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Monroe County Business FY2022 filing

Monroe, MIUnknown exempt organization EIN 38-2415486Revenue $506K in FY2022

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.

83¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

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FY2022 · 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
83%
of spending
Looks good: 83% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
3 mo
of spending, in cash
Plus $993K in investments, Pt X · Ln 11–13
Fine: 2.9 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$70K
6% of total assets
Looks good: liabilities are 6% of assets; 50% or less.
Pt X · Ln 26
Independent board members
18
of 18 voting members
Looks good: 18 of 18 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$506K
+14% vs prior year
Spent
$422K
To programs
83%
Net assets
$1.2M
By yearFY2020–FY2024
Revenue
$506K
FY2022▲ +14%
Tap a bar for its year
Revenue by fiscal year
FY2020$437K
FY2021$444K
FY2022$506K
FY2023$1.1M
FY2024$0
Expenses
$422K
FY2022▲ +12%
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
FY2022▼ -7%
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 FY2022 Form 990 · see the original

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You’re viewing the FY2022 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

83 cents of each dollar spent went to programs.

Program services 83% · $349K Management & general 17% · $73K

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

18 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Doug Chaffin
Past Chairma
$0Pt VII · Sec A
Robert Clark
Director
$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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Your first name shows with your question. Monroe County Business answers here, for everyone.

Provided by the organization

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1 program · $349K · in their own filed words · FY2022
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.

$349Kprogram expense

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$506K
Ln 12
Gifts and grantsLn 1h$375K
Other incomeLn 4–11$108K
Investment incomeLn 3$23K
Money outPt IX
$422K
Ln 25
Programscol B$349K
Managementcol C$73K
Owns and owesPt X
$1.2M
net assets · Ln 32
Cash and savingsLn 1–2$102K
Total assetsLn 16$1.3M
LiabilitiesLn 26$70K
PeoplePt VI, VII
18
listed · VII A
PaidVII A0
Voting boardVI 1a18
IndependentVI 1b18
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$375K
Government grantsLn 1e$235K
Investment incomeLn 3$23K
Other incomeLn 4–11$108K
Gains on assetsLn 7$2K
Total revenueLn 12$506K
Assets in detailPt X, end of year
SavingsLn 2$102K
Cash and savings togetherLn 1–2$102K
InvestmentsLn 11–13$993K
Land, buildings, equipmentLn 10c$47K
Total assetsLn 16$1.3M
LiabilitiesLn 26$70K
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 FY22End FY22
Cash and savingsLn 1–2$27K$102K
InvestmentsLn 11–13$1.2M$993K
Land, buildings, equipmentLn 10c$49K$47K
Total assetsLn 16$1.3M$1.3M
LiabilitiesLn 26$72K$70K
Net assetsLn 32$1.3M$1.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$200K$150K$50K
Other employee benefitsLn 9$19K$14K$5K
Payroll taxesLn 10$19K$14K$5K
Accounting feesLn 11c$8K$8K
Advertising and promotionLn 12$9K$9K
Office expensesLn 13$13K$11K$3K
OccupancyLn 16$5K$5K
TravelLn 17$6K$6K
Depreciation, depletion and amortizationLn 22$25K$25K
InsuranceLn 23$2K$2K
Other expenses (24a–d)Ln 24$112K$109K$3K
All other expensesLn 24e$5K$5K
Total functional expensesLn 25$422K$349K$73K$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 Viewing $506K$422K$84K$1.2M 990 PDF
FY2021 $444K$376K$69K$1.3M 990 PDF
FY2020 $437K$428K$10K$1.2M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $506,256 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $307,415$375,172
I-9 Program service revenue$0
I-10 Investment incomePrior year $21,452$23,097
I-11 Other revenuePrior year $115,235$107,987
I-12 Total revenuePrior year $444,102$506,256
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $223,593$236,993
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $151,979$185,104
I-18 Total expensesPrior year $375,572$422,097
I-19 Revenue less expensesPrior year $68,530$84,159
Part VI · Governance 18 of 18 board members independent, 3 to look at
VI-1a Voting members of the governing body18
VI-1b Independent voting members18
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 $506,256 across 7 lines filed
VIII-1e Government grants$234,584
VIII-1f All other contributions, gifts and grants$140,588
VIII-1h Total contributions, gifts and grants$375,172
VIII-3 Investment incomeExcluded from tax $21,525$21,525
VIII-7 Net gain or loss on sales of assetsRelated to mission $1,572$1,572
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $107,987$107,987
VIII-12 Total revenueRelated to mission $109,559 · Excluded from tax $21,525$506,256
Part IX · Statement of functional expenses $422,097 across 12 lines filed
IX-7 Other salaries and wagesPrograms $149,713 · Management $49,904$199,617
IX-9 Other employee benefitsPrograms $13,976 · Management $4,659$18,635
IX-10 Payroll taxesPrograms $14,056 · Management $4,685$18,741
IX-11c Accounting feesManagement $7,500$7,500
IX-12 Advertising and promotionPrograms $9,010$9,010
IX-13 Office expensesPrograms $10,501 · Management $2,566$13,067
IX-16 OccupancyPrograms $5,197$5,197
IX-17 TravelPrograms $5,745$5,745
IX-22 Depreciation, depletion and amortizationPrograms $24,509$24,509
IX-23 InsurancePrograms $2,336$2,336
IX-24 Other expenses (24a–d)Programs $108,890 · Management $3,495$112,385
IX-24e All other expensesPrograms $5,355$5,355
IX-25 Total functional expensesPrograms $349,288 · Management $72,809 · Fundraising $0$422,097
Part X · Balance sheet $1,256,866 assets, 15 lines filed
X-2 Savings and temporary cash investmentsStart of year $27,134$101,644
X-4 Accounts receivableStart of year $70,074$80,602
X-9 Prepaid expenses and deferred chargesStart of year $1,393$2,185
X-10c Land, buildings and equipment, netStart of year $49,320$46,633
X-11 Publicly traded securitiesStart of year $1,196,117$993,068
X-14 Intangible assets$32,734
X-16 Total assetsStart of year $1,344,038$1,256,866
X-17 Accounts payable and accrued expensesStart of year $61,092$34,941
X-19 Deferred revenueStart of year $11,250$1,000
X-25 Other liabilities$33,949
X-26 Total liabilitiesStart of year $72,342$69,890
X-27 Net assets without donor restrictionsStart of year $1,118,921$1,047,633
X-28 Net assets with donor restrictionsStart of year $152,775$139,343
X-32 Total net assets or fund balancesStart of year $1,271,696$1,186,976
X-33 Total liabilities and net assetsStart of year $1,344,038$1,256,866
Part XI · Reconciliation of net assets $1,186,976 net assets at year end
XI-1 Total revenue$506,256
XI-2 Total expenses$422,097
XI-3 Revenue less expenses$84,159
XI-4 Net assets at start of year$1,271,696
XI-5 Net unrealized gains (losses) on investments−$168,879
XI-10 Net assets at end of year$1,186,976

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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