Civic Intelligence

Michigan Community Capital

990 • Fiscal year 2016 • EIN 33-1068719

Jan 01, 2016 to Dec 31, 2016 • Filed on Jun 26, 2017

Organization ProfileWWW.MICHIGANCOMMUNITYCAPITAL.ORG
507 South Grand AvenueLansing, MI 48933

(517) 482-8555

Siviq Scores

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

Liabilities / Assets

43rd percentile

0.06x

Higher debt load relative to assets than 43% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Liabilities / Revenue

65th percentile

0.24x

Higher debt load relative to revenue than 65% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Net Margin

69th percentile

10%

Higher net margin than 69% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

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.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Asset Growth

50th percentile

1.3%

Faster asset growth than 50% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Revenue Growth

34th percentile

-2.9%

Faster revenue growth than 34% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets43rd percentile

Assets

Up

$2,821,562

Up $36,859 (+1.3%) from 2015

Net Assets

Up

$2,653,980

Up $73,072 (+2.8%) from 2015

Liabilities

Down

$167,582

Down $36,213 (-18%) from 2015

Revenue And Expenses
Liabilities / Revenue65th percentileNet Margin69th percentile

Revenue

Down

$706,408

Down $21,218 (-2.9%) from 2015

Expenses

Up

$633,336

Up $22,127 (+3.6%) from 2015

Net Income

Down

$73,072

Down $43,345 (-37%) from 2015

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

2016

Assets$2,821,562
Liabilities$167,582
Net Assets$2,653,980
Open 2016 Filing

Operations Trend

Revenue Growth34th 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

2016

Revenue$706,408
Expenses$633,336
Net Income$73,072
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Jun 26, 2017
Return Version
2016v3.0
Gross Receipts
$706,408
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$1,776,156$2,110,582▲ $334,426
Savings and Temporary Cash Investments$874,186$524,195▼ $349,991
Accounts Receivable$118,225$178,387▲ $60,162
Investments Other Securities$8,636$8,398▼ $238
Prepaid Expenses and Deferred Charges$7,500$0▼ $7,500
Total Assets$2,784,703$2,821,562▲ $36,859
Liabilities
Deferred Revenue$127,358$127,358→ $0
Accounts Payable and Accrued Expenses$47,333$40,224▼ $7,109
Other Liabilities$29,104$0▼ $29,104
Total Liabilities$203,795$167,582▼ $36,213
Net Assets / Fund Balance
Unrestricted Net Assets$2,580,908$2,653,980▲ $73,072
Total Net Assets Fund Balance$2,580,908$2,653,980▲ $73,072
Total Liabilities and Net Assets / Fund Balance$2,784,703$2,821,562▲ $36,859
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 Thru May 2016
Ted RozeboomSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Cinnaire CorporationLoan Servicing And Bookkeeping Fees1118 SOUTH WASHINGTON, Lansing, MI 48910$246,810
Plante & Moran PllcAccounting Services27400 NORTHWESTERN HWY, Southfield, MI 48034$110,900
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$675,932
Investment Income
$1,372
Other Revenue
$29,104
Change in Net Assets
$73,072

Audited Revenue Reconciliation

Revenue per Audited Statements
$706,408
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$706,408
Total Revenue per Form 990
$706,408
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$633,336
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$442,787--$442,787
Fees for Services Accounting-$101,600-$101,600
Fees for Services Legal$56,565--$56,565
Insurance-$27,759-$27,759
Office Expenses-$3,698-$3,698
Travel-$927-$927
Total Functional Expenses$499,352$133,984$0$633,336

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$633,336
Total Expenses per Audited Statements$633,336
Total Expenses per Form 990$633,336
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
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
Yes
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. In addition, a company has been contracted to perform strategic advisor services for michigan magnet fund.”

Form 990, Part VI, Section A, line 4

“The bylaws and articles of incorporation were amended to specifically identify michigan economic development corporation and the michigan state housing development authority as the supported organizations of michigan magnet fund. The supported organizations are public bodies corporate exempt from tax under code section 115. Michigan magnet fund is not intended to be a component unit of the supported organizations and the supported organizations, or their affiliates, will not be responsible for providing any financial support or cover any obligations of michigan magnet fund.”

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

“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
507 SOUTH GRAND AVENUE, LANSING, MI 48933

Signing Officer

Name
Mark Mcdaniel
Title
Vice Chair
Phone
5174828555
Signed
2017-06-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mark Morante
Formed
2003
Legal Domicile
Mi
Voting Board Members
14
Independent Board Members
14
Employees
0
Volunteers
15

Preparer

Firm
Plante & Moran Pllc
Address
1111 Michigan Ave Ste 100, East Lansing, MI 48823
Preparer
Tina M Peters CPA
Phone
5173326200
Supplemental Narrative

Additional Explanations

Form 990, Part IX, line 11G

“PROFESSIONAL ADMINSTRATIVE FEE: Program service expenses 63,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 63,000. ASSET MANAGEMENT FEES: Program service expenses 254,060. Management and general expenses 0. Fundraising expenses 0. Total expenses 254,060. CONSULTANT FEE: Program service expenses 125,727. Management and general expenses 0. Fundraising expenses 0. Total expenses 125,727.”

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, 2016 and 2015, 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 2013.”

Raw XML AppendixShowing 400 of 842 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/TitleTxt12MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt13MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt14MEMBER THRU MAY 2016
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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/NetAssetsOrFundBalancesBOYAmt02580908
IRS990/NetAssetsOrFundBalancesEOYAmt02653980
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd00
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt03698
IRS990/OfficeExpensesGrp/TotalAmt03698
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherLiabilitiesGrp/BOYAmt029104
IRS990/OtherLiabilitiesGrp/EOYAmt00
IRS990/OtherRevenueMiscGrp/BusinessCd0531390
IRS990/OtherRevenueMiscGrp/Desc0REFUNDABLE GRANT AGREE
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt029104
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt029104
IRS990/OtherRevenueTotalAmt029104
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt07500
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
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/RelatedOrExemptFuncIncomeAmt0495630
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1119000
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt261302
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0495630
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1119000
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt261302
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt026425
IRS990/PYOtherExpensesAmt0611209
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt0701201
IRS990/PYRevenuesLessExpensesAmt0116417
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt0611209
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0727626
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt073072
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0705036
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0874186
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0524195
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/ExpensesSubtotalAmt0633336
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0706408
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, 2016 AND 2015, 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 2013.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalExpensesPerForm990Amt0633336
IRS990ScheduleD/TotalRevenuePerForm990Amt0706408
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0706408
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0633336
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ANOTHER NON-PROFIT ORGANIZATION HAS BEEN CONTRACTED TO PERFORM LOAN SERVICING AND BOOKKEEPING FOR MICHIGAN MAGNET FUND. IN ADDITION, A COMPANY HAS BEEN CONTRACTED TO PERFORM STRATEGIC ADVISOR SERVICES FOR MICHIGAN MAGNET FUND.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BYLAWS AND ARTICLES OF INCORPORATION WERE AMENDED TO SPECIFICALLY IDENTIFY MICHIGAN ECONOMIC DEVELOPMENT CORPORATION AND THE MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY AS THE SUPPORTED ORGANIZATIONS OF MICHIGAN MAGNET FUND. THE SUPPORTED ORGANIZATIONS ARE PUBLIC BODIES CORPORATE EXEMPT FROM TAX UNDER CODE SECTION 115. MICHIGAN MAGNET FUND IS NOT INTENDED TO BE A COMPONENT UNIT OF THE SUPPORTED ORGANIZATIONS AND THE SUPPORTED ORGANIZATIONS, OR THEIR AFFILIATES, WILL NOT BE RESPONSIBLE FOR PROVIDING ANY FINANCIAL SUPPORT OR COVER ANY OBLIGATIONS OF MICHIGAN MAGNET FUND.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2990 PRESENTED TO BOARD AND EXECUTIVE COMMITTEE FOR REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ANNUAL 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/ExplanationTxt4MICHIGAN MAGNET FUND DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5PROFESSIONAL ADMINSTRATIVE FEE: Program service expenses 63,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 63,000. ASSET MANAGEMENT FEES: Program service expenses 254,060. Management and general expenses 0. Fundraising expenses 0. Total expenses 254,060. CONSULTANT FEE: Program service expenses 125,727. Management and general expenses 0. Fundraising expenses 0. Total expenses 125,727.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THIS 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 A, line 4
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part IX, line 11g
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART XII, LINE 2C
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd01
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt0MICHIGAN MAGNET FUND
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt1MICHIGAN MAGNET FUND
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt2MICHIGAN MAGNET FUND
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt3MICHIGAN MAGNET FUND
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt4MICHIGAN MAGNET FUND
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt5MICHIGAN MAGNET FUND
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt6MICHIGAN MAGNET FUND
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt7MICHIGAN MAGNET FUND
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt8MICHIGAN MAGNET FUND
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt9MICHIGAN MAGNET FUND
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0MICHIGAN MAGNET FUND A
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt1MICHIGAN MAGNET FUND B
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt2MICHIGAN MAGNET FUND C
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt3MICHIGAN MAGNET FUND D
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt4MICHIGAN MAGNET FUND E
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt5MICHIGAN MAGNET FUND F
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt6MICHIGAN MAGNET FUND G
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt7MICHIGAN MAGNET FUND H
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt8MICHIGAN MAGNET FUND I
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt9MICHIGAN MAGNET FUND J
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN0412180042
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN1412180043
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN2412180046
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN3412180050
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN4412180051

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,821,562
Liabilities
$167,582
Net assets
$2,653,980
Revenue
$706,408
Expenses
$633,336
Net income
$73,072
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
2016Detailed filing. Detailed filing data is available for this year.$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