Civic Intelligence

Great Lakes Commerical Finance

990 • Fiscal year 2019 • EIN 38-2467385

Oct 01, 2018 to Sep 30, 2019 • Filed on Feb 07, 2020

Organization ProfileWWW.GROWMICHIGAN.COM
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

59th percentile

0.11x

Higher debt load relative to assets than 59% of similar nonprofits.

2019 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

53rd percentile

0.11x

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

2019 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2019

Net Margin

63rd percentile

14%

Higher net margin than 63% of similar nonprofits.

2019 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

86th percentile

$133,379

Higher top officer pay than 86% of similar nonprofits.

Top officer pay equals 9.6% of source-year revenue.

2019 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2019

Asset Growth

85th percentile

24%

Faster asset growth than 85% of similar nonprofits.

2019 filings • 501(c)4 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

58th percentile

5.1%

Faster revenue growth than 58% of similar nonprofits.

2019 filings • 501(c)4 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets59th percentile

Assets

Up

$1,406,085

Up $274,989 (+24%) from 2018

Net Assets

Up

$1,249,216

Up $212,395 (+20%) from 2018

Liabilities

Up

$156,869

Up $62,594 (+66%) from 2018

Revenue And Expenses
Liabilities / Revenue53rd percentileNet Margin63rd percentile

Revenue

Up

$1,383,793

Up $66,810 (+5.1%) from 2018

Expenses

Up

$1,183,310

Up $32,684 (+2.8%) from 2018

Net Income

Up

$200,483

Up $34,126 (+21%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth85th 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

2019

Assets$1,406,085
Liabilities$156,869
Net Assets$1,249,216
Open 2019 Filing

Operations Trend

Revenue Growth58th 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

2019

Revenue$1,383,793
Expenses$1,183,310
Net Income$200,483
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2018 to Sep 30, 2019
Signed
Feb 7, 2020
Return Version
2018v3.2
Gross Receipts
$1,384,626
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
Savings and Temporary Cash Investments$1,018,186$1,230,501▲ $212,315
Accounts Receivable$69,234$79,258▲ $10,024
Prepaid Expenses and Deferred Charges$15,834$30,476▲ $14,642
Land, Buildings, and Equipment, Net$23,043$13,014▼ $10,029
Total Assets$1,131,096$1,406,085▲ $274,989
Other Assets Total$4,799$52,836▲ $48,037
Liabilities
Accounts Payable and Accrued Expenses$37,977$80,134▲ $42,157
Other Liabilities$56,298$76,735▲ $20,437
Total Liabilities$94,275$156,869▲ $62,594
Net Assets / Fund Balance
Unrestricted Net Assets$1,036,821$1,249,216▲ $212,395
Total Net Assets Fund Balance$1,036,821$1,249,216▲ $212,395
Total Liabilities and Net Assets / Fund Balance$1,131,096$1,406,085▲ $274,989

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$4,862$78,740$83,602
Leasehold Improvements$8,152$15,238$23,390
Compensation and Service Providers
Top Officer Pay86th percentile

Employees

NameTitleBaseTotal
Julie ParkerPresident$133,379$133,379

Board Members and Trustees

NameTitle
Dave DuponChairman
Dan DebaarVice Chairma
Andy JacksonDirector
Cerise SemrinecDirector
Daniel OegemaDirector
Matt HoeksemaDirector
Mitchell BlueDirector
Nancy BoeseDirector
Steve WilsonDirector
Wendy TimminsDirector
Herman JohnsonSecreatary
Kara WoodTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,374,378
Investment Income
$9,415
Other Revenue
$0
Change in Net Assets
$200,483

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,383,793
Revenue Not Reported on Form 990
$833
Total Revenue per Audited Statements
$1,384,626
Total Revenue per Form 990
$1,383,793
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$781,501
Other Expenses$401,809
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$483,141$50,352-$533,493
Current Officers, Directors, Trustees, and Key Employees$26,676$106,703-$133,379
All Other Expenses$45,782$13,151-$58,933
Occupancy$43,609$13,433-$57,042
Payroll Taxes$43,187$13,303-$56,490
Other Employee Benefits$28,890$8,899-$37,789
Other Expenses$29,592$7,011-$29,592
Conferences and Meetings$26,507--$26,507
Pension Plan Contributions$15,558$4,792-$20,350
Travel$14,691--$14,691
Depreciation Depletion-$13,001-$13,001
Fees for Services Accounting-$7,350-$7,350
Total Functional Expenses$905,716$277,594$0$1,183,310

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,184,143
Expenses per Audited Statements$1,183,310
Total Expenses per Form 990$1,183,310
Expenses Not Reported on Form 990$833
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$76,735
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
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

“Economic development foundation 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
Economic Development Foundation -
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
2020-02-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Julie Parker
Voting Board Members
12
Independent Board Members
12
Employees
12

Preparer

Firm
H&s Companies Pc
Address
4575 LAKE MICHIGAN DR NW, GRAND RAPIDS, MI 49534
Preparer
Hilary B Smith
Phone
6164538551
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 833 loss on disposal of assets -833”

Financial Statement Notes

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

“Loss on disposal of assets 833”

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

“Loss on disposal of assets 833”

Raw XML AppendixShowing 400 of 408 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.

Path#Value
IRS990/AccountantCompileOrReviewInd0false
IRS990/AccountsPayableAccrExpnssGrp/BOYAmt037977
IRS990/AccountsPayableAccrExpnssGrp/EOYAmt080134
IRS990/AccountsReceivableGrp/BOYAmt069234
IRS990/AccountsReceivableGrp/EOYAmt079258
IRS990/ActivitiesConductedPrtshpInd0false
IRS990/ActivityOrMissionDesc0STIMULATION OF ECONOMIC DEVELOPMENT THROUGHOUT THE STATE OF MICHIGAN BY PROMOTING AND ASSISTING GROWTH AND DEVELOPMENT OF BUSINESS CONCERNS.
IRS990/AllOtherExpensesGrp/ManagementAndGeneralAmt013151
IRS990/AllOtherExpensesGrp/ProgramServicesAmt045782
IRS990/AllOtherExpensesGrp/TotalAmt058933
IRS990/AnnualDisclosureCoveredPrsnInd0true
IRS990/BackupWthldComplianceInd0false
IRS990/BooksInCareOfDetail/PersonNm0JULIE PARKER
IRS990/BooksInCareOfDetail/PhoneNum06164594825
IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt01345 MONROE NW
IRS990/BooksInCareOfDetail/USAddress/AddressLine2Txt0STE 132
IRS990/BooksInCareOfDetail/USAddress/CityNm0GRAND RAPIDS
IRS990/BooksInCareOfDetail/USAddress/StateAbbreviationCd0MI
IRS990/BooksInCareOfDetail/USAddress/ZIPCd049505
IRS990/BusinessRlnWithFamMemInd0false
IRS990/BusinessRlnWithOfficerEntInd0false
IRS990/BusinessRlnWithOrgMemInd0false
IRS990/ChangeToOrgDocumentsInd0false
IRS990/CollectionsOfArtInd0false
IRS990/CompCurrentOfcrDirectorsGrp/ManagementAndGeneralAmt0106703
IRS990/CompCurrentOfcrDirectorsGrp/ProgramServicesAmt026676
IRS990/CompCurrentOfcrDirectorsGrp/TotalAmt0133379
IRS990/CompensationFromOtherSrcsInd0false
IRS990/CompensationProcessCEOInd0true
IRS990/CompensationProcessOtherInd0true
IRS990/ConferencesMeetingsGrp/ProgramServicesAmt026507
IRS990/ConferencesMeetingsGrp/TotalAmt026507
IRS990/ConflictOfInterestPolicyInd0true
IRS990/ConservationEasementsInd0false
IRS990/ConsolidatedAuditFinclStmtInd0false
IRS990/CreditCounselingInd0false
IRS990/CYBenefitsPaidToMembersAmt00
IRS990/CYContributionsGrantsAmt00
IRS990/CYGrantsAndSimilarPaidAmt00
IRS990/CYInvestmentIncomeAmt09415
IRS990/CYOtherExpensesAmt0401809
IRS990/CYOtherRevenueAmt00
IRS990/CYProgramServiceRevenueAmt01374378
IRS990/CYRevenuesLessExpensesAmt0200483
IRS990/CYSalariesCompEmpBnftPaidAmt0781501
IRS990/CYTotalExpensesAmt01183310
IRS990/CYTotalFundraisingExpenseAmt00
IRS990/CYTotalProfFndrsngExpnsAmt00
IRS990/CYTotalRevenueAmt01383793
IRS990/DecisionsSubjectToApprovaInd0true
IRS990/DeductibleArtContributionInd0false
IRS990/DeductibleNonCashContriInd0false
IRS990/DelegationOfMgmtDutiesInd0false
IRS990/DepreciationDepletionGrp/ManagementAndGeneralAmt013001
IRS990/DepreciationDepletionGrp/TotalAmt013001
IRS990/Desc0ECONOMIC DEVELOPMENT FOUNDATION PROVIDED FUNDING FOR 34 SBA LOANS IN FISCAL YEAR 9/30/2019 TOTALING 22,709,000 IN LOAN DOLLARS.
IRS990/DescribedInSection501c3Ind0false
IRS990/DisregardedEntityInd0false
IRS990/DocumentRetentionPolicyInd0true
IRS990/DonorAdvisedFundInd0false
IRS990/ElectionOfBoardMembersInd0true
IRS990/EmployeeCnt012
IRS990/EmploymentTaxReturnsFiledInd0false
IRS990/EngagedInExcessBenefitTransInd0false
IRS990/ExpenseAmt0905716
IRS990/FamilyOrBusinessRlnInd0false
IRS990/FeesForServicesAccountingGrp/ManagementAndGeneralAmt07350
IRS990/FeesForServicesAccountingGrp/TotalAmt07350
IRS990/ForeignActivitiesInd0false
IRS990/ForeignFinancialAccountInd0false
IRS990/ForeignOfficeInd0false
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt040.00
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd0X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd1X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd2X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd3X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd4X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd5X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd6X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd7X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd8X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd9X
IRS990/Form990PartVIISectionAGrp/OfficerInd0X
IRS990/Form990PartVIISectionAGrp/OfficerInd1X
IRS990/Form990PartVIISectionAGrp/OfficerInd2X
IRS990/Form990PartVIISectionAGrp/OfficerInd3X
IRS990/Form990PartVIISectionAGrp/OfficerInd4X
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt00
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt10
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt20
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt30
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt40
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt50
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt60
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt70
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt80
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt90
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt100
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt110
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt120
IRS990/Form990PartVIISectionAGrp/PersonNm0NANCY BOESE
IRS990/Form990PartVIISectionAGrp/PersonNm1MITCHELL BLUE
IRS990/Form990PartVIISectionAGrp/PersonNm2DANIEL OEGEMA
IRS990/Form990PartVIISectionAGrp/PersonNm3DAVE DUPON
IRS990/Form990PartVIISectionAGrp/PersonNm4MATT HOEKSEMA
IRS990/Form990PartVIISectionAGrp/PersonNm5ANDY JACKSON
IRS990/Form990PartVIISectionAGrp/PersonNm6DAN DEBAAR
IRS990/Form990PartVIISectionAGrp/PersonNm7CERISE SEMRINEC
IRS990/Form990PartVIISectionAGrp/PersonNm8WENDY TIMMINS
IRS990/Form990PartVIISectionAGrp/PersonNm9STEVE WILSON
IRS990/Form990PartVIISectionAGrp/PersonNm10JULIE PARKER
IRS990/Form990PartVIISectionAGrp/PersonNm11HERMAN JOHNSON
IRS990/Form990PartVIISectionAGrp/PersonNm12KARA WOOD
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt70
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt80
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10133379
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt120
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt70
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt80
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt100
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt120
IRS990/Form990PartVIISectionAGrp/TitleTxt0DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6VICE CHAIRMA
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt11SECREATARY
IRS990/Form990PartVIISectionAGrp/TitleTxt12TREASURER
IRS990/Form990ProvidedToGvrnBodyInd0false
IRS990/FormerOfcrEmployeesListedInd0false
IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/FSAuditedInd0true
IRS990/FundraisingActivitiesInd0false
IRS990/GainOrLossGrp/OtherAmt0-833
IRS990/GamingActivitiesInd0false
IRS990/GoverningBodyVotingMembersCnt012
IRS990/GrantsToIndividualsInd0false
IRS990/GrantsToOrganizationsInd0false
IRS990/GrantToRelatedPersonInd0false
IRS990/GrossReceiptsAmt01384626
IRS990/GroupReturnForAffiliatesInd0false
IRS990/IncludeFIN48FootnoteInd0false
IRS990/IndependentAuditFinclStmtInd0true
IRS990/IndependentVotingMemberCnt012
IRS990/IndivRcvdGreaterThan100KCnt01
IRS990/IndoorTanningServicesInd0false
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIInd0X
IRS990/InvestmentIncomeGrp/ExclusionAmt010248
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt010248
IRS990/InvestmentInJointVentureInd0false
IRS990/IRPDocumentCnt00
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt093978
IRS990/LandBldgEquipBasisNetGrp/BOYAmt023043
IRS990/LandBldgEquipBasisNetGrp/EOYAmt013014
IRS990/LandBldgEquipCostOrOtherBssAmt0106992
IRS990/LessCostOthBasisSalesExpnssGrp/OtherAmt0833
IRS990/LoanOutstandingInd0false
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0true
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0STIMULATION 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.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
IRS990/NetAssetsOrFundBalancesBOYAmt01036821
IRS990/NetAssetsOrFundBalancesEOYAmt01249216
IRS990/NetGainOrLossInvestmentsGrp/RelatedOrExemptFuncIncomeAmt0-833
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0-833
IRS990/NetUnrlzdGainsLossesInvstAmt011912
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/ManagementAndGeneralAmt013433
IRS990/OccupancyGrp/ProgramServicesAmt043609
IRS990/OccupancyGrp/TotalAmt057042
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt04799
IRS990/OtherAssetsTotalGrp/EOYAmt052836
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt08899
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt028890
IRS990/OtherEmployeeBenefitsGrp/TotalAmt037789
IRS990/OtherExpensesGrp/Desc0PROMOTION
IRS990/OtherExpensesGrp/Desc1PROFESSIONAL
IRS990/OtherExpensesGrp/Desc2OFFICE EXPENSE
IRS990/OtherExpensesGrp/Desc3ECONOMIC DEVELOPMENT
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt039599
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt17011
IRS990/OtherExpensesGrp/ProgramServicesAmt0125323
IRS990/OtherExpensesGrp/ProgramServicesAmt122760
IRS990/OtherExpensesGrp/ProgramServicesAmt229592
IRS990/OtherExpensesGrp/TotalAmt0125323
IRS990/OtherExpensesGrp/TotalAmt139599
IRS990/OtherExpensesGrp/TotalAmt229771
IRS990/OtherExpensesGrp/TotalAmt329592
IRS990/OtherLiabilitiesGrp/BOYAmt056298
IRS990/OtherLiabilitiesGrp/EOYAmt076735
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt050352
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0483141
IRS990/OtherSalariesAndWagesGrp/TotalAmt0533493
IRS990/OtherWebsiteInd0X
IRS990/PartialLiquidationInd0false
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt013303
IRS990/PayrollTaxesGrp/ProgramServicesAmt043187
IRS990/PayrollTaxesGrp/TotalAmt056490
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt04792
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt015558
IRS990/PensionPlanContributionsGrp/TotalAmt020350
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt015834
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt030476
IRS990/PrincipalOfficerNm0JULIE PARKER
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/Desc0SERVICING FEES
IRS990/ProgramServiceRevenueGrp/Desc1ORIGINATION FEES
IRS990/ProgramServiceRevenueGrp/Desc2FLOAT INCOME
IRS990/ProgramServiceRevenueGrp/Desc3LATE FEE INCOME
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0836160
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1422176
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt2115325
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt3717
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0836160
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1422176
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2115325
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt3717
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt04178
IRS990/PYOtherExpensesAmt0394281
IRS990/PYProgramServiceRevenueAmt01312805
IRS990/PYRevenuesLessExpensesAmt0166357
IRS990/PYSalariesCompEmpBnftPaidAmt0756345
IRS990/PYTotalExpensesAmt01150626
IRS990/PYTotalRevenueAmt01316983
IRS990/ReconcilationRevenueExpnssAmt0200483
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt01374378
IRS990/SavingsAndTempCashInvstGrp/BOYAmt01018186
IRS990/SavingsAndTempCashInvstGrp/EOYAmt01230501
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/ExpensesNotReportedAmt0833
IRS990ScheduleD/ExpensesSubtotalAmt01183310
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt08152
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt015238
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt023390
IRS990ScheduleD/OtherExpensesIncludedAmt0833
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt04862
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt078740
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt083602
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt076735
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DEPOSITS
IRS990ScheduleD/OtherRevenueAmt0833
IRS990ScheduleD/RevenueNotReportedAmt0833
IRS990ScheduleD/RevenueSubtotalAmt01383793
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0LOSS ON DISPOSAL OF ASSETS 833
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1LOSS ON DISPOSAL OF ASSETS 833
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 4, PART XI, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XII, LINE 2D
IRS990ScheduleD/TotalBookValueLandBuildingsAmt013014
IRS990ScheduleD/TotalExpensesPerForm990Amt01183310
IRS990ScheduleD/TotalLiabilityAmt076735
IRS990ScheduleD/TotalRevenuePerForm990Amt01383793
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01384626
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01184143
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
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/ExplanationTxt5ECONOMIC DEVELOPMENT FOUNDATION 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 833 LOSS ON DISPOSAL OF ASSETS -833
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
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01131096
IRS990/TotalAssetsEOYAmt01406085
IRS990/TotalAssetsGrp/BOYAmt01131096
IRS990/TotalAssetsGrp/EOYAmt01406085
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt012
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0277594
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0905716
IRS990/TotalFunctionalExpensesGrp/TotalAmt01183310
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt094275
IRS990/TotalLiabilitiesEOYAmt0156869
IRS990/TotalLiabilitiesGrp/BOYAmt094275
IRS990/TotalLiabilitiesGrp/EOYAmt0156869
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01036821
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01249216
IRS990/TotalProgramServiceExpensesAmt0905716
IRS990/TotalProgramServiceRevenueAmt01374378
IRS990/TotalReportableCompFromOrgAmt0133379
IRS990/TotalRevenueGrp/ExclusionAmt010248
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01373545
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01383793
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01131096
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01406085
IRS990/TravelGrp/ProgramServicesAmt014691
IRS990/TravelGrp/TotalAmt014691
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt01036821
IRS990/UnrestrictedNetAssetsGrp/EOYAmt01249216
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01345 MONROE NW SUITE 132
IRS990/USAddress/CityNm0GRAND RAPIDS
IRS990/USAddress/StateAbbreviationCd0MI
IRS990/USAddress/ZIPCd049504
IRS990/VotingMembersGoverningBodyCnt012
IRS990/VotingMembersIndependentCnt012
IRS990/WebsiteAddressTxt0WWW.GROWMICHIGAN.COM
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02020-09-23 17:36:50Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0JULIE PARKER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum06164594825
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-02-07
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0ECONOMIC DEVELOPMENT FOUNDATION -
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CERTIFIED
ReturnHeader/Filer/BusinessNameControlTxt0ECON
ReturnHeader/Filer/EIN0382467385
ReturnHeader/Filer/PhoneNum06164594825
ReturnHeader/Filer/USAddress/AddressLine1Txt03980 CHICAGO DR SW SUITE 220
ReturnHeader/Filer/USAddress/CityNm0GRANDVILLE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MI
ReturnHeader/Filer/USAddress/ZIPCd049418
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId08256782FF318DEFEBF9EA2020B2A6A50E69A0B4A
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0E6DE07ECE6F51AD2FA57E19B4DCDF7574CC43A63
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt0216.234.102.206
ReturnHeader/FilingSecurityInformation/IPDt02020-06-02
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm008:28:02
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0382563599
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0H&S COMPANIES PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt04575 LAKE MICHIGAN DR NW
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0GRAND RAPIDS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd049534

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,406,085
Liabilities
$156,869
Net assets
$1,249,216
Revenue
$1,383,793
Expenses
$1,183,310
Net income
$200,483
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