MATTHEW AND KAREN CULLEN FAMILY FOUNDATION

EIN: 823802146 501(c)(3) Philanthropy & Grantmaking

DETROIT, MI

Total Revenue
$1,188,091
Total Expenses
$194,949
Total Assets
$7,809,920
Net Assets
$7,694,436
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2017
Legal Domicile
MI
Principal Officer
NICOLE SHERARD-FREEMAN
Phone
3139616675
Tax Period
2024-01-01 to 2024-12-31

MATTHEW AND KAREN CULLEN FAMILY FOUNDATION, founded in 2017, is a community nonprofit in the Philanthropy & Grantmaking sector that reported $1.2M in total revenue in fiscal year 2024. Revenue surged 320% from the prior year, signaling strong growth momentum. The organization ran a surplus of $993K, a strong 84% operating margin.

Mission

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.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $0
Investment Income $1,188,091
Other Revenue $0
TOTAL REVENUE $1,188,091

Expense Breakdown

Grants Paid $140,484
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $140,484
Other Expenses $54,465
TOTAL EXPENSES $194,949

Year-over-Year Comparison

2024 2023 Change
Revenue $1,188,091 $282,771 +3.2%
Expenses $194,949 $187,137 +0.0%
Net Income $993,142 $95,634 +9.4%
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

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Liquidity & Cash Position

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

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Governance

Voting Members
5
Independent Members
3
Employees
N/A
Volunteers
3

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
5
$1,035,459
Total Directors
6
$1,135,683
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
RICHARD L DEVORE DIRECTOR, PRESIDENT AND SECRETARY 0.50
Officer Director
$0 $64,903 $719,647
NICOLE SHERARD-FREEMAN DIRECTOR (START 9/24) 0.50
Director
$0 $3,054 $416,036
ERIC B LARSON TREASURER, DIRECTOR 0.50
Officer Director
$0 $0 $0
KAREN A CULLEN VICE CHAIR, DIRECTOR 0.50
Officer Director
$0 $0 $0
MATTHEW P CULLEN CHAIR, DIRECTOR 0.50
Officer Director
$0 $0 $0
REGINALD M TURNER DIRECTOR (END 9/24) 0.50
Director
$0 $0 $0
JENILYN NORMAN VP, FINANCE AND ADMINISTRATION 0.50
Officer
$0 $52,000 $315,812
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 $1,188,091 $194,949 $7,809,920 $993,142
2023 $282,771 $187,137 $7,218,410 $95,634
2022 $533,913 $157,588 $6,414,655 $376,325
2021 $-605,211 $111,585 $7,363,191 $-716,796
2020 $2,037,337 $149,996 $7,736,223 $1,887,341
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