2025-03-19T14:32:35-05:00 2024-09-30 390859910 BAKER TILLY ADVISORY GROUP LP 1000 TOWN CENTER STE 2700 SOUTHFIELD MI 48075 990 2023-10-01 382689979 THE MICHIGAN WOMEN'S FOUNDATION MICH 3139621920 1155 BREWERY PARK BLVD 260 DETROIT MI 48207 CAROLYN CASSIN PRESIDENT & CEO 3139621920 2025-03-18 1 1 SHELBY NETZ CPA P01405265 2483727300 2025-03-17 2023 2025-03-06 01:10:19Z MICHIGAN WOMEN FORWARD CAROLYN CASSIN 1155 BREWERY PARK BLVD 260 DETROIT MI 48207 4430223 0 X WWW.MIWF.ORG X 1986 MI MWF IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION WHOSE MISSION IS TO EXPAND ECONOMIC OPPORTUNITY FOR WOMEN AND ENTREPRENEURS OF COLOR BY PROVIDING ACCESS TO CAPITAL AND BUSINESS RESOURCES. MWF CELEBRATES OUTSTANDING MICHIGAN WOMEN BY HONORING THEIR LEADERSHIP CONTRIBUTIONS TO THE COMMUNITY, ECONOMY, AND OUR STATE. MWF'S VISION IS TO CREATE AN INCLUSIVE ECONOMY FOR THE STATE OF MICHIGAN WHERE WOMEN AND PEOPLE OF COLOR CAN CREATE VIABLE BUSINESSES THAT BUILD LONG-TERM SUSTAINABLE WEALTH. 21 20 23 244 0 0 3174154 3521406 369855 365176 121106 86450 409984 254663 4075099 4227695 217100 181718 0 0 1703752 1724930 0 0 339104 1489892 1102038 3410744 3008686 664355 1219009 12044313 12225143 9091042 8581137 2953271 3644006 X MWF IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION WHOSE MISSION IS TO EXPAND ECONOMIC OPPORTUNITY FOR WOMEN AND ENTREPRENEURS OF COLOR BY PROVIDING ACCESS TO CAPITAL AND BUSINESS RESOURCES. MWF CELEBRATES OUTSTANDING MICHIGAN WOMEN BY HONORING THEIR LEADERSHIP CONTRIBUTIONS TO THE COMMUNITY, ECONOMY, AND OUR STATE. MWF'S VISION IS TO CREATE AN INCLUSIVE ECONOMY FOR THE STATE OF MICHIGAN WHERE WOMEN AND PEOPLE OF COLOR CAN CREATE VIABLE BUSINESSES THAT BUILD LONG-TERM SUSTAINABLE WEALTH. 0 0 2164677 181718 365176 ENTREPRENEURSHIP - INCLUDES PITCH COMPETITIONS, LENDING, PRE- AND POST- LENDING TRAINING, COACHING AND FACILITATION. THE NON-LENDING ACTIVITIES OF ENTREPRENEURSHIP ARE DESIGNED TO INTRODUCE THE BASICS OF STARTING AND BUILDING A BUSINESS. LENDING IS A FINANCING PROGRAM AVAILABLE TO ENTREPRENEURS AND SMALL BUSINESS OWNERS FOR UP TO $50,000. AS A CDFI, MWF TARGETS LOW TO MODERATE INCOME INDIVIDUALS, AFRICAN AMERICAN ENTREPRENEURS AND BUSINESS OWNERS WHO CONDUCT BUSINESS IN QUALIFYING INVESTMENT AREAS IN MICHIGAN AS DEFINED BY THE CDFI. 99116 ALL OTHER PROGRAMS - THIS PROGRAM IS MADE UP OF VARIOUS SMALL OTHER PROGRAMS THE ORGANIZATION CONDUCTS SUCH AS SHOWCASING THE NAMES AND STORIES OF WOMEN WHO HELPED SHAPED THE HISTORY OF MICHIGAN. 2263793 1 1 0 0 0 0 0 0 0 1 1 0 1 0 1 1 1 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 336 0 1 23 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 21 20 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MI X CAROLYN CASSIN 3139621920 1155 BREWERY PARK BLVD 260 DETROIT MI 48207 CAROLYN CASSIN PRESIDENT & CEO 40.00 X X 257367 0 9415 STEPHANIE NAITO IMMEDIATE PAST CHAIR 1.00 X X 0 0 0 REGINE BEAUBOEUF CHAIR 2.00 X X 0 0 0 KELLY SPRINGER VICE CHAIR 1.00 X X 0 0 0 DAWN TYLKOWSKI SECRETARY 1.00 X X 0 0 0 TONYA WELLS TREASURER 1.00 X X 0 0 0 ALYSE MARTINELLI TRUSTEE 1.00 X 0 0 0 DENISE QUARLES TRUSTEE 1.00 X 0 0 0 ELEANOR WALKER TRUSTEE 1.00 X 0 0 0 INDERPAL DEOL TRUSTEE 1.00 X 0 0 0 JESSICA HAYES-STALLINGS TRUSTEE 1.00 X 0 0 0 JULIE HEGEDUS TRUSTEE 1.00 X 0 0 0 JULIE HOLLINSHEAD TRUSTEE 1.00 X 0 0 0 KERRI MILLER TRUSTEE 1.00 X 0 0 0 KIM KERSTEN TRUSTEE 1.00 X 0 0 0 KIMLE NAILER TRUSTEE 1.00 X 0 0 0 NANCY MOODY TRUSTEE 1.00 X 0 0 0 REBECCA GUERRIERO TRUSTEE 1.00 X 0 0 0 SARAH EARLEY TRUSTEE 1.00 X 0 0 0 TERESA BINGMAN TRUSTEE 1.00 X 0 0 0 TIFFANY ALBERT TRUSTEE 1.00 X 0 0 0 ALLYSON BOYLE CHIEF FINANCIAL OFFICER 40.00 X 171639 0 9983 429006 0 19398 2 0 1 0 0 45098 931082 2545226 3521406 MICROLOAN INTEREST 522291 290147 290147 MICROLOAN FEES 522291 66280 66280 LOAN RECOVERY REVENUE 522291 8749 8749 365176 75142 75142 84866 60340 13218 24526 -13218 11308 11308 380043 45098 128970 251073 251073 OTHER INCOME 900099 3590 3590 3590 4227695 365176 0 341113 181718 181718 448404 313882 67261 67261 1062138 743496 159321 159321 17928 12550 2689 2689 88228 61760 13234 13234 108232 75762 16235 16235 70010 51170 11313 7527 112811 85398 12409 15004 13106 13106 177152 129480 28626 19046 66519 38319 17230 10970 4438 2916 1065 457 99515 69661 14927 14927 14946 6846 7451 649 19232 8809 9588 835 88129 71261 16868 15556 11080 1934 2542 18098 13700 1991 2407 BAD DEBTS 232961 228957 4004 PROGRAM/EVENT EXPENSES 151955 151955 MEMBERSHIPS/SUBSCRIPTIO 14208 3835 10373 MISCELLANEOUS 2284 456 1828 1118 782 168 168 3008686 2263793 405789 339104 5264863 5657732 1174383 1707287 101292 62272 12509 445 53427 56233 74205 72597 17163 1608 894949 1167889 4191442 3301248 334285 270429 12044313 12225143 218475 266215 2648846 2609060 840456 569829 5048980 4865604 334285 270429 9091042 8581137 X 1305291 1534752 1647980 2109254 2953271 3644006 12044313 12225143 X 1219009 263547 -791821 X X 0 1 X 1 1 1 X 1768404 3058668 2080586 3174154 3521406 13603218 1768404 3058668 2080586 3174154 3521406 13603218 4452618 9150600 32351 25251 12592 56493 75142 201829 13710 164463 5281 3920 3590 190964 13996011 3069314 0.65380 0.65630 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 898500 26754 217086 57284 1085056 838598 24332 92307 56737 898500 1066462 20838 -194139 54563 838598 928590 18936 169966 51030 1066462 874703 15274 101806 47919 15274 928590 0.69000 0.31000 0 0 74205 72597 1608 1608 PROGRAM-RELATED RECEIVABLES 3301248 C 3301248 OPERATING LEASE LIABILITY 270429 270429 X 4535902 263547 57766 321313 4214589 13106 13106 4227695 3053346 57766 57766 2995580 13106 13106 3008686 PART X, LINE 2: THE INTERNAL REVENUE SERVICE ("IRS") HAS DETERMINED THAT THE FOUNDATION IS EXEMPT FROM INCOME TAXES UNDER 501(C)(3) OF THE INTERNAL REVENUE CODE. THE FOUNDATION IS ALSO EXEMPT FROM STATE INCOME TAXES. HOWEVER, ANY UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. U.S. GAAP REQUIRES MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE FOUNDATION AND RECOGNIZE A TAX LIABILITY IF THE FOUNDATION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS OR OTHER APPLICABLE TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE FOUNDATION AND HAS CONCLUDED THAT AS OF SEPTEMBER 30, 2024 AND 2023, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE FOUNDATION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. WOAC EVENT- SEMI 182238 18038 164200 16405 22903 12222 4367 WOAC EVENT - WM 199268 27060 172208 5042 16141 10656 7239 1 43635 43635 8829 4118 18467 2581 425141 45098 380043 30276 43162 41345 14187 128970 251073 1 GRANTS TO EXPAND WOMEN'S BUSINESS (PITCH & 53 VOICES) 69 181718 PART I, LINE 2: MWF RECORDS MONTHLY GRANT PROGRAM EXPENSES BASED ON THE APPROVED BUDGET BY CATEGORY (STAFFING, CONSULTING, ADMIN, ETC.). GRANTORS REQUEST A REPORT (MONTHLY/QUARTERLY OR YEARLY) FOR MWF TO SUBMIT THAT SUMMARIZES WHAT WAS SPECIFICALLY SPENT BY LINE ITEM FOR THE GRANT AND THAT IS SUBMITTED TO AND THEN REVIEWED AND APPROVED BY THE GRANTOR. X 1 1 X X 0 0 0 0 0 1 0 0 0 CAROLYN CASSIN PRESIDENT & CEO 235179 0 6188 0 16000 0 7361 0 2054 0 266782 0 0 0 ALLYSON BOYLE CHIEF FINANCIAL OFFICER 165663 0 5976 0 0 0 5271 0 4712 0 181622 0 0 0 PART I, LINE 1A PAYMENT FOR DAC SOCIAL CLUB FEE IS PART OF THE CEO CONTRACT. PART I, LINE 6 FYE PAYMENT MADE IN DEC AS BONUS FOR NET INCOME OF ORGANIZATION +$100,000. BONUS IS INITIALLY ELIGIBLE FOR TEAM MEMBERS BASED ON FINANCIAL PERFORMANCE OF THE ORGANIZATION, BUT PAYOUT IS BASED ON PROGRESS IN MEETING THEIR ANNUAL GOALS. FORM 990, PART VI, SECTION A, LINE 1A PER BYLAWS, BOARD OF TRUSTEES MAY DELEGATE ITS POWER AND DUTIES TO MANAGE, DIRECT AND CONTROL THE OPERATIONAL AFFAIRS OF THE CORPORATION TO THE EXECUTIVE COMMITTEE. MEMBERSHIP IS CHAIR OF THE BOARD AND 5 OR MORE TRUSTEES. ACTIONS NOT WITHIN THE SCOPE OF THE EXECUTIVE COMMITTEE INCLUDE: ADOPT AN AGREEMENT OF MERGER OR CONSOLIDATION, AMEND ARTICLES OR BYLAWS, FIX THE COMPENSATION OF ANY PERSON, SELL/LEASE/EXCHANGE/DISPOSE OF PROPERTY, TAKE ANY ACTION CONTRARY TO A DECISION REFLECTED BY A MAJORITY VOTE OF THE FULL BOARD, DISSOLVE THE CORPORATIONS, FILL VACANCIES ON THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B ONCE IN FINAL DRAFT, THE FORM 990 IS PROVIDED TO THE FINANCE COMMITTEE FOR REVIEW. ANY FEEDBACK/COMMENTS ARE INCORPORATED INTO THE FORM 990 AND IT IS THEN PROVIDED TO THE FULL BOARD FOR REVIEW. ANY CHANGES BASED ON BOARD REVIEW ARE PROVIDED TO THE AUDIT FIRM FOR FINAL REVISIONS TO THE FORM 990. FORM 990 IS THEN SIGNED BY THE PRESIDENT AND CEO AND SUBMITTED TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, THE BOARD MEMBERS ARE PROVIDED WITH A CONFLICT OF INTEREST FORM TO BE COMPLETED AND SIGNED. THE OFFICE ADMINISTRATOR COLLECTS ALL FORMS AND VERIFIES THEY ARE ALL COMPLETED AND ON FILE. ANY CONFLICTS NOTED ON THE FORMS ARE BROUGHT TO THE PRESIDENT & CEO'S ATTENTION. IF A CONFLICT OF INTEREST ARISES, A TRUSTEE WITH SAID CONFLICT OF INTEREST SHALL NOT PARTICIPATE IN THE MATTER. FORM 990, PART VI, SECTION B, LINE 15A THE EXECUTIVE COMMITTEE OF THE BOARD DETERMINES THE COMPENSATION OF THE FOUNDATION'S CEO. THIS DECISION WAS MADE PRIOR TO HER OFFER OF THE POSITION. DURING HER EMPLOYMENT, AN ANNUAL PERFORMANCE REVIEW IS CONDUCTED BY THE EXECUTIVE COMMITTEE AND COMPENSATION IS RE-EVALUATED AT THAT TIME. ANY CHANGES ARE DELIBERATED UPON BY THE COMMITTEE AND THEN PRESENTED TO THE FULL BOARD. MS CASSIN IS UNDER A CURRENT CONTRACT EFFECTIVE 1/1/2024 THROUGH 12/31/2025 FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE UNDER ASC 326 -791,821. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.