2017-06-29T14:02:28-05:00 2016-12-31 381357951 PLANTE & MORAN PLLC 1111 Michigan Ave Ste 100 East Lansing MI 48823 990 2016-01-01 331068719 MICHIGAN MAGNET FUND MICH 5174828555 507 SOUTH GRAND AVENUE LANSING MI 48933 MARK MCDANIEL VICE CHAIR 5174828555 2017-06-26 1 TINA M PETERS CPA P00904574 5173326200 2017-06-26 67.59.56.32 2017-06-26 09:58:30 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 737380BCD7AD51223FD12A91753DF01CE9F34789 2016 2021-01-29 14:40:06Z MARK MORANTE 300 NORTH WASHINGTON SQUARE LANSING MI 48913 706408 0 X WWW.MICHIGANCOMMUNITYCAPITAL.ORG X 2003 MI THE MISSION OF MICHIGAN MAGNET FUND IS TO FACILITATE LOW-INCOME COMMUNITY INVESTMENT IN MICHIGAN. 14 14 0 15 0 0 0 0 701201 675932 26425 1372 0 29104 727626 706408 0 0 0 0 0 0 0 0 0 611209 633336 611209 633336 116417 73072 2784703 2821562 203795 167582 2580908 2653980 THE MISSION OF MICHIGAN MAGNET FUND IS TO FACILITATE NEW MARKETS TAX CREDIT INVESTMENTS IN THE STATE OF MICHIGAN. THESE INVESTMENTS WILL SPUR JOB CREATION AND ECONOMIC GROWTH IN LOW INCOME COMMUNITIES ACROSS THE STATE. 0 0 499352 705036 FACILITATING ALL NMTC INVESTING ACTIVITIES 499352 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 6 0 1 0 0 0 0 0 0 0 0 0 0 0 X 14 14 0 1 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 1 1 MI X MARK MCDANIEL 5174828555 507 S GRAND AVE Lansing MI 48933 X TED ROZEBOOM Secretary 1.00 X X 0 0 0 MARK MCDANIEL VICE CHAIR 1.00 X X 0 0 0 MARK MORANTE CHAIR 1.00 X X 0 0 0 MARY SEABERG KING MEMBER 1.00 X 0 0 0 JOANN CRARY MEMBER 1.00 X 0 0 0 KARL DORSHIMER MEMBER 1.00 X 0 0 0 RICHARD HOSEY MEMBER 1.00 X 0 0 0 JASON PAULATEER MEMBER 1.00 X 0 0 0 DENNIS J WEST MEMBER 1.00 X 0 0 0 ANNETTE WILLIAMS MEMBER 1.00 X 0 0 0 KARA WOODS MEMBER 1.00 X 0 0 0 JAMIE SCHRINER-HOOPER MEMBER 1.00 X 0 0 0 AMY TORRES MEMBER 1.00 X 0 0 0 JEFF SYKES MEMBER 1.00 X 0 0 0 RIDGEWAY WHITE MEMBER THRU MAY 2016 1.00 X 0 0 0 0 0 0 0 0 0 0 CINNAIRE CORPORATION 1118 SOUTH WASHINGTON LANSING MI 48910 LOAN SERVICING AND BOOKKEEPING FEES 246810 PLANTE & MORAN PLLC 27400 NORTHWESTERN HWY SOUTHFIELD MI 48034 ACCOUNTING SERVICES 110900 2 COMPLIANCE FEE INCOME 531390 495630 495630 AUDIT & TAX INCOME 531390 119000 119000 LOAN SERVICING FEE INC 531390 61302 61302 675932 1372 1372 REFUNDABLE GRANT AGREE 531390 29104 29104 29104 706408 705036 0 1372 X 56565 56565 101600 101600 442787 442787 3698 3698 927 927 27759 27759 633336 499352 133984 0 1776156 2110582 874186 524195 118225 178387 7500 0 8636 8398 2784703 2821562 47333 40224 127358 127358 29104 0 203795 167582 X 2580908 2653980 2580908 2653980 2784703 2821562 73072 0 X X 0 1 X 1 0 X X 2 MICHIGAN ECONOMIC DEVELOPMENT CORPORATION 383460723 6 1 0 0 MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY 371717481 6 1 0 0 2 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 SCHEDULE A, PART IV, SECTION A, LINE 2: GOVERNMENT ENTITIES DO NOT HAVE DETERMINATION LETTERS BUT ARE EXEMPT AS GOVERNMENT INSTRUMENTALITIES. 0 X 706408 0 706408 0 706408 633336 0 633336 0 633336 Part X, Line 2: MMF IS A MICHIGAN NONPROFIT CORPORATION AS DESCRIBED IN INTERNAL REVENUE CODE SECTION 501(C)(3). ACCORDINGLY, NO PROVISION FOR FEDERAL INCOME TAXES HAS BEEN MADE. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY MMF AND RECOGNIZE A TAX LIABILITY IF MMF 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 POSITION TAKEN BY MMF AND HAS CONCLUDED THAT AS OF DECEMBER 31, 2016 AND 2015, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. MMF IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. MANAGEMENT BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO 2013. Form 990, Part VI, Section A, line 3 ANOTHER NON-PROFIT ORGANIZATION HAS BEEN CONTRACTED TO PERFORM LOAN SERVICING AND BOOKKEEPING FOR MICHIGAN MAGNET FUND. IN ADDITION, A COMPANY HAS BEEN CONTRACTED TO PERFORM STRATEGIC ADVISOR SERVICES FOR MICHIGAN MAGNET FUND. Form 990, Part VI, Section A, line 4 THE BYLAWS AND ARTICLES OF INCORPORATION WERE AMENDED TO SPECIFICALLY IDENTIFY MICHIGAN ECONOMIC DEVELOPMENT CORPORATION AND THE MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY AS THE SUPPORTED ORGANIZATIONS OF MICHIGAN MAGNET FUND. THE SUPPORTED ORGANIZATIONS ARE PUBLIC BODIES CORPORATE EXEMPT FROM TAX UNDER CODE SECTION 115. MICHIGAN MAGNET FUND IS NOT INTENDED TO BE A COMPONENT UNIT OF THE SUPPORTED ORGANIZATIONS AND THE SUPPORTED ORGANIZATIONS, OR THEIR AFFILIATES, WILL NOT BE RESPONSIBLE FOR PROVIDING ANY FINANCIAL SUPPORT OR COVER ANY OBLIGATIONS OF MICHIGAN MAGNET FUND. Form 990, Part VI, Section B, line 11b 990 PRESENTED TO BOARD AND EXECUTIVE COMMITTEE FOR REVIEW. Form 990, Part VI, Section B, line 12c ANNUAL MEETING REQUIRES AFFIRMATION OF CONFLICTS POLICY AND ALL MEETINGS REQUIRE DISCLOSURE OF PERSONAL CONFLICT. IF IT IS DETERMINED THAT A BOARD MEMBER HAS A CONFLICT, THAT BOARD MEMBER WOULD BE UNABLE TO VOTE ON THE ISSUE WHERE THE CONFLICT EXISTS. Form 990, Part VI, Section C, line 19 MICHIGAN MAGNET FUND DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. Form 990, Part IX, line 11g PROFESSIONAL ADMINSTRATIVE FEE: Program service expenses 63,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 63,000. ASSET MANAGEMENT FEES: Program service expenses 254,060. Management and general expenses 0. Fundraising expenses 0. Total expenses 254,060. CONSULTANT FEE: Program service expenses 125,727. Management and general expenses 0. Fundraising expenses 0. Total expenses 125,727. FORM 990, PART XII, LINE 2C THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. MICHIGAN MAGNET FUND A 507 S GRAND AVE LANSING MI 48933 412180042 COMMUNITY DEVELOPMENT ENTITY MI 0 0 MICHIGAN MAGNET FUND MICHIGAN MAGNET FUND B 507 S GRAND AVE LANSING MI 48933 412180043 COMMUNITY DEVELOPMENT ENTITY MI -5 381 MICHIGAN MAGNET FUND MICHIGAN MAGNET FUND C 507 S GRAND AVE LANSING MI 48933 412180046 COMMUNITY DEVELOPMENT ENTITY MI 0 0 MICHIGAN MAGNET FUND MICHIGAN MAGNET FUND D 507 S GRAND AVE LANSING MI 48933 412180050 COMMUNITY DEVELOPMENT ENTITY MI 0 0 MICHIGAN MAGNET FUND MICHIGAN MAGNET FUND E 507 S GRAND AVE LANSING MI 48933 412180051 COMMUNITY DEVELOPMENT ENTITY MI 0 0 MICHIGAN MAGNET FUND MICHIGAN MAGNET FUND F 507 S GRAND AVE LANSING MI 48933 412180053 COMMUNITY DEVELOPMENT ENTITY MI 0 0 MICHIGAN MAGNET FUND MICHIGAN MAGNET FUND G 507 S GRAND AVE LANSING MI 48933 043829153 COMMUNITY DEVELOPMENT ENTITY MI 0 0 MICHIGAN MAGNET FUND MICHIGAN MAGNET FUND H 507 S GRAND AVE LANSING MI 48933 043829159 COMMUNITY DEVELOPMENT ENTITY MI 0 0 MICHIGAN MAGNET FUND MICHIGAN MAGNET FUND I 507 S GRAND AVE LANSING MI 48933 043829160 COMMUNITY DEVELOPMENT ENTITY MI 0 0 MICHIGAN MAGNET FUND MICHIGAN MAGNET FUND J 507 S GRAND AVE LANSING MI 48933 043829163 COMMUNITY DEVELOPMENT ENTITY MI 0 0 MICHIGAN MAGNET FUND MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY 735 E MICHIGAN AVE LANSING MI 48909 371717481 PROVIDE FINANCIAL ASSISTANCE FOR AFFORDABLE HOUSING MI code section 115 0 MICHIGAN ECONOMIC DEVELOPMENT CORPORATION 300 N WASHINGTON SQUARE LANSING MI 48913 383460723 PROVIDE ASSISTANCE TO DRIVE JOB CREATION MI code section 115 0 MMF AA CDE 507 S GRAND AVE LANSING MI 48933 271221758 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -22 1109 0 1 0.00010 MMF BB CDE 507 S GRAND AVE LANSING MI 48933 271221770 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -9 354 0 1 0.00010 MMF CC CDE 507 S GRAND AVE LANSING MI 48933 271221786 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -48 717 0 1 0.00010 MMF DD CDE 507 S GRAND AVE LANSING MI 48933 271221796 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -28 1349 0 1 0.00010 MMF EE CDE 507 S GRAND AVE LANSING MI 48933 271221812 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -39 671 0 1 0.00010 CHASE NMTC WHIRLPOOL INVESTMENT FUND 507 S GRAND AVE LANSING MI 48933 452393097 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED 760 0 1 0.00010 MMF GG CDE 507 S GRAND AVE LANSING MI 48933 271222203 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -10 883 0 1 0.00010 MMF HH CDE 507 S GRAND AVE LANSING MI 48933 271222221 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -10 656 0 1 0.00010 MMF FF CDE 507 S GRAND AVE LANSING MI 48933 271221826 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -32 410 0 1 0.00010 MMF JJ CDE 507 S GRAND AVE LANSING MI 48933 271222243 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -29 506 0 1 0.00010 MMF KK CDE 507 S GRAND AVE LANSING MI 48933 452542019 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -6 602 0 1 0.00010 MICHIGAN MAGNET FUND E INVESTMENT FUND 507 S GRAND AVE LANSING MI 48933 204266670 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED 0 1 MICHIGAN MAGNET FUND J INVESTMENT FUND 507 S GRAND AVE LANSING MI 48933 562558436 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 1 0 0 MICHIGAN MAGNET FUND B L 26666 FMV OF SERVICES PROVIDED L FMV OF SERVICES PROVIDED MMF AA CDE L 33615 FMV OF SERVICES PROVIDED MMF BB CDE L 24000 FMV OF SERVICES PROVIDED MMF CC CDE L 60000 FMV OF SERVICES PROVIDED MMF DD CDE L 90000 FMV OF SERVICES PROVIDED MMF EE CDE L 54000 FMV OF SERVICES PROVIDED MMF FF CDE L 34500 FMV OF SERVICES PROVIDED MMF GG CDE L 57000 FMV OF SERVICES PROVIDED MMF HH CDE L 42000 FMV OF SERVICES PROVIDED MMF JJ CDE L 39000 FMV OF SERVICES PROVIDED MMF KK CDE L 37500 FMV OF SERVICES PROVIDED