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Rocket Giving Fund FY2020 filing

Tax-deductible

Detroit, MI501(c)(3)Since 2018Human Services EIN 83-0873868Revenue $7.9M in FY2020

On file with the IRSpgatour.com/tournaments/rocket-mortgage-classic1074 Woodward Ave, 48226-1906 · Detroit, MITax-exempt since Sep 2018Publicly supported — 509(a)(2)

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The corporation's principal objective is to support the detroit community and promote the improvement and quality of life for the people of detroit, michigan community and to promote the image of detroit throughout the country through the facilitation of community wide sporting events including, initially, a pga tour event. The intent is to augment other community-wide events which now include america's thanksgiving parade, the ford fireworks, the detroit jazz festival, the movement electronic music festival, mopop detroit music festival, and detroit moves mobility technology showcase and as part of an effort to bring other prominent public events to the city. Through support of arts and culture and community events, the corporation intends to transform and activate public spaces, strengthen neighborhoods and develop a vibrant urban core in the city of detroit.

501(c)(3) charity; gifts are tax-deductible.
92¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2020 · 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 5
filings with a surplus
Average surplus $10K a year · under 1% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
92%
of spending
Looks good: 92% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
5 mo
of spending, in cash
Looks good: 5.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
7
named funders · $739K
Looks good: 7 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$4.5M
114% of total assets
Concern: liabilities are 114% of assets; over 80%.
Pt X · Ln 26
Independent board members
13
of 13 voting members
Looks good: 13 of 13 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$7.9M
Spent
$7.5M
To programs
92%
Net assets
−$564K
By yearFY2020–FY2025
Revenue
$7.9M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$7.9M
FY2021$13.3M
FY2022$14.9M
FY2024$12.7M
FY2025$11.6M
Expenses
$7.5M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$7.5M
FY2021$13.8M
FY2022$13.4M
FY2024$12.5M
FY2025$13.1M
Net assets
−$564K
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020−$564K
FY2021−$1.2M
FY2022$311K
FY2024−$827K
FY2025−$2.4M

From the FY2020 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2020 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 Sep 2018.

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

Where the money goes

92 cents of each dollar spent went to programs.

Program services 92% · $7.0M Management & general 8% · $578K

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

14 people listed on the 990.

Part VII, Section A · reportable compensation
Jay Farner
President
$0Pt VII · Sec A
William Emerson
Vice Chair
$0Pt VII · Sec A
Julie Booth
Treasurer
$0Pt VII · Sec A
Matt Rizik
Vice Treasurer
$0Pt VII · Sec A
Steve Ogden
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Rocket Giving Fund 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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Improves Detroit life by facilitating sporting and community events.

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Provided by the organization

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1 program · $7.0M · in their own filed words · FY2020
01

Rocket Mortgage Classic

An annual sponsored pga tour golf tournament to take place in detroit, michigan. The golf tournament will be structured as a charitable event with the goal of raising significant funds for the educational and charitable purposes of the corporation.

$7.0Mprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · received and paid
Grants received · FY2024
Gs Donor Advised Philanthropy Fund for Wealth Management INCFY2024$282K
Pga Tour INCFY2024$209K
Priority Health Total Health FoundationFY2024$150K
Henry Ford Health SystemFY2024$40K
Vera and Joseph Dresner Foundation DBA Dresner FoundationFY2024$30K
The US Charitable Gift TrustFY2024$16K
The Independent Charitable Gift FundFY2024$12K
Total grants receivedfrom 7 funders$739K
See all 7 funders →
Grants paid · 34 grants · $6.1M · 2020–2024
Black Tech SaturdaysMI · FY2024$350,000
United Way for Southeastern MichiganMI · FY2024$200,000
People for Palmer ParkMI · FY2024$75,000
Folds of Honor Michigan INCMI · FY2024$65,000
Detroit Golf Club Caddie Scholarship FoundationMI · FY2024$50,000
Human-I-TCA · FY2024$31,400
The Midnight Golf ProgramMI · FY2024$30,000
Detroit Police Athletic League IncorporatedMI · FY2024$30,000
Detroit Golf FoundationMI · FY2024$20,000
The Justin Thomas Foundation INCDC · FY2024$7,500
Detroit Golf FoundationMI · FY2023$18,000
Detroit Public Safety FoundationMI · FY2023$7,500
United Way for Southeastern MichiganMI · FY2022$1,221,585
People for Palmer ParkMI · FY2022$175,000
Childrens Hospital of Michigan FoundationMI · FY2022$100,000
Detroit Police Athletic League IncorporatedMI · FY2022$30,000
The Midnight Golf ProgramMI · FY2022$30,000
Childrens Hospital of Michigan FoundationMI · FY2022$20,000
See all 34 grants →

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$7.9M
Ln 12
Gifts and grantsLn 1h$5.6M
Fees for servicesLn 2g$2.4M
Money outPt IX
$7.5M
Ln 25
Programscol B$7.0M
Managementcol C$578K
Owns and owesPt X
−$564K
net assets · Ln 32
Cash and savingsLn 1–2$3.2M
Total assetsLn 16$3.9M
LiabilitiesLn 26$4.5M
PeoplePt VI, VII
14
listed · VII A
PaidVII A0
Voting boardVI 1a13
IndependentVI 1b13
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$5.6M
Fees for servicesLn 2g$2.4M
Total revenueLn 12$7.9M
Assets in detailPt X, end of year
CashLn 1$3.2M
Cash and savings togetherLn 1–2$3.2M
Total assetsLn 16$3.9M
LiabilitiesLn 26$4.5M
Net assetsLn 32−$564K
OperationsPt I, VI
EmployeesI 50
VolunteersI 61,287
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
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$652K$3.2M
Total assetsLn 16$964K$3.9M
LiabilitiesLn 26$1.7M$4.5M
Net assetsLn 32−$782K−$564K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$2.6M$2.6M
Management feesLn 11a$511K$204K$307K
Legal feesLn 11b$2K$2K
Other fees for servicesLn 11g$156K$128K$28K
Advertising and promotionLn 12$144K$144K
Office expensesLn 13$67K$52K$14K
OccupancyLn 16$281K$200K$81K
TravelLn 17$8K$8K
InsuranceLn 23$4K$4K
Other expenses (24a–d)Ln 24$3.7M$3.7M
Total functional expensesLn 25$7.5M$7.0M$578K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $11.6M$13.1M−$1.5M−$2.4M 990 PDF
FY2024 $12.7M$12.5M$268K−$827K 990 PDF
FY2023 Not on file
FY2022 $14.9M$13.4M$1.5M$311K 990 PDF
FY2021 $13.3M$13.8M−$546K−$1.2M 990 PDF
FY2020 Viewing $7.9M$7.5M$371K−$564K 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 FY2020 990 (6 parts)
Part I · Summary $7,910,910 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $167,179$5,550,172
I-9 Program service revenuePrior year $15,494,573$2,360,738
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $15,661,752$7,910,910
I-13 Grants and similar amounts paidPrior year $1,222,024$2,632,595
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $13,366,564$4,906,950
I-18 Total expensesPrior year $14,588,588$7,539,545
I-19 Revenue less expensesPrior year $1,073,164$371,365
Part VI · Governance 13 of 13 board members independent, 4 to look at
VI-1a Voting members of the governing body13
VI-1b Independent voting members13
VI-2 Family or business relationship among officers or directorsYes
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $7,910,910 across 4 lines filed
VIII-1f All other contributions, gifts and grants$5,550,172
VIII-1h Total contributions, gifts and grants$5,550,172
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $2,360,738$2,360,738
VIII-12 Total revenueRelated to mission $2,360,738 · Unrelated business $0 · Excluded from tax $0$7,910,910
Part IX · Statement of functional expenses $7,539,545 across 10 lines filed
IX-1 Grants to domestic organizationsPrograms $2,632,595$2,632,595
IX-11a Management feesPrograms $204,422 · Management $306,634$511,056
IX-11b Legal feesManagement $1,627$1,627
IX-11g Other fees for servicesPrograms $128,198 · Management $27,625$155,823
IX-12 Advertising and promotionManagement $143,523$143,523
IX-13 Office expensesPrograms $52,365 · Management $14,403$66,768
IX-16 OccupancyPrograms $200,000 · Management $80,540$280,540
IX-17 TravelPrograms $7,920$7,920
IX-23 InsuranceManagement $3,865$3,865
IX-24 Other expenses (24a–d)Programs $3,735,828$3,735,828
IX-25 Total functional expensesPrograms $6,961,328 · Management $578,217 · Fundraising $0$7,539,545
Part X · Balance sheet $3,947,099 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $651,862$3,227,529
X-3 Pledges and grants receivableStart of year $0$250,365
X-4 Accounts receivableStart of year $124,587$209,954
X-9 Prepaid expenses and deferred chargesStart of year $187,270$259,251
X-16 Total assetsStart of year $963,719$3,947,099
X-17 Accounts payable and accrued expensesStart of year $598,079$2,344,157
X-19 Deferred revenueStart of year $1,148,018$2,166,961
X-26 Total liabilitiesStart of year $1,746,097$4,511,118
X-27 Net assets without donor restrictionsStart of year −$782,378−$564,019
X-32 Total net assets or fund balancesStart of year −$782,378−$564,019
X-33 Total liabilities and net assetsStart of year $963,719$3,947,099
Part XI · Reconciliation of net assets −$564,019 net assets at year end
XI-1 Total revenue$7,910,910
XI-2 Total expenses$7,539,545
XI-3 Revenue less expenses$371,365
XI-4 Net assets at start of year−$782,378
XI-9 Other changes in net assets−$153,006
XI-10 Net assets at end of year−$564,019

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

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