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Monroe County Business FY2020 filing

Monroe, MIUnknown exempt organizationEIN 38-2415486Revenue $437K in FY2020

On file with the IRSmonroecountybdc.org23 E Front Street · Monroe, MI

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Growing Monroe county's economy by creating new and diversified job opportunities for its citizens.

85¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average deficit $229K a year · 46% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
85%
of spending
Looks good: 85% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
1 mo
of spending, in cash
Fine: 1.4 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$56K
5% of total assets
Looks good: liabilities are 5% of assets; 50% or less.
Pt X · Ln 26
Independent board members
19
of 19 voting members
Looks good: 19 of 19 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$437K
Spent
$428K
To programs
85%
Net assets
$1.2M
By yearFY2020–FY2024
Revenue
$437K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$437K
FY2021$444K
FY2022$506K
FY2023$1.1M
FY2024$0
Expenses
$428K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$428K
FY2021$376K
FY2022$422K
FY2023$829K
FY2024$1.6M
Net assets
$1.2M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$1.2M
FY2021$1.3M
FY2022$1.2M
FY2023$1.6M
FY2024$0

From the FY2020 Form 990 · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024.

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

Where the money goes

85 cents of each dollar spent went to programs.

Program services 85% · $364K Management & general 15% · $63K

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

21 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Robert Clark
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Monroe County Business 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 15aYes

Programs and updates

Creates new jobs and diversifies opportunities to grow the local economy.

Questions for Monroe County Business

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Provided by the organization

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1 program · $364K · in their own filed words · FY2020
01

Assist existing businesses with growth and expansion within monroe county and to work with our regional partnerships to attract new businesses to sites within the area. Monroe bank & trust donated the use of facilities in the amount of 15,428 to the monroe county business development corporation.

$364Kprogram expense

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$437K
Ln 12
Gifts and grantsLn 1h$278K
Other incomeLn 4–11$112K
Investment incomeLn 3$47K
Money outPt IX
$428K
Ln 25
Programscol B$364K
Managementcol C$63K
Owns and owesPt X
$1.2M
net assets · Ln 32
Cash and savingsLn 1–2$50K
Total assetsLn 16$1.2M
LiabilitiesLn 26$56K
PeoplePt VI, VII
21
listed · VII A
PaidVII A0
Voting boardVI 1a19
IndependentVI 1b19
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$278K
Government grantsLn 1e$198K
Investment incomeLn 3$47K
Other incomeLn 4–11$112K
Total revenueLn 12$437K
Assets in detailPt X, end of year
SavingsLn 2$50K
Cash and savings togetherLn 1–2$50K
InvestmentsLn 11–13$1.1M
Land, buildings, equipmentLn 10c$8K
Total assetsLn 16$1.2M
LiabilitiesLn 26$56K
Net assetsLn 32$1.2M
OperationsPt I, VI
EmployeesI 50
VolunteersI 610
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 FY20End FY20
Cash and savingsLn 1–2$31K$50K
InvestmentsLn 11–13$1.1M$1.1M
Land, buildings, equipmentLn 10c$45$8K
Total assetsLn 16$1.2M$1.2M
LiabilitiesLn 26$28K$56K
Net assetsLn 32$1.1M$1.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$191K$143K$48K
Other employee benefitsLn 9$15K$11K$4K
Payroll taxesLn 10$16K$12K$4K
Accounting feesLn 11c$7K$7K
Advertising and promotionLn 12$8K$8K
Office expensesLn 13$6K$5K$335
TravelLn 17$3K$3K
Depreciation, depletion and amortizationLn 22$45$45
InsuranceLn 23$2K$2K
Other expenses (24a–d)Ln 24$176K$176K
All other expensesLn 24e$4K$4K
Total functional expensesLn 25$428K$364K$63K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $0$1.6M−$1.6M$0 990 PDF
FY2023 $1.1M$829K$281K$1.6M 990 PDF
FY2022 $506K$422K$84K$1.2M 990 PDF
FY2021 $444K$376K$69K$1.3M 990 PDF
FY2020 Viewing $437K$428K$10K$1.2M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2020 990 (6 parts)
Part I · Summary $437,201 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $260,484$277,812
I-9 Program service revenue$0
I-10 Investment incomePrior year $31,843$47,114
I-11 Other revenuePrior year $20,154$112,275
I-12 Total revenuePrior year $312,481$437,201
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $206,450$222,338
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $113,042$205,199
I-18 Total expensesPrior year $319,492$427,537
I-19 Revenue less expensesPrior year −$7,011$9,664
Part VI · Governance 19 of 19 board members independent, 3 to look at
VI-1a Voting members of the governing body19
VI-1b Independent voting members19
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $437,201 across 6 lines filed
VIII-1e Government grants$197,709
VIII-1f All other contributions, gifts and grants$80,103
VIII-1h Total contributions, gifts and grants$277,812
VIII-3 Investment incomeRelated to mission $20,258 · Excluded from tax $26,856$47,114
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $112,275$112,275
VIII-12 Total revenueRelated to mission $132,533 · Excluded from tax $26,856$437,201
Part IX · Statement of functional expenses $427,537 across 11 lines filed
IX-7 Other salaries and wagesPrograms $143,456 · Management $47,819$191,275
IX-9 Other employee benefitsPrograms $11,478 · Management $3,824$15,302
IX-10 Payroll taxesPrograms $11,821 · Management $3,940$15,761
IX-11c Accounting feesManagement $7,200$7,200
IX-12 Advertising and promotionPrograms $7,783$7,783
IX-13 Office expensesPrograms $5,228 · Management $335$5,563
IX-17 TravelPrograms $2,611$2,611
IX-22 Depreciation, depletion and amortizationPrograms $45$45
IX-23 InsurancePrograms $2,305$2,305
IX-24 Other expenses (24a–d)Programs $175,894$175,894
IX-24e All other expensesPrograms $3,798$3,798
IX-25 Total functional expensesPrograms $364,419 · Management $63,118 · Fundraising $0$427,537
Part X · Balance sheet $1,214,915 assets, 12 lines filed
X-2 Savings and temporary cash investmentsStart of year $31,321$50,148
X-4 Accounts receivableStart of year $59,750$74,000
X-9 Prepaid expenses and deferred chargesStart of year $2,158$26,765
X-10c Land, buildings and equipment, netStart of year $45$7,840
X-11 Publicly traded securitiesStart of year $1,075,947$1,056,162
X-16 Total assetsStart of year $1,169,221$1,214,915
X-17 Accounts payable and accrued expensesStart of year $25,380$55,800
X-26 Total liabilitiesStart of year $28,130$55,800
X-27 Net assets without donor restrictionsStart of year $917,431$1,030,164
X-28 Net assets with donor restrictionsStart of year $223,660$128,951
X-32 Total net assets or fund balancesStart of year $1,141,091$1,159,115
X-33 Total liabilities and net assetsStart of year $1,169,221$1,214,915
Part XI · Reconciliation of net assets $1,159,115 net assets at year end
XI-1 Total revenue$437,201
XI-2 Total expenses$427,537
XI-3 Revenue less expenses$9,664
XI-4 Net assets at start of year$1,141,091
XI-5 Net unrealized gains (losses) on investments$8,360
XI-10 Net assets at end of year$1,159,115

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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