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Nonprofiteer
← ROCKET GIVING FUND

Form 990 for tax year 2022

Filed by ROCKET GIVING FUND.

This return was superseded by a later amendment. matched by us It is kept because history is preserved rather than replaced.

What the amendment changed

Compared with the latest return for 2022 , filed 14 August 2024. matched by us Only the Part I totals and the names listed in Part VII are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Total revenue
$14,851,439 changed to $13,343,306
Total expenses
$13,350,664 changed to $14,749,530
Contributions and grants received
$786,175 changed to $846,631
Grants paid
$123,098 changed to $1,591,886
Program service revenue
$14,065,264 changed to $12,496,675
Total assets, end of year
$5,751,041 changed to $3,083,441
Total liabilities, end of year
$5,440,025 changed to $4,178,649
Net assets or fund balances, end of year
$311,016 changed to -$1,095,208
Program services expenses
$12,088,241 changed to $13,399,995
Management and general expenses
$1,262,423 changed to $1,349,535
Program service expenses (Part III)
$12,088,241 changed to $13,399,995

Listed only on the earlier return

  • Julie Booth

Listed only on the later return

  • Brian Brown
  • Jeff Morganroth
  • Larry Alexander
  • Nic Barlage

Listed under a different title

  • Alexis Wiley: MEMBER then DIRECTOR
  • Angelo Vitale: MEMBER then DIRECTOR - PART YEAR
  • Jason Langwell: MEMBER then DIRECTOR
  • Jason Tinsley: MEMBER then DIRECTOR
  • Jay Farner: PRESIDENT then PRESIDENT - PART YEAR
  • Laura Grannemann: MEMBER then DIRECTOR
  • Marvin Beatty: MEMBER then DIRECTOR
  • Matthew Rizik: VICE TREASURER then TREASURER
  • Mike Tririco: MEMBER then DIRECTOR
  • Trina Scott: MEMBER then DIRECTOR
  • William Emerson: MEMBER then PRESIDENT

Totals

Total revenue
$14,851,439
Total expenses
$13,350,664
Contributions and grants received
$786,175
Grants paid
$123,098
Program service revenue
$14,065,264
Investment income
$0
Other revenue
$0
Total assets, end of year
$5,751,041
Total liabilities, end of year
$5,440,025
Net assets or fund balances, end of year
$311,016
Program services expenses (Part IX)
$12,088,241
Management and general expenses
$1,262,423
Fundraising expenses
$0
Program service expenses (Part III)
$12,088,241

Program services were 90.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $786,175

  • 2a · Program service revenue: ROCKET MORTGAGE CLASSIC

    total $14,065,264 · related or exempt $14,065,264

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $123,098 · program services $123,098

  • 11g · Fees: other

    total $656,384 · program services $384,269 · management and general $272,115

  • 12 · Advertising and promotion

    total $1,635,675 · program services $777,442 · management and general $858,233

  • 13 · Office expenses

    total $1,365,799 · program services $1,350,208 · management and general $15,591

  • 16 · Occupancy

    total $589,553 · program services $535,346 · management and general $54,207

  • 17 · Travel

    total $207,535 · program services $176,828 · management and general $30,707

  • 24a · Other expenses: TOURNAMENT BUILDOUT

    total $5,350,377 · program services $5,350,377

  • 24b · Other expenses: FOOD & BEVERAGES

    total $1,822,042 · program services $1,790,472 · management and general $31,570

  • 24c · Other expenses: PARKING

    total $1,060,890 · program services $1,060,890

  • 24d · Other expenses: TENTS

    total $317,216 · program services $317,216

  • 24e · All other expenses

    total $222,095 · program services $222,095

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,292,035 · end of year $627,046

  • 3 · Pledges and grants receivable

    beginning of year $111,000 · end of year $553,493

  • 4 · Accounts receivable

    beginning of year $985,996 · end of year $4,187,198

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $65,702

  • 9 · Prepaid expenses and deferred charges

    beginning of year $48,825 · end of year $0

  • 10a · Land, buildings and equipment: cost or other basis

    $421,343

  • 10b · Land, buildings and equipment: accumulated depreciation

    $103,741

  • 10c · Land, buildings and equipment, net

    beginning of year $152,349 · end of year $317,602

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,668,295 · end of year $5,278,675

  • 18 · Grants payable

    beginning of year $914,828 · end of year $25,000

  • 19 · Deferred revenue

    beginning of year $1,196,841 · end of year $136,350

  • 27 · Net assets without donor restrictions

    beginning of year -$1,189,759 · end of year $311,016

Mission and programs · 2022

Mission

THE ROCKET GIVING FUND'S MISSION IS TO HOST A WORLD-CLASS PGA TOUR EVENT WHILE SIMULTANEOUSLY BENEFITING THE DETROIT COMMUNITY. THE ORGANIZATION'S PRIMARY FUNDRAISING ACTIVITY IS THE ROCKET MORTGAGE CLASSIC, DETROIT'S ANNUAL PGA TOUR EVENT. THE NET PROCEEDS REALIZED BY THE EVENT AND OTHER SUCH ACTIVITIES AND EVENTS WILL GO BACK TO THE DETROIT COMMUNITY THROUGH INVESTMENTS RELATED TO VETERANS AND THEIR FAMILIES, EDUCATION AND OPPORTUNITIES FOR LEARNING, AND NEIGHBORHOOD ENHANCEMENT. WHERE POSSIBLE, THE ORGANIZATION WILL WORK IN PARTNERSHIP WITH OTHER CHARITABLE ORGANIZATIONS TO MAXIMIZE COMMUNITY IMPACT. THE ROCKET GIVING FUND IS A 501C3 ORGANIZATION.

Activities or mission (Part I)

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.

  • 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. THE CORPORATION WILL OPERATE ALL ASPECTS OF THE GOLF TOURNAMENT INCLUDING THE PLANNING, PREPARATION AND HOSTING. THE GOLF TOURNAMENT AND RELATED ACTIVITIES WILL SERVE AS THE PRIMARY FUNDRAISING ACTIVITY IN SUPPORT OF THE CORPORATION'S MISSION. FUNDING WILL ALSO BE GENERATED THROUGH EVENT SPONSORSHIPS, MERCHANDISE SALES AND DONOR GIFTS TO THE CORPORATION THROUGH FUNDRAISING EFFORTS LEADING UP TO AND DURING THE PGA TOUR GOLF TOURNAMENT AND RELATED EVENTS.

    Expenses $12,088,241 · Grants $123,098 · Revenue $14,065,264

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Jay Farner

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5

  • Julie Booth

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5

  • Matthew Rizik

    VICE TREASURER

    Total calculated
    $0
    Hours/week
    0.5

  • Steve Ogden

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • Marvin Beatty

    MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Laura Grannemann

    MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Jason Langwell

    MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Trina Scott

    MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Jason Tinsley

    MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Mike Tririco

    MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Angelo Vitale

    MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Alexis Wiley

    MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • William Emerson

    MEMBER

    Total calculated
    $0
    Hours/week
    0.5

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

Provenance

Return type
form_990
Tax year
2022
Filed
14 August 2023
IRS schema version
2022v5.0
Source object
202322299349300127

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