Matthew and Karen Cullen Family Foundation
THE ORGANIZATION WAS ESTABLISHED IN 2017 AS A SUPPORTING ORGANIZATION OF THE COMMUNITY FOUNDATION FOR SOUTHEAST MICHIGAN. IT WAS FUNDED IN 2018, AND RENAMED AS THE MATTHEW AND KAREN CULLEN FAMILY FOUNDATION.
IRS Tax Year 2024
Period ending December 31, 2024
Total Revenue
$1.2M
Total Expenses
$195K
Net Assets
$7.7M
Employees
0
Volunteers
3
Grants Paid
$140K
Program Expense Ratio
72.1%
This nonprofit profile presents IRS Form 990 tax filing data for Matthew and Karen Cullen Family Foundation (EIN: 82-3802146), based on the 2024 tax year annual return filed with the Internal Revenue Service.
Sections below include financial summaries (revenue, expenses, and net assets), program accomplishments, officer and key employee compensation, detailed executive pay breakdowns, governance policies and audit information, related tax-exempt organizations. All figures are reported in USD as filed.
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Financial Health
Transparency
Compensation
Program Effectiveness
Financial Stability
Risk Flags
Indicators derived from IRS Form 990 data. Not financial advice.
Matthew and Karen Cullen Family Foundation is a 501(c)(3) nonprofit headquartered in DETROIT, MI, founded in 2017. It is classified under NTEE code T11 (Single Organization Support), within the Philanthropy, Voluntarism & Grantmaking category. The organization has held tax-exempt status since 2018. In its 2024 filing, the organization reported $1.2M in total revenue, a 320.2% increase from the prior year, and $195K in total expenses. The organization engaged 3 volunteers. RICHARD L DEVORE, DIRECTOR, PRESIDENT AND SECRETARY, is the highest-compensated individual at $719,647. The organization runs 1 program, totaling $140K in program expenses. 3 of 6 recommended governance policies are in place.
Matthew and Karen Cullen Family Foundation is classified under NTEE code T11 (Single Organization Support), which falls within the Philanthropy, Voluntarism & Grantmaking category. Its foundation type is 21.
Programs(Tax Year 2024)
1 record
Matthew and Karen Cullen Family Foundation operates 1 program, with total program expenses of $140K. Matthew and Karen Cullen Family Foundation's largest program accounts for 100% of total program spending.
TWO GRANTS WERE MADE TO TAX-EXEMPT CHARITABLE ORGANIZATIONS TO SUPPORT CHARITABLE ACTIVITIES PRIMARILY IN SOUTHEAST MICHIGAN.
Financial Overview(Tax Years 2020–2024)
5 records
Over the past 5 years, Matthew and Karen Cullen Family Foundation's revenue has declined from $2.0M to $1.2M, a 41.7% decrease. Program expenses represent 72% of total spending.
Revenue increased 320.2% year-over-year, while expenses grew 4.2%. net assets rose to $7.7M, up 9.4% from the prior year.
Matthew and Karen Cullen Family Foundation derives 100% from investment income.
Matthew and Karen Cullen Family Foundation allocates 72% to programs, 28% to management and general.
Revenue grew by 320.2% while expenses grew by only 4.2%, suggesting improving operational efficiency.
Matthew and Karen Cullen Family Foundation distributed $140K in grants to other organizations and individuals, representing 72% of total expenses.
Over 5 filings from 2020–2024, Matthew and Karen Cullen Family Foundation declined revenue from $2.0M to $1.2M (-41.7%) while maintaining a program expense ratio of 72%.
Matthew and Karen Cullen Family Foundation holds $7.8M in total assets against $115K in liabilities (debt-to-asset ratio of 1%). The organization has 473.6 months of operating reserves. Cash and equivalents of $406 cover approximately 0.0 months of expenses.
Revenue
| Year | Total Revenue | Contributions | Gov't Grants | Program Revenue | Investment |
|---|---|---|---|---|---|
| 2024 | $1.2M | $0 | $0 | $0 | $1.2M |
| 2023 | $283K | $300 | $0 | $0 | $282K |
| 2022 | $534K | $0 | $0 | $0 | $534K |
| 2021 | $-605K | $0 | $0 | $0 | $-605K |
| 2020 | $2.0M | $2.0M | $0 | $0 | $37K |
Expenses
| Year | Total Expenses | Program | Management | Fundraising | Grants Paid |
|---|---|---|---|---|---|
| 2024 | $195K | $140K | $54K | $0 | $140K |
| 2023 | $187K | $137K | $0 | $0 | $137K |
| 2022 | $158K | $123K | $35K | $0 | $123K |
| 2021 | $112K | $85K | $26K | $0 | $85K |
| 2020 | $150K | $143K | $7K | $0 | $143K |
Program Expense Ratio
72.1%
Admin Expense Ratio
27.9%
Fundraising Efficiency
—
Operating Reserve
473.6 mo
People & Compensation(Tax Year 2024)
7 records
Matthew and Karen Cullen Family Foundation reported compensation for 7 officers and key employees. Total officer compensation was $1.5M, representing 744.6% of total expenses. 1 individual received total compensation exceeding $500,000.
Matthew and Karen Cullen Family Foundation's highest-compensated individual received $720K in total compensation. Total officer compensation of $1.5M represents 744.6% of total expenses. 1 individual received total compensation exceeding $500,000.
| Name | Title | Type | Hours/wk | Comp from Org | Related Orgs | Total |
|---|---|---|---|---|---|---|
| RICHARD L DEVORE | DIRECTOR, PRESIDENT AND SECRETARY | OfficerDirector | 0.50 | $0 | $654,744 | $719,647 |
| NICOLE SHERARD-FREEMAN | DIRECTOR (START 9/24) | Director | 0.50 | $0 | $412,982 | $416,036 |
| JENILYN NORMAN | VP, FINANCE AND ADMINISTRATION | Officer | 0.50 | $0 | $263,812 | $315,812 |
| REGINALD M TURNER | DIRECTOR | Director | 0.50 | $0 | $0 | $0 |
| KAREN A CULLEN | VICE CHAIR, DIRECTOR | OfficerDirector | 0.50 | $0 | $0 | $0 |
| ERIC B LARSON | TREASURER, DIRECTOR | OfficerDirector | 0.50 | $0 | $0 | $0 |
| MATTHEW P CULLEN | CHAIR, DIRECTOR | OfficerDirector | 0.50 | $0 | $0 | $0 |
Compensation Breakdown
Schedule J detail — base, bonus, benefits, and executive perks
RICHARD L DEVORE
Base Salary
—
Bonus
—
Other Reportable
—
Retirement/Deferred
—
Nontaxable Benefits
—
NICOLE SHERARD-FREEMAN
Base Salary
—
Bonus
—
Other Reportable
—
Retirement/Deferred
—
Nontaxable Benefits
—
JENILYN NORMAN
Base Salary
—
Bonus
—
Other Reportable
—
Retirement/Deferred
—
Nontaxable Benefits
—
Governance & Compliance(Tax Year 2024)
Matthew and Karen Cullen Family Foundation has 3 of 6 recommended governance policies in place, including conflict of interest, document retention. Its board has 5 members, 3 of whom are independent.
Matthew and Karen Cullen Family Foundation's financial statements are audited.
Matthew and Karen Cullen Family Foundation has family or business relationships among officers, directors, or key employees.
Policies & Oversight
Audit & Financial Oversight
Grants Awarded(Tax Year 2024)
2 records
Matthew and Karen Cullen Family Foundation awarded $140K across 2 grants to organizations. Top recipients include DETROIT RIVERFRONT CONSERVANCY (DETROIT, MI) — $100K for support for general operations; COMMUNITY FOUNDATION FOR SOUTHEAST MICHIGAN (DETROIT, MI) — $40K for support for general operations.
Organization Grants
| Recipient | Location | Amount | Purpose |
|---|---|---|---|
| DETROIT RIVERFRONT CONSERVANCY300125283 | DETROIT, MI | $100K | SUPPORT FOR GENERAL OPERATIONS |
| COMMUNITY FOUNDATION FOR SOUTHEAST MICHIGAN382530980 | DETROIT, MI | $40K | SUPPORT FOR GENERAL OPERATIONS |
Foreign Activities(Tax Year 2024)
Activities span CENTRAL AMERICA AND THE CARIBBEAN.
Regions & Countries
| Region / Country | Activity | Expenditure |
|---|---|---|
| CENTRAL AMERICA AND THE CARIBBEAN | — | — |
Supplemental Financial Data(Tax Year 2024)
The endowment stands at $7.7M.
Filing History(Tax Years 2018–2024)
5 records
Showing the 5 Form 990 filings currently in our system.
| Tax Year | Form | Period | Revenue | Expenses | Net Assets |
|---|---|---|---|---|---|
| 2024 | 990 | 2024-01-01 – 2024-12-31 | $1.2M | $195K | $7.7M |
| 2023 | 990 | 2023-01-01 – 2023-12-31 | $283K | $187K | $7.0M |
| 2022 | 990 | 2022-01-01 – 2022-12-31 | $534K | $158K | $6.3M |
| 2021 | 990 | 2021-01-01 – 2021-12-31 | $-605K | $112K | $7.2M |
| 2020 | 990 | 2020-01-01 – 2020-12-31 | $2.0M | $150K | $7.6M |
| 2018–2019 | No filings acquired yet | ||||
Frequently Asked Questions
What does Matthew and Karen Cullen Family Foundation do?
THE ORGANIZATION WAS ESTABLISHED IN 2017 AS A SUPPORTING ORGANIZATION OF THE COMMUNITY FOUNDATION FOR SOUTHEAST MICHIGAN. IT WAS FUNDED IN 2018, AND RENAMED AS THE MATTHEW AND KAREN CULLEN FAMILY FOUNDATION.
How much revenue does Matthew and Karen Cullen Family Foundation have?
Matthew and Karen Cullen Family Foundation reported $1,188,091 in total revenue for tax year 2024, up 320.2% from the prior year.
Who is the highest-paid executive at Matthew and Karen Cullen Family Foundation?
RICHARD L DEVORE, DIRECTOR, PRESIDENT AND SECRETARY, received $719,647 in total compensation as of tax year 2024.
Is Matthew and Karen Cullen Family Foundation a 501(c)(3)?
Yes, Matthew and Karen Cullen Family Foundation is classified as a 501(c)(3) tax-exempt organization.
Where is Matthew and Karen Cullen Family Foundation located?
Matthew and Karen Cullen Family Foundation is headquartered in DETROIT, MI 48226.
What type of nonprofit is Matthew and Karen Cullen Family Foundation?
Matthew and Karen Cullen Family Foundation is classified under NTEE code T11 (Single Organization Support), within the Philanthropy, Voluntarism & Grantmaking category. It is a 501(c)(3) tax-exempt organization.
Is Matthew and Karen Cullen Family Foundation audited?
Yes, Matthew and Karen Cullen Family Foundation's financial statements are audited.
Does Matthew and Karen Cullen Family Foundation give grants?
Yes, Matthew and Karen Cullen Family Foundation distributed $140,484 in grants to other organizations and individuals in tax year 2024. Top recipients include DETROIT RIVERFRONT CONSERVANCY, COMMUNITY FOUNDATION FOR SOUTHEAST MICHIGAN.
Does Matthew and Karen Cullen Family Foundation operate internationally?
Yes, Matthew and Karen Cullen Family Foundation conducts activities outside the United States. Activities span CENTRAL AMERICA AND THE CARIBBEAN.
Data Source
Prepared by: DELOITTE TAX LLP, INDIANAPOLIS, IN
IRS Form 990 electronic filings via the IRS Exempt Organizations Business Master File. All financial figures are as reported in USD.
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