Southwest Michigan First Corporation
| Fiscal year | Revenue | Expenses | Net | Reserve mo. | Staff % |
|---|---|---|---|---|---|
| 2020 | 12,966,578 | 12,514,351 | 452,227 | 2.0 | 23% |
| 2021 | 8,560,798 | 7,932,397 | 628,401 | 4.1 | 27% |
| 2022 | 5,452,905 | 5,142,028 | 310,877 | 7.6 | 48% |
| 2023 | 8,034,787 | 7,479,006 | 555,781 | 6.0 | 31% |
In its most recent public year (2023), this organization brought in $555,781 more than it spent. Its reserves stood at about 6 months of spending, up from 2 in 2020. Staff pay was 31% of spending. $796,600 of its net assets are donor-restricted.
Reserve months = net assets ÷ average monthly spending; net assets count everything the organization owns beyond its debts — buildings and donor-restricted funds included, not just cash. Staff pay = salaries, wages, and officer compensation; it excludes benefits and payroll taxes. The IRS releases this data years after the fact — this organization's newest public year is 2023. Years refer to the calendar year in which the organization's fiscal year ended. Short-form filers do not publicly report donor-restricted balances or staffing costs. Source filings
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