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Nonprofiteer
← MATTHEW AND KAREN CULLEN FAMILY FOUNDATION

Form 990 for tax year 2024

Filed by MATTHEW AND KAREN CULLEN FAMILY FOUNDATION.

Totals

Total revenue
$1,188,091
Total expenses
$194,949
Contributions and grants received
$0
Grants paid
$140,484
Program service revenue
$0
Investment income
$1,188,091
Other revenue
$0
Total assets, end of year
$7,809,920
Total liabilities, end of year
$115,484
Net assets or fund balances, end of year
$7,694,436
Program services expenses (Part IX)
$140,484
Management and general expenses
$54,465
Fundraising expenses
$0
Program service expenses (Part III)
$140,484

Program services were 72.1% 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.

  • 3 · Investment income

    total $126,069 · excluded $126,069

  • 7a · Gross sales of assets other than inventory

    securities $1,062,022

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

    securities $0

  • 7c · Gain or loss

    securities $1,062,022

  • 7d · Net gain or loss

    total $1,062,022 · excluded $1,062,022

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $140,484 · program services $140,484

  • 11f · Fees: investment management

    total $54,465 · management and general $54,465

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $378 · end of year $406

  • 2 · Savings and temporary cash investments

    beginning of year $122,742 · end of year $234,285

  • 11 · Investments: publicly traded securities

    beginning of year $1,622,210 · end of year $0

  • 12 · Investments: other securities

    beginning of year $5,473,080 · end of year $7,575,229

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 18 · Grants payable

    beginning of year $186,542 · end of year $115,484

  • 27 · Net assets without donor restrictions

    beginning of year $7,031,868 · end of year $7,694,436

Mission and programs · 2024

Mission

THE MATTHEW AND KAREN CULLEN FAMILY FOUNDATION SUPPORTS THE COMMUNITY FOUNDATION FOR SOUTHEAST MICHIGAN (CFSEM) BY SUPPORTING ORGANIZATIONS WHOSE WORK FURTHERS CFSEM'S MISSION. THE COMMUNITY FOUNDATION FOR SOUTHEAST MICHIGAN'S MISSION IS TO BUILD THE RESOURCES, RELATIONSHIPS AND EXPERTISE REQUIRED TO EXPAND EQUITABLE ACCESS TO OPPORTUNITIES ACROSS SOUTHEAST MICHIGAN TO MAKE IT A DESIRABLE PLACE TO LIVE, WORK AND PLAY FOR ALL RESIDENTS, TODAY AND TOMORROW.

Activities or mission (Part I)

THE ORGANIZATION WAS ESTABLISHED IN 2017 AS A SUPPORTING ORGANIZATION OF THE COMMUNITY FOUNDATION FOR SOUTHEAST MICHIGAN. IT WAS FUNDED IN 2018, AND RENAMED AS THE MATTHEW AND KAREN CULLEN FAMILY FOUNDATION.

  • TWO GRANTS WERE MADE TO TAX-EXEMPT CHARITABLE ORGANIZATIONS TO SUPPORT CHARITABLE ACTIVITIES PRIMARILY IN SOUTHEAST MICHIGAN.

    Expenses $140,484 · Grants $140,484

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Richard L Devore

    DIRECTOR, PRESIDENT AND SECRETARY

    Total calculated
    $719,647
    From this org
    $0
    From related orgs
    $654,744
    Other
    $64,903
    Hours/week
    0.5 + 43 related

    Schedule J breakdown matched by us

    Base
    $0 + $644,934 related
    Bonus
    $0
    Other
    $0 + $9,810 related
    Deferred
    $0 + $34,500 related
    Nontaxable benefits
    $0 + $30,403 related
    Filer's total
    $0 + $719,647 related

  • Nicole Sherard-Freeman

    DIRECTOR (START 9/24)

    Total calculated
    $416,036
    From this org
    $0
    From related orgs
    $412,982
    Other
    $3,054
    Hours/week
    0.5 + 40.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $405,779 related
    Bonus
    $0
    Other
    $0 + $7,203 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $3,054 related
    Filer's total
    $0 + $416,036 related

  • Eric B Larson

    TREASURER, DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • Karen A Cullen

    VICE CHAIR, DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Matthew P Cullen

    CHAIR, DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • Reginald M Turner

    DIRECTOR (END 9/24)

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • Jenilyn Norman

    VP, FINANCE AND ADMINISTRATION

    Total calculated
    $315,812
    From this org
    $0
    From related orgs
    $263,812
    Other
    $52,000
    Hours/week
    0.5 + 41.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $263,362 related
    Bonus
    $0
    Other
    $0 + $450 related
    Deferred
    $0 + $26,852 related
    Nontaxable benefits
    $0 + $25,148 related
    Filer's total
    $0 + $315,812 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

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
2024
Filed
17 November 2025
IRS schema version
2024v5.2
Source object
202503219349315055

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