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← MSUFCU DESK DRAWER FOUNDATION

Form 990 for tax year 2023

Filed by MSUFCU DESK DRAWER FOUNDATION.

Totals

Total revenue
$3,201,547
Total expenses
$658,488
Contributions and grants received
$3,151,811
Grants paid
$605,213
Program service revenue
$0
Investment income
$0
Other revenue
$49,736
Total assets, end of year
$2,670,368
Total liabilities, end of year
$11,651
Net assets or fund balances, end of year
$2,658,717
Program services expenses (Part IX)
$605,213
Management and general expenses
$53,275
Fundraising expenses
$0
Program service expenses (Part III)
$605,213

Program services were 91.9% 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.

  • 1d · Related organizations

    $2,775,000

  • 1f · All other contributions, gifts and grants

    $376,811

  • 9a · Gaming: gross income

    $134,760

  • 9b · Gaming: direct expenses

    $85,024

  • 9c · Net income from gaming

    total $49,736 · unrelated business $49,736

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $605,213 · program services $605,213

  • 11b · Fees: legal

    total $36,781 · management and general $36,781

  • 12 · Advertising and promotion

    total $258 · management and general $258

  • 13 · Office expenses

    total $6,709 · management and general $6,709

  • 24a · Other expenses: MISCELLANEOUS EXPENSE

    total $9,527 · management and general $9,527

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $186,107 · end of year $170,368

  • 13 · Investments: program-related

    end of year $2,500,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,276 · end of year $6,456

  • 18 · Grants payable

    beginning of year $53,735 · end of year $0

  • 25 · Other liabilities

    beginning of year $5,438 · end of year $5,195

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $115,658 · end of year $2,658,717

Mission and programs · 2023

Mission

OUR MISSION IS TO EMPOWER MEMBERS, EMPLOYEES, AND OTHER BUSINESSES TO CONTRIBUTE TO A UNIVERSAL WELLBEING BY INVESTING IN OUR LOCAL COMMUNITIES AND HELPING THEM FLOURISH.

  • ARTS & CULTURE: SUPPORTS THEATER, THE VISUAL ARTS, AND ARTISTS TO ESTABLISH AND PROMOTE CREATIVITY. 4 ORGANIZATIONS SERVED.STABLE HOUSING: ENSURES SUPPORT FOR ALL COMMUNITY MEMBERS IN SECURING RELIABLE AND SAFE SHELTER. 7 ORGANIZATIONS SERVED.EMPOWERING YOUTH: REMOVES BARRIERS FOR YOUTH TO SHARE THEIR IDEAS AND EMPOWERS FUTURE LEADERS. 5 ORGANIZATIONS SERVED.FINANCIAL EDUCATION: ENGAGES AND EDUCATES COMMUNITY MEMBERS TO TAKE CHARGE OF THEIR FINANCES. 2 ORGANIZATIONS SERVED.FOSTERING ENTREPRENEURIALISM: EMPOWERS AND EDUCATES ENTREPRENEURS TO DEVELOP SKILLS AND EXPLORE PROGRAMS. 2 ORGANIZATIONS SERVED.

    Expenses $605,213 · Grants $605,213

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

Listed in Part VII

  • Ernest Betts

    CHAIR

    Total calculated
    $0
    Hours/week
    2 + 5 related
  • Angela Brown

    SECRETARY

    Total calculated
    $0
    Hours/week
    2 + 5 related
  • Elliot Daniels

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2 + 5 related
  • Elizabeth Lawrence

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2 + 5 related
  • Diane Ottarson-Landry

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2 + 5 related
  • Daniel Spadafore

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2 + 5 related
  • Dylan Minor

    DIRECTOR - PART YEAR

    Total calculated
    $0
    Hours/week
    2 + 5 related
  • Susanne Elkins

    EXECUTIVE DIRECTOR - PART YEAR

    Total calculated
    $268,161
    From this org
    $0
    From related orgs
    $237,907
    Other
    $30,254
    Hours/week
    8 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $237,907 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $23,791 related
    Nontaxable benefits
    $0 + $6,463 related
    Filer's total
    $0 + $268,161 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

The 10 largest by cash amount. The API serves every itemized grant.

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.

  • MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION

    501(C)(1) · CREDIT UNION · MI

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

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

  • VERTE INVESTMENTS LLC

    C · TO SUPPORT MINORITY INVESTMENT IN REDEVELOPMENT PROJECTS · MI · 100% owned · share of assets $2,500,000 · controlled entity

    Directly controlled by DESK DRAWER FUND

Provenance

Return type
form_990
Tax year
2023
Filed
20 August 2024
IRS schema version
2023v5.1
Source object
202432399349300908

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