Civic Intelligence

Rocket Giving Fund

990 • Fiscal year 2021 • EIN 83-0873868

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 15, 2022

1074 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

98th percentile

1.46x

Higher debt load relative to assets than 98% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

56th percentile

0.28x

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

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Net Margin

16th percentile

-4.1%

Higher net margin than 16% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

14th percentile

$0

Higher top officer pay than 14% of similar nonprofits.

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

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Asset Growth

2nd percentile

-34%

Faster asset growth than 2% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

84th percentile

68%

Faster revenue growth than 84% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Assets

Down

$2,590,205

Down $1,356,894 (-34%) from 2020

Net Assets

Down

-$1,189,759

Down $625,740 (-111%) from 2020

Liabilities

Down

$3,779,964

Down $731,154 (-16%) from 2020

Revenue

Up

$13,264,068

Up $5,353,158 (+68%) from 2020

Expenses

Up

$13,809,808

Up $6,270,263 (+83%) from 2020

Net Income

Down

-$545,740

Down $917,105 (-247%) from 2020

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

2021

Assets$2,590,205
Liabilities$3,779,964
Net Assets-$1,189,759

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

2021

Revenue$13,264,068
Expenses$13,809,808
Net Income-$545,740
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 15, 2022
Return Version
2021v4.2
Gross Receipts
$13,264,068
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$3,227,529$1,292,035▼ $1,935,494
Accounts Receivable$209,954$985,996▲ $776,042
Land, Buildings, and Equipment, Net$0$152,349▲ $152,349
Pledges and Grants Receivable$250,365$111,000▼ $139,365
Prepaid Expenses and Deferred Charges$259,251$48,825▼ $210,426
Total Assets$3,947,099$2,590,205▼ $1,356,894
Liabilities
Accounts Payable and Accrued Expenses$2,344,157$1,668,295▼ $675,862
Deferred Revenue$2,166,961$1,196,841▼ $970,120
Grants Payable-$914,828-
Total Liabilities$4,511,118$3,779,964▼ $731,154
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-564,019$-1,189,759▼ $625,740
Total Net Assets Fund Balance$-564,019$-1,189,759▼ $625,740
Total Liabilities and Net Assets / Fund Balance$3,947,099$2,590,205▼ $1,356,894

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$152,349$25,401$177,750
Compensation and Service Providers

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Intersport INCMarketing303 E WACKER SUITE 2200, Chicago, IL 60601$474,806
Detroit Golf Club INCCourse Rental17911 HAMILTON ROAD, Detroit, MI 48203$400,000
Universal MccannAdvertising13801 FNB PARKWAY, Omaha, NE 68154$160,000
City Sheild Security ServicesSecurity Services2727 SECOND AVE 322, Detroit, MI 48201$144,673
Checkmate TacticalSecurity Services7816 TROTTERS PARK ST, Ypsilanti, MI 48197$131,319
Revenue and Support

Revenue Composition

Contributions and Grants
$979,729
Program Service Revenue
$12,284,339
Investment Income
$0
Other Revenue
$0
All Other Contributions
$979,729
Change in Net Assets
$-545,740

Audited Revenue Reconciliation

Revenue per Audited Statements
$13,264,068
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$479,095
Total Revenue per Audited Statements
$13,743,163
Total Revenue per Form 990
$13,264,068
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$12,517,811
Grants and Similar Amounts Paid$1,291,997
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses$2,970,242--$2,970,242
Grants to Domestic Orgs$1,291,997--$1,291,997
Office Expenses$1,233,346$16,492-$1,249,838
Other Expenses$843,437$37,471-$843,437
Advertising$34,694$783,755-$818,449
Occupancy$400,000$93,700-$493,700
Fees for Services Management$189,922$284,884-$474,806
Information Technology$423,189--$423,189
Fees for Services Other$97,761$23,445-$121,206
Insurance$84,484$3,547-$88,031
Travel-$33,279-$33,279
Total Functional Expenses$12,533,235$1,276,573$0$13,809,808

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$14,368,903
Expenses per Audited Statements$13,809,808
Total Expenses per Form 990$13,809,808
Expenses Not Reported on Form 990$559,095
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
United Way of Southeastern MichiganDetroit, MI501(c)(3)To Support the Organizations Mission and the Detroit Community$700,000
CHILDREN'S FOUNDATIONDetroit, MI501(c)(3)To Support the Organizations Mission and the Detroit Community$162,500
Friends of Northwest ActivitiesDetroit, MI501(c)(3)To Support the Organizations Mission and the Detroit Community$109,828
Detroit Economic GrowthDetroit, MI501(c)(3)To Support the Organizations Mission and the Detroit Community$10,000
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 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
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, trina scott and angelo vitale.

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

Before filing the 990 is reviewed by management company and then presented to finance committee for review and approval.

Form 990, Part VI, Section B, Line 12C

A conflict of interest form is completed annually and monitored for compliance by administration and the chairman of the baord. When a conflict exists, the board member with the conflict is allowed to discuss the matter at hand, but is not allowed to vote on any conflicted item.

Form 990, Part VI, Section C, Line 19

UPON REQUEST

Filing and Contact Details

Filer

Filer Name
Rocket Giving Fund
EIN
83-0873868
Phone
3137829500
Address
1074 WOODWARD AVENUE, DETROIT, MI 48226

Signing Officer

Name
Steve Ogden
Title
Secretary/director
Phone
3137829500
Signed
2022-11-15
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
1,287

Preparer

Firm
Plante & Moran Pllc
Address
2601 CAMBRIDGE CT STE 300, AUBURN HILLS, MI 48326
Preparer
Dori J Eggett
Phone
2483757100
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 24E

Other operations: program service expenses 794,567. Management and general expenses 0. Fundraising expenses 0. Total expenses 794,567. Equipment: program service expenses 677,886. Management and general expenses 0. Fundraising expenses 0. Total expenses 677,886. Parking: program service expenses 624,328. Management and general expenses 0. Fundraising expenses 0. Total expenses 624,328. Retail goods: program service expenses 470,238. Management and general expenses 0. Fundraising expenses 0. Total expenses 470,238. Commissions: program service expenses 403,223. Management and general expenses 0. Fundraising expenses 0. Total expenses 403,223.

FORM 990, PART XII, LINE 2C:

There has been no change in process from prior year.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt5MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt10MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt11MEMBER
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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/OtherExpensesGrp/Desc2MEDICAL, SECURITY, AND
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0ROCKET GIVING FUND WAS FORMED IN JUNE OF 2018
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0SCHEDULE A, PAGE 3
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