Michigan Veterans Foundation Inc

Analysis

Michigan Veterans Foundation Inc is a registered charity in United States, based in Detroit, MI. It received its IRS tax-exemption ruling in September 1989, 37 years ago. 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 September 2023, Michigan Veterans Foundation Inc reported income of $1.7m and spending of $2.2m, spending 128% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income fell from $1.9m to $1.7m (-10%), an average of -2.7% a year. The sharpest change came in the year to September 2021, when income rose by 35%. Over the whole period it spent 133% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Michigan Veterans Foundation Inc sits at the 83rd percentile: it is larger than about 83% 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 Hillel the Foundation for Jewish Campus Life ($1.7m), Youth Service Bureau of Jay County Inc ($1.7m) and Boy Scouts of America ($1.7m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 98% and program service revenue 1.6% of the total. Compensation of current officers, directors and key employees was $213k (9.8% of expenses). Other salaries and wages came to $673k. At year end it held assets of $11.8m against liabilities of $36k, net assets of $11.8m. It reported 36 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.