Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $2,310,859

• 1f · All other contributions, gifts and grants

  $3,180,355

• 2a · Program service revenue: CHAMBER MEMBERSHIP FEE

  total $324,846 · related or exempt $324,846

• 2b · Program service revenue: OTHER PROGRAM SERVICES

  total $196,877 · related or exempt $196,877

• 2c · Program service revenue: STATE OF ECONOMIC DEVELOPMENT

  total $191,278 · related or exempt $191,278

• 2d · Program service revenue: OTHER CONTRACTS/GRANTS

  total $20,717 · related or exempt $20,717

• 3 · Investment income

  total $71,439 · excluded $71,439

• 6a · Gross rents

  real property $25,742

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $25,742

• 6d · Net rental income or loss

  total $25,742 · excluded $25,742

• 7a · Gross sales of assets other than inventory

  other assets $3,700,000

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

  other assets $3,194,669

• 7c · Gain or loss

  other assets $505,331

• 7d · Net gain or loss

  total $505,331 · excluded $505,331

• 11a · Other revenue: REBATES & REIMBURSEMENTS

  total $2,279 · excluded $2,279

• 11e · Other revenue, total

  $2,279

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $1,689,653 · program services $1,689,653

• 5 · Compensation of officers, directors and key employees

  total $1,185,373 · program services $588,989 · management and general $499,670 · fundraising $96,714

• 7 · Other salaries and wages

  total $1,023,418 · program services $508,517 · management and general $431,401 · fundraising $83,500

• 8 · Pension plan contributions

  total $78,113 · program services $38,813 · management and general $32,927 · fundraising $6,373

• 9 · Other employee benefits

  total $260,463 · program services $129,419 · management and general $109,793 · fundraising $21,251

• 10 · Payroll taxes

  total $171,468 · program services $85,199 · management and general $72,279 · fundraising $13,990

• 11b · Fees: legal

  total $21,444 · program services $15,367 · management and general $6,077

• 11c · Fees: accounting

  total $53,391 · management and general $53,391

• 11d · Fees: lobbying

  total $8,418 · program services $8,418

• 11f · Fees: investment management

  total $17,882 · program services $8,885 · management and general $7,538 · fundraising $1,459

• 11g · Fees: other

  total $196,057 · program services $183,591 · management and general $12,466

• 12 · Advertising and promotion

  total $136,549 · management and general $136,549

• 13 · Office expenses

  total $71,432 · management and general $71,432

• 14 · Information technology

  total $102,761 · management and general $102,761

• 16 · Occupancy

  total $344,349 · program services $171,100 · management and general $145,153 · fundraising $28,096

• 17 · Travel

  total $41,256 · program services $30,026 · management and general $7,979 · fundraising $3,251

• 19 · Conferences, conventions and meetings

  total $463,422 · program services $399,597 · management and general $22,016 · fundraising $41,809

• 20 · Interest

  total $5,216 · program services $4,248 · management and general $968

• 22 · Depreciation, depletion and amortization

  total $95,338 · program services $13,599 · management and general $81,739

• 23 · Insurance

  total $17,207 · management and general $17,207

• 24a · Other expenses: DUES AND MEMBERSHIPS

  total $41,953 · program services $22,608 · management and general $19,345

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $2,620,160 · end of year $3,591,404

• 3 · Pledges and grants receivable

  beginning of year $4,417,131 · end of year $2,543,252

• 4 · Accounts receivable

  beginning of year $140,828 · end of year $141,805

• 7 · Other notes and loans receivable

  beginning of year $96,327 · end of year $149,437

• 9 · Prepaid expenses and deferred charges

  beginning of year $142,333 · end of year $157,618

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

  $638,242

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

  $320,211

• 10c · Land, buildings and equipment, net

  beginning of year $3,596,001 · end of year $318,031

• 11 · Investments: publicly traded securities

  beginning of year $32 · end of year $31

• 15 · Other assets

  beginning of year $2,609,239 · end of year $2,305,264

• 17 · Accounts payable and accrued expenses

  beginning of year $242,914 · end of year $208,994

• 18 · Grants payable

  beginning of year $2,475,439 · end of year $690,856

• 19 · Deferred revenue

  beginning of year $910,212 · end of year $1,291,500

• 23 · Secured mortgages and notes payable

  beginning of year $3,475,856 · end of year $0

• 25 · Other liabilities

  beginning of year $2,758,395 · end of year $2,451,697

• 27 · Net assets without donor restrictions

  beginning of year $2,962,635 · end of year $4,052,060

• 28 · Net assets with donor restrictions

  beginning of year $796,600 · end of year $511,735

The filer's explanations (Part III)

PART I, LINE 1A

ALL KEY EMPLOYEES LISTED ON FORM 990, PART VII RECEIVE THE HEALTH CLUB DUES BENEFIT. THIS IS TREATED AS TAXABLE COMPENSATION.

PART I, LINE 7

THE BONUS FOR THE CEO IS BASED ON PERFORMANCE AT DISCRETION OF THE PEOPLE & COMPENSATION COMMITTEE AND APPROVED BY THE BOARD. THE BONUSES FOR THE REMAINDER OF THE TEAM ARE BASED ON PERFORMANCE AT THE DISCRETION OF THE CEO.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• SOUTHWEST MICHIGAN PARTNERSHIPS LLC

  ECONOMIC DEVELOPMENT · MI · income $0 · assets $0

  Directly controlled by SOUTHWEST MICHIGAN FIRST CORP

• SOUTHWEST MICHIGAN BUILDINGS LLC

  ECONOMIC DEVELOPMENT · MI · income $505,331 · assets $0

  Directly controlled by SOUTHWEST MICHIGAN FIRST CORP

• MICHIGAN MEDICAL DEVICE ACCELERATOR

  ECONOMIC DEVELOPMENT · MI · income $0 · assets $0

  Directly controlled by SOUTHWEST MICHIGAN FIRST CORP

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• CONSULTANT CONNECT

  C · CONSULTING · MI · 100% owned · share of income $2,834,174 · share of assets $1,811,272 · controlled entity

  Directly controlled by SOUTHWEST MICHIGAN FIRST CORP