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Nonprofiteer
← FOUNDATION FOR THE FLINT CULTURAL CENTER

Form 990 for tax year 2023

Filed by FOUNDATION FOR THE FLINT CULTURAL CENTER.

Totals

Total revenue
$5,115,281
Total expenses
$1,122,228
Contributions and grants received
$4,000,000
Grants paid
$960,844
Program service revenue
$0
Investment income
$1,115,281
Other revenue
$0
Total assets, end of year
$48,068,329
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$48,068,329
Program services expenses (Part IX)
$1,017,106
Management and general expenses
$105,122
Fundraising expenses
$0
Program service expenses (Part III)
$1,017,106

Program services were 90.6% 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

    $4,000,000

  • 3 · Investment income

    total $892,374 · excluded $892,374

  • 7a · Gross sales of assets other than inventory

    securities $229,109

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

    securities $6,202

  • 7c · Gain or loss

    securities $222,907

  • 7d · Net gain or loss

    total $222,907 · excluded $222,907

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $960,844 · program services $960,844

  • 11a · Fees: management

    total $55,849 · management and general $55,849

  • 11c · Fees: accounting

    total $11,547 · program services $11,547

  • 11f · Fees: investment management

    total $47,561 · management and general $47,561

  • 11g · Fees: other

    total $20 · management and general $20

  • 13 · Office expenses

    total $44,715 · program services $44,715

  • 23 · Insurance

    total $1,692 · management and general $1,692

Balance sheet

Part X, book values.

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,692 · end of year $1,692

  • 11 · Investments: publicly traded securities

    beginning of year $29,898,422 · end of year $36,088,781

  • 12 · Investments: other securities

    beginning of year $9,716,713 · end of year $11,977,856

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,839 · end of year $0

  • 28 · Net assets with donor restrictions

    beginning of year $39,610,988 · end of year $48,068,329

Mission and programs · 2023

Mission

THE FOUNDATION FOR THE FLINT CULTURAL CENTER IS COMMITTED TO IMPROVING THE QUALITY OF LIFE IN GENESEE COUNTY THROUGH SUPPORT OF THE FLINT CULTURAL CENTER AND ITS VARIOUS ENTITIES. TO ACT ON THIS COMMITMENT, THE FOUNDATION FOR THE FLINT CULTURAL CENTER WILL PROVIDE FINANCIAL SUPPORT TO THE FLINT CULTURAL CENTER CORPORATION, FLINT INSTITUTE OF ARTS, FLINT INSTITUTE OF MUSIC AND COMMUNITY FOUNDATION OF GREATER FLINT.

Activities or mission (Part I)

TO RECEIVE AND ADMINISTER FUNDS AND TO OPERATE EXCLUSIVELY FOR THE BENEFIT OF THE PUBLICLY SUPPORTED ORGANIZATIONS REPORTED IN SCHEDULE A.

  • GRANTS TO SUPPORTED ORGANIZATIONS AND DISTRIBUTIONS FOR PROGRAM-RELATED EXPENSES. THE AMOUNT TO BE SPENT FROM THE ENDOWED FUNDS HAS BEEN STIPULATED BY THE DONOR'S GRANT AGREEMENT, WHICH FOR 2023 WAS 5.0% OF THE AVERAGE FAIR MARKET VALUE OF THE FUNDS OVER THE PREVIOUS TWENTY TRAILING QUARTERS ENDING SEPTEMBER 30TH OF THE IMMEDIATE PRIOR YEAR.

    Expenses $1,017,106 · Grants $960,844

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Sherri Stephens

    CHAIR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • F James Cummins

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Raymond Kelly III

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Lennetta Coney

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Tom Lillie

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michael Melenbrink

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jim Johnson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John Koegel

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Isaiah Oliver

    PRESIDENT AND CEO

    Total calculated
    $215,658
    From this org
    $0
    From related orgs
    $195,608
    Other
    $20,050
    Hours/week
    1 + 42 related

    Schedule J breakdown matched by us

    Base
    $0 + $192,003 related
    Bonus
    $0
    Other
    $0 + $3,605 related
    Deferred
    $0 + $9,812 related
    Nontaxable benefits
    $0 + $10,238 related
    Filer's total
    $0 + $215,658 related

  • Brett Hunkins

    CFO/TREASURER

    Total calculated
    $162,787
    From this org
    $0
    From related orgs
    $153,275
    Other
    $9,512
    Hours/week
    1 + 42 related

    Schedule J breakdown matched by us

    Base
    $0 + $150,361 related
    Bonus
    $0
    Other
    $0 + $2,914 related
    Deferred
    $0 + $7,664 related
    Nontaxable benefits
    $0 + $1,848 related
    Filer's total
    $0 + $162,787 related

  • Mark Miller

    INTERIM PRESIDENT AND CEO

    Total calculated
    $132,692
    From this org
    $0
    From related orgs
    $132,692
    Other
    $0
    Hours/week
    1 + 42 related

  • Kelli Glomski

    SENIOR ACCOUNTANT

    Total calculated
    $121,825
    From this org
    $0
    From related orgs
    $103,339
    Other
    $18,486
    Hours/week
    1 + 42 related

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
COMMUNITY FOUNDATION OF GREATER FLINT, PAYOR OF COMPENSATION FOR ALL OFFICERS, HAD AN INDEPENDENT COMPENSATION STUDY PERFORMED AND PRESENTED TO EXECUTIVE COMMITTEE. EXECUTIVE COMMITTEE APPROVES PRESIDENT/CEO'S SALARY ANNUALLY.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
26 August 2024
IRS schema version
2023v5.1
Source object
202402409349300010

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