2016-07-14T14:15:48-05:00 2015-12-31 381357951 PLANTE & MORAN PLLC 1111 Michigan Ave Ste 100 East Lansing MI 48823 990 2015-01-01 331068719 MICHIGAN MAGNET FUND MICH 5174828555 1118 SOUTH WASHINGTON AVENUE LANSING MI 48910 MARK MCDANIEL VICE CHAIR 5174828555 2016-07-13 1 ROBERT C EDWARDS CPA P00721730 5173326200 2015 2016-09-27 15:27:22Z MARK MORANTE 300 NORTH WASHINGTON SQUARE LANSING MI 48913 727626 0 X www.mmf1.org X 2003 MI THE MISSION OF MICHIGAN MAGNET FUND IS TO FACILITATE LOW-INCOME COMMUNITY INVESTMENT IN MICHIGAN. 15 15 0 15 0 0 0 0 731331 701201 12492 26425 0 0 743823 727626 0 0 0 0 0 0 0 0 0 755036 611209 755036 611209 -11213 116417 2664018 2784703 199527 203795 2464491 2580908 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 419784 726242 FACILITATING ALL NMTC INVESTING ACTIVITIES 419784 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 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 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 15 15 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 1 1 MI X MARK MCDANIEL 5174828555 1118 S WASHINGTON AVENUE Lansing MI 48910 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 RIDGEWAY WHITE 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 AARON SEYBERT MEMBER THRU MAY 2015 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 266810 PLANTE & MORAN PLLC 27400 NORTHWESTERN HWY SOUTHFIELD MI 48034 ACCOUNTING SERVICES 144300 ARIEL VENTURES 1163 E 40TH STREET 201 CLEVELAND OH 44114 ADVISORY SERVICES 105000 3 COMPLIANCE FEE INCOME 531390 497615 497615 AUDIT & TAX INCOME 531390 142000 142000 LOAN SERVICING FEE INC 531390 61586 61586 701201 1384 1384 25041 0 25041 25041 25041 727626 726242 0 1384 X 15256 15256 142500 142500 404528 404528 13196 13196 1040 1040 34689 34689 611209 419784 191425 0 1680742 1776156 872802 874186 101215 118225 0 7500 9259 8636 2664018 2784703 38065 47333 127358 127358 34104 29104 199527 203795 X 2464491 2580908 2464491 2580908 2664018 2784703 116417 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 REPAYABLE GRANTS 29104 29104 X 727626 0 727626 0 727626 611209 0 611209 0 611209 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, 2015 AND 2014, 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 2012. 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. Form 990, Part VI, Section B, line 11 990 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 114,888. Management and general expenses 0. Fundraising expenses 0. Total expenses 114,888. ASSET MANAGEMENT FEES: Program service expenses 262,647. Management and general expenses 0. Fundraising expenses 0. Total expenses 262,647. CONSULTANT FEE: Program service expenses 26,993. Management and general expenses 0. Fundraising expenses 0. Total expenses 26,993. FORM 990, PART XII, LINE 2C THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. 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 MICHIGAN MAGNET FUND B 1118 SOUTH WASHINGTON AVE LANSING MI 48910 412180043 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -44 386 0 1 0.00010 MICHIGAN MAGNET FUND D 1118 SOUTH WASHINGTON AVE LANSING MI 48910 412180050 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -344 0 1 1.00000 MICHIGAN MAGNET FUND E 1118 SOUTH WASHINGTON AVE LANSING MI 48910 412180051 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -860 -860 0 1 1.00000 MICHIGAN MAGNET FUND F 1118 SOUTH WASHINGTON AVE LANSING MI 48910 412180053 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -482 -482 0 1 1.00000 MICHIGAN MAGNET FUND G 1118 SOUTH WASHINGTON AVE LANSING MI 48910 043829153 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -318 -318 0 1 1.00000 MICHIGAN MAGNET FUND J 1118 SOUTH WASHINGTON AVE LANSING MI 48910 043829163 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -610 -610 0 1 1.00000 MICHIGAN MAGNET FUND E INVESTMENT FUND 1118 SOUTH WASHINGTON AVE LANSING MI 48910 204266670 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -235 -235 0 1 MICHIGAN MAGNET FUND J INVESTMENT FUND 1118 SOUTH WASHINGTON AVE LANSING MI 48910 562558436 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -274 -274 0 1 MMF AA CDE 1118 SOUTH WASHINGTON AVE LANSING MI 48910 271221758 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -21 1131 0 1 0.00010 MMF BB CDE 1118 SOUTH WASHINGTON AVE LANSING MI 48910 271221770 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -7 363 0 1 0.00010 MMF CC CDE 1118 SOUTH WASHINGTON AVE LANSING MI 48910 271221786 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -48 765 0 1 0.00010 MMF DD CDE 1118 SOUTH WASHINGTON AVE LANSING MI 48910 271221796 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -28 1377 0 1 0.00010 MMF EE CDE 1118 SOUTH WASHINGTON AVE LANSING MI 48910 271221812 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -40 710 0 1 0.00010 CHASE NMTC WHIRLPOOL INVESTMENT FUND 1118 SOUTH WASHINGTON AVE LANSING MI 48910 452393097 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED 760 0 1 0.00010 MMF GG CDE 1118 SOUTH WASHINGTON AVE LANSING MI 48910 271222203 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -14 893 0 1 0.00010 MMF HH CDE 1118 SOUTH WASHINGTON AVE LANSING MI 48910 271222221 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -10 666 0 1 0.00010 MMF FF CDE 1118 SOUTH WASHINGTON AVE LANSING MI 48910 271221826 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -32 442 0 1 0.00010 MMF JJ CDE 1118 SOUTH WASHINGTON AVE LANSING MI 48910 271222243 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED 564 0 1 0.00010 MMF KK CDE 1118 SOUTH WASHINGTON AVE LANSING MI 48910 452542019 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED -6 608 0 1 0.00010 MICHIGAN MAGNET FUND A 1118 SOUTH WASHINGTON AVE lANSING MI 48910 412180042 cOMMUNITY DEVELOPMENT ENTITY MI N/A rELATED 0 1 1.00000 miCHIGAN MAGNET FUND c 1118 SOUTH WASHINGTON AVE lANSING MI 48910 412180046 cOMMUNITY DEVELOPMENT ENTITY MI N/A rELATED 0 1 1.00000 MICHIGAN MAGNET FUND H 1118 SOUTH WASHINGTON AVE LANSING MI 48910 043829159 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED 0 1 1.00000 MICHIGAN MAGNET FUND I 1118 SOUTH WASHINGTON AVE LANSING MI 48910 043829160 COMMUNITY DEVELOPMENT ENTITY MI N/A RELATED 0 1 1.00000 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 1 0 0 MICHIGAN MAGNET FUND B L 32000 FMV OF SERVICES PROVIDED L FMV OF SERVICES PROVIDED MMF AA CDE L 34615 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