Civic Intelligence

Monroe County Business Development Corporation

990 • Fiscal year 2021 • EIN 38-2415486

Jan 01, 2021 to Dec 31, 2021 • Filed on Mar 09, 2022

Organization ProfileMONROECOUNTYBDC.ORG

View Organization Page

9 Washington StMonroe, MI 48161

(734) 241-8081

Siviq Scores

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

Liabilities / Assets

47th percentile

0.05x

Higher debt load relative to assets than 47% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

61st percentile

0.16x

Higher debt load relative to revenue than 61% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

55th percentile

15%

Higher net margin than 55% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

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

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

53rd percentile

11%

Faster asset growth than 53% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

35th percentile

1.6%

Faster revenue growth than 35% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets47th percentile

Assets

Up

$1,344,038

Up $129,123 (+11%) from 2020

Net Assets

Up

$1,271,696

Up $112,581 (+9.7%) from 2020

Liabilities

Up

$72,342

Up $16,542 (+30%) from 2020

Revenue And Expenses
Liabilities / Revenue61st percentileNet Margin55th percentile

Revenue

Up

$444,102

Up $6,901 (+1.6%) from 2020

Expenses

Down

$375,572

Down $51,965 (-12%) from 2020

Net Income

Up

$68,530

Up $58,866 (+609%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth53rd percentile

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

$2.0M$1.5M$1.0M$500K$0Assets 2010: $380,829Liabilities 2010: $0Net Assets 2010: $380,8292010Assets 2011: $380,263Liabilities 2011: $1,177Net Assets 2011: $379,0862011Assets 2012: $396,366Liabilities 2012: $3,692Net Assets 2012: $392,6742012Assets 2013: $423,631Liabilities 2013: $1,195Net Assets 2013: $422,4362013Assets 2014: $542,177Liabilities 2014: $251Net Assets 2014: $541,9262014Assets 2015: $649,769Liabilities 2015: $163Net Assets 2015: $649,6062015Assets 2016: $739,447Liabilities 2016: $0Net Assets 2016: $739,4472016Assets 2017: $822,629Liabilities 2017: $1,965Net Assets 2017: $820,6642017Assets 2018: $1,085,355Liabilities 2018: $13,946Net Assets 2018: $1,071,4092018Assets 2019: $1,169,221Liabilities 2019: $28,130Net Assets 2019: $1,141,0912019Assets 2020: $1,214,915Liabilities 2020: $55,800Net Assets 2020: $1,159,1152020Assets 2021: $1,344,038Liabilities 2021: $72,342Net Assets 2021: $1,271,6962021Assets 2022: $1,256,866Liabilities 2022: $69,890Net Assets 2022: $1,186,9762022Assets 2023: $1,627,775Liabilities 2023: $40,867Net Assets 2023: $1,586,9092023Assets 2024: $0Liabilities 2024: $0Net Assets 2024: $02024

Highlighted filing

2021

Assets$1,344,038
Liabilities$72,342
Net Assets$1,271,696
Open 2021 Filing

Operations Trend

Revenue Growth35th percentile

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

$2.0M$1.0M$0-$1.0M-$2.0MExpenses 2010: $255,9222010Expenses 2011: $247,9522011Revenue 2012: $207,732Expenses 2012: $195,218Net Income 2012: $12,5142012Revenue 2013: $294,952Expenses 2013: $266,976Net Income 2013: $27,9762013Revenue 2014: $309,646Expenses 2014: $189,921Net Income 2014: $119,7252014Revenue 2015: $323,079Expenses 2015: $216,905Net Income 2015: $106,1742015Revenue 2016: $456,651Expenses 2016: $378,881Net Income 2016: $77,7702016Revenue 2017: $312,705Expenses 2017: $247,117Net Income 2017: $65,5882017Revenue 2018: $525,694Expenses 2018: $240,281Net Income 2018: $285,4132018Revenue 2019: $312,481Expenses 2019: $319,492Net Income 2019: -$7,0112019Revenue 2020: $437,201Expenses 2020: $427,537Net Income 2020: $9,6642020Revenue 2021: $444,102Expenses 2021: $375,572Net Income 2021: $68,5302021Revenue 2022: $506,256Expenses 2022: $422,097Net Income 2022: $84,1592022Revenue 2023: $1,110,299Expenses 2023: $829,139Net Income 2023: $281,1602023Revenue 2024: $0Expenses 2024: $1,586,908Net Income 2024: -$1,586,9082024

Highlighted filing

2021

Revenue$444,102
Expenses$375,572
Net Income$68,530
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Mar 9, 2022
Return Version
2021v4.0
Gross Receipts
$444,102
Mission and Program Overview

Mission

Growing monroe county's economy by creating new and diversified job opportunities for its citizens.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$1,056,162$1,196,117▲ $139,955
Accounts Receivable$74,000$70,074▼ $3,926
Land, Buildings, and Equipment, Net$7,840$49,320▲ $41,480
Savings and Temporary Cash Investments$50,148$27,134▼ $23,014
Prepaid Expenses and Deferred Charges$26,765$1,393▼ $25,372
Total Assets$1,214,915$1,344,038▲ $129,123
Liabilities
Accounts Payable and Accrued Expenses$55,800$61,092▲ $5,292
Deferred Revenue-$11,250-
Total Liabilities$55,800$72,342▲ $16,542
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,030,164$1,118,921▲ $88,757
Net Assets With Donor Restrictions$128,951$152,775▲ $23,824
Total Net Assets Fund Balance$1,159,115$1,271,696▲ $112,581
Total Liabilities and Net Assets / Fund Balance$1,214,915$1,344,038▲ $129,123
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

NameTitle
Doug ChaffinChairman
Dr Kojo QuarteyPresident
Dr Stephen McnewVice Chairma
Daniel MussapDirector
Darrin ArquetteDirector
David ZewickyDirector
Greg Moore JrDirector
Gregory AdaninDirector
James PeaceDirector
Keith MasserantDirector
Michael JewellDirector
Mike MillerDirector
Monique Holliday-bettieDirector
Nick KrzeminskiDirector
Robert ClarkDirector
Stephanie BlattDirector
Thomas MyersDirector
Tim LakeCEO
Chuck WestSecretary
Greg ThomasTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$307,415
Program Service Revenue
$0
Investment Income
$21,452
Other Revenue
$115,235
All Other Contributions
$84,581
Change in Net Assets
$68,530

Audited Revenue Reconciliation

Revenue per Audited Statements
$444,102
Revenue Not Reported on Form 990
$51,765
Total Revenue per Audited Statements
$495,867
Total Revenue per Form 990
$444,102
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$223,593
Other Expenses$151,979
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$142,336$47,445-$189,781
Other Employee Benefits$12,962$4,321-$17,283
Payroll Taxes$12,397$4,132-$16,529
Advertising$14,918--$14,918
Fees for Services Accounting-$7,455-$7,455
Office Expenses$5,552$390-$5,942
All Other Expenses$5,318--$5,318
Other Expenses$4,787--$4,787
Travel$3,616--$3,616
Insurance$2,304--$2,304
Depreciation Depletion$1,344--$1,344
Total Functional Expenses$311,829$63,743$0$375,572

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$383,286
Expenses per Audited Statements$375,572
Total Expenses per Form 990$375,572
Expenses Not Reported on Form 990$7,714
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
Audit committee
Yes
Backup withholding compliance
No
Business relationship with 35% controlled entity
No
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“Form 990 is available at the office upon request.”

Form 990, Page 6, Part VI, Line 15A

“Executive committee reviews the compensation of the executive director.”

Form 990, Page 6, Part VI, Line 19

“AVAILABLE UPON REQUEST.”

Filing and Contact Details

Filer

Filer Name
Monroe County Business
EIN
38-2415486
Phone
7342418081
Address
9 WASHINGTON ST, MONROE, MI 48161

Signing Officer

Name
Doug Chaffin
Title
Chairman
Phone
7342418081
Signed
2022-03-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tim Lake
Voting Board Members
20
Independent Board Members
20
Employees
3

Preparer

Firm
Cooley Hehl Sabo & Calkins Pllc
Address
1 SOUTH MONROE, MONROE, MI 48161
Preparer
Sarah D Rafko
Phone
7342417200
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 IS AVAILABLE AT THE OFFICE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1EXECUTIVE COMMITTEE REVIEWS THE COMPENSATION OF THE EXECUTIVE DIRECTOR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,344,038
Liabilities
$72,342
Net assets
$1,271,696
Revenue
$444,102
Expenses
$375,572
Net income
$68,530
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.00$1.59$1.59
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.63$0.04$1.59$1.11$0.83$0.28
2022Detailed filing. Detailed filing data is available for this year.$1.26$0.07$1.19$0.51$0.42$0.08
2021Detailed filing. Detailed filing data is available for this year.$1.34$0.07$1.27$0.44$0.38$0.07
2020Detailed filing. Detailed filing data is available for this year.$1.21$0.06$1.16$0.44$0.43$0.01
2019Detailed filing. Detailed filing data is available for this year.$1.17$0.03$1.14$0.31$0.32$0.01
2018Detailed filing. Detailed filing data is available for this year.$1.09$0.01$1.07$0.53$0.24$0.29
2017Detailed filing. Detailed filing data is available for this year.$0.82$0.00$0.82$0.31$0.25$0.07
2016Detailed filing. Detailed filing data is available for this year.$0.74$0.00$0.74$0.46$0.38$0.08
2015Detailed filing. Detailed filing data is available for this year.$0.65$0.00$0.65$0.32$0.22$0.11
2014Detailed filing. Detailed filing data is available for this year.$0.54$0.00$0.54$0.31$0.19$0.12
2013Detailed filing. Detailed filing data is available for this year.$0.42$0.00$0.42$0.29$0.27$0.03
2012Summary only. Only limited summary data is available for this year.$0.40$0.00$0.39$0.21$0.20$0.01
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.38$0.00$0.38$0.25
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.38$0.00$0.38$0.26
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2021 filings • 501(c)3 • $1M-$5M nonprofits