Michigan Economic Development Foundation

Analysis

Michigan Economic Development Foundation is a registered charity in United States, based in Okemos, MI. It received its IRS tax-exemption ruling in September 1984, 42 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Michigan Economic Development Foundation reported income of $782k and spending of $1.1m, spending 135% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $783k to $782k (-0.1%), an average of +-0.0% a year. The sharpest change came in the year to December 2022, when income rose by 53%. Over the whole period it spent 86% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Michigan Economic Development Foundation sits at the 74th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 76th percentile within MI. Charities of a similar size with the same main cause include Mni Sota Fund ($782k), National Alliance of Community Economic Development Associations ($782k) and Associated Builders and Contractors Eastern Pa Chapter Apprenticeship ($780k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 99% of the total. Compensation of current officers, directors and key employees was $88k (8.3% of expenses). At year end it held assets of $977k against liabilities of $19k, net assets of $958k.