Detroit Economic Club

Analysis

Detroit Economic Club is a registered charity in United States, based in Detroit, MI. It received its IRS tax-exemption ruling in January 1942, 84 years ago. Its declared purposes cover social science, which this site groups under arts, culture, heritage and science. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Detroit Economic Club reported income of $1.7m and spending of $1.6m, spending 93% of its income. Across the 5 years on record, from June 2019 to June 2023, income fell from $1.9m to $1.7m (-6.6%), an average of -1.7% a year. The sharpest change came in the year to June 2022, when income rose by 20%. Over the whole period it spent 86% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Detroit Economic Club sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 85th percentile within MI. Charities of a similar size with the same main cause include Florida Arts Inc ($1.7m), Community Arts Project Inc ($1.7m) and Adrienne Arsht Center Foundation Inc ($1.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 84% and program service revenue 11% of the total. Compensation of current officers, directors and key employees was $388k (24% of expenses). Other salaries and wages came to $318k. At year end it held assets of $3.5m against liabilities of $0, net assets of $3.5m. It reported 7 employees.