Michigan Sigma Phi INC FY2022 filing

Detroit, MIUnknown exempt organization EIN 80-0579948Revenue −$47K in FY2022

On file with the IRS382 Philip · Detroit, MI

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1. To act as an alumni association for all past and future initiates of the local chapters of Sigma Phi and its successors at University of Michigan, Ann Arbor.2. To maintain an undergraduate fraternity chapter of Sigma Phi at University of Michigan, Ann Arbor.3. To advise, guide and assist the local chapter of Sigma Phi at University of Michigan, Ann Arbor in every way, shape and form possible.4. To promote fraternity, scholarship, leadership, high moral standards and recreation among its members and all members of Sigma Phi Fraternity in accordance with the principles, traditions and ritual of the Fraternity.During 2010, an alumnus of Sigma Phi passed away and Michigan Sigma Phi, Inc. was the beneficiary of a $1,000,000 bequest. He wanted to ensure that the fraternity house was maintained for future generations.The $1,000,000 and the income it generates is specifically earmarked for the maintenance, upkeep and improvements of the fraternity house.Since the investment income is derive

39¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

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
2 of 5
filings with a surplus
Average deficit $6K a year · 51% of revenue · last 5 filings
Concern: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
39%
of spending
Concern: 39% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
13 mo
of spending, in cash
Plus $992K in investments, Pt X · Ln 11–13
Looks good: 13.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$5K
0.4% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
−$47K
-161% vs prior year
Spent
$12K
To programs
39%
Net assets
$1.2M
By yearFY2020–FY2024
Revenue
−$47K
FY2022▼ -161%
Tap a bar for its year
Revenue by fiscal year
FY2020$27K
FY2021$77K
FY2022−$47K
FY2023$4K
FY2024−$4K
Expenses
$12K
FY2022▼ -58%
Tap a bar for its year
Expenses by fiscal year
FY2020$4K
FY2021$28K
FY2022$12K
FY2023$13K
FY2024$29K
Net assets
$1.2M
FY2022▼ -5%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.2M
FY2021$1.3M
FY2022$1.2M
FY2023$1.2M
FY2024$1.2M

From the FY2022 Form 990 · see the original

990 PDF Claim
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

39 cents of each dollar spent went to programs.

Program services 39% · $5K Management & general 61% · $7K

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

9 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Michigan Sigma Phi INC 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

Supports University of Michigan fraternity members through alumni relations, chapter guidance, and promoting high standards.

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By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
−$47K
Ln 12
Investment incomeLn 3$24K
Money outPt IX
$12K
Ln 25
Programscol B$5K
Managementcol C$7K
Owns and owesPt X
$1.2M
net assets · Ln 32
Cash and savingsLn 1–2$13K
Total assetsLn 16$1.2M
LiabilitiesLn 26$5K
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$24K
Gains on assetsLn 7$24K
Total revenueLn 12−$47K
Assets in detailPt X, end of year
CashLn 1$13K
SavingsLn 2$0
Cash and savings togetherLn 1–2$13K
InvestmentsLn 11–13$992K
Land, buildings, equipmentLn 10c$201K
Other assetsLn 15$0
Total assetsLn 16$1.2M
LiabilitiesLn 26$5K
Net assetsLn 32$1.2M
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 FY22End FY22
Cash and savingsLn 1–2$17K$13K
InvestmentsLn 11–13$1.0M$992K
Land, buildings, equipmentLn 10c$212K$201K
Total assetsLn 16$1.3M$1.2M
LiabilitiesLn 26$4K$5K
Net assetsLn 32$1.3M$1.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$0
Grants and assistance to foreign recipientsLn 3$0
Benefits paid to or for membersLn 4$0
Pay of current officers, directors and key staffLn 5$0
Pay of disqualified personsLn 6$0
Other salaries and wagesLn 7$0
Pension plan contributionsLn 8$0
Other employee benefitsLn 9$0
Payroll taxesLn 10$0
Management feesLn 11a$0
Legal feesLn 11b$4K$4K
Accounting feesLn 11c$3K$3K
Lobbying feesLn 11d$0
Professional fundraising feesLn 11e$0
Investment management feesLn 11f$0
Other fees for servicesLn 11g$0
Advertising and promotionLn 12$0
Office expensesLn 13$0
Information technologyLn 14$0
RoyaltiesLn 15$0
OccupancyLn 16$0
TravelLn 17$0
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$0
InterestLn 20$0
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$0
InsuranceLn 23$0
Other expenses (24a–d)Ln 24$5K$5K$180
All other expensesLn 24e$0
Total functional expensesLn 25$12K$5K$7K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest −$4K$29K−$33K$1.2M 990 PDF
FY2023 $4K$13K−$9K$1.2M 990 PDF
FY2022 Viewing −$47K$12K−$59K$1.2M 990 PDF
FY2021 $77K$28K$49K$1.3M 990 PDF
FY2020 $27K$4K$23K$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 −$47,214 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $3,795$0
I-9 Program service revenue$0
I-10 Investment incomePrior year $86,005$48,035
I-11 Other revenuePrior year −$12,543−$95,249
I-12 Total revenuePrior year $77,257−$47,214
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 $27,817$11,724
I-18 Total expensesPrior year $27,817$11,724
I-19 Revenue less expensesPrior year $49,440−$58,938
Part VI · Governance 9 of 9 board members independent, 4 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
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 −$47,214 across 7 lines filed
VIII-1h Total contributions, gifts and grants$0
VIII-3 Investment incomeExcluded from tax $23,714$23,714
VIII-5 Royalties$0
VIII-6 Net rental income or lossExcluded from tax −$95,249−$95,249
VIII-7 Net gain or loss on sales of assetsExcluded from tax $24,321$24,321
VIII-8 Net income from fundraising events$0
VIII-12 Total revenueExcluded from tax −$47,214−$47,214
Part IX · Statement of functional expenses $11,724 across 31 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staff$0
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wages$0
IX-8 Pension plan contributions$0
IX-9 Other employee benefits$0
IX-10 Payroll taxes$0
IX-11a Management fees$0
IX-11b Legal feesManagement $4,000$4,000
IX-11c Accounting feesManagement $2,924$2,924
IX-11d Lobbying fees$0
IX-11f Investment management fees$0
IX-12 Advertising and promotion$0
IX-13 Office expenses$0
IX-14 Information technology$0
IX-15 Royalties$0
IX-16 Occupancy$0
IX-17 Travel$0
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$0
IX-20 Interest$0
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortization$0
IX-23 Insurance$0
IX-24 Other expenses (24a–d)Programs $4,620 · Management $180$4,800
IX-24e All other expenses$0
IX-25 Total functional expensesPrograms $4,620 · Management $7,104 · Fundraising $0$11,724
Part X · Balance sheet $1,205,907 assets, 17 lines filed
X-1 Cash, non-interest-bearingStart of year $16,630$12,840
X-2 Savings and temporary cash investments$0
X-3 Pledges and grants receivable$0
X-4 Accounts receivable$0
X-8 Inventories for sale or use$0
X-9 Prepaid expenses and deferred charges$0
X-10c Land, buildings and equipment, netStart of year $211,907$200,798
X-11 Publicly traded securities$0
X-12 Other securitiesStart of year $1,035,471$992,269
X-13 Program-related investments$0
X-14 Intangible assets$0
X-15 Other assets$0
X-16 Total assetsStart of year $1,264,008$1,205,907
X-25 Other liabilitiesStart of year $3,901$4,738
X-26 Total liabilitiesStart of year $3,901$4,738
X-32 Total net assets or fund balancesStart of year $1,260,107$1,201,169
X-33 Total liabilities and net assetsStart of year $1,264,008$1,205,907
Part XI · Reconciliation of net assets $1,201,169 net assets at year end
XI-1 Total revenue−$47,214
XI-2 Total expenses$11,724
XI-3 Revenue less expenses−$58,938
XI-4 Net assets at start of year$1,260,107
XI-10 Net assets at end of year$1,201,169

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

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