M-1 Rail
- Assets
- $60.6m
- Revenue
- $6.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Detroit, MI
- Founding
- 08/2008
- Data as of
- 09/2023
- EIN
- 26-2310566
Organization Overview
M-1 Rail is located in Detroit, MI. The organization was established in 2008. According to its NTEE Classification (W40) the organization is classified as: Public Transportation Systems, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. M-1 Rail 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 09/2023, M-1 Rail generated $6.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $10.9m during the year ending 09/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PLAN, DESIGN, CONSTRUCT, EQUIP, FURNISH, AND OPERATE A PUBLIC TRANSPORTATION SYSTEM
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO OPERATE AND MAINTAIN A STREET RAILWAY, AS ENABLED BY LEGISLATION ADVANCED BY THE STATE OF MICHIGAN
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Roger S Penske Chair And Director | OfficerTrustee | 1 | $0 |
Daniel B Gilbert Vice-Chair And Director | OfficerTrustee | 1 | $0 |
Darrell Burks Treasurer And Director | OfficerTrustee | 1 | $0 |
David Blaszkiewicz Secretary And Director | OfficerTrustee | 1 | $0 |
Matthew P Cullen Chief Executive Officer And Director | OfficerTrustee | 1 | $0 |
George W Jackson Jr Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Brookville Streetcar Maintenance | 9/29/23 | $2,007,456 |
Rauhorn Electronic Electrical Repair Services | 9/29/23 | $320,665 |
Detroit Transportation Company Security Services | 9/29/23 | $764,843 |
Carrier And Gable Asset Construction | 9/29/23 | $281,256 |
Rna Facilities Management Janitorial Services | 9/29/23 | $266,246 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $6,695,483 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,695,483 |
| Total Program Service Revenue | $0 |
| Investment income | $154,864 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,856,847 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $167,692 |
| Compensation of current officers, directors, key employees. | $35,953 |
| Compensation to disqualified persons | $2,400,608 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $348,659 |
| Payroll taxes | $202,187 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $244,586 |
| Fees for services: Accounting | $361,566 |
| Fees for services: Lobbying | $36,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $264,964 |
| Advertising and promotion | $146,013 |
| Office expenses | $54,784 |
| Information technology | $552,372 |
| Royalties | $0 |
| Occupancy | $360,308 |
| Travel | $9,651 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $92,119 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $119,392 |
| Insurance | $965,776 |
| All other expenses | $46,803 |
| Total functional expenses | $10,927,868 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,507,631 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $3,214,613 |
| Accounts receivable, net | $5,000,000 |
| 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 | $85,388 |
| Net Land, buildings, and equipment | $886,492 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $48,915,943 |
| Total assets | $60,610,067 |
| Accounts payable and accrued expenses | $1,049,170 |
| Grants payable | $0 |
| Deferred revenue | $107,770 |
| 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 | $4,529,759 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $5,686,699 |
| Net assets without donor restrictions | $54,923,368 |
| Net assets with donor restrictions | $0 |
| 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 | $60,610,067 |