDIVIDUALS. THE INDIVIDUAL BOARDS OF M-1 RAIL AND M-2 RAIL HAVE OVERSIGHT RESPONSIBILITY.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0FORM 990, SCHEDULE A, PART IV, SECTION C:
IRS990ScheduleA/IRSWrittenDeterminationInd0X
IRS990ScheduleA/MajorityDirTrstSupportedOrgInd00
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/SupportedOrganizationsCnt01
IRS990ScheduleA/SupportedOrganizationsTotalCnt01
IRS990ScheduleA/SupportedOrgInformationGrp/EIN0262310566
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd01
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd07
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt00
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt0175564
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0M-1 RAIL
IRS990ScheduleA/SupportingOrganization509a3Ind0X
IRS990ScheduleA/SupportingOrgType2Ind0X
IRS990ScheduleA/SupportSumAmt0175564
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/BuildingsGrp/BookValueAmt025542101
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0304133
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt025846234
IRS990ScheduleD/EquipmentGrp/BookValueAmt0100051384
IRS990ScheduleD/EquipmentGrp/DepreciationAmt01695147
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0101746531
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt01107008
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt01107008
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt018867770
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0562151
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt019429921
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt050220966
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0ADVANCE FROM AFFILIATE
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0M-1 RAIL IS A NOT-FOR-PROFIT ORGANIZATION EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC) AND IS A PUBLICLY SUPPORTED ORGANIZATION UNDER IRC SECTION 509(A)(1). M-2 RAIL IS A NOT-FOR-PROFIT ORGANIZATION EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF IRC AND IS CLASSIFIED AS A TYPE 2 SUPPORTING ORGANIZATION TO M-1 RAIL UNDER IRC SECTION 509(A)(3). ALTHOUGH M-1 RAIL AND M-2 RAIL WERE GRANTED INCOME TAX EXEMPTION BY THE INTERNAL REVENUE SERVICE, SUCH EXEMPTION DOES NOT APPLY TO "UNRELATED BUSINESS TAXABLE INCOME." AT SEPTEMBER 30, 2017 AND 2016, THE ORGANIZATION HAS DETERMINED THAT NO UNRELATED BUSINESS INCOME TAXES ARE DUE FOR ITS ACTIVITIES. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN RECORDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. MANAGEMENT ANNUALLY REVIEWS ITS TAX POSITIONS AND HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION IN THE CONSOLIDATED FINANCIAL STATEMENTS. THE ORGANIZATION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. MANAGEMENT BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO SEPTEMBER 30, 2013. ON DECEMBER 22, 2017, THE U.S. GOVERNMENT ENACTED COMPREHENSIVE TAX LEGISLATION COMMONLY REFERRED TO AS THE TAX CUTS AND JOBS ACT (THE "TAX ACT"). THE TAX ACT MAKES BROAD AND COMPLEX CHANGES TO THE U.S. TAX CODE, INCLUDING, BUT NOT LIMITED TO, (1) REDUCING THE U.S. FEDERAL CORPORATE TAX RATE FROM 35 PERCENT TO 21 PERCENT AND CHANGING RULES RELATED TO USES AND LIMITATIONS OF NET OPERATING LOSS CARRYFORWARDS CREATED IN TAX YEARS BEGINNING AFTER DECEMBER 31, 2017. THE ACT REDUCES THE CORPORATE TAX RATE TO 21 PERCENT, EFFECTIVE JANUARY 1, 2018. THE IMPACT TO THE ORGANIZATION FOR ENTITY LEVEL TAXES IS NOT CONSIDERED SIGNIFICANT.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0145568263
IRS990ScheduleD/TotalLiabilityAmt050220966
IRS990/ScheduleJRequiredInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/BusinessName/BusinessNameLine1Txt0DANIEL B GILBERT AND MATTHEW P CULLEN
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0SEE PART V
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt0416085
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0ROCKET FIBER PROVIDES PUBLIC WI-FI ON THE STREETCARS AND AT STATIONS, IN ADDITION TO MANAGING THE INFORMATION TECHNOLOGY ENVIRONMENT FOR M-2 RAIL
IRS990ScheduleL/SupplementalInformationDetail/ExplanationTxt0ROCKET FIBER IS OWNED BY AN ENTITY CONTROLLED BY DANIEL B. GILBERT, WHO IS A MEMBER OF THE BOARD OF DIRECTORS OF M-2 RAIL AND IS ALSO THE PRINCIPAL STAKEHOLDER OF ROCK VENTURES LLC, AN ENTITY THAT ASSISTS HIM IN MANAGING HIS INVESTMENTS. MATTHEW P. CULLEN IS THE CHIEF EXECUTIVE OFFICER OF JACK ENTERTAINMENT, LLC AND A PRINCIPAL WITH ROCK VENTURES LLC, AND IS THE CHAIR AND A MEMBER OF THE BOARD OF DIRECTORS OF M-2 RAIL.
IRS990ScheduleL/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE L, PART IV, COLUMN (B), NATURE OF RELATIONSHIP:
IRS990ScheduleM/AnyPropertyThatMustBeHeldInd00
IRS990ScheduleM/Form8283ReceivedCnt00
IRS990ScheduleM/OtherNonCashContriTableGrp/ContributionCnt04
IRS990ScheduleM/OtherNonCashContriTableGrp/Desc0STREETCAR
IRS990ScheduleM/OtherNonCashContriTableGrp/MethodOfDeterminingRevenuesTxt0COST
IRS990ScheduleM/OtherNonCashContriTableGrp/NonCashCheckboxInd0X
IRS990ScheduleM/OtherNonCashContriTableGrp/NoncashContributionsRptF990Amt0175564
IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd00
IRS990ScheduleM/SupplementalInformationDetail/ExplanationTxt0CONSISTS OF STREETCAR PROJECT, PLANNING, ENGINEERING, AND DESIGN
IRS990ScheduleM/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, COLUMN (B):
IRS990ScheduleM/ThirdPartiesUsedInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0CONSTRUCTION OF A PUBLIC TRANSPORTATION SYSTEM WAS COMPLETED DURING THE YEAR ENDED SEPTEMBER 30, 2017, AND ONGOING OPERATION OF THE PUBLIC TRANSPORTATION SYSTEM COMMENCED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1DANIEL B. GILBERT IS THE CHAIR OF QUICKEN LOANS, INC., AND MATTHEW P. CULLEN IS A PRINCIPAL OF ROCK VENTURES LLC AND CHIEF EXECUTIVE OFFICER OF JACK ENTERTAINMENT, LLC, BOTH OF WHICH ARE AFFILIATES OF QUICKEN LOANS, INC. VARIOUS DIRECTORS AND OFFICERS ALSO SERVE TOGETHER ON THE BOARDS OF DIRECTORS OF VARIOUS OTHER NON-PROFIT ORGANIZATIONS IN THE METROPOLITAN DETROIT AREA, INCLUDING M-1 RAIL, THE SUPPORTED ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION HIRED A PUBLIC ACCOUNTING FIRM TO PREPARE FORM 990. THE CHIEF FINANCIAL OFFICER REVIEWED THE RETURN PRIOR TO DISTRIBUTING A DRAFT COPY TO THE TREASURER AND AUDIT AND FINANCE COMMITTEE MEMBERS FOR THEIR REVIEW. COMMENTS FROM THESE INDIVIDUALS WERE REVIEWED AND APPROPRIATELY INCORPORATED INTO THE FINAL FORM 990 THAT WAS FILED. A FINAL COPY OF FORM 990 WAS PROVIDED TO EACH BOARD MEMBER VIA E-MAIL PRIOR TO FILING FOR THEIR INFORMATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE CONFLICT OF INTEREST POLICY IS PROVIDED TO THE APPLICABLE PARTIES ANNUALLY. IN ADDITION, DIRECTORS AND OFFICERS SIGN AN ACKNOWLEDGMENT STATEMENT AND PROVIDE INFORMATION REGARDING POTENTIAL CONFLICTS ON THE ANNUAL FORM. MANAGEMENT REVIEWS THE DISCLOSURES, AND FOLLOWS UP, IF NECESSARY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5OTHER PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 533,391. MANAGEMENT AND GENERAL EXPENSES 62,752. FUNDRAISING EXPENSES 31,376. TOTAL EXPENSES 627,519.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART III, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 12C

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$154,973,512
Liabilities
$100,104,253
Net assets
$54,869,259
Revenue
$5,250,721
Expenses
$3,780,636
Net income
$1,470,085
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$116$49.3$66.7$41.7$6.13$35.6
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$122$91.0$31.2$0.41$6.86$6.45
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$129$91.2$37.6$0.41$6.92$6.51
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$137$92.6$44.1$3.10$7.07$3.97
2017Detailed filing. Detailed filing data is available for this year.$155$100$54.9$5.25$3.78$1.47
2016Detailed filing. Detailed filing data is available for this year.$148$94.3$53.4$19.1$1.06$18.0
2015Detailed filing. Detailed filing data is available for this year.$94.8$59.4$35.4$21.0$0.73$20.3
Peer Organizations

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