Michigan Community Capital
- Assets
- $78.0m
- Revenue
- $4.4m
- Investments
- $16.2k
- Employees
- 27
- Location
- Lansing, MI
- Founding
- 09/2004
- Data as of
- 12/2022
- EIN
- 33-1068719
Organization Overview
Michigan Community Capital is located in Lansing, MI. The organization was established in 2004. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Michigan Community Capital employed 27 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Michigan Community Capital 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 12/2022, Michigan Community Capital generated $4.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 29.5% each year . All expenses for the organization totaled $6.0m during the year ending 12/2022. While expenses have increased by 38.7% 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.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF MICHIGAN COMMUNITY CAPITAL IS TO PROVIDE LOW-COST, FLEXIBLE FINANCIAL PRODUCTS COUPLED WITH ADVISORY SERVICES TO CREATE AND PRESERVE AFFORDABLE HOUSING AND INVEST IN JOB-CREATING, COMMUNITY-DRIVEN ECONOMIC DEVELOPMENT PROJECTS FOR THE BENEFIT OF LOW-AND MODERATE INCOME RESIDENTS AND COMMUNITIES IN MICHIGAN.
Describe the Organization's Program Activity:
FACILITATING AND MANAGING ALL NMTC INVESTMENTS
FACILITATING AND MANAGING INVESTMENTS IN AFFORDABLE HOUSING AND OTHER NON-NMTC COMMUNITY DEVELOPMENT PROJECTS
PROVIDING SUPPORT AND ADVISORY SERVICES TO OTHER COMMUNITY DEVELOPMENT ORGANIZATIONS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric Hanna President & Ceo; Director | OfficerTrustee | 45 | $225,426 |
Mark Morante Chairperson | OfficerTrustee | 1 | $0 |
Mary King Vice Chairperson | OfficerTrustee | 1 | $0 |
Jamie Schriner Treasurer | OfficerTrustee | 1 | $0 |
Richard Hosey Secretary | OfficerTrustee | 1 | $0 |
Karl Dorshimer Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mcshane Bowie Legal Services | 12/30/22 | $220,644 |
Dk Design Group Architect Services | 12/30/22 | $434,134 |
Sb Friedman Development Advisors Llc Consulting Services | 12/30/22 | $762,250 |
Plante Moran Accounting & Consulting Services | 12/30/22 | $115,335 |
Craftsman Technology Group It Consulting Services | 12/30/22 | $204,911 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $752,079 |
| All other contributions, gifts, grants, and similar amounts not included above | $688,716 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,440,795 |
| Total Program Service Revenue | $3,944,254 |
| Investment income | $197,957 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,210,702 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,447,895 |
| 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. | $1,591,647 |
| Compensation of current officers, directors, key employees. | $159,165 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $87,619 |
| Other employee benefits | $146,211 |
| Payroll taxes | $129,154 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $129,561 |
| Fees for services: Accounting | $119,537 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,137,110 |
| Advertising and promotion | $0 |
| Office expenses | $196,303 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $662,119 |
| Travel | $58,206 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,366 |
| Interest | $643,267 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,043,849 |
| Insurance | $85,501 |
| All other expenses | $985 |
| Total functional expenses | $6,040,435 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,017,770 |
| Savings and temporary cash investments | $702,807 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,005,405 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $10,759,763 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $209,443 |
| Net Land, buildings, and equipment | $37,468,838 |
| Investments—publicly traded securities | $2,052,768 |
| Investments—other securities | $16,249 |
| Investments—program-related | $17,631,585 |
| Intangible assets | $0 |
| Other assets | $7,130,095 |
| Total assets | $77,994,723 |
| Accounts payable and accrued expenses | $132,377 |
| Grants payable | $0 |
| Deferred revenue | $119,174 |
| 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 | $44,364,223 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $15,696,995 |
| Total liabilities | $60,312,769 |
| Net assets without donor restrictions | $14,907,517 |
| Net assets with donor restrictions | $2,774,437 |
| 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 | $77,994,723 |