Civic Intelligence

School Finance Research Foundation

EIN 92-2760615 • 501(c)3 • Lansing, MI

Profile

The School Finance Research Foundation was formed for the following purposes: A. To complete the Michigan School Infrastructure Study, as funded by the State of Michigan and defined in Section 11y of the State School Aid Act, Public Act 144 of 2022; B. To conduct other activities in further promotion of public education; C. To receive and administer funds for the benefit of public education and to lessen the financial burdens of the Michigan public schools and the Michigan Department of Education; D. To raise funds from governmental units and the general public to promote public education; and E. To do such things and to perform such acts to accomplish its purposes as the Board of Directors may determine to be appropriate and as are not forbidden by Section 501(c)(3) of the Code, with all the power conferred on nonprofit corporations under the laws of the State of Michigan.

230 N Washington Square Ste 101Lansing, MI 48933
Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

19th percentile

0.02x

Higher debt load relative to assets than 19% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

64th percentile

0.48x

Higher debt load relative to revenue than 64% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Net Margin

1st percentile

-1121%

Higher net margin than 1% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

Score unavailable

No value available

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

Source year 2024

Revenue Growth

Score unavailable

No value available

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

Source year 2024

Balance Sheet
Liabilities / Assets19th percentile

Assets

Down

$26,596,064

Down $13,723,113 (-34%) from 2023

Liabilities

Up

$610,687

Up $474,164 (+347%) from 2023

Net Assets

Down

$25,985,377

Down $14,197,277 (-35%) from 2023

Operations
Liabilities / Revenue64th percentileNet Margin1st percentile

Revenue

Down

$1,266,304

Down $39,766,997 (-97%) from 2023

Expenses

Up

$15,463,581

Up $14,612,934 (+1718%) from 2023

Net Income

Down

-$14,197,277

Down $54,379,931 (-135%) from 2023

Trend Graphs

Balance Sheet Trend

Asset GrowthScore unavailable

Grouped bars show assets, liabilities, and net assets across loaded filings.

$60M$40M$20M$0Assets 2023: $40,319,177Liabilities 2023: $136,523Net Assets 2023: $40,182,6542023Assets 2024: $26,596,064Liabilities 2024: $610,687Net Assets 2024: $25,985,3772024

Highlighted filing

2024

Assets$26,596,064
Liabilities$610,687
Net Assets$25,985,377
Open 2024 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income by year, with the latest filing highlighted.

$60M$40M$20M$0-$20MRevenue 2023: $41,033,301Expenses 2023: $850,647Net Income 2023: $40,182,6542023Revenue 2024: $1,266,304Expenses 2024: $15,463,581Net Income 2024: -$14,197,2772024

Highlighted filing

2024

Revenue$1,266,304
Expenses$15,463,581
Net Income-$14,197,277
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$26,596,064
Liabilities
$610,687
Net assets
$25,985,377
Revenue
$1,266,304
Expenses
$15,463,581
Net income
-$14,197,277
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$26.6$0.61$26.0$1.27$15.5$14.2
2023Detailed filing. Detailed filing data is available for this year.$40.3$0.14$40.2$41.0$0.85$40.2
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 12, 2025
Return Version
2024v5.0
Gross Receipts
$1,266,304
Mission and Program Overview

Mission

The School Finance Research Foundation was formed for the following purposes: A. To complete the Michigan School Infrastructure Study, as funded by the State of Michigan and defined in Section 11y of the State School Aid Act, Public Act 144 of 2022; B. To conduct other activities in further promotion of public education; C. To receive and administer funds for the benefit of public education and to lessen the financial burdens of the Michigan public schools and the Michigan Department of Education; D. To raise funds from governmental units and the general public to promote public education; and E. To do such things and to perform such acts to accomplish its purposes as the Board of Directors may determine to be appropriate and as are not forbidden by Section 501(c)(3) of the Code, with all the power conferred on nonprofit corporations under the laws of the State of Michigan.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$40,319,177$26,596,064▼ $13,723,113
Rtn Earn Endowment Incm Other Fnds$40,182,654$25,985,377▼ $14,197,277
Cash and Non-Interest-Bearing Accounts$0--
Accounts Receivable$0--
Other Notes and Loans Receivable, Net$0--
Pledges and Grants Receivable$0--
Receivable From Disqualified Prsn$0--
Receivables From Officers Etc$0--
Investments Other Securities$0--
Investments Program Related$0--
Investments in Publicly Traded Securities$0--
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0--
Inventories for Sale or Use$0--
Loans From Officers Directors$0--
Prepaid Expenses and Deferred Charges$0--
Total Assets$40,319,177$26,596,064▼ $13,723,113
Other Assets Total$0--
Liabilities
Accounts Payable and Accrued Expenses$136,523$610,687▲ $474,164
Grants Payable$0--
Mortgage Notes Payable Secured by Investment Property$0--
Unsecured Notes Loans Payable$0--
Deferred Revenue$0--
Escrow Account Liability$0--
Tax Exempt Bond Liabilities$0--
Total Liabilities$136,523$610,687▲ $474,164
Net Assets / Fund Balance
Total Net Assets Fund Balance$40,182,654$25,985,377▼ $14,197,277
Total Liabilities and Net Assets / Fund Balance$40,319,177$26,596,064▼ $13,723,113
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Dr Daveda ColbertPresident
Dr Nick CeglarekVice President/Treasurer
Doug LeisenringTrustee
Dr Steven McNewTrustee
Dr Steven TunnicliffTrustee
Dr Teresa BeloteTrustee
Jason MellemaTrustee
Kenneth GutmanTrustee
Mike DeVaultTrustee
Paul HungerfordTrustee
Ron GormanTrustee
Jamie HuberSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Plante Moran Realpoint LLCConsulting Services3000 Town Center Ste 100, Suite 200, Southfield, MI 48075$1,571,166
French Associates IncArchitecture Consulting Services236 Mill Street, Rochester, MI 48307$1,153,020
Owen Ames Kimball CoArchitecture Consulting Services300 Ionia Ave NW, Grand Rapids, MI 49503$947,276
TMP Associates IncArchitecture Consulting Services1191 West Square Lake Road, Bloomfield Hills, MI 48302$930,616
Integrated Design Solutions LLCArchitecture Consulting Services1441 W Long Lake Road, Troy, MI 48098$888,000
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$1,266,304
Other Revenue
$0
Change in Net Assets
$-14,197,277
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$15,463,581
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$15,351,869$0$0$15,351,869
Fees for Services Management$90,000$0$0$90,000
Insurance$8,054$0$0$8,054
Fees for Services Accounting$6,031$0$0$6,031
Fees for Services Legal$5,994$0$0$5,994
Travel$851$0$0$851
Office Expenses$782$0$0$782
Total Functional Expenses$15,463,581$0$0$15,463,581
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0--
Receivables from Disqualified Persons$0--
Receivables from Officers, Directors, Trustees, and Key Employees$0--
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 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
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

“Saged Consulting LLC was hired to oversee the school infrastructure study parameters in collaboration with designated project managers and research partners to deliver a final report to the Michigan Legislature on the condition and state of each K-12 school building throughout the state of Michigan.”

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

“The 990 Return is prepared by the School Finance Research Foundation bookkeeper. Before the 990 Return is submitted, it is reviewed with the Executive Director and Board President.”

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

“A conflict of interest policy, questionnaire and procedure have been established by the Board. All Board members are responsible for reporting any potential conflict of interests upon becoming a Board member. Additionally, all Board members are to review and disclose any new conflict of interests annually.”

Form 990, Part VI, Section C, Line 19

“The School Finance Research Foundation governing documents, conflict of interest policy and financial statements will be provided to any individual or organization that requests the information.”

Filing and Contact Details

Filer

Filer Name
School Finance Research Foundation
EIN
92-2760615
Phone
2482092000
Address
230 N Washington Square Ste 101, Lansing, MI 48933

Signing Officer

Name
Daveda Colbert
Title
President
Phone
7343341300
Signed
2025-05-12

Organization Details

Principal Officer
Dr Daveda Colbert
Formed
2023
Legal Domicile
Mi
Voting Board Members
12
Independent Board Members
12
Employees
0
Volunteers
0
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Architecture/Engineering services consist of $13,763,204 and other consulting fees consist of $1,588,665. Total these categories equal $15,351,869.”

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IRS990/Form990PartVIISectionAGrp/PersonNm11Kenneth Gutman
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IRS990/Form990PartVIISectionAGrp/TitleTxt0President
IRS990/Form990PartVIISectionAGrp/TitleTxt1Vice President/Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt2Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt3Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt4Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt5Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt6Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt7Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt8Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt9Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt10Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt11Trustee
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IRS990/MissionDesc0The School Finance Research Foundation was formed for the following purposes: A. To complete the Michigan School Infrastructure Study, as funded by the State of Michigan and defined in Section 11y of the State School Aid Act, Public Act 144 of 2022; B. To conduct other activities in further promotion of public education; C. To receive and administer funds for the benefit of public education and to lessen the financial burdens of the Michigan public schools and the Michigan Department of Education; D. To raise funds from governmental units and the general public to promote public education; and E. To do such things and to perform such acts to accomplish its purposes as the Board of Directors may determine to be appropriate and as are not forbidden by Section 501(c)(3) of the Code, with all the power conferred on nonprofit corporations under the laws of the State of Michigan.
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IRS990/PrincipalOfficerNm0Dr Daveda Colbert
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IRS990/ProgSrvcAccomActy2Grp/Desc0State allocated funds for the 11aa Energy Audit - The Audit will consist of non-invasive assessments of the approximately 3,000 school buildings operated by Michigan's over 500 public school districts. Pursuant to Section 11aa, the School Finance Research Foundation ("SFRF") will engage qualified third-party Michigan-based professional firms (the "Firms") to perform the individual school building energy audits. Following the audits, the Firms will report to SFRF either of the following: 1) What investments, if any, are required to ensure that the building meets health, safety, and wellness standards and the estimated cost of the investments, if the Firm does not determine that the most cost-effective way to bring a building to health, safety, and wellness standards is new construction. 2) The estimated cost of the new construction that meets the education needs of the student population currently being served by the existing building if the Engineer determines that the most cost-effective way to bring a building to health, safety, and wellness standards is new construction. Once all building energy audits are completed, the SFRF will share the information obtained with the local districts. Additionally, SFRF will aggregate and summarize all information and data received from the Firms and prepare a final report summarizing the results of all building energy audits and provide the final report to the Michigan House and Senate Appropriations Subcommittees on School Aid, the State of Michigan Budget Director, the House and Senate Fiscal Agencies, and the Michigan Department of Education, as required by Section 11aa.
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