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Keweenaw Economic Development Alliance FY2024 filing

Tax-deductible

Houghton, MI501(c)(3)Community Development EIN 23-7314061Revenue $522K in FY2024

On file with the IRSkedabiz.comPo Box 724, 49931-0724 · Houghton, MITax-exempt since Apr 2017Publicly supported — 509(a)(2)

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Our mission is to engage community leadership to start, retain, grow and attract companies that will increase the wealth of the region through a holistic and collaborative strategy that builds on the assets and opportunities present in the region.

501(c)(3) charity; gifts are tax-deductible.
55¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 3
filings with a surplus
Average surplus $192K a year · 45% of revenue · last 3 filings
Looks good: a surplus in 3 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
55%
of spending
Worth a look: 55% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Cash reserves
17 mo
of spending, in cash
Looks good: 17.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
12
of 12 voting members
Looks good: 12 of 12 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$522K
+122% vs prior year
Spent
$235K
To programs
55%
Net assets
$699K
By yearFY2020–FY2025
Revenue
$522K
FY2024▲ +122%
Tap a bar for its year
Revenue by fiscal year
FY2020$163K
FY2021$173K
FY2022$179K
FY2023$236K
FY2024$522K
FY2025$518K
Expenses
$235K
FY2024▲ +19%
Tap a bar for its year
Expenses by fiscal year
FY2020Not on file
FY2021Not on file
FY2022Not on file
FY2023$197K
FY2024$235K
FY2025$266K
Net assets
$699K
FY2024▲ +72%
Tap a bar for its year
Net assets by fiscal year
FY2020$321K
FY2021$338K
FY2022$368K
FY2023$406K
FY2024$699K
FY2025$951K

From the FY2024 Form 990 · see the original

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You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Apr 2017.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

55 cents of each dollar spent went to programs.

Program services 55% · $129K Management & general 45% · $105K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

17 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
$0Pt VII · Sec A
Brian Baccus
President
$0Pt VII · Sec A
Jim Baker
Executive Di
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Dan Crane
Major Accoun
$0Pt VII · Sec A
$0Pt VII · Sec A
See Keweenaw Economic Development Alliance executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Revitalizes communities by creating jobs, rehabilitating buildings, and fostering business growth to combat poverty and blight.

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Provided by the organization

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3 programs · $129K · in their own filed words · FY2024
01

Fostering business growth including over 300 regular retention visits, covid small business outreach to 1,000+ businesses, made 6 KRLF covid response loans, processed 303 applications for michigan small business relief grants and loans, match on main covid grants, and michigan restart grants - 60% of TIME/EXPENSES

$122Kprogram expense
02

Retaining and attracting talent including the award of nine 500 scholarships to graduating seniors pursuing a skilled trade program

$7Kprogram expense
03

Revitalizing communities including work with houghton county landbank, stabilization of buildings in calumet and redevelopment projects in various communities

Pt IX · col B

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$522K
Ln 12
Gifts and grantsLn 1h$445K
Fees for servicesLn 2g$55K
Investment incomeLn 3$22K
Money outPt IX
$235K
Ln 25
Programscol B$129K
Managementcol C$105K
Owns and owesPt X
$699K
net assets · Ln 32
Cash and savingsLn 1–2$337K
Total assetsLn 16$699K
LiabilitiesLn 26$0
PeoplePt VI, VII
17
listed · VII A
PaidVII A0
Voting boardVI 1a12
IndependentVI 1b12
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$445K
Government grantsLn 1e$84K
Fees for servicesLn 2g$55K
Investment incomeLn 3$22K
Total revenueLn 12$522K
Assets in detailPt X, end of year
CashLn 1$30K
SavingsLn 2$307K
Cash and savings togetherLn 1–2$337K
Land, buildings, equipmentLn 10c$8K
Total assetsLn 16$699K
LiabilitiesLn 26$0
Net assetsLn 32$699K
OperationsPt I, VI
EmployeesI 50
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$255K$337K
Land, buildings, equipmentLn 10c$293$8K
Total assetsLn 16$445K$699K
LiabilitiesLn 26$39K$0
Net assetsLn 32$406K$699K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Legal feesLn 11b$35$35
Accounting feesLn 11c$800$800
Other fees for servicesLn 11g$15K$15K
Advertising and promotionLn 12$2K$2K
Office expensesLn 13$1K$521$564
OccupancyLn 16$5K$5K
TravelLn 17$6K$3K$3K
Conferences, conventions and meetingsLn 19$9K$8K$422
Depreciation, depletion and amortizationLn 22$6K$6K
InsuranceLn 23$963$963
Other expenses (24a–d)Ln 24$189K$94K$95K
All other expensesLn 24e$295$295
Total functional expensesLn 25$235K$129K$105K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $518K$266K$251K$951K 990 PDF
FY2024 Viewing $522K$235K$288K$699K 990 PDF
FY2023 $236K$197K$38K$406K 990 PDF
FY2022 $179K$368K 990 PDF
FY2021 $173K$338K 990 PDF
FY2020 $163K$321K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $522,303 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $59,220$444,554
I-9 Program service revenuePrior year $166,350$55,308
I-10 Investment incomePrior year $10,173$22,441
I-11 Other revenue$0
I-12 Total revenuePrior year $235,743$522,303
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $197,444$234,564
I-18 Total expensesPrior year $197,444$234,564
I-19 Revenue less expensesPrior year $38,299$287,739
Part VI · Governance 12 of 12 board members independent, 4 to look at
VI-1a Voting members of the governing body12
VI-1b Independent voting members12
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $522,303 across 7 lines filed
VIII-1b Membership dues$140,609
VIII-1d Related organizations$220,224
VIII-1e Government grants$83,721
VIII-1h Total contributions, gifts and grants$444,554
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Excluded from tax $55,308$55,308
VIII-3 Investment incomeRelated to mission $2,219 · Excluded from tax $20,222$22,441
VIII-12 Total revenueRelated to mission $2,219 · Excluded from tax $75,530$522,303
Part IX · Statement of functional expenses $234,564 across 12 lines filed
IX-11b Legal feesManagement $35$35
IX-11c Accounting feesPrograms $800$800
IX-11g Other fees for servicesPrograms $14,655$14,655
IX-12 Advertising and promotionPrograms $1,500$1,500
IX-13 Office expensesPrograms $521 · Management $564$1,085
IX-16 OccupancyManagement $5,355$5,355
IX-17 TravelPrograms $2,804 · Management $2,805$5,609
IX-19 Conferences, conventions and meetingsPrograms $8,430 · Management $422$8,852
IX-22 Depreciation, depletion and amortizationPrograms $6,004$6,004
IX-23 InsuranceManagement $963$963
IX-24 Other expenses (24a–d)Programs $94,407 · Management $95,004$189,411
IX-24e All other expensesManagement $295$295
IX-25 Total functional expensesPrograms $129,121 · Management $105,443 · Fundraising $0$234,564
Part X · Balance sheet $699,145 assets, 9 lines filed
Asset lines not itemized here account for $351,157; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $254,704$29,787
X-2 Savings and temporary cash investments$307,374
X-4 Accounts receivableStart of year $2,537$2,354
X-10c Land, buildings and equipment, netStart of year $293$8,473
X-16 Total assetsStart of year $444,740$699,145
X-26 Total liabilitiesStart of year $38,715$0
X-27 Net assets without donor restrictionsStart of year $406,025$699,145
X-32 Total net assets or fund balancesStart of year $406,025$699,145
X-33 Total liabilities and net assetsStart of year $444,740$699,145
Part XI · Reconciliation of net assets $699,145 net assets at year end
XI-1 Total revenue$522,303
XI-2 Total expenses$234,564
XI-3 Revenue less expenses$287,739
XI-4 Net assets at start of year$406,025
XI-9 Other changes in net assets$5,381
XI-10 Net assets at end of year$699,145

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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