Civic Intelligence

Rocket Giving Fund

990 • Fiscal year 2018 • EIN 83-0873868

Jun 12, 2018 to Dec 31, 2018 • Filed on Nov 08, 2019

1050 Woodward AvenueDetroit, MI 48226

(313) 782-9500

Siviq Scores

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

Liabilities / Assets

99th percentile

3.83x

Higher debt load relative to assets than 99% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Liabilities / Revenue

Score unavailable

No value available

Liabilities-to-revenue requires both liabilities and revenue on this filing.

Source year 2018

Net Margin

Score unavailable

No value available

Net margin requires both revenue and expenses on this filing.

Source year 2018

Top Officer Pay

50th percentile

$0

Higher top officer pay than 50% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2018

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2018

Assets

$654,843

No earlier filing loaded for comparison.

Net Assets

-$1,855,542

No earlier filing loaded for comparison.

Liabilities

$2,510,385

No earlier filing loaded for comparison.

Revenue

$0

No earlier filing loaded for comparison.

Expenses

$1,855,542

No earlier filing loaded for comparison.

Net Income

-$1,855,542

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$6.0M$4.0M$2.0M$0-$2.0MAssets 2018: $654,843Liabilities 2018: $2,510,385Net Assets 2018: -$1,855,5422018Assets 2019: $963,719Liabilities 2019: $1,746,097Net Assets 2019: -$782,3782019Assets 2020: $3,947,099Liabilities 2020: $4,511,118Net Assets 2020: -$564,0192020Assets 2021: $2,590,205Liabilities 2021: $3,779,964Net Assets 2021: -$1,189,7592021Assets 2022: $5,751,041Liabilities 2022: $5,440,025Net Assets 2022: $311,0162022Assets 2023: $3,083,441Liabilities 2023: $4,178,649Net Assets 2023: -$1,095,2082023Assets 2024: $2,875,798Liabilities 2024: $3,703,219Net Assets 2024: -$827,4212024

Highlighted filing

2018

Assets$654,843
Liabilities$2,510,385
Net Assets-$1,855,542

Operations Trend

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

$20M$15M$10M$5.0M$0-$5.0MRevenue 2018: $0Expenses 2018: $1,855,542Net Income 2018: -$1,855,5422018Revenue 2019: $15,661,752Expenses 2019: $14,588,588Net Income 2019: $1,073,1642019Revenue 2020: $7,910,910Expenses 2020: $7,539,545Net Income 2020: $371,3652020Revenue 2021: $13,264,068Expenses 2021: $13,809,808Net Income 2021: -$545,7402021Revenue 2022: $14,851,439Expenses 2022: $13,350,664Net Income 2022: $1,500,7752022Revenue 2023: $13,343,306Expenses 2023: $14,749,530Net Income 2023: -$1,406,2242023Revenue 2024: $12,725,111Expenses 2024: $12,457,324Net Income 2024: $267,7872024

Highlighted filing

2018

Revenue$0
Expenses$1,855,542
Net Income-$1,855,542
Jump To
Filing Snapshot
Filing Period
Jun 12, 2018 to Dec 31, 2018
Signed
Nov 8, 2019
Return Version
2018v3.1
Gross Receipts
$0
Mission and Program Overview

Mission

The rocket giving fund's mission is to host a world-class pga tour event while simultaneously benefiting the detroit community. The organization's primary fundraising activity is the rocket classic, detroit's annual pga tour event. The net proceeds realized by the event and other such activities and events will go back to the detroit community through investments related to bridging the digital divide across the city of detroit, and supporting the local community. The rocket giving fund is a 501c3 organization.

The corporation's principal objective is to support the detroit community and promote the improvement and quality of life for the people of detroit, michigan community and to promote the image of detroit throughout the country through the facilitation of community wide sporting events including, initially, a pga tour event. The intent is to augment other community-wide events which now include america's thanksgiving parade, the ford fireworks, the detroit jazz festival, the movement electronic music festival, mopop detroit music festival, and detroit moves mobility technology showcase and as part of an effort to bring other prominent public events to the city. Through support of arts and culture and community events, the corporation intends to transform and activate public spaces, strengthen neighborhoods and develop a vibrant urban core in the city of detroit.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts-$652,343-
Prepaid Expenses and Deferred Charges-$2,500-
Total Assets$0$654,843▲ $654,843
Liabilities
Accounts Payable and Accrued Expenses-$1,546,217-
Deferred Revenue-$964,168-
Total Liabilities$0$2,510,385▲ $2,510,385
Net Assets / Fund Balance
Unrestricted Net Assets-$-1,855,542-
Total Net Assets Fund Balance$0$-1,855,542▼ $1,855,542
Total Liabilities and Net Assets / Fund Balance$0$654,843▲ $654,843
Compensation and Service Providers

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Intersport INCManagement Services303 E WACKER DRIVE 2200, Chicago, IL 60601$694,922
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-1,855,542

Audited Revenue Reconciliation

Revenue per Audited Statements
$0
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$245,456
Total Revenue per Audited Statements
$245,456
Total Revenue per Form 990
$0
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,855,542
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$641,196$196,564-$837,760
Other Expenses$581,623--$581,623
Fees for Services Management$98,040$147,060-$245,100
Fees for Services Legal-$123,408-$123,408
Travel$909$21,103-$22,012
Advertising$18,762--$18,762
Office Expenses-$16,296-$16,296
Occupancy$1,471$9,110-$10,581
Total Functional Expenses$1,342,001$513,541$0$1,855,542

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,100,998
Expenses per Audited Statements$1,855,542
Total Expenses per Form 990$1,855,542
Expenses Not Reported on Form 990$245,456
Expenses Not Reported on Financial Statements$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
No
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

Several board members have a business relationship: jay farner, william emerson, julie booth, matt rizik, steve ogden, laura grannemann, howard luckoff.

Form 990, Part VI, Section A, Line 8B

A finance committee was established in 2019.

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

The form 990 will be reviewed by two members of the accounting staff as well as by the treasurer and vice treasurer.

Form 990, Part VI, Section C, Line 19

UPON REQUEST

Part VI, Line 12

The monitoring process for the conflict of interest policy is being developed and will be implemented in 2019.

Filing and Contact Details

Filer

Filer Name
Rocket Giving Fund
EIN
83-0873868
Phone
3137829500
Address
1050 WOODWARD AVENUE, DETROIT, MI 48226

Signing Officer

Name
Julie Booth
Title
Treasurer/director
Phone
3137829500
Signed
2019-11-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jay Farner
Formed
2018
Legal Domicile
Mi
Voting Board Members
13
Independent Board Members
13
Employees
0
Volunteers
13

Preparer

Firm
Plante & Moran Pllc
Address
2601 CAMBRIDGE CT STE 500, AUBURN HILLS, MI 48326
Preparer
Lynne M Huismann
Phone
2483757100
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Fees and subscriptions: program service expenses 173,500. Management and general expenses 67. Fundraising expenses 0. Total expenses 173,567. Professional fees: program service expenses 456,096. Management and general expenses 147,557. Fundraising expenses 0. Total expenses 603,653. Consulting fees: program service expenses 11,600. Management and general expenses 48,940. Fundraising expenses 0. Total expenses 60,540.

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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/ActivityOrMissionDesc0THE CORPORATION'S PRINCIPAL OBJECTIVE IS TO SUPPORT THE DETROIT COMMUNITY AND PROMOTE THE IMPROVEMENT AND QUALITY OF LIFE FOR THE PEOPLE OF DETROIT, MICHIGAN COMMUNITY AND TO PROMOTE THE IMAGE OF DETROIT THROUGHOUT THE COUNTRY THROUGH THE FACILITATION OF COMMUNITY WIDE SPORTING EVENTS INCLUDING, INITIALLY, A PGA TOUR EVENT. THE INTENT IS TO AUGMENT OTHER COMMUNITY-WIDE EVENTS WHICH NOW INCLUDE AMERICA'S THANKSGIVING PARADE, THE FORD FIREWORKS, THE DETROIT JAZZ FESTIVAL, THE MOVEMENT ELECTRONIC MUSIC FESTIVAL, MOPOP DETROIT MUSIC FESTIVAL, AND DETROIT MOVES MOBILITY TECHNOLOGY SHOWCASE AND AS PART OF AN EFFORT TO BRING OTHER PROMINENT PUBLIC EVENTS TO THE CITY. THROUGH SUPPORT OF ARTS AND CULTURE AND COMMUNITY EVENTS, THE CORPORATION INTENDS TO TRANSFORM AND ACTIVATE PUBLIC SPACES, STRENGTHEN NEIGHBORHOODS AND DEVELOP A VIBRANT URBAN CORE IN THE CITY OF DETROIT.
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IRS990/MissionDesc0THE ROCKET GIVING FUND'S MISSION IS TO HOST A WORLD-CLASS PGA TOUR EVENT WHILE SIMULTANEOUSLY BENEFITING THE DETROIT COMMUNITY. THE ORGANIZATION'S PRIMARY FUNDRAISING ACTIVITY IS THE ROCKET MORTGAGE CLASSIC, DETROIT'S ANNUAL PGA TOUR EVENT. THE NET PROCEEDS REALIZED BY THE EVENT AND OTHER SUCH ACTIVITIES AND EVENTS WILL GO BACK TO THE DETROIT COMMUNITY THROUGH INVESTMENTS RELATED TO VETERANS AND THEIR FAMILIES, EDUCATION AND OPPORTUNITIES FOR LEARNING, AND NEIGHBORHOOD ENHANCEMENT. WHERE POSSIBLE, THE ORGANIZATION WILL WORK IN PARTNERSHIP WITH OTHER CHARITABLE ORGANIZATIONS TO MAXIMIZE COMMUNITY IMPACT. THE ROCKET GIVING FUND IS A 501C3 ORGANIZATION.
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IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYExcessBenefitTransInd00
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0-1855542
IRS990/RegularMonitoringEnfrcInd00
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990ScheduleA/First5Years509Ind0X
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0ROCKET GIVING FUND WAS FORMED IN JUNE OF 2018.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0SCHEDULE A, PAGE 3
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportTotal509Amt00
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt00
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/DonatedServicesAndUseFcltsAmt0245456
IRS990ScheduleD/DonatedServicesUseFcltsAmt0245456
IRS990ScheduleD/ExpensesNotReportedAmt0245456
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt01855542
IRS990ScheduleD/RevenueNotReportedAmt0245456
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt00
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalExpensesPerForm990Amt01855542
IRS990ScheduleD/TotalRevenuePerForm990Amt00
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0245456
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02100998
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0SEVERAL BOARD MEMBERS HAVE A BUSINESS RELATIONSHIP: JAY FARNER, WILLIAM EMERSON, JULIE BOOTH, MATT RIZIK, STEVE OGDEN, LAURA GRANNEMANN, HOWARD LUCKOFF.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A FINANCE COMMITTEE WAS ESTABLISHED IN 2019.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE FORM 990 WILL BE REVIEWED BY TWO MEMBERS OF THE ACCOUNTING STAFF AS WELL AS BY THE TREASURER AND VICE TREASURER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE MONITORING PROCESS FOR THE CONFLICT OF INTEREST POLICY IS BEING DEVELOPED AND WILL BE IMPLEMENTED IN 2019.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5FEES AND SUBSCRIPTIONS: PROGRAM SERVICE EXPENSES 173,500. MANAGEMENT AND GENERAL EXPENSES 67. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 173,567. PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 456,096. MANAGEMENT AND GENERAL EXPENSES 147,557. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 603,653. CONSULTING FEES: PROGRAM SERVICE EXPENSES 11,600. MANAGEMENT AND GENERAL EXPENSES 48,940. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 60,540.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4PART VI, LINE 12
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART IX, LINE 11G
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0MI
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsEOYAmt0654843
IRS990/TotalAssetsGrp/BOYAmt00
IRS990/TotalAssetsGrp/EOYAmt0654843
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0513541
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01342001
IRS990/TotalFunctionalExpensesGrp/TotalAmt01855542
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt02510385
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt02510385
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-1855542
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt01342001
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt00
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt013
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0654843
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt021103
IRS990/TravelGrp/ProgramServicesAmt0909
IRS990/TravelGrp/TotalAmt022012
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0-1855542
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01050 WOODWARD AVENUE
IRS990/USAddress/CityNm0DETROIT
IRS990/USAddress/StateAbbreviationCd0MI
IRS990/USAddress/ZIPCd048226
IRS990/VotingMembersGoverningBodyCnt013
IRS990/VotingMembersIndependentCnt013
IRS990/WebsiteAddressTxt0PGATOUR.COM/TOURNAMENTS/ROCKET-MORTGAGE-CLASSIC
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02020-03-31 21:24:44Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0JULIE BOOTH
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER/DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum03137829500
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-11-08
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0ROCKET GIVING FUND
ReturnHeader/Filer/BusinessNameControlTxt0ROCK
ReturnHeader/Filer/EIN0830873868
ReturnHeader/Filer/PhoneNum03137829500
ReturnHeader/Filer/USAddress/AddressLine1Txt01050 WOODWARD AVENUE
ReturnHeader/Filer/USAddress/CityNm0DETROIT
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MI
ReturnHeader/Filer/USAddress/ZIPCd048226
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0A989362C5C50899C062C3EF6458B904038EA52D5
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0E0F6F03BC3AE684EB3B59DF82EF6777B722E432E
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt067.59.56.32
ReturnHeader/FilingSecurityInformation/IPDt02019-11-08
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0ES
ReturnHeader/FilingSecurityInformation/IPTm010:39:28
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0381357951
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0PLANTE & MORAN PLLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt02601 CAMBRIDGE CT STE 500
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0AUBURN HILLS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd048326
ReturnHeader/PreparerPersonGrp/PhoneNum02483757100
ReturnHeader/PreparerPersonGrp/PreparationDt02019-11-08
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0LYNNE M HUISMANN
ReturnHeader/ReturnTs02019-11-13T07:12:51-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-06-12
ReturnHeader/TaxPeriodEndDt02018-12-31
ReturnHeader/TaxYr02018

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