MICHIGAN ECONOMIC DEVELOPMENT FOUN… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1984

Legal Domicile

Principal Officer

REBECCA BAHAR-COOK

Phone

5173749111

Tax Period

2024-01-01 to 2024-12-31

MICHIGAN ECONOMIC DEVELOPMENT FOUNDATION, founded in 1984, is a small nonprofit in the Community Improvement sector that reported $688K in total revenue in fiscal year 2024. Revenue decreased 12% compared to the prior year. Expenses of $758K exceeded revenue, resulting in a 10% operating deficit.

Mission

TO LESSEN THE BURDEN OF THE GOVERNMENT OF THE STATE OF MICHIGAN, TO PROMOTE THE PUBLIC WELFARE, AND TO RELIEVE THE CONDITION OF HIGH UNEMPLOYMENT IN THE STATE OF MICHIGAN.

Program Service Accomplishments

Program 1

Expenses: $453,860

INVESTMENT MISSIONS TO POSITION MICHIGAN AS THE PREMIER LOCATION IN NORTH AMERICA FOR INTERNATIONAL COMPANIES IN TARGETED INDUSTRY SECTORS. THESE MISSIONS ARE CONDUCTED BY KEY ECONOMIC DEVELOPMENT...

INVESTMENT MISSIONS TO POSITION MICHIGAN AS THE PREMIER LOCATION IN NORTH AMERICA FOR INTERNATIONAL COMPANIES IN TARGETED INDUSTRY SECTORS. THESE MISSIONS ARE CONDUCTED BY KEY ECONOMIC DEVELOPMENT OFFICIALS TO TARGET SELECT COMPANIES AND EVENTS ABROAD, INCLUDING SEVEN MISSIONS THAT OCCURED IN 2024.

Program 2

Expenses: $104,748

EDUCATIONAL EVENTS, RECEPTIONS, & CONFERENCES TO PROMOTE ECONOMIC DEVELOPMENT IN MICHIGAN. IN 2024 THESE EVENTS WERE ATTENDED BY MORE THAN 10,000 PARTICIPANTS, INCLUDING BUSINESS REPS AND NATIONAL...

EDUCATIONAL EVENTS, RECEPTIONS, & CONFERENCES TO PROMOTE ECONOMIC DEVELOPMENT IN MICHIGAN. IN 2024 THESE EVENTS WERE ATTENDED BY MORE THAN 10,000 PARTICIPANTS, INCLUDING BUSINESS REPS AND NATIONAL AND INTERNATIONAL AUTOMOTIVE SUPPLIERS.

Program 3

Expenses: $4,035

COLLABORATION WITH OTHER LOCAL AND PRIVATE ENTITIES STRIVING TO ENSURE GROWTH AND PROVIDE AN ECONOMIC BOOST AND ENTERTAINMENT TO LOCAL COMMUNITIES.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $678,500

Program Service Revenue $0

Investment Income $3,209

Other Revenue $6,000

TOTAL REVENUE $687,709

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $112,000

Program Expenses $562,643

Other Expenses $757,753

TOTAL EXPENSES $757,753

Year-over-Year Comparison

	2024	2023	Change
Revenue	$687,709	$782,167	-0.1%
Expenses	$757,753	$1,057,501	-0.3%
Net Income	$-70,044	$-275,334	-0.7%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CYNTHIA STUMP	BOARD MEMBER	0.50	Director	$0	$0	$0
DEEANA AHMED	BOARD MEMBER	0.50	Director	$0	$0	$0
ELEANOR REECE	BOARD MEMBER	0.50	Director	$0	$0	$0
GABBY BRUNO	BOARD MEMBER	0.50	Director	$0	$0	$0
GEORGE W COOK III	BOARD MEMBER	0.50	Director	$0	$0	$0
JEFF STOUTENBURG	PRESIDENT	0.50	Officer Director	$0	$0	$0
JOHN VAN FOSSEN	BOARD MEMBER	0.50	Director	$0	$0	$0
JOSEPH ROHATYNSKI	BOARD MEMBER	0.50	Director	$0	$0	$0
KELLY M HALL	BOARD MEMBER	0.50	Director	$0	$0	$0
KEN HAYWARD	BOARD MEMBER	0.50	Director	$0	$0	$0
TREVOR LAUER	BOARD MEMBER	0.50	Director	$0	$0	$0
ASHLEY SAVIEO	BOARD MEMBER	0.50	Director	$0	$0	$0
MARC R CORRIVEAU	TREASURER	0.50	Officer Director	$0	$0	$0
NICK SITARSKI	BOARD MEMBER	0.50	Director	$0	$0	$0
PHIL YEITER	BOARD MEMBER	0.50	Director	$0	$0	$0
RICK LANTZ	VICE PRESIDENT	0.50	Officer Director	$0	$0	$0
ROBERT F TOWNSEND	BOARD MEMBER	0.50	Director	$0	$0	$0
SARAH GONZALES	BOARD MEMBER	0.50	Director	$0	$0	$0
AMY HICKS	BOARD MEMBER	0.50	Director	$0	$0	$0
VALERIE KNOL	BOARD MEMBER	0.50	Director	$0	$0	$0
RENEE WILLIAMS	BOARD MEMBER	0.50	Director	$0	$0	$0
REBECCA BAHAR-COOK	EXECUTIVE DIRECTOR	0.50	Officer	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2024	$687,709	$757,753	$912,784	$-70,044
2023	$782,167	$1,057,501	$977,132	$-275,334
2023	No data	No data	No data	No data
2022	$934,993	$757,498	$1,233,709	$177,495
2021	$613,109	$509,829	$1,060,409	$103,280
2020	$688,986	$362,449	$994,061	$326,537
2019	$783,124	$577,154	$686,383	$205,970
2018	$768,379	$729,361	$471,811	$39,018

MICHIGAN ECONOMIC DEVELOPMENT FOUNDATION