Civic Intelligence

Detroit Development Fund

990 • Fiscal year 2015 • EIN 38-3322605

Jan 01, 2015 to Dec 31, 2015 • Filed on Aug 08, 2016

Organization Profilen/a
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

74th percentile

0.56x

Higher debt load relative to assets than 74% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Liabilities / Revenue

86th percentile

1.68x

Higher debt load relative to revenue than 86% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Net Margin

94th percentile

61%

Higher net margin than 94% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Top Officer Pay

54th percentile

$182,347

Higher top officer pay than 54% of similar nonprofits.

Top officer pay equals 2.9% of source-year revenue.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Asset Growth

86th percentile

20%

Faster asset growth than 86% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2014 to 2015

Revenue Growth

97th percentile

173%

Faster revenue growth than 97% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets74th percentile

Assets

Up

$19,213,585

Up $3,176,282 (+20%) from 2014

Net Assets

Up

$8,518,333

Up $3,517,286 (+70%) from 2014

Liabilities

Down

$10,695,252

Down $341,004 (-3.1%) from 2014

Revenue And Expenses
Liabilities / Revenue86th percentileNet Margin94th percentile

Revenue

Up

$6,350,689

Up $4,027,988 (+173%) from 2014

Expenses

Up

$2,503,224

Up $310,676 (+14%) from 2014

Net Income

Up

$3,847,465

Up $3,717,312 (+2856%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth86th 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

2015

Assets$19,213,585
Liabilities$10,695,252
Net Assets$8,518,333
Open 2015 Filing

Operations Trend

Revenue Growth97th percentile

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

2015

Revenue$6,350,689
Expenses$2,503,224
Net Income$3,847,465
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Aug 8, 2016
Return Version
2015v2.1
Gross Receipts
$6,350,689
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
Investments Program Related$5,488,556$8,204,427▲ $2,715,871
Savings and Temporary Cash Investments$8,362,312$8,007,614▼ $354,698
Cash and Non-Interest-Bearing Accounts$1,080,978$2,366,969▲ $1,285,991
Investments Other Securities$339,398$326,191▼ $13,207
Pledges and Grants Receivable$607,280$150,000▼ $457,280
Land, Buildings, and Equipment, Net$23,294$48,302▲ $25,008
Prepaid Expenses and Deferred Charges$25,875$35,568▲ $9,693
Accounts Receivable$70,000$16,032▼ $53,968
Total Assets$16,037,303$19,213,585▲ $3,176,282
Other Assets Total$39,610$58,482▲ $18,872
Liabilities
Mortgage Notes Payable Secured by Investment Property$10,867,776$9,967,400▼ $900,376
Other Liabilities$36,009$600,466▲ $564,457
Accounts Payable and Accrued Expenses$109,865$115,695▲ $5,830
Deferred Revenue$22,606$11,691▼ $10,915
Total Liabilities$11,036,256$10,695,252▼ $341,004
Net Assets / Fund Balance
Temporarily Rstr Net Assets$2,789,926$5,901,727▲ $3,111,801
Unrestricted Net Assets$2,211,121$2,616,606▲ $405,485
Total Net Assets Fund Balance$5,001,047$8,518,333▲ $3,517,286
Total Liabilities and Net Assets / Fund Balance$16,037,303$19,213,585▲ $3,176,282

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$12,543$41,215$53,758
Other Land Buildings$6,884$27,425$34,309
Equipment$28,875-$28,875
Investment Program Related Org$8,204,427--
Compensation and Service Providers
Top Officer Pay54th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ray WatersPresidentFT$119,654$62,693$182,347
John SchoenigerLending OfficerFT$119,963$46,196$166,159
Steve MondozziChief Financial OfficerPT$104,000-$104,000

Board Members and Trustees

NameTitle
Kathleen H WendlerChair
Diana StewartDirector
Dolores A SturtivantDirector
Gail Perry-MasonDirector
Ronald C FrederickTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$5,767,254
Program Service Revenue
$572,772
Investment Income
$10,663
Other Revenue
$0
All Other Contributions
$5,375,000
Change in Net Assets
$3,847,465

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,350,689
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$333,685
Total Revenue per Audited Statements
$6,684,374
Total Revenue per Form 990
$6,350,689
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,045,870
Grants and Similar Amounts Paid$778,635
Other Expenses$678,719
Total Fundraising Expense$93,721
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$736,861--$736,861
Other Salaries and Wages$463,007$64,228-$527,235
Current Officers, Directors, Trustees, and Key Employees$123,126$143,323$28,215$294,664
Other Employee Benefits$132,567$18,390-$150,957
Interest$140,143--$140,143
Office Expenses$40,033$72,762$478$113,273
Fees for Services Other$32,122$79,731-$111,853
Fees for Services Legal$61,369$26,055-$87,424
Payroll Taxes$49,731$8,303$1,918$59,952
Grants to Domestic Individuals$41,774--$41,774
Occupancy$30,842$5,393$1,245$37,480
Insurance$9,470$19,456$365$29,291
Information Technology-$23,441-$23,441
Travel$7,760$14,699-$22,459
Fees for Services Accounting-$21,605-$21,605
Pension Plan Contributions$12,862$200-$13,062
Depreciation Depletion$9,667$1,201-$10,868
Advertising-$9,408-$9,408
Other Expenses$3,089$6,154$61,500$9,243
Conferences and Meetings$350$381-$731
Total Functional Expenses$1,894,773$514,730$93,721$2,503,224

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,167,088
Expenses per Audited Statements$2,503,224
Total Expenses per Form 990$2,503,224
Expenses Not Reported on Form 990$663,864
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Lifeline Business Consulting LLCDetroit, MI501(c)(3)To add consultants and capacity to provide business assistance to minority owned companies$506,707
The Michigan Women's FoundationDetroit, MI-To build capacity to do more micro loans add staff and technical assistance$128,307
Detroit Midtown Micro EnterpriseDetroit, MI-To build capacity to do more micro loans add staff$70,000
TechOne Holding CorporationDetroit, MI-Technical assistance$21,847
SW Design School LLCWet Bloomfield, MI501(c)(3)Technical assistance$10,000
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
Refundable advance$600,466
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 $104,000 for these services in 2015. 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. Each Board Member was given seven days to review 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

Filer Name
Detroit Development Fund
EIN
38-3322605
Phone
3137849547
Address
277 Gratiot No 3rd Fl, Detroit, MI 48226
Doing Business As
Detroit Development Fund

Signing Officer

Name
Ray Waters
Title
President
Phone
3137849547
Signed
2016-08-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ray Waters
Formed
1996
Legal Domicile
Mi
Voting Board Members
6
Independent Board Members
5
Employees
0
Volunteers
5

Preparer

Firm
Desmond & Ahern Ltd
Address
10827 S Western Avenue, Chicago, IL 60643
Preparer
Paul Betlinski
Phone
7737794720
Supplemental Narrative

Additional Explanations

Form 990, Part XI, line 9:

“Provision for loan loss -150,592. Imputed interest -513,272. Discount on below market loans 346,892.”

Form 990, Part I #5 and Part V #2A

“The Organization does not issue any W-2s or a W-3 as employees are paid by Insperity, a human resources service. During 2015, the Organization employed eigth individuals.”

Financial Statement Notes

Part X, Line 2:

“FIN 48 Note from Audited Financial Statements Detroit Development Fund has been granted tax-exempt status under Section 501(c)(3) of the Internal Revenue Code and qualifies for the charitable contribution deduction. The Fund has been classified as an organization that is not a private foundation. The tax exempt purpose of the Fund and the nature in which it operates is described in Note 1. The Fund continues to operate in compliance with its tax exempt purpose. The Fund'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, 2012 through 2015.”

Part XI, Line 2D - Other Adjustments:

“Discount on below market loans 346,892.”

Part XII, Line 2D - Other Adjustments:

“Imputed interest 513,272. Provision for loan loss 150,592.”

Raw XML AppendixShowing 400 of 591 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0The Organization's small business loan fund provides growth capital in the form of business loans to Detroit companies not able to obtain the necessary financing needed from traditional financing sources. In 2007, the Organization expanded its lending programs to include contractor lines of credit and financing for affordable housing projects and commercial development. Most recently the Organization moved forward with its rehabber financing program. This program provides lines of credit to local companies rehabbing foreclosed and abandoned homes in Detroit and returning these homes to the market as affordable rentals, lease to own, or for sale properties.
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IRS990/InsuranceGrp/ManagementAndGeneralAmt019456
IRS990/InsuranceGrp/ProgramServicesAmt09470
IRS990/InsuranceGrp/TotalAmt029291
IRS990/InterestGrp/ProgramServicesAmt0140143
IRS990/InterestGrp/TotalAmt0140143
IRS990/InvestmentIncomeGrp/ExclusionAmt06477
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt06477
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt0339398
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt0326191
IRS990/InvestmentsProgramRelatedGrp/BOYAmt05488556
IRS990/InvestmentsProgramRelatedGrp/EOYAmt08204427
IRS990/IRPDocumentCnt025
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt068640
IRS990/LandBldgEquipBasisNetGrp/BOYAmt023294
IRS990/LandBldgEquipBasisNetGrp/EOYAmt048302
IRS990/LandBldgEquipCostOrOtherBssAmt0116942
IRS990/LegalDomicileStateCd0MI
IRS990/LessCostOthBasisSalesExpnssGrp/OtherAmt00
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/BOYAmt010867776
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt09967400
IRS990/NetAssetsOrFundBalancesBOYAmt05001047
IRS990/NetAssetsOrFundBalancesEOYAmt08518333
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt04186
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt04186
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt0-13207
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/FundraisingAmt01245
IRS990/OccupancyGrp/ManagementAndGeneralAmt05393
IRS990/OccupancyGrp/ProgramServicesAmt030842
IRS990/OccupancyGrp/TotalAmt037480
IRS990/OfficeExpensesGrp/FundraisingAmt0478
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt072762
IRS990/OfficeExpensesGrp/ProgramServicesAmt040033
IRS990/OfficeExpensesGrp/TotalAmt0113273
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt039610
IRS990/OtherAssetsTotalGrp/EOYAmt058482
IRS990/OtherChangesInNetAssetsAmt0-316972
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt018390
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0132567
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0150957
IRS990/OtherExpensesGrp/Desc0Fundraising
IRS990/OtherExpensesGrp/Desc1Dues & memberships
IRS990/OtherExpensesGrp/FundraisingAmt061500
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt06154
IRS990/OtherExpensesGrp/ProgramServicesAmt03089
IRS990/OtherExpensesGrp/TotalAmt061500
IRS990/OtherExpensesGrp/TotalAmt19243
IRS990/OtherLiabilitiesGrp/BOYAmt036009
IRS990/OtherLiabilitiesGrp/EOYAmt0600466
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt064228
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0463007
IRS990/OtherSalariesAndWagesGrp/TotalAmt0527235
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/FundraisingAmt01918
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt08303
IRS990/PayrollTaxesGrp/ProgramServicesAmt049731
IRS990/PayrollTaxesGrp/TotalAmt059952
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt0200
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt012862
IRS990/PensionPlanContributionsGrp/TotalAmt013062
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt0607280
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt0150000
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt025875
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt035568
IRS990/PrincipalOfficerNm0Ray Waters
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/BusinessCd1900099
IRS990/ProgramServiceRevenueGrp/Desc0Loan interest income
IRS990/ProgramServiceRevenueGrp/Desc1Loan fee income
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0502360
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt170412
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0502360
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt170412
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt01687000
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt0680407
IRS990/PYInvestmentIncomeAmt028332
IRS990/PYOtherExpensesAmt0616894
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt0607369
IRS990/PYRevenuesLessExpensesAmt0130153
IRS990/PYSalariesCompEmpBnftPaidAmt0895247
IRS990/PYTotalExpensesAmt02192548
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt02322701
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt03847465
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd01
IRS990/RevenueAmt0572772
IRS990/SavingsAndTempCashInvstGrp/BOYAmt08362312
IRS990/SavingsAndTempCashInvstGrp/EOYAmt08007614
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt05767254
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt01687000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0702500
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0610000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt01350000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt010116754
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt06477
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt08121
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt09639
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt012118
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt021441
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt057796
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt02605332
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.40760
IRS990ScheduleA/PublicSupportPY170Pct00.41140
IRS990ScheduleA/PublicSupportTotal170Amt04146944
IRS990ScheduleA/SubstantialContributorsTotAmt05969810
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt05767254
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt01687000
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0702500
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0610000
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt01350000
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt010116754
IRS990ScheduleA/TotalSupportAmt010174550
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/BookValueAmt028875
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt028875
IRS990ScheduleD/ExpensesNotReportedAmt0663864
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02503224
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt08204427
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0Program loans receivable
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0F
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt012543
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt041215
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt053758
IRS990ScheduleD/NetUnrealizedGainsInvstAmt0-13207
IRS990ScheduleD/OtherExpensesIncludedAmt0663864
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt06884
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt027425
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt034309
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0600466
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Refundable advance
IRS990ScheduleD/OtherRevenueAmt0346892
IRS990ScheduleD/RevenueNotReportedAmt0333685
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt06350689
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0FIN 48 Note from Audited Financial Statements Detroit Development Fund has been granted tax-exempt status under Section 501(c)(3) of the Internal Revenue Code and qualifies for the charitable contribution deduction. The Fund has been classified as an organization that is not a private foundation. The tax exempt purpose of the Fund and the nature in which it operates is described in Note 1. The Fund continues to operate in compliance with its tax exempt purpose. The Fund'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, 2012 through 2015.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1Discount on below market loans 346,892.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2Imputed interest 513,272. Provision for loan loss 150,592.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part XI, Line 2d - Other Adjustments:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2Part XII, Line 2d - Other Adjustments:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt048302
IRS990ScheduleD/TotalBookValueProgramRltdAmt08204427
IRS990ScheduleD/TotalExpensesPerForm990Amt02503224
IRS990ScheduleD/TotalLiabilityAmt0600466
IRS990ScheduleD/TotalRevenuePerForm990Amt06350689
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt06684374
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt03167088
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt041744
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0Proprety tax assistance
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt07
IRS990ScheduleI/RecipientTable/CashGrantAmt0506707
IRS990ScheduleI/RecipientTable/CashGrantAmt110000
IRS990ScheduleI/RecipientTable/CashGrantAmt221847
IRS990ScheduleI/RecipientTable/CashGrantAmt370000
IRS990ScheduleI/RecipientTable/CashGrantAmt4128307
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/PurposeOfGrantTxt1Technical assistance
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt2Technical assistance
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt3To build capacity to do more micro loans add staff
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt4To build capacity to do more micro loans add staff and technical assistance
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0Lifeline Business Consulting LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1SW Design School LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt2TechOne Holding Corporation
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt3Detroit Midtown Micro Enterprise
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt4The Michigan Women's Foundation
IRS990ScheduleI/RecipientTable/RecipientEIN0453969608
IRS990ScheduleI/RecipientTable/RecipientEIN1465214279
IRS990ScheduleI/RecipientTable/RecipientEIN2201062426
IRS990ScheduleI/RecipientTable/RecipientEIN3202593806
IRS990ScheduleI/RecipientTable/RecipientEIN4382689979
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0440 Burroughs Street
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt15600 W Maple Rd Ste A-130
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt2440 Burroughs Street
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt3440 Burroughs Street
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt4333 W Fort Street

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$19,213,585
Liabilities
$10,695,252
Net assets
$8,518,333
Revenue
$6,350,689
Expenses
$2,503,224
Net income
$3,847,465
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
2015Detailed filing. Detailed filing data is available for this year.$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
2013Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$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