Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $73,905

• 1f · All other contributions, gifts and grants

  $4,351,098

• 1g · Noncash contributions included above

  $366,924

• 3 · Investment income

  total $2,366,831 · excluded $2,366,831

• 7a · Gross sales of assets other than inventory

  securities $2,607,480

• 7b · Less cost or other basis and sales expenses

  securities $2,601,806

• 7c · Gain or loss

  securities $5,674

• 7d · Net gain or loss

  total $5,674 · excluded $5,674

• 8a · Fundraising events: gross income

  $139,222

• 8a · Fundraising events: contributions included on line 1c

  $73,905

• 8b · Fundraising events: direct expenses

  $32,420

• 8c · Net income from fundraising events

  total $106,802 · excluded $106,802

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $4,894,864 · program services $4,894,864

• 11f · Fees: investment management

  total $87,949 · management and general $87,949

• 11g · Fees: other

  total $744,505 · fundraising $744,505

• 13 · Office expenses

  total $2,801 · management and general $2,801

• 17 · Travel

  total $1,306 · management and general $1,306

• 23 · Insurance

  total $32,356 · management and general $32,356

• 24a · Other expenses: SALES TAX EXPENSE

  total $2,496 · management and general $2,496

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $3,278,274 · end of year $1,806,338

• 3 · Pledges and grants receivable

  beginning of year $1,539,642 · end of year $1,838,933

• 9 · Prepaid expenses and deferred charges

  end of year $2,267

• 11 · Investments: publicly traded securities

  beginning of year $59,500,269 · end of year $67,113,710

• 15 · Other assets

  beginning of year $667,088 · end of year $703,105

• 17 · Accounts payable and accrued expenses

  beginning of year $100,425 · end of year $80,224

• 25 · Other liabilities

  beginning of year $2,272,344 · end of year $2,197,155

• 31 · Retained earnings, endowment or other funds

  beginning of year $62,612,504 · end of year $69,186,974

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 3

THE EXECUTIVE DIRECTOR WAS COMPENSATED BY A RELATED ORGANIZATION, AND THEREFORE NONE OF THE LINE 3 BOXES HAVE BEEN CHECKED. THE RELATED ORGANIZATION USED THE FOLLOWING METHODOLOGIES TO ESTABLISH THE COMPENSATION OF THE EXECUTIVE DIRECTOR OF THE FILING ORGANIZATION: COMPENSATION SURVEY OR STUDY AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.

SCHEDULE J, PART III

COMPENSATION IS PAID THROUGH NORTHWESTERN MICHIGAN COLLEGE AND BASED ON COLLEGE POLICIES AND PROCEDURES. THE COLLEGE COMPLETES A BENCHMARKING STUDY TO REVIEW COMPENSATION LEVELS. THIS PROCESS WAS MOST RECENTLY UNDERTAKEN IN 2019.