Lutheran Homes Of Michigan Foundation
- Assets
- $12.9m
- Revenue
- $2.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Saginaw, MI
- Founding
- 05/2010
- Data as of
- 12/2021
- EIN
- 26-1630687
Organization Overview
Lutheran Homes Of Michigan Foundation, operating under the name Wellspring Lutheran Foundation, is located in Saginaw, MI. The organization was established in 2010. According to its NTEE Classification (L11) the organization is classified as: Single Organization Support, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wellspring Lutheran Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Wellspring Lutheran Foundation generated $2.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 21.8% each year . All expenses for the organization totaled $410.2k during the year ending 12/2021. While expenses have increased by 19.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Wellspring Lutheran Foundation has awarded 19 individual grants totaling $2,334,835. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
MOTIVATED BY CHRIST'S LOVE, WE ENGAGE PEOPLE AS THEY EXPERIENCE AND EMBRACE THEIR GOD-GIVEN POTENTIAL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUPPORT AND COMPLEMENT THE CHRISTIAN, LUTHERAN MISSION AND MINISTRY OF LUTHERAN HOMES OF MICHIGAN, INC. AND ITS RELATED ORGANIZATIONS AND LUTHERAN CHILD & FAMILY SERVICE OF MICHIGAN, INC. THROUGH THE SOLICITATION, RECEIPT, AND DISBURSEMENT OF PHILANTHROPIC AND CHARITABLE FUNDS COLLECTED ON BEHALF OF SERVICES AND PROGRAMS ASSOCIATED WITH LUTHERAN HOMES OF MICHIGAN, INC., DBA WELLSPRING LUTHERAN SERVICES AND LUTHERAN CHILD & FAMILY SERVICE OF MICHIGAN, INC. DBA WELLSPRING LUTHERAN SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David M Gehm President & CEO | OfficerTrustee | 0.67 | $0 |
Ritch Cushway Chairman | OfficerTrustee | 0.2 | $0 |
Pete Bender Treasurer/secretary | OfficerTrustee | 0.2 | $0 |
Sean DE Four Sr. VP And COO - End 3/5/21 | Officer | 0.25 | $0 |
Eric R Musum Vp, Caa And Cto | Officer | 0.08 | $0 |
Albert D Kaul VP Human Resources, Cpo | Officer | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $40,177 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,506,937 |
| Noncash contributions included in lines 1a–1f | $28,963 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,547,114 |
| Total Program Service Revenue | $0 |
| Investment income | $82,086 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $197,686 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,826,886 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $351,730 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $3,500 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $158 |
| Office expenses | $12,472 |
| Information technology | $13,979 |
| Royalties | $685 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $20 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,238 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $410,239 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,643,173 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $77,657 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $4,892 |
| Net Land, buildings, and equipment | $6,167 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,130,592 |
| Total assets | $12,862,481 |
| Accounts payable and accrued expenses | -$960 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $57,172 |
| Total liabilities | $56,212 |
| Net assets without donor restrictions | $1,118,012 |
| Net assets with donor restrictions | $11,688,257 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $12,862,481 |
Grants Awarded
Over the last fiscal year, Lutheran Homes Of Michigan Foundation has awarded $351,655 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Saginaw, MI PURPOSE: GENERAL SUPPORT | $345,058 |
Saginaw, MI PURPOSE: GENERAL SUPPORT | $6,597 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lutheran Homes Of Michigan Foundation has recieved totaling $15,000.
| Awarding Organization | Amount |
|---|---|
Community Foundation For Southeast Michigan Detroit, MI PURPOSE: COVID-19 RESPONSE EFFORTS | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Indiana Senior Housing Health Care Properties Inc Bloomington, IN | $38,938,663 | $24,270,450 |
The Uwm Real Estate Foundation Inc Milwaukee, WI | $83,241,635 | $5,703,376 |
Ohio Capital Impact Corporation Columbus, OH | $12,020,357 | $5,228,478 |
Blugold Real Estate Foundation Inc Eau Claire, WI | $54,871,317 | $5,562,467 |
Midland Kings Daughters Endowment Fund Midland, MI | $40,124,974 | $3,481,045 |
Cedar Village Foundation Cincinnati, OH | $22,623,541 | $1,028,464 |
Glacier Hills Foundation Ann Arbor, MI | $15,415,719 | $1,434,969 |
Lutheran Homes Of Michigan Foundation Saginaw, MI | $12,862,481 | $2,826,886 |
Holie Vii Inc Mequon, WI | $2,106,301 | $274,557 |
Community Development Alternatives Inc Prairie Du Chien, WI | $1,232,003 | $240,505 |
Northport Movin Out Inc Madison, WI | $1,296,580 | $88,718 |
Ideafor Inc Cincinnati, OH | $6,209,788 | $109,737 |