Civic Intelligence

Detroit Development Fund

990 • Fiscal year 2013 • EIN 38-3322605

Jan 01, 2013 to Dec 31, 2013 • Filed on Aug 11, 2014

Organization Profilewww.detroitdevelopmentfund.com
277 Gratiot No 3rd FlDetroit, MI 48226

(313) 784-9547

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

79th percentile

0.65x

Higher debt load relative to assets than 79% of similar nonprofits.

2013 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2013

Liabilities / Revenue

96th percentile

7.87x

Higher debt load relative to revenue than 96% of similar nonprofits.

2013 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2013

Net Margin

3rd percentile

-88%

Higher net margin than 3% of similar nonprofits.

2013 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2013

Top Officer Pay

42nd percentile

$142,234

Higher top officer pay than 42% of similar nonprofits.

Top officer pay equals 11.0% of source-year revenue.

2013 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2013

Asset Growth

13th percentile

-5.8%

Faster asset growth than 13% of similar nonprofits.

2013 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Balance Sheet
Liabilities / Assets79th percentile

Assets

Down

$15,680,672

Down $964,443 (-5.8%) from 2012

Net Assets

Down

$5,521,017

Down $1,321,422 (-19%) from 2012

Liabilities

Up

$10,159,655

Up $356,979 (+3.6%) from 2012

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin3rd percentile

Revenue

$1,291,498

No earlier filing loaded for comparison.

Expenses

Up

$2,433,115

Up $649,330 (+36%) from 2012

Net Income

-$1,141,617

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth13th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$30M$20M$10M$0Assets 2010: $14,533,808Liabilities 2010: $6,874,935Net Assets 2010: $7,658,8732010Assets 2011: $15,820,069Liabilities 2011: $8,334,070Net Assets 2011: $7,485,9992011Assets 2012: $16,645,115Liabilities 2012: $9,802,676Net Assets 2012: $6,842,4392012Assets 2013: $15,680,672Liabilities 2013: $10,159,655Net Assets 2013: $5,521,0172013Assets 2014: $16,037,303Liabilities 2014: $11,036,256Net Assets 2014: $5,001,0472014Assets 2015: $19,213,585Liabilities 2015: $10,695,252Net Assets 2015: $8,518,3332015Assets 2016: $21,380,112Liabilities 2016: $11,230,559Net Assets 2016: $10,149,5532016Assets 2017: $24,841,420Liabilities 2017: $11,486,410Net Assets 2017: $13,355,0102017Assets 2018: $22,095,710Liabilities 2018: $11,438,678Net Assets 2018: $10,657,0322018Assets 2019: $18,710,763Liabilities 2019: $10,528,026Net Assets 2019: $8,182,7372019Assets 2020: $19,308,406Liabilities 2020: $11,024,362Net Assets 2020: $8,284,0442020Assets 2021: $19,500,518Liabilities 2021: $10,863,522Net Assets 2021: $8,636,9962021Assets 2022: $18,151,383Liabilities 2022: $9,149,730Net Assets 2022: $9,001,6532022Assets 2023: $20,285,195Liabilities 2023: $10,555,855Net Assets 2023: $9,729,3402023Assets 2024: $19,889,714Liabilities 2024: $9,246,178Net Assets 2024: $10,643,5362024

Highlighted filing

2013

Assets$15,680,672
Liabilities$10,159,655
Net Assets$5,521,017
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$10M$5.0M$0-$5.0MExpenses 2010: $1,698,7182010Expenses 2011: $1,889,3692011Expenses 2012: $1,783,7852012Revenue 2013: $1,291,498Expenses 2013: $2,433,115Net Income 2013: -$1,141,6172013Revenue 2014: $2,322,701Expenses 2014: $2,192,548Net Income 2014: $130,1532014Revenue 2015: $6,350,689Expenses 2015: $2,503,224Net Income 2015: $3,847,4652015Revenue 2016: $5,125,474Expenses 2016: $2,959,883Net Income 2016: $2,165,5912016Revenue 2017: $6,935,859Expenses 2017: $3,660,598Net Income 2017: $3,275,2612017Revenue 2018: $1,781,233Expenses 2018: $3,588,923Net Income 2018: -$1,807,6902018Revenue 2019: $1,512,237Expenses 2019: $3,301,507Net Income 2019: -$1,789,2702019Revenue 2020: $3,242,938Expenses 2020: $3,039,382Net Income 2020: $203,5562020Revenue 2021: $2,941,920Expenses 2021: $2,203,336Net Income 2021: $738,5842021Revenue 2022: $3,234,640Expenses 2022: $2,405,692Net Income 2022: $828,9482022Revenue 2023: $4,151,318Expenses 2023: $2,690,924Net Income 2023: $1,460,3942023Revenue 2024: $4,914,508Expenses 2024: $2,873,865Net Income 2024: $2,040,6432024

Highlighted filing

2013

Revenue$1,291,498
Expenses$2,433,115
Net Income-$1,141,617
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Aug 11, 2014
Return Version
2013v3.0
Gross Receipts
$1,291,498
Mission and Program Overview

Mission

Detroit Development Fund (DDF) promotes the economic development of low to moderate income residents in the city of Detroit. DDF focuses on lending programs to provide financial assistance for minority small business owners, affordable housing developers and contractors, as well as job creation and retention for low to moderate-income Detroit residents.

Shorebank Enterprise, Detroit (SED) promotes the economic development of low-to moderate-income residents in the city of Detroit. SED focuses on lending programs as well as job creation and retention.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$8,622,381$7,895,998▼ $726,383
Investments Program Related$7,282,647$6,582,312▼ $700,335
Cash and Non-Interest-Bearing Accounts$105,840$606,026▲ $500,186
Investments Other Securities$347,421$342,454▼ $4,967
Pledges and Grants Receivable$150,000$100,000▼ $50,000
Prepaid Expenses and Deferred Charges$23,389$69,996▲ $46,607
Land, Buildings, and Equipment, Net$51,301$36,647▼ $14,654
Total Assets$16,645,115$15,680,672▼ $964,443
Other Assets Total$62,136$47,239▼ $14,897
Liabilities
Mortgage Notes Payable Secured by Investment Property$9,653,747$10,015,159▲ $361,412
Accounts Payable and Accrued Expenses$78,596$100,363▲ $21,767
Deferred Revenue$38,164$33,474▼ $4,690
Other Liabilities$32,169$10,659▼ $21,510
Total Liabilities$9,802,676$10,159,655▲ $356,979
Net Assets / Fund Balance
Temporarily Rstr Net Assets$5,562,605$3,787,043▼ $1,775,562
Unrestricted Net Assets$1,279,834$1,733,974▲ $454,140
Total Net Assets Fund Balance$6,842,439$5,521,017▼ $1,321,422
Total Liabilities and Net Assets / Fund Balance$16,645,115$15,680,672▼ $964,443

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$36,647$17,111$53,758
Equipment$0$27,309$27,309
Investment Program Related Org$6,582,312--
Compensation and Service Providers
Top Officer Pay42nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ray WatersPresidentFT$126,239$15,995$142,234
John SchoenigerLending OfficerFT$116,214$15,995$132,209
Steve MondozziChief Financial OfficerPT-$82,000$82,000

Board Members and Trustees

NameTitle
Cathy McClellandChair
Diana StewartDirector
Dolores A SturtivantDirector
Gail Perry-MasonDirector
Kathleen H WendlerDirector
Ronald C FrederickDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$702,500
Program Service Revenue
$579,359
Investment Income
$9,639
Other Revenue
$0
All Other Contributions
$702,500
Change in Net Assets
$-1,141,617

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,291,498
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$243,646
Total Revenue per Audited Statements
$1,535,144
Total Revenue per Form 990
$1,291,498
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$822,689
Salaries, Compensation, and Employee Benefits$812,954
Other Expenses$797,472
Total Fundraising Expense$109,244
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$490,486--$490,486
Other Salaries and Wages$421,398$23,346$6,242$450,986
Grants to Domestic Orgs$332,203--$332,203
Current Officers, Directors, Trustees, and Key Employees$91,278$110,085$21,064$222,427
Fees for Services Legal$134,881$5,344-$140,225
Interest$124,459--$124,459
Fees for Services Other$44,999$55,868-$100,867
Other Employee Benefits$77,177$3,773$1,372$82,322
Payroll Taxes$38,137$3,601$1,839$43,577
Occupancy$38,727$4,480-$43,207
Information Technology$13,095$19,196-$32,291
Office Expenses$6,771$17,902-$24,673
Fees for Services Accounting-$24,215-$24,215
Travel$11,497$12,189-$23,686
Insurance$19,218$2,220-$21,438
Other Expenses$10,888$3,886$78,500$14,774
Depreciation Depletion$13,568$1,085-$14,653
Pension Plan Contributions$12,790$625$227$13,642
Advertising-$4,318-$4,318
Total Functional Expenses$2,031,738$292,133$109,244$2,433,115

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,856,566
Expenses per Audited Statements$2,433,115
Total Expenses per Form 990$2,433,115
Expenses Not Reported on Form 990$423,451
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
45-3969608-501(c)(3)To add consultants and capacity to provide business assistance to minority owned companies$225,000
38-2689979--To build capacity to do more micro loans add staff$50,000
20-2593806--To assist with potential local production of product$25,000
26-2155073-501(c)(3)Support lending in downtown Detroit$20,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Detroit Community Loan Fund$10,659
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, line 3

“The organization engaged Mondozzi, LLC to perform Accounting, Accounts Receivable, Investing, Budgeting, Forecsting, Cash Flows, Board reports, Audit Compliance, Grant Financial Reporting, Tax Reporting and Payroll related services. Mondozzi, LLC was paid $82,000 for these services in 2013. Steve Mondozzi, Chief Financial Officer is compensated by Mondozzi, LLC.”

Form 990, Part VI, Section B, line 11

“The 990 was reviewed by the President and Chief Financial Officer. Upon their approval the return was provided to the entire board prior to filing.”

Form 990, Part VI, Section B, line 12C

“Board members, officers and all employees are required to complete and sign a conflict of interest statement on an annual basis. The responses are initially sent to and reviewed by the Risk Management Group of Shorebank Corporation who then provides a report to the audit committee and legal counsel. Legal counsel provides a report to the president of the organization who shares it with the board of directors.”

Form 990, Part VI, Section B, line 15

“The president's compensation is reivewed and approved by the full board on an annual basis. The president reviews and approves compensation of all other employees annually.”

Form 990, Part VI, Section C, line 19

“Financial statements, governing documents and the conflict of interest policy are not required disclosures pursuant to Internal Revenue Code Section 6104. These documents are not available to the public at this time.”

Filing and Contact Details

Filer

EIN
38-3322605
Phone
3137849547

Signing Officer

Name
Ray Waters
Title
President
Phone
3137849547
Signed
2014-08-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ray Waters
Formed
1996
Legal Domicile
Mi
Voting Board Members
7
Independent Board Members
6
Employees
9
Volunteers
6

Preparer

Preparer
Hugh J Ahern CPA
Phone
7737794720
Supplemental Narrative

Additional Explanations

Form 990, Part V, #2A and 2B

“2013 W-2s and payroll tax returns issued and prepared by Insperity PEO Services, LP. There were nine Shorebank Enterprise Detroit employees paid through this service.”

Form 990, Part XI, line 9:

“Provision for loan loss 19,906. Imputed interest -443,357. Discount on below market loans 248,613. Book loss of affiliate (Detroit Community Loan Fund) -4,967.”

Financial Statement Notes

Part X, Line 2:

“FIN 48 Note from Audited Financial Statements Shorebank Enterprise Detroit has been granted tax-exempt status under Section 501(c)(3) of the Internal Revenue Code and qualifies for the charitable contribution deduction under Section 170(b)(1)(A)(vi). Shorebank Enterprise Detroit has been classified as an organization that is not a private foundation under Section 509(a)(1). The tax exempt purpose of Shorebank Enterprise Detroit and the nature in which it operates is described in Note 1. Shorebank Enterprise Detroit continues to operate in compliance with its tax exempt purpose. The Organization's annual information and income tax returns filed with the federal and state governments are subject to examination for the statutory period. The open years are December 31, 2011, 2012 and 2013.”

Part XI, Line 2D - Other Adjustments:

“Discount on below market loans 248,613. Book loss of affiliate (Detroit Community Loan Fund) -4,967.”

Part XII, Line 2D - Other Adjustments:

“Imputed interest 443,357. Provision for loan loss -19,906.”

Raw XML AppendixShowing 400 of 540 raw XML fields

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IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt0342454
IRS990/InvestmentsProgramRelatedGrp/BOYAmt07282647
IRS990/InvestmentsProgramRelatedGrp/EOYAmt06582312
IRS990/IRPDocumentCnt015
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt044420
IRS990/LandBldgEquipBasisNetGrp/BOYAmt051301
IRS990/LandBldgEquipBasisNetGrp/EOYAmt036647
IRS990/LandBldgEquipCostOrOtherBssAmt081067
IRS990/LegalDomicileStateCd0MI
IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0Shorebank Eneterprise, Detroit promotes the economic development of low- to moderate income residents in the city of Detroit. SED focuses on lending programs to provide financial assistance for minority small business owners, affordable housing developers and contractors, as well as job creation and retention for low- to moderate-income Detroit residents.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt09653747
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt010015159
IRS990/NetAssetsOrFundBalancesBOYAmt06842439
IRS990/NetAssetsOrFundBalancesEOYAmt05521017
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ManagementAndGeneralAmt04480
IRS990/OccupancyGrp/ProgramServicesAmt038727
IRS990/OccupancyGrp/TotalAmt043207
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt017902
IRS990/OfficeExpensesGrp/ProgramServicesAmt06771
IRS990/OfficeExpensesGrp/TotalAmt024673
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt062136
IRS990/OtherAssetsTotalGrp/EOYAmt047239
IRS990/OtherChangesInNetAssetsAmt0-179805
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt01372
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt03773
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt077177
IRS990/OtherEmployeeBenefitsGrp/TotalAmt082322
IRS990/OtherExpensesGrp/Desc0Technical assistance
IRS990/OtherExpensesGrp/Desc1Fundraising
IRS990/OtherExpensesGrp/Desc2Dues & memberships
IRS990/OtherExpensesGrp/FundraisingAmt078500
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt03886
IRS990/OtherExpensesGrp/ProgramServicesAmt0150166
IRS990/OtherExpensesGrp/ProgramServicesAmt110888
IRS990/OtherExpensesGrp/TotalAmt0150166
IRS990/OtherExpensesGrp/TotalAmt178500
IRS990/OtherExpensesGrp/TotalAmt214774
IRS990/OtherLiabilitiesGrp/BOYAmt032169
IRS990/OtherLiabilitiesGrp/EOYAmt010659
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt06242
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt023346
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0421398
IRS990/OtherSalariesAndWagesGrp/TotalAmt0450986
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/FundraisingAmt01839
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt03601
IRS990/PayrollTaxesGrp/ProgramServicesAmt038137
IRS990/PayrollTaxesGrp/TotalAmt043577
IRS990/PensionPlanContributionsGrp/FundraisingAmt0227
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt0625
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt012790
IRS990/PensionPlanContributionsGrp/TotalAmt013642
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt0150000
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt0100000
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt023389
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt069996
IRS990/PrincipalOfficerNm0Ray Waters
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/BusinessCd1900099
IRS990/ProgramServiceRevenueGrp/Desc0Loan interest income
IRS990/ProgramServiceRevenueGrp/Desc1Loan fee income
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0536335
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt143024
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0536335
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt143024
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0610000
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt0357762
IRS990/PYInvestmentIncomeAmt012118
IRS990/PYOtherExpensesAmt0671466
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt0516686
IRS990/PYRevenuesLessExpensesAmt0-644981
IRS990/PYSalariesCompEmpBnftPaidAmt0754557
IRS990/PYTotalExpensesAmt01783785
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt01138804
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0-1141617
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd01
IRS990/RevenueAmt0579359
IRS990/SavingsAndTempCashInvstGrp/BOYAmt08622381
IRS990/SavingsAndTempCashInvstGrp/EOYAmt07895998
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0702500
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0610000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt01350000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0754118
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt01230000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt04646618
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt09639
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt012118
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt021441
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt068121
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt0193681
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt0305000
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt01828482
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt028217
IRS990ScheduleA/OtherIncome170Grp/TotalAmt028217
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.53690
IRS990ScheduleA/PublicSupportPY170Pct00.39480
IRS990ScheduleA/PublicSupportTotal170Amt02673797
IRS990ScheduleA/SubstantialContributorsTotAmt01972821
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0702500
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0610000
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt01350000
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0754118
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt01230000
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt04646618
IRS990ScheduleA/TotalSupportAmt04979835
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/EquipmentGrp/BookValueAmt00
IRS990ScheduleD/EquipmentGrp/DepreciationAmt027309
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt027309
IRS990ScheduleD/ExpensesNotReportedAmt0423451
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02433115
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt06582312
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0Program loans receivable
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0F
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt036647
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt017111
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt053758
IRS990ScheduleD/OtherExpensesIncludedAmt0423451
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt010659
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Due to Detroit Community Loan Fund
IRS990ScheduleD/OtherRevenueAmt0243646
IRS990ScheduleD/RevenueNotReportedAmt0243646
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt01291498
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0FIN 48 Note from Audited Financial Statements Shorebank Enterprise Detroit has been granted tax-exempt status under Section 501(c)(3) of the Internal Revenue Code and qualifies for the charitable contribution deduction under Section 170(b)(1)(A)(vi). Shorebank Enterprise Detroit has been classified as an organization that is not a private foundation under Section 509(a)(1). The tax exempt purpose of Shorebank Enterprise Detroit and the nature in which it operates is described in Note 1. Shorebank Enterprise Detroit continues to operate in compliance with its tax exempt purpose. The Organization's annual information and income tax returns filed with the federal and state governments are subject to examination for the statutory period. The open years are December 31, 2011, 2012 and 2013.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1Discount on below market loans 248,613. Book loss of affiliate (Detroit Community Loan Fund) -4,967.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2Imputed interest 443,357. Provision for loan loss -19,906.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part XI, Line 2d - Other Adjustments:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2Part XII, Line 2d - Other Adjustments:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt036647
IRS990ScheduleD/TotalBookValueProgramRltdAmt06582312
IRS990ScheduleD/TotalExpensesPerForm990Amt02433115
IRS990ScheduleD/TotalLiabilityAmt010659
IRS990ScheduleD/TotalRevenuePerForm990Amt01291498
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01535144
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02856566
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt0490486
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0Down payment assistance
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt037
IRS990ScheduleI/RecipientTable/CashGrantAmt0225000
IRS990ScheduleI/RecipientTable/CashGrantAmt120000
IRS990ScheduleI/RecipientTable/CashGrantAmt225000
IRS990ScheduleI/RecipientTable/CashGrantAmt350000
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(c)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc1501(c)(3)
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0To add consultants and capacity to provide business assistance to minority owned companies
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1Support lending in downtown Detroit
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt2To assist with potential local production of product
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt3To build capacity to do more micro loans add staff
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt4To build capacity to do more micro loans add staff
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine10Lifeline Business Consulting LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine11Granddad's Sweat Tea Company
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine12Detroit Midtown Micro Enterprise
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine13The Michigan Women's Foundation
IRS990ScheduleI/RecipientTable/RecipientEIN0453969608
IRS990ScheduleI/RecipientTable/RecipientEIN1262155073
IRS990ScheduleI/RecipientTable/RecipientEIN2202593806
IRS990ScheduleI/RecipientTable/RecipientEIN3382689979
IRS990ScheduleI/RecipientTable/USAddress/AddressLine10440 Burroughs
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1126532 Joe Drive
IRS990ScheduleI/RecipientTable/USAddress/AddressLine12440 Burroughs Street
IRS990ScheduleI/RecipientTable/USAddress/City0Detroit
IRS990ScheduleI/RecipientTable/USAddress/City1Warrenn
IRS990ScheduleI/RecipientTable/USAddress/City2Detroit
IRS990ScheduleI/RecipientTable/USAddress/State0MI
IRS990ScheduleI/RecipientTable/USAddress/State1MI

Document Assets

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Filings

Displayed year

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$15,680,672
Liabilities
$10,159,655
Net assets
$5,521,017
Revenue
$1,291,498
Expenses
$2,433,115
Net income
-$1,141,617
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$19.9$9.25$10.6$4.91$2.87$2.04
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$20.3$10.6$9.73$4.15$2.69$1.46
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$18.2$9.15$9.00$3.23$2.41$0.83
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$19.5$10.9$8.64$2.94$2.20$0.74
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$19.3$11.0$8.28$3.24$3.04$0.20
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$18.7$10.5$8.18$1.51$3.30$1.79
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$22.1$11.4$10.7$1.78$3.59$1.81
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$24.8$11.5$13.4$6.94$3.66$3.28
2016Facts available. Structured filing facts are available, but richer extracted sections are limited.$21.4$11.2$10.1$5.13$2.96$2.17
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$19.2$10.7$8.52$6.35$2.50$3.85
2014Summary only. Only limited summary data is available for this year.$16.0$11.0$5.00$2.32$2.19$0.13
2013Detailed filing. Detailed filing data is available for this year.$15.7$10.2$5.52$1.29$2.43$1.14
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$16.6$9.80$6.84$1.78
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$15.8$8.33$7.49$1.89
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.5$6.87$7.66$1.70