Matthew And Karen Cullen Family Foundation
- Assets
- $7.4m
- Revenue
- -$605.2k
- Investments
- $6.1m
- Employees
- 0
- Location
- Detroit, MI
- Founding
- 07/2018
- Data as of
- 12/2021
- EIN
- 82-3802146
Organization Overview
Matthew And Karen Cullen Family Foundation is located in Detroit, MI. The organization was established in 2018. According to its NTEE Classification (T11) the organization is classified as: Single Organization Support, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Matthew And Karen Cullen Family Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION WAS ESTABLISHED IN 2017 AS A SUPPORTING ORGANIZATION OF THE COMMUNITY FOUNDATION FOR SOUTHEAST MICHIGAN. IT WAS FUNDED IN 2018, AND RENAMED AS THE MATTHEW AND KAREN CULLEN FAMILY FOUNDATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FOUR GRANTS WERE MADE TO TAX-EXEMPT CHARITABLE ORGANIZATIONS TO SUPPORT CHARITABLE ACTIVITIES PRIMARILY IN SOUTHEAST MICHIGAN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthew P Cullen Chair | OfficerTrustee | 0.5 | $0 |
Mariam C Noland Director, President And Se | OfficerTrustee | 0.5 | $0 |
Karen A Cullen Vice Chair | OfficerTrustee | 0.5 | $0 |
Eric B Larson Treasurer | OfficerTrustee | 0.5 | $0 |
Jenilyn Norman Vp, Finance And Administra | Officer | 0.5 | $0 |
Reginald M Turner Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $57,933 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$663,144 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | -$605,211 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $85,086 |
| 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 | $0 |
| 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 | $26,499 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $111,585 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $1,188,884 |
| Investments—other securities | $6,062,349 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $111,858 |
| Total assets | $7,363,191 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $160,086 |
| 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 | $0 |
| Total liabilities | $160,086 |
| Net assets without donor restrictions | $7,203,105 |
| 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 | $7,363,191 |
Grants Awarded
Over the last fiscal year, Matthew And Karen Cullen Family Foundation has awarded $85,086 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
Detroit, MI PURPOSE: SUPPORT FOR A LEADERSHIP, ENTREPRENEURIAL THINKING, COMMUNITY SERVICE & COLLEGE READINESS PROGRAM FOR DETROIT YOUTH | $25,000 |
Detroit, MI PURPOSE: SUPPORT FOR EXPANDED ARTS PROGRAMMING | $25,000 |
Bingham Farms, MI PURPOSE: SUPPORT FOR A PROGRAM TO PROVIDE SKILLS, MENTORING & COACHING FOR NAVIGATING FROM POST-SECONDARY EDUCATION TO CAREERS | $20,000 |
Detroit, MI PURPOSE: GENERAL OPERATIONS | $15,086 |
Endowment Analysis
| Beg. Balance | $7,593,217 |
| Earnings | -$278,527 |
| Admin Expense | $26,499 |
| Grants | $85,086 |
| Ending Balance | $7,203,105 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Gift Clearing Trust Indianapolis, IN | $47,036,280 | $91,256,862 |
Jack Joseph And Morton Mandel Supporting Foundation Cleveland, OH | $3,137,744,612 | $304,643,754 |
L Brands Foundation Columbus, OH | $10,808,234 | $42,020,639 |
Sojourner Foundation Inc Milwaukee, WI | $5,493,853 | $4,205,530 |
Siemer Institute Columbus, OH | $21,924,276 | $13,963,015 |
David And Inez Myers Foundation Cleveland, OH | $231,370,323 | $1,575,245 |
Block 3 Community Urban Redevelopment Corporation Cincinnati, OH | $43,753,173 | $7,948,144 |
Sally And John Morley Family Fund Cleveland, OH | $0 | $0 |
Foundation For The Uptown Reinvestment Corporation Flint, MI | $1,872,223 | $6,455,012 |
Dayton Foundation Plus Inc Dayton, OH | $83,505,101 | $9,971,050 |
Jcgf Charitable Tr Cincinnati, OH | $1,841,285 | $5,857,978 |
West Bend Community Foundation Inc Milwaukee, WI | $79,149,428 | $10,575,689 |