Civic Intelligence

Detroit Development Fund

990 • Fiscal year 2016 • EIN 38-3322605

Jan 01, 2016 to Dec 31, 2016 • Filed on Sep 27, 2017

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

73rd percentile

0.53x

Higher debt load relative to assets than 73% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Liabilities / Revenue

88th percentile

2.19x

Higher debt load relative to revenue than 88% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Net Margin

90th percentile

42%

Higher net margin than 90% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Top Officer Pay

57th percentile

$196,108

Higher top officer pay than 57% of similar nonprofits.

Top officer pay equals 3.8% of source-year revenue.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Asset Growth

77th percentile

11%

Faster asset growth than 77% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Revenue Growth

15th percentile

-19%

Faster revenue growth than 15% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets73rd percentile

Assets

Up

$21,380,112

Up $2,166,527 (+11%) from 2015

Net Assets

Up

$10,149,553

Up $1,631,220 (+19%) from 2015

Liabilities

Up

$11,230,559

Up $535,307 (+5.0%) from 2015

Revenue And Expenses
Liabilities / Revenue88th percentileNet Margin90th percentile

Revenue

Down

$5,125,474

Down $1,225,215 (-19%) from 2015

Expenses

Up

$2,959,883

Up $456,659 (+18%) from 2015

Net Income

Down

$2,165,591

Down $1,681,874 (-44%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth77th 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

2016

Assets$21,380,112
Liabilities$11,230,559
Net Assets$10,149,553
Open 2016 Filing

Operations Trend

Revenue Growth15th 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

2016

Revenue$5,125,474
Expenses$2,959,883
Net Income$2,165,591
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Sep 27, 2017
Return Version
2016v3.0
Gross Receipts
$5,125,474
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$8,204,427$10,876,881▲ $2,672,454
Savings and Temporary Cash Investments$8,007,614$7,655,778▼ $351,836
Cash and Non-Interest-Bearing Accounts$2,366,969$2,123,554▼ $243,415
Investments Other Securities$326,191$339,511▲ $13,320
Pledges and Grants Receivable$150,000$165,000▲ $15,000
Prepaid Expenses and Deferred Charges$35,568$72,098▲ $36,530
Land, Buildings, and Equipment, Net$48,302$46,233▼ $2,069
Accounts Receivable$16,032$9,134▼ $6,898
Total Assets$19,213,585$21,380,112▲ $2,166,527
Other Assets Total$58,482$91,923▲ $33,441
Liabilities
Mortgage Notes Payable Secured by Investment Property$9,967,400$10,881,024▲ $913,624
Other Liabilities$600,466$210,731▼ $389,735
Accounts Payable and Accrued Expenses$115,695$134,937▲ $19,242
Deferred Revenue$11,691$3,867▼ $7,824
Total Liabilities$10,695,252$11,230,559▲ $535,307
Net Assets / Fund Balance
Temporarily Rstr Net Assets$5,901,727$7,057,160▲ $1,155,433
Unrestricted Net Assets$2,616,606$3,092,393▲ $475,787
Total Net Assets Fund Balance$8,518,333$10,149,553▲ $1,631,220
Total Liabilities and Net Assets / Fund Balance$19,213,585$21,380,112▲ $2,166,527

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$7,035$46,723$53,758
Other Land Buildings$11,467$34,708$46,175
Equipment$27,731$3,759$31,490
Investment Program Related Org$10,876,881--
Compensation and Service Providers
Top Officer Pay57th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ray WatersPresidentFT$145,727$50,381$196,108
John SchoenigerLending OfficerFT$132,851$40,341$173,192
Steve MondozziChief Financial OfficerPT$111,167-$111,167

Board Members and Trustees

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

Highest Paid Contractors

ContractorServicesLocationCompensation
Mondozzi LLCFinancial & accounting3600 N Lake Shore Drive 2306, Chicago, IL 60613$111,167
Revenue and Support

Revenue Composition

Contributions and Grants
$4,376,757
Program Service Revenue
$734,182
Investment Income
$5,655
Other Revenue
$8,880
All Other Contributions
$3,987,022
Change in Net Assets
$2,165,591

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,125,474
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$324,029
Total Revenue per Audited Statements
$5,449,503
Total Revenue per Form 990
$5,125,474
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,130,877
Grants and Similar Amounts Paid$986,827
Other Expenses$842,179
Total Fundraising Expense$110,857
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$941,652--$941,652
Other Salaries and Wages$546,788$29,432-$576,220
Current Officers, Directors, Trustees, and Key Employees$130,862$151,551$29,654$312,067
Fees for Services Other$96,713$77,546$77,150$251,409
Interest$176,220--$176,220
Information Technology$120,754$46,643-$167,397
Other Employee Benefits$155,680$8,380-$164,060
Payroll Taxes$57,825$5,341$2,025$65,191
Grants to Domestic Individuals$45,175--$45,175
Travel$11,622$25,997-$37,619
Occupancy$30,118$3,016$1,143$34,277
Office Expenses$19,755$11,545$507$31,807
Insurance$10,803$19,636$378$30,817
Fees for Services Accounting-$25,580-$25,580
Fees for Services Legal$6,616$15,594-$22,210
Depreciation Depletion$9,667$6,883-$16,550
Other Expenses$4,596$16,000-$16,000
Advertising$3,551$10,914-$14,465
Pension Plan Contributions$13,339--$13,339
Conferences and Meetings$1,350--$1,350
Total Functional Expenses$2,383,086$465,940$110,857$2,959,883

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,818,283
Expenses per Audited Statements$2,959,883
Total Expenses per Form 990$2,959,883
Expenses Not Reported on Form 990$858,400
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$612,000
Corpoate 52 Marketing Group LLCRoyal Oak, MI-Technical assistance$90,000
The Michigan Women's FoundationDetroit, MI-To build capacity to do more micro loans add staff and technical assistance$40,000
SW Design School LLCGlen Burnie, MD501(c)(3)Technical assistance$34,000
Muze Holdings LLCClinton Township, MI-Technical assistance$22,100
Detroit Midtown Micro EnterpriseDetroit, MI-To build capacity to do more micro loans add staff$16,000
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$210,731
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 $111,167 for these services in 2016. Steve Mondozzi, Chief Financial Officer is compensated by Mondozzi, LLC.”

Form 990, Part VI, Section B, line 11B

“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
2017-09-27
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 -313,026. Imputed interest -545,374. Discount on below market loans 310,709.”

Form 990, Part I, Line 5

“Detroit Development Fund does not issue W-2s directly as it utilizes Insperity PEO Services for payroll. There were ten individuals working for the Organization in 2016.”

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 three years after filing.”

Part XI, Line 2D - Other Adjustments:

“Discount on below market loans 310,709.”

Part XII, Line 2D - Other Adjustments:

“Imputed interest 545,374. Provision for loan loss 313,026.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
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IRS990/Form990PartVIISectionAGrp/TitleTxt7Lending Officer
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IRS990/GrantsToOrganizationsInd01
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt05125474
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt05
IRS990/IndivRcvdGreaterThan100KCnt02
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIInd0X
IRS990/InformationTechnologyGrp/ManagementAndGeneralAmt046643
IRS990/InformationTechnologyGrp/ProgramServicesAmt0120754
IRS990/InformationTechnologyGrp/TotalAmt0167397
IRS990/InsuranceGrp/FundraisingAmt0378
IRS990/InsuranceGrp/ManagementAndGeneralAmt019636
IRS990/InsuranceGrp/ProgramServicesAmt010803
IRS990/InsuranceGrp/TotalAmt030817
IRS990/InterestGrp/ProgramServicesAmt0176220
IRS990/InterestGrp/TotalAmt0176220
IRS990/InvestmentIncomeGrp/ExclusionAmt05655
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt05655
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt0326191
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt0339511
IRS990/InvestmentsProgramRelatedGrp/BOYAmt08204427
IRS990/InvestmentsProgramRelatedGrp/EOYAmt010876881
IRS990/IRPDocumentCnt047
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt085190
IRS990/LandBldgEquipBasisNetGrp/BOYAmt048302
IRS990/LandBldgEquipBasisNetGrp/EOYAmt046233
IRS990/LandBldgEquipCostOrOtherBssAmt0131423
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/BOYAmt09967400
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt010881024
IRS990/NetAssetsOrFundBalancesBOYAmt08518333
IRS990/NetAssetsOrFundBalancesEOYAmt010149553
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt013320
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/FundraisingAmt01143
IRS990/OccupancyGrp/ManagementAndGeneralAmt03016
IRS990/OccupancyGrp/ProgramServicesAmt030118
IRS990/OccupancyGrp/TotalAmt034277
IRS990/OfficeExpensesGrp/FundraisingAmt0507
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt011545
IRS990/OfficeExpensesGrp/ProgramServicesAmt019755
IRS990/OfficeExpensesGrp/TotalAmt031807
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt058482
IRS990/OtherAssetsTotalGrp/EOYAmt091923
IRS990/OtherChangesInNetAssetsAmt0-547691
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt08380
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0155680
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0164060
IRS990/OtherExpensesGrp/Desc0Dues & memberships
IRS990/OtherExpensesGrp/Desc1Awards
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt011882
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt116000
IRS990/OtherExpensesGrp/ProgramServicesAmt04596
IRS990/OtherExpensesGrp/TotalAmt016478
IRS990/OtherExpensesGrp/TotalAmt116000
IRS990/OtherLiabilitiesGrp/BOYAmt0600466
IRS990/OtherLiabilitiesGrp/EOYAmt0210731
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/Desc0Other
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt08880
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt08880
IRS990/OtherRevenueTotalAmt08880
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt029432
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0546788
IRS990/OtherSalariesAndWagesGrp/TotalAmt0576220
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/FundraisingAmt02025
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt05341
IRS990/PayrollTaxesGrp/ProgramServicesAmt057825
IRS990/PayrollTaxesGrp/TotalAmt065191
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt013339
IRS990/PensionPlanContributionsGrp/TotalAmt013339
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt0150000
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt0165000
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt035568
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt072098
IRS990/PrincipalOfficerNm0Ray Waters
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/BusinessCd1900099
IRS990/ProgramServiceRevenueGrp/Desc0Loan interest income
IRS990/ProgramServiceRevenueGrp/Desc1Loan fee income
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0661495
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt172687
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0661495
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt172687
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt05767254
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt0778635
IRS990/PYInvestmentIncomeAmt010663
IRS990/PYOtherExpensesAmt0678719
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt0572772
IRS990/PYRevenuesLessExpensesAmt03847465
IRS990/PYSalariesCompEmpBnftPaidAmt01045870
IRS990/PYTotalExpensesAmt02503224
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt06350689
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt02165591
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd01
IRS990/RevenueAmt0743062
IRS990/SavingsAndTempCashInvstGrp/BOYAmt08007614
IRS990/SavingsAndTempCashInvstGrp/EOYAmt07655778
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt04376757
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt05767254
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt01687000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0702500
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0610000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt013143511
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt05655
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt06477
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt08121
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt09639
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt012118
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt042010
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt03019248
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.38010
IRS990ScheduleA/PublicSupportPY170Pct00.40760
IRS990ScheduleA/PublicSupportTotal170Amt05011449
IRS990ScheduleA/SubstantialContributorsTotAmt08132062
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt04376757
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt05767254
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt01687000
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0702500
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0610000
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt013143511
IRS990ScheduleA/TotalSupportAmt013185521
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/BookValueAmt027731
IRS990ScheduleD/EquipmentGrp/DepreciationAmt03759
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt031490
IRS990ScheduleD/ExpensesNotReportedAmt0858400
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02959883
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt010876881
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0Program loans receivable
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0F
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt07035
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt046723
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt053758
IRS990ScheduleD/NetUnrealizedGainsInvstAmt013320
IRS990ScheduleD/OtherExpensesIncludedAmt0858400
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt011467
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt034708
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt046175
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0210731
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Refundable advance
IRS990ScheduleD/OtherRevenueAmt0310709
IRS990ScheduleD/RevenueNotReportedAmt0324029
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt05125474
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 three years after filing.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1Discount on below market loans 310,709.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2Imputed interest 545,374. Provision for loan loss 313,026.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part XI, Line 2d - Other Adjustments:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2Part XII, Line 2d - Other Adjustments:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt046233
IRS990ScheduleD/TotalBookValueProgramRltdAmt010876881
IRS990ScheduleD/TotalExpensesPerForm990Amt02959883
IRS990ScheduleD/TotalLiabilityAmt0210731
IRS990ScheduleD/TotalRevenuePerForm990Amt05125474
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt05449503
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt03818283
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt043175
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0Property tax assistance
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt07
IRS990ScheduleI/RecipientTable/CashGrantAmt0612000
IRS990ScheduleI/RecipientTable/CashGrantAmt134000
IRS990ScheduleI/RecipientTable/CashGrantAmt290000
IRS990ScheduleI/RecipientTable/CashGrantAmt316000
IRS990ScheduleI/RecipientTable/CashGrantAmt440000
IRS990ScheduleI/RecipientTable/CashGrantAmt522100
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/PurposeOfGrantTxt5Technical assistance
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0Lifeline Business Consulting LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1SW Design School LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt2Corpoate 52 Marketing Group LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt3Detroit Midtown Micro Enterprise

Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$21,380,112
Liabilities
$11,230,559
Net assets
$10,149,553
Revenue
$5,125,474
Expenses
$2,959,883
Net income
$2,165,591
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
2016Detailed filing. Detailed filing data is available for this year.$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
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