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Nonprofiteer
← DETROIT REGIONAL CHAMBER FOUNDATION INC

Form 990 for tax year 2022

Filed by DETROIT REGIONAL CHAMBER FOUNDATION INC.

Totals

Total revenue
$12,220,449
Total expenses
$12,845,129
Contributions and grants received
$11,037,082
Grants paid
$884,420
Program service revenue
$1,153,895
Investment income
$29,472
Other revenue
$0
Total assets, end of year
$5,342,608
Total liabilities, end of year
$65,256
Net assets or fund balances, end of year
$5,277,352
Program services expenses (Part IX)
$11,318,225
Management and general expenses
$1,287,489
Fundraising expenses
$239,415
Program service expenses (Part III)
$11,318,225

Program services were 88.1% 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.

  • 1d · Related organizations

    $1,400,000

  • 1f · All other contributions, gifts and grants

    $9,637,082

  • 2a · Program service revenue: ECONOMIC DEVELOPMENT

    total $778,500 · related or exempt $778,500

  • 2b · Program service revenue: LEADERSHIP DETROIT

    total $341,895 · related or exempt $341,895

  • 2c · Program service revenue: DETROIT PROMISE

    total $26,000 · related or exempt $26,000

  • 2d · Program service revenue: RACIAL JUSTICE AND ECONOMIC EQUIT

    total $7,500 · related or exempt $7,500

  • 3 · Investment income

    total $29,472 · excluded $29,472

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $884,420 · program services $884,420

  • 5 · Compensation of officers, directors and key employees

    total $1,120,830 · program services $840,659 · management and general $240,271 · fundraising $39,900

  • 7 · Other salaries and wages

    total $2,924,244 · program services $2,193,278 · management and general $626,867 · fundraising $104,099

  • 8 · Pension plan contributions

    total $210,666 · program services $172,705 · management and general $30,008 · fundraising $7,953

  • 9 · Other employee benefits

    total $235,830 · program services $193,335 · management and general $33,592 · fundraising $8,903

  • 10 · Payroll taxes

    total $284,294 · program services $225,253 · management and general $49,720 · fundraising $9,321

  • 11g · Fees: other

    total $4,008,996 · program services $3,932,647 · management and general $76,328 · fundraising $21

  • 12 · Advertising and promotion

    total $336,812 · program services $243,652 · management and general $92,659 · fundraising $501

  • 13 · Office expenses

    total $37,220 · program services $20,889 · management and general $15,084 · fundraising $1,247

  • 14 · Information technology

    total $122,159 · program services $54,981 · management and general $66,018 · fundraising $1,160

  • 16 · Occupancy

    total $121,676 · program services $114,282 · management and general $6,366 · fundraising $1,028

  • 17 · Travel

    total $14,550 · program services $12,528 · management and general $1,941 · fundraising $81

  • 19 · Conferences, conventions and meetings

    total $90,245 · program services $71,543 · management and general $16,218 · fundraising $2,484

  • 24a · Other expenses: TUITION EXPENSE

    total $1,740,655 · program services $1,740,655

  • 24b · Other expenses: EVENT PRODUCTION

    total $636,345 · program services $582,369 · management and general $8,227 · fundraising $45,749

  • 24c · Other expenses: OTHER

    total $40,607 · program services $24,456 · fundraising $16,151

  • 24d · Other expenses: COMMUNITY OUTREACH

    total $35,580 · program services $10,573 · management and general $24,190 · fundraising $817

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,385,408 · end of year $1,414,879

  • 4 · Accounts receivable

    beginning of year $4,932,558 · end of year $3,412,684

  • 15 · Other assets

    beginning of year $6,502 · end of year $515,045

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,315 · end of year $7,890

  • 19 · Deferred revenue

    beginning of year $70 · end of year $57,366

  • 25 · Other liabilities

    beginning of year $419,051 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $527,799 · end of year $557,478

  • 28 · Net assets with donor restrictions

    beginning of year $5,374,233 · end of year $4,719,874

Mission and programs · 2022

Mission

DETROIT REGIONAL CHAMBER FOUNDATION, INC. (THE "FOUNDATION") IS DEDICATED TO GROWING PROGRAMS OR INITIATIVES THAT ARE IMPORTANT TO ENSURING THE DETROIT REGION'S ECONOMY IS ONE OF THE FASTEST GROWING IN THE U.S.

Activities or mission (Part I)

DETROIT REGIONAL CHAMBER FOUNDATION, INC (THE "FOUNDATION") IS DEDICATED TO GROWING PROGRAMS OR INITIATIVES THAT ARE IMPORTANT TO ENSURING THE DETROIT REGION'S ECONOMY IS ONE OF THE FASTEST GROWING IN THE U.S.

  • THE DETROIT PROMISE IS THE FOUNDATION'S UMBRELLA SCHOLARSHIP FOR ALL INCOMING COLLEGE STUDENTS, INCLUDING FOUR-YEAR UNIVERSITY STUDENTS FORMALLY ENROLLING THROUGH THE DETROIT COMPACT SCHOLARSHIP PROGRAM. THE DETROIT PROMISE IS A FOUNDATION ADMINISTERED PROGRAM FUNDED BY THE MICHIGAN EDUCATION EXCELLENCE FOUNDATION ("MEEF"), A MICHIGAN NONPROFIT ORGANIZATION. UNDER A MEMORANDUM OF UNDERSTANDING WITH THE MEEF, THE DETROIT PROMISE'S ESSENTIAL RESPONSIBILITY IS TO PROVIDE A LAST-DOLLAR SCHOLARSHIP FOR DETROIT HIGH SCHOOL STUDENTS ENTERING AREA COMMUNITY COLLEGES AND PARTICIPATING FOUR-YEAR UNIVERSITIES. PER STATE OF MICHIGAN STATUTE, THE DPZA IS ALLOCATED A PORTION OF STATE PROPERTY TAXES COLLECTED IN THE CITY OF DETROIT FOR THE EXPRESS PURPOSE OF FUNDING A COLLEGE PROMISE PROGRAM. THE DPZA HAS DESIGNATED THE FOUNDATION AS ITS PARTNER TO ADMINISTER THIS PROGRAM AND USES THE TAX CAPTURE REVENUE TO ALLOCATE FUNDING TO THE FOUNDATION TO FUND THE PROGRAM WITHIN THE STATUTE GUIDELINES.

    Expenses $3,857,220 · Grants $154,837 · Revenue $26,000

  • MICHAUTO IS MICHIGAN'S ONLY AUTOMOTIVE AND MOBILITY CLUSTER ASSOCIATION TO PROTECT, RETAIN, AND GROW MICHIGAN'S SIGNATURE INDUSTRY WHILE ALSO ENSURING THE STATE'S LEADERSHIP IN ADVANCING THE DEVELOPMENT AND MANUFACTURING OF NEXT-GENERATION MOBILITY TECHNOLOGY.

    Expenses $1,691,207

  • THE FOUNDATION LEADS A COMPREHENSIVE EDUCATION AND TALENT PORTFOLIO OF PROGRAM AND POLICY WORK IN THE STATE. WITH THE GOAL TO INCREASE POSTSECONDARY DEGREE ATTAINMENT IN SOUTHEAST MICHIGAN TO 60% BY 2030, THE CHAMBER'S WORK WILL GROW THE TALENT POOL FOR EMPLOYERS.

    Expenses $3,276,247 · Grants $205,515

  • ECONOMIC DEVELOPMENT:THE FOUNDATION'S ECONOMIC PROSPERITY STRATEGY POSITIONS THE DETROIT REGION FOR LONG-TERM GLOBAL COMPETITIVENESS FOR THE NEXT DECADE AND BEYOND. THE WORK IS FUNDED THROUGH CONTRIBUTIONS AND GRANTS FROM CORPORATE DONORS AND PRIVATE PHILANTHROPY. THE STRATEGY IS EXECUTED THROUGH A SERIES OF INITIATIVES ENSURING THE REGION IS EDUCATED, EMPLOYED, HEALTHY, AND LEADING IN NEXT-GENERATION MOBILITY.LEADERSHIP DETROIT:LEADERSHIP DETROIT PROVIDES THE FOUNDATION FOR A LIFELONG COMMITMENT TO LEADERSHIP BY CREATING AWARENESS OF KEY ISSUES THAT AFFECT THE DETROIT REGION AND TO CHALLENGE EMERGING AND EXISTING COMMUNITY LEADERS TO BRING ABOUT POSITIVE CHANGE IN THE COMMUNITY THROUGH INFORMED LEADERSHIP.RACIAL JUSTICE AND ECONOMIC EQUITY:THE FOUNDATION LEVERAGES ITS POSITION AS A COVENER OF BUSINESS TO ENSURE PERVASIVE AND LONG-TERM CHANGE BOTH SOCIETALLY AND ECONOMICALLY. THIS WORK IS ROOTED IN REFLECTIVE FOCUS ON ACCOUNTABILITY INTERNALLY AND EXTERNALLY THROUGH A COMMITMENT TO ENSURING THE REGION'S EQUITABLE FUTURE.

    Expenses $2,493,551 · Grants $524,068 · Revenue $1,127,895

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Sandy K Baruah

    PRESIDENT

    Total calculated
    $642,363
    From this org
    $250,706
    From related orgs
    $376,060
    Other
    $15,597
    Hours/week
    15 + 22.5 related

    Schedule J breakdown matched by us

    Base
    $171,028 + $256,542 related
    Bonus
    $74,878 + $112,318 related
    Other
    $4,800 + $7,200 related
    Deferred
    $3,660 + $5,490 related
    Nontaxable benefits
    $2,579 + $3,868 related
    Filer's total
    $256,945 + $385,418 related

  • Liazbeth Ardisana

    CHAIRMAN OF THE BOARD

    Total calculated
    $0
    Hours/week
    1

  • Richard Rassel

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Bradley Williams

    SECRETARY & EXECUTIVE DIRE

    Total calculated
    $254,438
    From this org
    $103,391
    From related orgs
    $131,589
    Other
    $19,458
    Hours/week
    17 + 20.5 related

    Schedule J breakdown matched by us

    Base
    $86,741 + $110,397 related
    Bonus
    $10,314 + $13,128 related
    Other
    $6,336 + $8,064 related
    Deferred
    $2,792 + $3,554 related
    Nontaxable benefits
    $5,769 + $7,343 related
    Filer's total
    $111,952 + $142,486 related

  • Karen Belans

    TREASURER

    Total calculated
    $382,547
    From this org
    $126,137
    From related orgs
    $234,256
    Other
    $22,154
    Hours/week
    13 + 24.5 related

    Schedule J breakdown matched by us

    Base
    $91,833 + $170,548 related
    Bonus
    $30,608 + $56,844 related
    Other
    $3,696 + $6,864 related
    Deferred
    $3,203 + $5,948 related
    Nontaxable benefits
    $4,551 + $8,452 related
    Filer's total
    $133,891 + $248,656 related

  • Megan Spanitz

    VICE- PRESIDENT, RESOURCE

    Total calculated
    $328,978
    From this org
    $88,348
    From related orgs
    $227,183
    Other
    $13,447
    Hours/week
    11 + 26.5 related

    Schedule J breakdown matched by us

    Base
    $67,105 + $172,557 related
    Bonus
    $18,421 + $47,368 related
    Other
    $2,822 + $7,258 related
    Deferred
    $2,562 + $6,588 related
    Nontaxable benefits
    $1,203 + $3,094 related
    Filer's total
    $92,113 + $236,865 related

  • Glenn Stevens

    VICE- PRESIDENT, AUTOMOTIV

    Total calculated
    $287,721
    From this org
    $279,306
    From related orgs
    $0
    Other
    $8,415
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $223,400
    Bonus
    $44,386
    Other
    $11,520
    Deferred
    $8,415
    Nontaxable benefits
    $0
    Filer's total
    $287,721

  • Tammy Carnrike

    CHIEF OPERATING OFFICER

    Total calculated
    $452,537
    From this org
    $44,043
    From related orgs
    $396,388
    Other
    $12,106
    Hours/week
    4 + 33.5 related

    Schedule J breakdown matched by us

    Base
    $32,959 + $296,635 related
    Bonus
    $10,124 + $91,113 related
    Other
    $960 + $8,640 related
    Deferred
    $915 + $8,235 related
    Nontaxable benefits
    $296 + $2,660 related
    Filer's total
    $45,254 + $407,283 related

  • Gregory Handel

    VICE PRESIDENT, EDUCATION

    Total calculated
    $226,306
    From this org
    $208,695
    From related orgs
    $0
    Other
    $17,611
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $153,774
    Bonus
    $47,721
    Other
    $7,200
    Deferred
    $4,829
    Nontaxable benefits
    $12,782
    Filer's total
    $226,306

  • Jason Jurczyk

    SENIOR DIRECTOR, ACCOUNTIN

    Total calculated
    $190,891
    From this org
    $51,776
    From related orgs
    $120,810
    Other
    $18,305
    Hours/week
    13 + 24.5 related

    Schedule J breakdown matched by us

    Base
    $45,227 + $105,529 related
    Bonus
    $6,549 + $15,281 related
    Other
    $0
    Deferred
    $1,558 + $3,635 related
    Nontaxable benefits
    $3,934 + $9,178 related
    Filer's total
    $57,268 + $133,623 related

  • Wendy Nodge

    SENIOR DIRECTOR, SIGNATURE

    Total calculated
    $208,944
    From this org
    $0
    From related orgs
    $190,309
    Other
    $18,635
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $176,583 related
    Bonus
    $0 + $13,726 related
    Other
    $0
    Deferred
    $0 + $5,724 related
    Nontaxable benefits
    $0 + $12,911 related
    Filer's total
    $0 + $208,944 related

  • James P Connarn

    SENIOR DIRECTOR, MARKETING

    Total calculated
    $165,805
    From this org
    $0
    From related orgs
    $157,140
    Other
    $8,665
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $143,045 related
    Bonus
    $0 + $14,095 related
    Other
    $0
    Deferred
    $0 + $4,306 related
    Nontaxable benefits
    $0 + $4,359 related
    Filer's total
    $0 + $165,805 related

  • Drake A Haynes

    DIRECTOR, INFORMATION TECHNOLOGY

    Total calculated
    $145,080
    From this org
    $12,836
    From related orgs
    $115,522
    Other
    $16,722
    Hours/week
    4 + 33.5 related

    Schedule J breakdown matched by us

    Base
    $11,740 + $105,659 related
    Bonus
    $1,096 + $9,863 related
    Other
    $0
    Deferred
    $387 + $3,479 related
    Nontaxable benefits
    $1,286 + $11,570 related
    Filer's total
    $14,509 + $130,571 related

  • Lori A Shiels

    SENIOR DIRECTOR, ENGAGEMENT AND MEMBERSHIP DEVELOP

    Total calculated
    $142,928
    From this org
    $64,439
    From related orgs
    $64,439
    Other
    $14,050
    Hours/week
    19 + 18.5 related

    Schedule J breakdown matched by us

    Base
    $58,805 + $58,805 related
    Bonus
    $5,634 + $5,634 related
    Other
    $0
    Deferred
    $1,802 + $1,802 related
    Nontaxable benefits
    $5,223 + $5,223 related
    Filer's total
    $71,464 + $71,464 related

  • Amber Arellano

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mike Schmidt

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Matt Friedman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Louis Glazer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John James

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • George Lenyo

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Thomas Linn

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Nancy Moody

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Daniel Ponder

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Robert Riney

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Frank Venegas

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ryan Maibach

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Nico Schultz

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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

  • 1a · First-class or charter travel
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 6b · Pay contingent on a related organization's net earnings

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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 6
THE FOUNDATION ACCRUES BONUS COMPENSATION FOR THE CHIEF EXECUTIVE OFFICER AND OTHER EXECUTIVE MANAGEMENT STAFF BASED ON PREDETERMINED PERCENTAGES THAT HAVE BEEN OUTLINED IN THEIR EMPLOYMENT CONTRACTS OR OTHER EMPLOYMENT MEMOS AND APPROVED BY THE COMPENSATION COMMITTEE. THE FINAL BONUS ELIGIBILITY AND AMOUNT IS BASED ON PERFORMANCE EVALUATIONS AND PERCENTAGES OF GOAL ACHIEVEMENT APPROVED BY THE CEO AND THE COMPENSATION COMMITTEE. PAYOUT OF ANY PERFORMANCE BONUS IS SUBJECT TO OVERALL CONSOLIDATED ORGANIZATIONAL FINANCIAL PERFORMANCE TO ENSURE SUFFICIENT FUNDS AND IS NOT PAID UNTIL THE FINANCIAL RESULTS OF THE FOUNDATION'S SUPPORTED ORGANIZATION, THE DETROIT REGIONAL CHAMBER, ARE DETERMINED AT THE END OF THE FISCAL YEAR. THE BONUSES ARE PAID OUT WITHIN 75 DAYS OF THE END OF THE FISCAL YEAR. FOR THE YEAR ENDED JUNE 30, 2023, THE CEO BONUS WAS APPROVED BY THE COMPENSATION COMMITTEE CHAIR TO BE PAID OUT IN JULY 2023. IF THE BOARD APPROVED BUDGETED NET PERFORMANCE RESULTS OF THE CONSOLIDATED CHAMBER WERE NOT MET, THE BONUS AMOUNTS WOULD BE REDUCED OR ELIMINATED SO AS NOT TO CREATE NEGATIVE NET EARNINGS AS COMPARED TO THE BUDGET FOR THE FOUNDATION. BONUS POOLS FOR THE CEO, EXECUTIVE MANAGEMENT TEAM, AND OTHER EMPLOYEES ARE APPROVED BY THE COMPENSATION COMMITTEE.

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.

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.

  • DETROIT REGIONAL CHAMBER SERVICES INC

    C · AFFINITY SERVICES · MI

  • NATIONAL COMMERCE GROUP

    C · AFFINITY SERVICES · MI

Provenance

Return type
form_990
Tax year
2022
Filed
18 December 2023
IRS schema version
2022v5.0
Source object
202303549349300410

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