Overview
What is Detroit Regional Chamber Foundation Inc?
The Detroit Regional Chamber Foundation Inc is a Michigan-based nonprofit organization, headquartered at 777 Woodward Ave, Detroit, MI, 48226. Their primary mission is to drive economic growth in the Detroit region by supporting and funding various programs and initiatives. The Foundation's most notable project is "The Detroit Promise," an umbrella scholarship program for Detroit high school students entering community colleges and four-year universities. This program is funded by the Michigan Education Excellence Foundation, with tax revenues allocated under a memorandum of understanding. The Detroit Regional Chamber Foundation serves as the partner to administer this program, utilizing the funds to provide last-dollar scholarships to students within the program guidelines.
Official website here: www.detroitchamber.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 90% (Four-Star out of Four Stars)
The Detroit Regional Chamber Foundation Inc has achieved a commendable Four-Star rating from Charity Navigator, reflecting a strong commitment to accountability and finance. The organization scored 90% in its overall rating, with all points derived from its Accountability & Finance metrics, indicating a robust financial management framework and operational transparency.
Strengths include an impressive 83% independent board members and a solid program expense ratio of 85.75%, showcasing effective use of funds towards its mission. The organization also maintains a low fundraising efficiency ratio of $0.03, suggesting that it successfully raises funds while incurring minimal costs. Additionally, there are no reported material diversions of assets, and essential financial statements are duly audited.
However, the foundation does face some limitations, particularly in governance policies. It lacks a conflict of interest policy and a whistleblower policy, both of which are significant for ensuring ethical oversight. Furthermore, the tax form is not distributed to the board prior to filing, which could impact transparency. Addressing these gaps could further enhance the foundation's overall accountability and governance standards.
This AI summary has been generated from information found on Charity Navigator.
Is Detroit Regional Chamber Foundation Inc legitimate?
Detroit Regional Chamber Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Detroit Regional Chamber Foundation Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $1,120,830
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,924,244
For more financial information, click here
Official website here: www.detroitchamber.com
What is the mission statement of Detroit Regional Chamber Foundation Inc?
The Detroit Regional Chamber Foundation is committed to fostering the growth of crucial programs and initiatives that contribute to the Detroit region's economy becoming one of the fastest growing in the United States. The Foundation administers The Detroit Promise, an umbrella scholarship program for incoming college students, funded by the Michigan Education Excellence Foundation. The program offers last-dollar scholarships for Detroit high school students entering community colleges and participating in four-year universities. The Foundation receives funding from a portion of state property taxes collected in the city of Detroit, specifically allocated for a college promise program under Michigan state statute. The Detroit Regional Chamber Foundation uses this tax capture revenue to administer the program within the statutory guidelines.
Official website here: www.detroitchamber.com
Who is the CEO of Detroit Regional Chamber Foundation Inc?
Sandy Baruah is the President of Detroit Regional Chamber Foundation Inc.
Official website here: www.detroitchamber.com
What is the revenue of Detroit Regional Chamber Foundation Inc?
Detroit Regional Chamber Foundation Inc's revenue in 2023 was $12,220,449.
Official website here: www.detroitchamber.com
Who are the executives of Detroit Regional Chamber Foundation Inc and what are their salaries?
There 156 volunteers at Detroit Regional Chamber Foundation Inc.
Here are 27 key members and their salaries:
- Compensation: $250,706
- Related: $376,060
- Other: $15,597
- Compensation: $0
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- Other: $0
- Compensation: $103,391
- Related: $131,589
- Other: $19,458
- Compensation: $126,137
- Related: $234,256
- Other: $22,154
- Compensation: $88,348
- Related: $227,183
- Other: $13,447
- Compensation: $279,306
- Related: $0
- Other: $8,415
- Compensation: $44,043
- Related: $396,388
- Other: $12,106
- Compensation: $208,695
- Related: $0
- Other: $17,611
- Compensation: $51,776
- Related: $120,810
- Other: $18,305
- Compensation: $0
- Related: $190,309
- Other: $18,635
- Compensation: $0
- Related: $157,140
- Other: $8,665
- Compensation: $12,836
- Related: $115,522
- Other: $16,722
- Compensation: $64,439
- Related: $64,439
- Other: $14,050
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Official website here: www.detroitchamber.com
Where can I find the form 990 for Detroit Regional Chamber Foundation Inc?
Detroit Regional Chamber Foundation Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.detroitchamber.com
Learn more at the official website: www.detroitchamber.com
Mission Statement of Detroit Regional Chamber Foundation Inc
The Detroit Regional Chamber Foundation, Inc. is a dedicated organization with a mission to cultivate and support programs and initiatives that contribute to the Detroit region's economy being among the fastest growing in the United States. The Foundation's primary focus is on nurturing and expanding endeavors that are crucial for the region's economic growth.
One of the Foundation's most prominent initiatives is The Detroit Promise, an umbrella scholarship program for incoming college students, including those attending community colleges and four-year universities. This program, funded by the Michigan Education Excellence Foundation, is administered by the Foundation, and its essential responsibility is to provide a last-dollar scholarship to Detroit high school students entering community colleges and participating in four-year universities. The funding for the program comes from a portion of state property taxes collected in the city of Detroit, allocated by the State of Michigan for the purpose of establishing a college promise program. The Foundation is designated as the partner to administer this program, and it uses the tax capture revenue to fund the program within the statutory guidelines.
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Impact
October, 2024
The Detroit Regional Chamber Foundation Inc significantly contributes to enhancing the regional economy by focusing on educational initiatives and workforce development. One of its flagship programs, the Detroit Promise, provides last-dollar scholarships to high school graduates in Detroit, facilitating their access to higher education. This initiative supports students attending both community colleges and participating four-year universities, thereby encouraging higher educational attainment in the area.
By partnering with local educational institutions and leveraging resources from the Michigan Education Excellence Foundation, the Foundation plays a pivotal role in fostering a skilled workforce that meets the demands of a rapidly evolving job market. This commitment not only opens doors for individuals but also strengthens the broader community by helping to ensure that the region has a well-educated and prepared workforce.
Additionally, the Foundation’s efforts align with city and state initiatives to invest in education, making Detroit more attractive for businesses and potential residents alike. Through these programs, the Detroit Regional Chamber Foundation Inc is instrumental in driving economic growth and community improvement in the Detroit region, ultimately contributing to its vision of becoming one of the fastest-growing economies in the United States.
This information is meant to be a general summary of Detroit Regional Chamber Foundation Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $29,472
- Program Service Revenue: $1,153,895
- Gross Receipts: $12,220,449
Assets and Liabilities:
- Total Assets: $5,342,608
- Total Liabilities: $65,256
- Net Assets: $5,277,352
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ECONOMIC DEVELOPMENT
Revenue
$778,500
LEADERSHIP DETROIT
Revenue
$341,895
DETROIT PROMISE
Revenue
$26,000
RACIAL JUSTICE AND ECONOMIC EQUIT
Revenue
$7,500
Organization Details
Founding Year
1981
Phone
(313) 964-4000Principal Officer
Sandy Baruah
Main Address
777 WOODWARD AVE STE 800, DETROIT, MI, 48226
Website
www.detroitchamber.comNTEE Category
Code: S410 - Community improvement
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