Michigan Community Capital
- Assets
- $46.9m
- Revenue
- $3.7m
- Investments
- $6.0k
- Employees
- 19
- Location
- Lansing, MI
- Founding
- 09/2004
- Data as of
- 12/2020
- 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 12/2021, Michigan Community Capital employed 19 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 12/2020, Michigan Community Capital generated $3.7m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 31.4% each year . All expenses for the organization totaled $2.7m during the year ending 12/2020. While expenses have increased by 28.3% per year over the past 6 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
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:
Part 3 - Line 4a
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 | $203,266 |
Adrianne Jenkins CFO / COO | Officer | 45 | $146,000 |
Marilyn Crowley Vice President Of Development | Officer | 45 | $130,815 |
Elisabeth Alexandrian Vice President Of Compliance | Officer | 45 | $105,836 |
Mary King Vice Chairperson | OfficerTrustee | 1 | $0 |
Jamie Schriner Treasurer | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sb Friedman Development Advisors Llc Consulting Services | 12/30/21 | $675,000 |
Triterra Environmental Services | 12/30/21 | $182,641 |
Kraemer Design Group Llc Architecture Services | 12/30/21 | $264,982 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $649,600 |
| All other contributions, gifts, grants, and similar amounts not included above | $303,182 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $952,782 |
| Total Program Service Revenue | $2,531,161 |
| Investment income | $309,180 |
| 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 | $3,737,937 |
| 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. | $567,318 |
| Compensation of current officers, directors, key employees. | $56,732 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $39,943 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $71,665 |
| Fees for services: Accounting | $68,616 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,161,683 |
| Advertising and promotion | $16,473 |
| Office expenses | $41,234 |
| Information technology | $32,952 |
| Royalties | $0 |
| Occupancy | $65,985 |
| Travel | $11,094 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,884 |
| Interest | $380,225 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $155,514 |
| Insurance | $27,466 |
| All other expenses | $0 |
| Total functional expenses | $2,728,877 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,611,857 |
| Savings and temporary cash investments | $500,004 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,010,250 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $14,391,195 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $15,808 |
| Net Land, buildings, and equipment | $13,512,900 |
| Investments—publicly traded securities | $1,614,162 |
| Investments—other securities | $6,044 |
| Investments—program-related | $11,507,801 |
| Intangible assets | $0 |
| Other assets | $758,916 |
| Total assets | $46,928,937 |
| Accounts payable and accrued expenses | $366,726 |
| 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 | $37,552,295 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,025,000 |
| Total liabilities | $40,944,021 |
| Net assets without donor restrictions | $5,722,582 |
| Net assets with donor restrictions | $262,334 |
| 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 | $46,928,937 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Michigan Community Capital has recieved totaling $657,000.
| Awarding Organization | Amount |
|---|---|
Charles Stewart Mott Foundation Flint, MI PURPOSE: TO SUPPORT AN ORGANIZATION TO DEVELOP NEW MARKET-RATE HOUSING UNITS IN A STRATEGIC, TIPPING-POINT NEIGHBORHOOD IN A LOW-INCOME COMMUNITY. | $557,000 |
Charles Stewart Mott Foundation Flint, MI PURPOSE: TO BUILD THE CAPACITY OF AN ORGANIZATION IN ORDER TO INCREASE THEIR ABILITY TO SUPPORT HOUSING DEVELOPMENT IN UNDERSERVED COMMUNITIES. | $100,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Visit Indy Inc Indianapolis, IN | $20,981,890 | $14,589,218 |
The Convention And Visitors Bureau Of Greater Cleveland Inc Cleveland, OH | $25,296,918 | $17,425,666 |
Columbus Downtown Development Corporation Columbus, OH | $118,710,723 | $12,117,471 |
Wisconsin Dells Visitor & Convention Bureau Wisconsin Dells, WI | $26,952,168 | $17,110,395 |
Metropolitan Detroit Convention & Vistors Bureau Detroit, MI | $36,765,048 | $14,015,809 |
Detroit Economic Growth Corp Detroit, MI | $7,209,211 | $10,420,774 |
Lawrence Economic Development Corporation South Point, OH | $62,339,240 | $9,945,474 |
Wbd Inc Madison, WI | $14,868,892 | $9,399,155 |
Southwest Michigan First Corporation Kalamazoo, MI | $10,945,070 | $8,560,798 |
Wenonah Park Properties Inc Bay City, MI | $22,411,152 | $7,079,713 |
Applied Research Institute Bloomington, IN | $3,329,526 | $9,074,163 |
Grand Rapids-Kent Cty Convention Center & Vistors Bureau Grand Rapids, MI | $10,130,209 | $9,465,987 |