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Mim Scholarship Foundation

Tax-deductible

Livonia, MI501(c)(3)EducationEIN 38-3604416Revenue $79K in FY2024

On file with the IRSmasonryinfo.org/mim-scholalarship-founPo Box 532556, 48153-2556 · Livonia, MITax-exempt since Feb 2004Publicly supported charity — 170(b)(1)(A)(vi)

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To encourage academic acheivement through the issuance of educational scholarships to architecture, engineering and construction management students.

501(c)(3) charity; gifts are tax-deductible.
90¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

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
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
Spent on programs
90%
of spending
Looks good: 90% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
101 mo
of spending, in cash
Looks good: 101.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$352
0.07% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
23
of 23 voting members
Looks good: 23 of 23 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$79K
+0.1% vs prior year
Spent
$35K
To programs
90%
Net assets
$500K
By yearFY2020–FY2024
Revenue
$79K
FY2024+0.1%
Tap a bar for its year
Revenue by fiscal year
FY2020$25K
FY2021$109K
FY2022$79K
FY2023$79K
FY2024$79K
Net assets
$500K
FY2024▲ +11%
Tap a bar for its year
Net assets by fiscal year
FY2020$273K
FY2021$375K
FY2022$397K
FY2023$451K
FY2024$500K

From the FY2024 Form 990 · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Feb 2004.

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

Where the money goes

90 cents of each dollar spent went to programs.

Program services 90% · $32K Management & general 10% · $4K

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

24 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Tc Baker
Secretary
$0Pt VII · Sec A
Bill Barker
Treasurer
$0Pt VII · Sec A
Doug Barron
Vice-Pres/Al
$0Pt VII · Sec A
Andy Bracy
Trustee
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Mim Scholarship Foundation 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

Awards scholarships to architecture, engineering, and construction management students to encourage academic achievement.

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Provided by the organization

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1 program · $32K · in their own filed words · FY2024
01

5 scholarships of 5,000 and 1 scholarship of 3,000 provided to students

$32Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 1 grant · $28K · 2024–2024
Unitemized GrantFY2024$28,000

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$79K
Ln 12
Gifts and grantsLn 1h$39K
Other incomeLn 4–11$23K
Investment incomeLn 3$17K
Money outPt IX
$35K
Ln 25
Programscol B$32K
Managementcol C$4K
Owns and owesPt X
$500K
net assets · Ln 32
Cash and savingsLn 1–2$297K
Total assetsLn 16$500K
LiabilitiesLn 26$352
PeoplePt VI, VII
24
listed · VII A
PaidVII A0
Voting boardVI 1a23
IndependentVI 1b23
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$39K
Investment incomeLn 3$17K
Other incomeLn 4–11$23K
Gains on assetsLn 7$3K
Total revenueLn 12$79K
Assets in detailPt X, end of year
CashLn 1$83K
SavingsLn 2$215K
Cash and savings togetherLn 1–2$297K
InvestmentsLn 11–13$203K
Total assetsLn 16$500K
LiabilitiesLn 26$352
Net assetsLn 32$500K
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$260K$297K
InvestmentsLn 11–13$188K$203K
Total assetsLn 16$452K$500K
LiabilitiesLn 26$475$352
Net assetsLn 32$451K$500K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$28K$28K
Management feesLn 11a$5K$4K$1K
Accounting feesLn 11c$2K$2K
Other fees for servicesLn 11g$75$75
Other expenses (24a–d)Ln 24$746$746
Total functional expensesLn 25$35K$32K$4K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $79K$35K$44K$500K 990 PDF
FY2023 $79K$451K 990 PDF
FY2022 $79K$397K 990 PDF
FY2021 $109K$375K 990 PDF
FY2020 $25K$273K 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 FY2024 990 (6 parts)
Part I · Summary $79,128 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $54,550$38,850
I-9 Program service revenue$0
I-10 Investment incomePrior year $6,838$17,468
I-11 Other revenuePrior year $17,639$22,810
I-12 Total revenuePrior year $79,027$79,128
I-13 Grants and similar amounts paidPrior year $25,000$28,000
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $7,633$7,345
I-18 Total expensesPrior year $32,633$35,345
I-19 Revenue less expensesPrior year $46,394$43,783
Part VI · Governance 23 of 23 board members independent, 3 to look at
VI-1a Voting members of the governing body23
VI-1b Independent voting members23
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 $79,128 across 6 lines filed
VIII-1f All other contributions, gifts and grants$38,850
VIII-1h Total contributions, gifts and grants$38,850
VIII-3 Investment incomeExcluded from tax $14,818$14,818
VIII-7 Net gain or loss on sales of assetsExcluded from tax $2,650$2,650
VIII-8 Net income from fundraising events$22,810
VIII-12 Total revenueExcluded from tax $17,468$79,128
Part IX · Statement of functional expenses $35,345 across 5 lines filed
IX-2 Grants to domestic individualsPrograms $28,000$28,000
IX-11a Management feesPrograms $3,750 · Management $1,250$5,000
IX-11c Accounting feesManagement $1,524$1,524
IX-11g Other fees for servicesManagement $75$75
IX-24 Other expenses (24a–d)Management $746$746
IX-25 Total functional expensesPrograms $31,750 · Management $3,595 · Fundraising $0$35,345
Part X · Balance sheet $500,249 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $254,379$82,758
X-2 Savings and temporary cash investmentsStart of year $6,077$214,630
X-4 Accounts receivableStart of year $850$150
X-11 Publicly traded securitiesStart of year $187,523$202,711
X-16 Total assetsStart of year $451,829$500,249
X-17 Accounts payable and accrued expensesStart of year $475$352
X-26 Total liabilitiesStart of year $475$352
X-27 Net assets without donor restrictionsStart of year $451,354$499,897
X-32 Total net assets or fund balancesStart of year $451,354$499,897
X-33 Total liabilities and net assetsStart of year $451,829$500,249
Part XI · Reconciliation of net assets $499,897 net assets at year end
XI-1 Total revenue$79,128
XI-2 Total expenses$35,345
XI-3 Revenue less expenses$43,783
XI-4 Net assets at start of year$451,354
XI-9 Other changes in net assets$4,760
XI-10 Net assets at end of year$499,897

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

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