Community Economic Development Association of Michigan

Nonprofit profile at a glance

EIN
383445097
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Lansing, MI, USA
Phone
5174853588
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Public, Societal Benefit

Official website

Reported finances

Revenue
$9,586,566
Expenses
$9,382,775
Assets
$4,480,938
Liabilities
$2,048,808

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

24 people listed

Executive titles in this filing

  • ESSENCE WILSON (PRESIDENT)
  • LUKE FORREST (EXECUTIVE DIRECTOR (ENDED 1/10/25))
  • EDDIE FAKHOURY (EXECUTIVE DIRECTOR)

Highest reported compensation

  • LUKE FORREST (EXECUTIVE DIRECTOR (ENDED 1/10/25)): $157,147 total reported compensation
  • RACHEL DISKIN (DIR.& CHEIF TALENT OFFR.(ENDED 3/25)): $129,560 total reported compensation
  • BENJAMIN DOWD (DEPUTY DIRECTOR & COO): $127,578 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The community economic development association of Michigan (cedam) supports its diverse membership to create vibrant, sustainable and resilient communities. We enhance locally-driven community economic development efforts through training and resources, technical assistance, capacity building and policy advocacy.

What it reported doing in 2024

The training program is used to train approximately 1300 individuals from non-profit organizations to build organizational capacity; training topics often include intensive affordable housing development and financing, new asset-building strategies, and other community development-related topics.the Michigan earned impact coalition (meic) unites individuals, organizations and local initiatives committed to supporting tax credit and asset building opportunities for Michigan families through improved access to free, quality, income tax preparation assistance; Michigan communities for financial empowerment (mcfe)is a network for local leaders working to integrate financial empowerment with core public and nonprofit services. Mcfe members help Michigan residents to reach financial stability through financial education and counseling, access to affordable financial products and services, opportunities to save and build wealth, and consumer protections. As the host organization for the network, cedam provides members training, technical assistance and funding to develop and expand financial empowerment initiatives in their communities. Cedam also leads consumer protections advocacy in the state to protect Michigan residents in the financial marketplace.

Operating model

Revenue model
Grant-funded. 81% of the money available for current operations came from government grants.
Distribution model
Hybrid. The nonprofit split its reported program spending across 76% for direct work, and 24% for grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 74
  • Transparency & Controls: 86
  • Accountability: 100
  • Sustainability: 33
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 82.7%; rating input score 83
  • Program expense ratio: 84.5%; rating input score 84
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 17th percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 89.2%; rating input score 89; 25th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 2.1%; rating input score 42; 42nd percentile among comparable filings
  • Total-asset coverage ratio: 0.48; rating input score 16; 16th percentile among comparable filings
  • Liabilities to assets ratio: 0.46; rating input score 23; 23rd percentile among comparable filings
  • Officer compensation ratio: 5.7%; rating input score 48; 48th percentile among comparable filings

Growth

  • Program expense growth: 19.4% per year; rating input score 100; 84th percentile among comparable filings
  • Revenue growth: 14.2% per year; rating input score 100; 80th percentile among comparable filings
  • Asset growth: 16.3% per year; rating input score 100; 77th percentile among comparable filings

Details

  • Where the money goes: 82.7% of revenue deployed · 84.5% of spending went to programs
  • Governance: 18 of 18 board members independent · 9 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $7.9M in reported program spending
  • Leadership: top reported pay $157K · 24 people listed · 5 of 6 pay-setting controls reported
  • Consistency: 32 of 33 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 27 filed money-flow records
  • Related organizations: 23 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Sustainability: Operating margin scored 42/100.
  • High — Sustainability: Total-asset coverage ratio scored 16/100.
  • High — Sustainability: Liabilities to assets ratio scored 23/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Moderate — Sustainability: Officer compensation ratio scored 48/100.