Civic Intelligence

Michigan Community Capital

990 • Fiscal year 2015 • EIN 33-1068719

Jan 01, 2015 to Dec 31, 2015 • Filed on Jul 13, 2016

Organization Profilewww.mmf1.org
1118 South Washington AvenueLansing, MI 48910

(517) 482-8555

Siviq Scores

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

Liabilities / Assets

45th percentile

0.07x

Higher debt load relative to assets than 45% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

68th percentile

0.28x

Higher debt load relative to revenue than 68% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Net Margin

75th percentile

16%

Higher net margin than 75% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Top Officer Pay

35th percentile

$0

Higher top officer pay than 35% of similar nonprofits.

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

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Asset Growth

50th percentile

0.6%

Faster asset growth than 50% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2013 to 2015

Revenue Growth

16th percentile

-18%

Faster revenue growth than 16% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2013 to 2015

Balance Sheet
Liabilities / Assets45th percentile

Assets

Up

$2,784,703

Up $30,743 (+1.1%) from 2013

Net Assets

Up

$2,580,908

Up $105,204 (+4.2%) from 2013

Liabilities

Down

$203,795

Down $74,461 (-27%) from 2013

Revenue And Expenses
Liabilities / Revenue68th percentileNet Margin75th percentile

Revenue

Down

$727,626

Down $366,130 (-33%) from 2013

Expenses

Down

$611,209

Down $159,134 (-21%) from 2013

Net Income

Down

$116,417

Down $206,996 (-64%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth50th percentile

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

$80M$60M$40M$20M$0Assets 2011: $2,141,370Liabilities 2011: $349,685Net Assets 2011: $1,791,6852011Assets 2013: $2,753,960Liabilities 2013: $278,256Net Assets 2013: $2,475,7042013Assets 2015: $2,784,703Liabilities 2015: $203,795Net Assets 2015: $2,580,9082015Assets 2016: $2,821,562Liabilities 2016: $167,582Net Assets 2016: $2,653,9802016Assets 2018: $16,040,082Liabilities 2018: $13,155,418Net Assets 2018: $2,884,6642018Assets 2019: $35,225,084Liabilities 2019: $30,354,927Net Assets 2019: $4,870,1572019Assets 2020: $46,928,937Liabilities 2020: $40,944,021Net Assets 2020: $5,984,9162020Assets 2022: $77,994,723Liabilities 2022: $60,312,769Net Assets 2022: $17,681,9542022Assets 2024: $74,933,829Liabilities 2024: $59,718,317Net Assets 2024: $15,215,5122024

Highlighted filing

2015

Assets$2,784,703
Liabilities$203,795
Net Assets$2,580,908
Open 2015 Filing

Operations Trend

Revenue Growth16th percentile

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

$10M$5.0M$0-$5.0MExpenses 2011: $763,5322011Revenue 2013: $1,093,756Expenses 2013: $770,343Net Income 2013: $323,4132013Revenue 2015: $727,626Expenses 2015: $611,209Net Income 2015: $116,4172015Revenue 2016: $706,408Expenses 2016: $633,336Net Income 2016: $73,0722016Revenue 2018: $2,436,493Expenses 2018: $2,522,623Net Income 2018: -$86,1302018Revenue 2019: $2,972,593Expenses 2019: $1,316,668Net Income 2019: $1,655,9252019Revenue 2020: $3,737,937Expenses 2020: $2,728,877Net Income 2020: $1,009,0602020Revenue 2022: $4,447,895Expenses 2022: $6,040,435Net Income 2022: -$1,592,5402022Revenue 2024: $9,687,634Expenses 2024: $9,147,125Net Income 2024: $540,5092024

Highlighted filing

2015

Revenue$727,626
Expenses$611,209
Net Income$116,417
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Jul 13, 2016
Return Version
2015v2.1
Gross Receipts
$727,626
Mission and Program Overview

Mission

The mission of michigan magnet fund is to facilitate new markets tax credit investments in the state of michigan. These investments will spur job creation and economic growth in low income communities across the state.

The mission of michigan magnet fund is to facilitate low-income community investment in michigan.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,680,742$1,776,156▲ $95,414
Savings and Temporary Cash Investments$872,802$874,186▲ $1,384
Accounts Receivable$101,215$118,225▲ $17,010
Investments Other Securities$9,259$8,636▼ $623
Prepaid Expenses and Deferred Charges$0$7,500▲ $7,500
Total Assets$2,664,018$2,784,703▲ $120,685
Liabilities
Deferred Revenue$127,358$127,358→ $0
Accounts Payable and Accrued Expenses$38,065$47,333▲ $9,268
Other Liabilities$34,104$29,104▼ $5,000
Total Liabilities$199,527$203,795▲ $4,268
Net Assets / Fund Balance
Unrestricted Net Assets$2,464,491$2,580,908▲ $116,417
Total Net Assets Fund Balance$2,464,491$2,580,908▲ $116,417
Total Liabilities and Net Assets / Fund Balance$2,664,018$2,784,703▲ $120,685
Compensation and Service Providers
Top Officer Pay35th percentile

Board Members and Trustees

NameTitle
Mark MoranteChair
Mark McdanielVice Chair
Amy TorresMember
Annette WilliamsMember
Dennis J WestMember
Jamie Schriner-hooperMember
Jason PaulateerMember
Jeff SykesMember
Joann CraryMember
Kara WoodsMember
Karl DorshimerMember
Mary Seaberg KingMember
Richard HoseyMember
Ridgeway WhiteMember
Aaron SeybertMember Thru May 2015
Ted RozeboomSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Cinnaire CorporationLoan Servicing And Bookkeeping Fees1118 SOUTH WASHINGTON, Lansing, MI 48910$266,810
Plante & Moran PllcAccounting Services27400 NORTHWESTERN HWY, Southfield, MI 48034$144,300
Ariel VenturesAdvisory Services1163 E 40TH STREET 201, Cleveland, OH 44114$105,000
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$701,201
Investment Income
$26,425
Other Revenue
$0
Change in Net Assets
$116,417

Audited Revenue Reconciliation

Revenue per Audited Statements
$727,626
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$727,626
Total Revenue per Form 990
$727,626
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$611,209
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$404,528--$404,528
Fees for Services Accounting-$142,500-$142,500
Insurance-$34,689-$34,689
Fees for Services Legal$15,256--$15,256
Office Expenses-$13,196-$13,196
Travel-$1,040-$1,040
Total Functional Expenses$419,784$191,425$0$611,209

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$611,209
Total Expenses per Audited Statements$611,209
Total Expenses per Form 990$611,209
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Repayable Grants$29,104
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, line 3

“Another non-profit organization has been contracted to perform loan servicing and bookkeeping for michigan magnet fund.”

Form 990, Part VI, Section B, line 11

“990 presented to board and executive committee for review.”

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

“Annual meeting requires affirmation of conflicts policy and all meetings require disclosure of personal conflict. If it is determined that a board member has a conflict, that board member would be unable to vote on the issue where the conflict exists.”

Form 990, Part VI, Section C, line 19

“Michigan magnet fund does not make its governing documents, conflict of interest policy, and financial statements available to the public.”

Filing and Contact Details

Filer

Filer Name
Michigan Magnet Fund
EIN
33-1068719
Phone
5174828555
Address
1118 SOUTH WASHINGTON AVENUE, LANSING, MI 48910

Signing Officer

Name
Mark Mcdaniel
Title
Vice Chair
Phone
5174828555
Signed
2016-07-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mark Morante
Formed
2003
Legal Domicile
Mi
Voting Board Members
15
Independent Board Members
15
Employees
0
Volunteers
15

Preparer

Firm
Plante & Moran Pllc
Address
1111 Michigan Ave Ste 100, East Lansing, MI 48823
Preparer
Robert C Edwards CPA
Phone
5173326200
Supplemental Narrative

Additional Explanations

Form 990, Part IX, line 11G

“PROFESSIONAL ADMINSTRATIVE FEE: Program service expenses 114,888. Management and general expenses 0. Fundraising expenses 0. Total expenses 114,888. ASSET MANAGEMENT FEES: Program service expenses 262,647. Management and general expenses 0. Fundraising expenses 0. Total expenses 262,647. CONSULTANT FEE: Program service expenses 26,993. Management and general expenses 0. Fundraising expenses 0. Total expenses 26,993.”

Form 990, Part XII, Line 2C

“This process has not changed from the prior year.”

Financial Statement Notes

Part X, Line 2:

“Mmf is a michigan nonprofit corporation as described in internal revenue code section 501(c)(3). Accordingly, no provision for federal income taxes has been made. Accounting principles generally accepted in the united states of america require management to evaluate tax positions taken by mmf and recognize a tax liability if mmf has taken an uncertain position that more likely than not would not be sustained upon examination by the irs or other applicable taxing authorities. Management has analyzed the tax position taken by mmf and has concluded that as of december 31, 2015 and 2014, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. Mmf 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 2012.”

Raw XML AppendixShowing 400 of 882 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/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIXInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InsuranceGrp/ManagementAndGeneralAmt034689
IRS990/InsuranceGrp/TotalAmt034689
IRS990/InvestmentIncomeGrp/ExclusionAmt01384
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt01384
IRS990/InvestmentInJointVentureInd01
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt09259
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt08636
IRS990/IRPDocumentCnt00
IRS990/IRPDocumentW2GCnt00
IRS990/LegalDomicileStateCd0MI
IRS990/LessCostOthBasisSalesExpnssGrp/OtherAmt00
IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0THE MISSION OF MICHIGAN MAGNET FUND IS TO FACILITATE NEW MARKETS TAX CREDIT INVESTMENTS IN THE STATE OF MICHIGAN. THESE INVESTMENTS WILL SPUR JOB CREATION AND ECONOMIC GROWTH IN LOW INCOME COMMUNITIES ACROSS THE STATE.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt02464491
IRS990/NetAssetsOrFundBalancesEOYAmt02580908
IRS990/NetGainOrLossInvestmentsGrp/RelatedOrExemptFuncIncomeAmt025041
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt025041
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd00
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt013196
IRS990/OfficeExpensesGrp/TotalAmt013196
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherLiabilitiesGrp/BOYAmt034104
IRS990/OtherLiabilitiesGrp/EOYAmt029104
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt00
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt07500
IRS990/PrincipalOfficerNm0MARK MORANTE
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0531390
IRS990/ProgramServiceRevenueGrp/BusinessCd1531390
IRS990/ProgramServiceRevenueGrp/BusinessCd2531390
IRS990/ProgramServiceRevenueGrp/Desc0COMPLIANCE FEE INCOME
IRS990/ProgramServiceRevenueGrp/Desc1AUDIT & TAX INCOME
IRS990/ProgramServiceRevenueGrp/Desc2LOAN SERVICING FEE INC
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0497615
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1142000
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt261586
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0497615
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1142000
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt261586
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt012492
IRS990/PYOtherExpensesAmt0755036
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt0731331
IRS990/PYRevenuesLessExpensesAmt0-11213
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt0755036
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0743823
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0116417
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0726242
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0872802
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0874186
IRS990ScheduleA/Form990SchASupportingOrgGrp/Contribution35ControlledInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionControllerInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionFamilyInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ControlledDisqualifiedPrsnInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnControllIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnOwnrIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ExcessBusinessHoldingsRulesInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ListedByNameGoverningDocInd01
IRS990ScheduleA/Form990SchASupportingOrgGrp/LoanDisqualifiedPersonInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/OrganizationChangeSuprtOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/PaymentSubstantialContribtrInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgNotOrganizedUSInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgSectionC456Ind00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportNonSupportedOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SuprtOrgNoIRSDeterminationInd01
IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/OperateBenefitNonSuprtOrgInd00
IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/PowerAppointMajorityDirTrstInd01
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0GOVERNMENT ENTITIES DO NOT HAVE DETERMINATION LETTERS BUT ARE EXEMPT AS GOVERNMENT INSTRUMENTALITIES.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0SCHEDULE A, PART IV, SECTION A, LINE 2:
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/SupportedOrganizationsCnt02
IRS990ScheduleA/SupportedOrganizationsTotalCnt02
IRS990ScheduleA/SupportedOrgInformationGrp/EIN0383460723
IRS990ScheduleA/SupportedOrgInformationGrp/EIN1371717481
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd01
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd11
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd06
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd16
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt00
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt10
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt00
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt10
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0MICHIGAN ECONOMIC DEVELOPMENT CORPORATION
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt1MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY
IRS990ScheduleA/SupportingOrganization509a3Ind0X
IRS990ScheduleA/SupportingOrgType1Ind0X
IRS990ScheduleA/SupportSumAmt00
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0611209
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt029104
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0REPAYABLE GRANTS
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0727626
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0MMF IS A MICHIGAN NONPROFIT CORPORATION AS DESCRIBED IN INTERNAL REVENUE CODE SECTION 501(C)(3). ACCORDINGLY, NO PROVISION FOR FEDERAL INCOME TAXES HAS BEEN MADE. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY MMF AND RECOGNIZE A TAX LIABILITY IF MMF HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS OR OTHER APPLICABLE TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITION TAKEN BY MMF AND HAS CONCLUDED THAT AS OF DECEMBER 31, 2015 AND 2014, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. MMF 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 2012.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalExpensesPerForm990Amt0611209
IRS990ScheduleD/TotalLiabilityAmt029104
IRS990ScheduleD/TotalRevenuePerForm990Amt0727626
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0727626
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0611209
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ANOTHER NON-PROFIT ORGANIZATION HAS BEEN CONTRACTED TO PERFORM LOAN SERVICING AND BOOKKEEPING FOR MICHIGAN MAGNET FUND.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1990 PRESENTED TO BOARD AND EXECUTIVE COMMITTEE FOR REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ANNUAL MEETING REQUIRES AFFIRMATION OF CONFLICTS POLICY AND ALL MEETINGS REQUIRE DISCLOSURE OF PERSONAL CONFLICT. IF IT IS DETERMINED THAT A BOARD MEMBER HAS A CONFLICT, THAT BOARD MEMBER WOULD BE UNABLE TO VOTE ON THE ISSUE WHERE THE CONFLICT EXISTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3MICHIGAN MAGNET FUND DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4PROFESSIONAL ADMINSTRATIVE FEE: Program service expenses 114,888. Management and general expenses 0. Fundraising expenses 0. Total expenses 114,888. ASSET MANAGEMENT FEES: Program service expenses 262,647. Management and general expenses 0. Fundraising expenses 0. Total expenses 262,647. CONSULTANT FEE: Program service expenses 26,993. Management and general expenses 0. Fundraising expenses 0. Total expenses 26,993.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part IX, line 11g
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XII, LINE 2C
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd01
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd1N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd2N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd3N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd4N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd5N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd6N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd7N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd8N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd9N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd10N/A

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,784,703
Liabilities
$203,795
Net assets
$2,580,908
Revenue
$727,626
Expenses
$611,209
Net income
$116,417
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$74.9$59.7$15.2$9.69$9.15$0.54
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$78.0$60.3$17.7$4.45$6.04$1.59
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$46.9$40.9$5.98$3.74$2.73$1.01
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$35.2$30.4$4.87$2.97$1.32$1.66
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$16.0$13.2$2.88$2.44$2.52$0.09
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.82$0.17$2.65$0.71$0.63$0.07
2015Detailed filing. Detailed filing data is available for this year.$2.78$0.20$2.58$0.73$0.61$0.12
2013Detailed filing. Detailed filing data is available for this year.$2.75$0.28$2.48$1.09$0.77$0.32
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.14$0.35$1.79$0.76