Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1d · Related organizations

  $249,345

• 1e · Government grants (contributions)

  $1,054,421

• 1f · All other contributions, gifts and grants

  $1,780,857

• 2a · Program service revenue: ADMINISTRATIVE SERVICE

  total $1,046,264 · related or exempt $1,046,264

• 2b · Program service revenue: PROJECT REVENUE

  total $34,000 · related or exempt $34,000

• 3 · Investment income

  total $13,948 · excluded $13,948

• 11a · Other revenue: MISCELLANEOUS REVENUE

  total $17,584 · excluded $17,584

• 11e · Other revenue, total

  $17,584

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $1,153,105 · program services $934,316 · management and general $218,789

• 7 · Other salaries and wages

  total $2,563,017 · program services $2,076,718 · management and general $486,299

• 8 · Pension plan contributions

  total $315,821 · program services $248,593 · management and general $67,228

• 9 · Other employee benefits

  total $250,931 · program services $197,516 · management and general $53,415

• 10 · Payroll taxes

  total $282,098 · program services $222,049 · management and general $60,049

• 11b · Fees: legal

  total $12,424 · management and general $12,424

• 11c · Fees: accounting

  total $131,903 · management and general $131,903

• 11g · Fees: other

  total $1,262,286 · program services $1,140,616 · management and general $121,670

• 13 · Office expenses

  total $169,905 · program services $145,828 · management and general $24,077

• 14 · Information technology

  total $284,158 · program services $244,219 · management and general $39,939

• 16 · Occupancy

  total $135,833 · program services $113,348 · management and general $22,485

• 17 · Travel

  total $183,217 · program services $151,681 · management and general $31,536

• 22 · Depreciation, depletion and amortization

  total $25,895 · program services $20,500 · management and general $5,395

• 24a · Other expenses: MEMBERSHIP/DUES

  total $257,113 · program services $174,718 · management and general $82,395

• 24b · Other expenses: PROFESSIONAL DEVELOPMEN

  total $106,316 · program services $84,217 · management and general $22,099

• 24c · Other expenses: STRATEGIES & STUDIES

  total $30,000 · program services $30,000

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $223,594 · end of year $223,656

• 2 · Savings and temporary cash investments

  beginning of year $2,425,057 · end of year $1,241,861

• 3 · Pledges and grants receivable

  beginning of year $4,684,041 · end of year $3,262,006

• 9 · Prepaid expenses and deferred charges

  beginning of year $137,995 · end of year $195,446

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

  $247,562

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

  $199,049

• 10c · Land, buildings and equipment, net

  beginning of year $69,374 · end of year $48,513

• 15 · Other assets

  beginning of year $346,799 · end of year $140,704

• 17 · Accounts payable and accrued expenses

  beginning of year $807,559 · end of year $1,109,100

• 25 · Other liabilities

  beginning of year $241,860 · end of year $133,248

• 27 · Net assets without donor restrictions

  beginning of year $2,699,216 · end of year $2,016,504

• 28 · Net assets with donor restrictions

  beginning of year $4,138,225 · end of year $1,853,334

The filer's explanations (Part III)

PART I, LINE 1A

THE DETROIT ATHLETIC CLUB (DAC) MEMBERSHIP HELD BY OUR CEO IS INTEGRAL TO THE BUSINESS OPERATIONS OF THE DETROIT REGIONAL PARTNERSHIP FOUNDATION. THE DAC'S CENTRAL LOCATION AND HIGH-QUALITY FACILITIES ARE LEVERAGED TO FACILITATE CRITICAL CLIENT, PARTNER, AND EVENT HOSTING ACTIVITIES THAT ARE CENTRAL TO OUR CORE BUSINESS OF REGIONAL ECONOMIC DEVELOPMENT AND BUSINESS ATTRACTION. THIS MEMBERSHIP PROVIDES OUR CEO AND STAFF WITH A PROFESSIONAL VENUE TO ENGAGE WITH LOCAL PARTNERS, STAKEHOLDERS, AND POTENTIAL BUSINESS PROSPECTS, AS WELL AS TO HOST EVENTS THAT ALIGN WITH OUR ORGANIZATIONAL MISSION. THE DAC MEMBERSHIP IS EXCLUSIVELY USED FOR BUSINESS PURPOSES AND IS ESSENTIAL FOR ADVANCING OUR STRATEGIC GOALS. THEREFORE, THE ASSOCIATED COSTS ARE APPROPRIATELY CLASSIFIED AS A BUSINESS EXPENSE.