Community Economic Development Association Of Michigan
- Assets
- $2.3m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 66
- Location
- Lansing, MI
- Founding
- 04/1999
- Data as of
- 09/2022
- EIN
- 38-3445097
Organization Overview
Community Economic Development Association Of Michigan is located in Lansing, MI. The organization was established in 1999. 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 09/2022, Community Economic Development Association Of Michigan employed 66 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Community Economic Development Association Of Michigan 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 09/2022, Community Economic Development Association Of Michigan generated $4.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 16.0% each year . All expenses for the organization totaled $3.4m during the year ending 09/2022. While expenses have increased by 14.3% 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 2018, Community Economic Development Association Of Michigan has awarded 12 individual grants totaling $792,790. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
COMMUNITY-BASED ECONOMIC DEVELOPMENT TO REVITALIZE & REBUILD MI COMMUNITIES & NEIGHBORHOODS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE TRAINING PROGRAM IS USED TO TRAIN APPROXIMATELY 500 INDIVIDUALS FROM NON-PROFIT ORGANIZATIONS TO BUILD ORGANIZATIONAL CAPACITY; TRAINING TOPICS OFTEN INCLUDE INTENSIVE AFFORDABLE HOUSING DEVELOPMENT AND FINANCING, NEW ASSET-BUILDING STRATEGIES, AND OTHER COMMUNITY DEVELOPMENT-RELATED TOPICS.
CEDAM MANAGES THE COMMUNITY DEVELOPMENT FELLOWSHIP WITH SUPPORT FROM THE MICHIGAN ECONOMIC DEVELOPMENT CORPORATION (MEDC). FELLOWS ARE PLACED IN COMMUNITIES ENGAGED OR CERTIFIED IN REDEVELOPMENT READY COMMUNITIES (RRC) FOR FIFTEEN MONTHS AND WORK ON A VARIETY OF PROJECTS TO EXPAND ORGANIZATIONAL CAPACITY, INCREASE LOCAL COLLABORATION, AND REMOVE BARRIERS TO DEVELOPMENT.
80,000 AMERICANS USE AMERICORPS NATIONAL COMMUNITY SERVICE PROGRAMS TO GIVE BACK TO THEIR COMMUNITIES EVERY YEAR. DURING THEIR SERVICE, MEMBERS RECEIVE INVALUABLE PROFESSIONAL DEVELOPMENT IN THE NONPROFIT SECTOR, AN EDUCATION AWARD MATCHING THE PELL GRANT AND A LIVING ALLOWANCE.AMERICORPS PROGRAMS DO MORE THAN MOVE COMMUNITIES FORWARD; THEY SERVE THEIR MEMBERS BY CREATING JOBS AND PROVIDING PATHWAYS TO OPPORTUNITY FOR PEOPLE ENTERING THE NONPROFIT FIELD. AMERICORPS PLACES THOUSANDS OF AMERICANS INTO INTENSIVE SERVICE POSITIONS WHERE THEY LEARN VALUABLE WORK SKILLS, EARN MONEY FOR EDUCATION, AND DEVELOP AN APPRECIATION FOR CITIZENSHIP.
THE MICHIGAN EARNED IMPACT COALITION (MEIC) UNITES INDIVIDUALS, ORGANIZATIONS AND LOCAL INITIATIVES COMMITTED TO SUPPORTING TAX CREDIT AND ASSET BUILDING OPPORTUNITIES FOR MICHIGAN FAMILIES THROUGH IMPROVED ACCESS TO FREE, QUALITY, INCOME TAX PREPARATION ASSISTANCE; MICHIGAN COMMUNITIES FOR FINANCIAL EMPOWERMENT (MCFE)IS A NETWORK FOR LOCAL LEADERS WORKING TO INTEGRATE FINANCIAL EMPOWERMENT WITH CORE PUBLIC AND NONPROFIT SERVICES. MCFE MEMBERS HELP MICHIGAN RESIDENTS TO REACH FINANCIAL STABILITY THROUGH FINANCIAL EDUCATION AND COUNSELING, ACCESS TO AFFORDABLE FINANCIAL PRODUCTS AND SERVICES, OPPORTUNITIES TO SAVE AND BUILD WEALTH, AND CONSUMER PROTECTIONS. AS THE HOST ORGANIZATION FOR THE NETWORK, CEDAM PROVIDES MEMBERS TRAINING, TECHNICAL ASSISTANCE AND FUNDING TO DEVELOP AND EXPAND FINANCIAL EMPOWERMENT INITIATIVES IN THEIR COMMUNITIES. CEDAM ALSO LEADS CONSUMER PROTECTIONS ADVOCACY IN THE STATE TO PROTECT MICHIGAN RESIDENTS IN THE FINANCIAL MARKETPLACE.OPICS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Luke Forrest Executive Director | Officer | 40 | $120,960 |
Libby Palackdharry Secretary | OfficerTrustee | 1 | $0 |
Luan Nguyen Secretary (ended In June) | OfficerTrustee | 1 | $0 |
Essence Wilson Vice President | OfficerTrustee | 1 | $0 |
Jeremy Deroo Past President | OfficerTrustee | 1 | $0 |
Rawley Van Fossen Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,555,154 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,593,577 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,148,731 |
| Total Program Service Revenue | $928,199 |
| Investment income | $878 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $12,500 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,096,846 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $717,090 |
| 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. | $174,322 |
| Compensation of current officers, directors, key employees. | $40,094 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,479,207 |
| Pension plan accruals and contributions | $109,946 |
| Other employee benefits | $44,538 |
| Payroll taxes | $131,958 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,636 |
| Fees for services: Lobbying | $14,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $288,205 |
| Advertising and promotion | $3,350 |
| Office expenses | $60,761 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $35,457 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,778 |
| Insurance | $42,914 |
| All other expenses | $30,575 |
| Total functional expenses | $3,430,945 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,434,663 |
| Savings and temporary cash investments | $578,566 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $277,695 |
| 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 | $0 |
| Net Land, buildings, and equipment | $11,386 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,302,310 |
| Accounts payable and accrued expenses | $137,398 |
| Grants payable | $0 |
| Deferred revenue | $244,887 |
| 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 | $0 |
| Total liabilities | $382,285 |
| Net assets without donor restrictions | $1,920,025 |
| 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 | $2,302,310 |
Grants Awarded
Over the last fiscal year, Community Economic Development Association Of Michigan has awarded $710,790 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
Kalamazoo, MI PURPOSE: HOME HEATING CREDIT UPTAKE INITIATIVE | $166,450 |
Traverse City, MI PURPOSE: HOME HEATING CREDIT UPTAKE INITIATIVE & SHOW ME THE MONEY DAY | $111,450 |
Detroit, MI PURPOSE: HOME HEATING CREDIT UPTAKE INITIATIVE & SHOW ME THE MONEY DAY | $102,450 |
Detroit, MI PURPOSE: HOME HEATING CREDIT UPTAKE INITIATIVE | $101,450 |
Grand Rapids, MI PURPOSE: HOME HEATING CREDIT UPTAKE INITIATIVE | $69,090 |
Jackson, MI PURPOSE: HOME HEATING CREDIT UPTAKE INITIATIVE | $68,450 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Community Economic Development Association Of Michigan has recieved totaling $381,000.
| Awarding Organization | Amount |
|---|---|
Consumers Energy Foundation Jackson, MI PURPOSE: REDUCING MICHIGAN'S ALICE RATE THROUGH INCLUSIVE ECONOMIC INITIATIVES | $100,000 |
Ford Foundation New York, NY PURPOSE: GENERAL SUPPORT | $100,000 |
National Low Income Housing Coalition And Low Income Housing Washington, DC PURPOSE: $80K HOUSED | $80,000 |
Charles Stewart Mott Foundation Flint, MI PURPOSE: TO BROADEN THE IMPLEMENTATION OF CHILDREN'S SAVINGS ACCOUNTS IN MICHIGAN. | $75,000 |
Service Year Exchange Inc Washington, DC PURPOSE: INCREASING SERVICE YEARS AS A TALENT PIPELINE FOR LOCAL WORKFORCE DEVELOPMENT NEEDS IN DETROIT, MICHIGAN | $15,000 |
Center For Responsible Lending Durham, NC PURPOSE: Assistance to combat predatory lending | $11,000 |
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 |