Civic Intelligence

Great Lakes Commerical Finance

990 • Fiscal year 2023 • EIN 38-2467385

Oct 01, 2022 to Sep 30, 2023 • Filed on Mar 01, 2024

Organization ProfileGLCF.ORG
3980 Chicago Dr SW Suite 220Grandville, MI 49418

(616) 459-4825

Siviq Scores

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

Liabilities / Assets

53rd percentile

0.06x

Higher debt load relative to assets than 53% of similar nonprofits.

2023 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

56th percentile

0.12x

Higher debt load relative to revenue than 56% of similar nonprofits.

2023 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2023

Net Margin

67th percentile

21%

Higher net margin than 67% of similar nonprofits.

2023 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

90th percentile

$195,664

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 9.4% of source-year revenue.

2023 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2023

Asset Growth

68th percentile

10%

Faster asset growth than 68% of similar nonprofits.

2023 filings • 501(c)4 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

69th percentile

19%

Faster revenue growth than 69% of similar nonprofits.

2023 filings • 501(c)4 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets53rd percentile

Assets

Up

$4,330,695

Up $396,462 (+10%) from 2022

Net Assets

Up

$4,077,823

Up $495,219 (+14%) from 2022

Liabilities

Down

$252,872

Down $98,757 (-28%) from 2022

Revenue And Expenses
Liabilities / Revenue56th percentileNet Margin67th percentile

Revenue

Up

$2,071,600

Up $325,154 (+19%) from 2022

Expenses

Down

$1,632,678

Down $249,024 (-13%) from 2022

Net Income

Up

$438,922

Up $574,178 (+425%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth68th percentile

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

$6.0M$4.0M$2.0M$0Assets 2011: $851,777Liabilities 2011: $86,398Net Assets 2011: $765,3792011Assets 2012: $759,669Liabilities 2012: $44,350Net Assets 2012: $715,3192012Assets 2013: $794,574Liabilities 2013: $78,412Net Assets 2013: $716,1622013Assets 2014: $842,449Liabilities 2014: $99,878Net Assets 2014: $742,5712014Assets 2015: $896,586Liabilities 2015: $95,425Net Assets 2015: $801,1612015Assets 2016: $871,435Liabilities 2016: $89,369Net Assets 2016: $782,0662016Assets 2017: $1,035,379Liabilities 2017: $164,915Net Assets 2017: $870,4642017Assets 2018: $1,131,096Liabilities 2018: $94,275Net Assets 2018: $1,036,8212018Assets 2019: $1,406,085Liabilities 2019: $156,869Net Assets 2019: $1,249,2162019Assets 2020: $3,887,620Liabilities 2020: $150,507Net Assets 2020: $3,737,1132020Assets 2021: $4,389,271Liabilities 2021: $671,411Net Assets 2021: $3,717,8602021Assets 2022: $3,934,233Liabilities 2022: $351,629Net Assets 2022: $3,582,6042022Assets 2023: $4,330,695Liabilities 2023: $252,872Net Assets 2023: $4,077,8232023Assets 2024: $5,065,288Liabilities 2024: $222,681Net Assets 2024: $4,842,6072024Assets 2025: $5,337,240Liabilities 2025: $307,686Net Assets 2025: $5,029,5542025

Highlighted filing

2023

Assets$4,330,695
Liabilities$252,872
Net Assets$4,077,823
Open 2023 Filing

Operations Trend

Revenue Growth69th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2011: $653,2712011Revenue 2012: $738,282Expenses 2012: $788,342Net Income 2012: -$50,0602012Revenue 2013: $845,312Expenses 2013: $844,468Net Income 2013: $8442013Revenue 2014: $877,607Expenses 2014: $851,198Net Income 2014: $26,4092014Revenue 2015: $896,922Expenses 2015: $838,332Net Income 2015: $58,5902015Revenue 2016: $203,516Expenses 2016: $211,545Net Income 2016: -$8,0292016Revenue 2017: $1,098,620Expenses 2017: $1,010,222Net Income 2017: $88,3982017Revenue 2018: $1,316,983Expenses 2018: $1,150,626Net Income 2018: $166,3572018Revenue 2019: $1,383,793Expenses 2019: $1,183,310Net Income 2019: $200,4832019Revenue 2020: $4,104,025Expenses 2020: $1,607,755Net Income 2020: $2,496,2702020Revenue 2021: $1,475,074Expenses 2021: $1,494,327Net Income 2021: -$19,2532021Revenue 2022: $1,746,446Expenses 2022: $1,881,702Net Income 2022: -$135,2562022Revenue 2023: $2,071,600Expenses 2023: $1,632,678Net Income 2023: $438,9222023Revenue 2024: $2,481,008Expenses 2024: $1,716,224Net Income 2024: $764,7842024Revenue 2025: $2,368,379Expenses 2025: $2,181,432Net Income 2025: $186,9472025

Highlighted filing

2023

Revenue$2,071,600
Expenses$1,632,678
Net Income$438,922
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2022 to Sep 30, 2023
Signed
Mar 1, 2024
Return Version
2022v5.0
Gross Receipts
$2,071,600
Mission and Program Overview

Mission

Stimulation of economic development throughout the state of michigan by promoting and assisting growth and development of business concerns by offering fixed asset financing through the small business administration's 504 loan program.

Stimulation of economic development throughout the state of michigan by promoting and assisting growth and development of business concerns.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$3,721,637$3,952,122▲ $230,485
Accounts Receivable$84,302$211,696▲ $127,394
Land, Buildings, and Equipment, Net$93,503$71,677▼ $21,826
Prepaid Expenses and Deferred Charges$15,825$22,260▲ $6,435
Intangible Assets$17,132$10,962▼ $6,170
Total Assets$3,934,233$4,330,695▲ $396,462
Other Assets Total$1,834$61,978▲ $60,144
Liabilities
Other Liabilities$163,363$170,852▲ $7,489
Accounts Payable and Accrued Expenses$86,081$53,310▼ $32,771
Deferred Revenue$102,185$28,710▼ $73,475
Total Liabilities$351,629$252,872▼ $98,757
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,582,604$4,077,823▲ $495,219
Total Net Assets Fund Balance$3,582,604$4,077,823▲ $495,219
Total Liabilities and Net Assets / Fund Balance$3,934,233$4,330,695▲ $396,462

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$71,677$102,436$174,113
Compensation and Service Providers
Top Officer Pay90th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Julie ParkerPresidentFT$195,664$195,664

Board Members and Trustees

NameTitle
Dave DuponChairman
Dan DebaarVice Chairma
Amanda MurrayTrustee
Cerise SemrinecTrustee
Craig OosterhouseTrustee
Mike VanommenTrustee
Rob LlanesTrustee
Stacey StephensTrustee
Wendy TimminsTrustee
Steve WilsonSecretary
Kara WoodTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,736,106
Investment Income
$286,259
Other Revenue
$49,235
Change in Net Assets
$438,922

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,071,600
Total Revenue per Audited Statements
$2,071,600
Total Revenue per Form 990
$2,071,600
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,226,345
Other Expenses$406,333
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$822,971$25,667-$848,638
Current Officers, Directors, Trustees, and Key Employees$160,318$33,783-$194,101
Payroll Taxes$75,880$4,588-$80,468
Occupancy$68,609$4,149-$72,758
Other Employee Benefits$53,025$3,206-$56,231
All Other Expenses$53,641$887-$54,528
Pension Plan Contributions$44,233$2,674-$46,907
Fees for Services Other-$31,857-$31,857
Conferences and Meetings$29,180--$29,180
Depreciation Depletion-$27,996-$27,996
Other Expenses$23,000$1,631-$23,000
Insurance-$21,305-$21,305
Fees for Services Accounting-$19,500-$19,500
Travel$12,691--$12,691
Fees for Services Legal-$140-$140
Total Functional Expenses$1,452,973$179,705$0$1,632,678

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,632,678
Total Expenses per Audited Statements$1,632,678
Total Expenses per Form 990$1,632,678
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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deposits$109,245
Lease Liability$61,607
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“MEMBERS”

Form 990, Page 6, Part VI, Line 7A

“Members elect board of directors”

Form 990, Page 6, Part VI, Line 7B

“YES, ANNUAL BUDGET”

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

“A copy of the 990 is provided to the board for their review and approval before the return is filed with the irs.”

Form 990, Page 6, Part VI, Line 12C

“Great lakes commercial finance encourages all directors, officers, and employees to report and to assist in any investigation by any law enforcement or regulatory agency or other persons legally authorized for such matter in the following: 1) illegal or fraudulent activity and 2) questionable accounting, internal controls and auditing matters.”

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

“The compensation of the executive director is included in the budget which is approved by the board of directors. Also, the national association of development companies (nadco) releases a biannual survey that includes the yearly compensation of executive directors and other officers and key employees. The board uses the results of the survey to help determine compensation.”

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

“The national association of development companies (nadco) releases a biannual survey that includes the yearly compensation of executive directors and other officers and key employees. The board uses the results of the survey to help determine compensation.”

Form 990, Page 6, Part VI, Line 19

“A copy of the form 990 is made available for public inspection upon request.”

Filing and Contact Details

Filer

Filer Name
Great Lakes Commercial Finance
EIN
38-2467385
Phone
6164594825
Address
3980 CHICAGO DR SW SUITE 220, GRANDVILLE, MI 49418

Signing Officer

Name
Julie Parker
Title
President
Phone
6164594825
Signed
2024-03-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Julie Parker
Voting Board Members
11
Independent Board Members
11
Employees
13

Preparer

Firm
H&s Companies Pc
Address
103 S CHESTNUT ST, REED CITY, MI 49677
Preparer
Corinna Hervey
Phone
2318322799
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“Stimulation of economic development throughout the state of michigan by promoting and assisting growth and development of business concerns by offering fixed asset financing through the small business administration's 504 loan program.”

Form 990, Part XI, Line 9

“Loss on disposal of assets 0 loss on disposal of assets 0”

Financial Statement Notes

Schedule D, Page 4, Part XI, Line 2D

“Loss on disposal of assets 0”

Schedule D, Page 4, Part XII, Line 2D

“Loss on disposal of assets 0”

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IRS990/OtherExpensesGrp/Desc0DUES & MEMBERSHIPS
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IRS990/OtherExpensesGrp/Desc2OTHER
IRS990/OtherExpensesGrp/Desc3ECONOMIC DEVELOPMENT
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt11631
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IRS990/OtherExpensesGrp/ProgramServicesAmt138390
IRS990/OtherExpensesGrp/ProgramServicesAmt226982
IRS990/OtherExpensesGrp/ProgramServicesAmt323000
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IRS990/OtherExpensesGrp/TotalAmt228613
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IRS990/PayrollTaxesGrp/ProgramServicesAmt075880
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IRS990/PensionPlanContributionsGrp/ProgramServicesAmt044233
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IRS990/ProgramServiceRevenueGrp/Desc2FLOAT INCOME
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1495284
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IRS990/PYTotalExpensesAmt01881702
IRS990/PYTotalRevenueAmt01746446
IRS990/ReconcilationRevenueExpnssAmt0438922
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IRS990/ReportOtherLiabilitiesInd0true
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IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0102436
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt161607
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1LEASE LIABILITY
IRS990ScheduleD/RevenueSubtotalAmt02071600
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0LOSS ON DISPOSAL OF ASSETS 0
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1LOSS ON DISPOSAL OF ASSETS 0
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 4, PART XI, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XII, LINE 2D
IRS990ScheduleD/TotalBookValueLandBuildingsAmt071677
IRS990ScheduleD/TotalExpensesPerForm990Amt01632678
IRS990ScheduleD/TotalLiabilityAmt0170852
IRS990ScheduleD/TotalRevenuePerForm990Amt02071600
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02071600
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01632678
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IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd0false
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0STIMULATION OF ECONOMIC DEVELOPMENT THROUGHOUT THE STATE OF MICHIGAN BY PROMOTING AND ASSISTING GROWTH AND DEVELOPMENT OF BUSINESS CONCERNS BY OFFERING FIXED ASSET FINANCING THROUGH THE SMALL BUSINESS ADMINISTRATION'S 504 LOAN PROGRAM.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1MEMBERS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MEMBERS ELECT BOARD OF DIRECTORS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3YES, ANNUAL BUDGET
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4A COPY OF THE 990 IS PROVIDED TO THE BOARD FOR THEIR REVIEW AND APPROVAL BEFORE THE RETURN IS FILED WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5GREAT LAKES COMMERCIAL FINANCE ENCOURAGES ALL DIRECTORS, OFFICERS, AND EMPLOYEES TO REPORT AND TO ASSIST IN ANY INVESTIGATION BY ANY LAW ENFORCEMENT OR REGULATORY AGENCY OR OTHER PERSONS LEGALLY AUTHORIZED FOR SUCH MATTER IN THE FOLLOWING: 1) ILLEGAL OR FRAUDULENT ACTIVITY AND 2) QUESTIONABLE ACCOUNTING, INTERNAL CONTROLS AND AUDITING MATTERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE COMPENSATION OF THE EXECUTIVE DIRECTOR IS INCLUDED IN THE BUDGET WHICH IS APPROVED BY THE BOARD OF DIRECTORS. ALSO, THE NATIONAL ASSOCIATION OF DEVELOPMENT COMPANIES (NADCO) RELEASES A BIANNUAL SURVEY THAT INCLUDES THE YEARLY COMPENSATION OF EXECUTIVE DIRECTORS AND OTHER OFFICERS AND KEY EMPLOYEES. THE BOARD USES THE RESULTS OF THE SURVEY TO HELP DETERMINE COMPENSATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE NATIONAL ASSOCIATION OF DEVELOPMENT COMPANIES (NADCO) RELEASES A BIANNUAL SURVEY THAT INCLUDES THE YEARLY COMPENSATION OF EXECUTIVE DIRECTORS AND OTHER OFFICERS AND KEY EMPLOYEES. THE BOARD USES THE RESULTS OF THE SURVEY TO HELP DETERMINE COMPENSATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8A COPY OF THE FORM 990 IS MADE AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9LOSS ON DISPOSAL OF ASSETS 0 LOSS ON DISPOSAL OF ASSETS 0
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9FORM 990, PART XI, LINE 9
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IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01452973
IRS990/TotalFunctionalExpensesGrp/TotalAmt01632678
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IRS990/TotalLiabilitiesEOYAmt0252872
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IRS990/TotalProgramServiceRevenueAmt01736106
IRS990/TotalReportableCompFromOrgAmt0195664
IRS990/TotalRevenueGrp/ExclusionAmt081499
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01990101
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02071600
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt04330695
IRS990/TravelGrp/ProgramServicesAmt012691
IRS990/TravelGrp/TotalAmt012691
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IRS990/USAddress/CityNm0GRANDVILLE
IRS990/USAddress/StateAbbreviationCd0MI
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ReturnHeader/BuildTS02023-04-26 12:10:37Z
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ReturnHeader/BusinessOfficerGrp/PersonNm0JULIE PARKER
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ReturnHeader/BusinessOfficerGrp/PhoneNum06164594825

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,330,695
Liabilities
$252,872
Net assets
$4,077,823
Revenue
$2,071,600
Expenses
$1,632,678
Net income
$438,922
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$5.34$0.31$5.03$2.37$2.18$0.19
2024Detailed filing. Detailed filing data is available for this year.$5.07$0.22$4.84$2.48$1.72$0.76
2023Detailed filing. Detailed filing data is available for this year.$4.33$0.25$4.08$2.07$1.63$0.44
2022Detailed filing. Detailed filing data is available for this year.$3.93$0.35$3.58$1.75$1.88$0.14
2021Detailed filing. Detailed filing data is available for this year.$4.39$0.67$3.72$1.48$1.49$0.02
2020Detailed filing. Detailed filing data is available for this year.$3.89$0.15$3.74$4.10$1.61$2.50
2019Detailed filing. Detailed filing data is available for this year.$1.41$0.16$1.25$1.38$1.18$0.20
2018Detailed filing. Detailed filing data is available for this year.$1.13$0.09$1.04$1.32$1.15$0.17
2017Detailed filing. Detailed filing data is available for this year.$1.04$0.16$0.87$1.10$1.01$0.09
2016Summary only. Only limited summary data is available for this year.$0.87$0.09$0.78$0.20$0.21$0.01
2015Summary only. Only limited summary data is available for this year.$0.90$0.10$0.80$0.90$0.84$0.06
2014Detailed filing. Detailed filing data is available for this year.$0.84$0.10$0.74$0.88$0.85$0.03
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.79$0.08$0.72$0.85$0.84$0.00
2012Summary only. Only limited summary data is available for this year.$0.76$0.04$0.72$0.74$0.79$0.05
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.85$0.09$0.77$0.65