Civic Intelligence

Detroit Development Fund

990 • Fiscal year 2017 • EIN 38-3322605

Jan 01, 2017 to Dec 31, 2017 • Filed on Jul 30, 2018

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

70th percentile

0.46x

Higher debt load relative to assets than 70% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Liabilities / Revenue

86th percentile

1.66x

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

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Net Margin

90th percentile

47%

Higher net margin than 90% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Top Officer Pay

62nd percentile

$213,176

Higher top officer pay than 62% of similar nonprofits.

Top officer pay equals 3.1% of source-year revenue.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Asset Growth

79th percentile

16%

Faster asset growth than 79% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2016 to 2017

Revenue Growth

84th percentile

35%

Faster revenue growth than 84% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets70th percentile

Assets

Up

$24,841,420

Up $3,461,308 (+16%) from 2016

Net Assets

Up

$13,355,010

Up $3,205,457 (+32%) from 2016

Liabilities

Up

$11,486,410

Up $255,851 (+2.3%) from 2016

Revenue And Expenses
Liabilities / Revenue86th percentileNet Margin90th percentile

Revenue

Up

$6,935,859

Up $1,810,385 (+35%) from 2016

Expenses

Up

$3,660,598

Up $700,715 (+24%) from 2016

Net Income

Up

$3,275,261

Up $1,109,670 (+51%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth79th 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

2017

Assets$24,841,420
Liabilities$11,486,410
Net Assets$13,355,010
Open 2017 Filing

Operations Trend

Revenue Growth84th 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

2017

Revenue$6,935,859
Expenses$3,660,598
Net Income$3,275,261
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Jul 30, 2018
Return Version
2017v2.3
Gross Receipts
$6,935,859
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$10,876,881$11,375,827▲ $498,946
Savings and Temporary Cash Investments$7,655,778$9,689,378▲ $2,033,600
Cash and Non-Interest-Bearing Accounts$2,123,554$3,180,628▲ $1,057,074
Investments Other Securities$339,511$333,202▼ $6,309
Pledges and Grants Receivable$165,000--
Prepaid Expenses and Deferred Charges$72,098$74,462▲ $2,364
Accounts Receivable$9,134$48,979▲ $39,845
Land, Buildings, and Equipment, Net$46,233$36,132▼ $10,101
Total Assets$21,380,112$24,841,420▲ $3,461,308
Other Assets Total$91,923$102,812▲ $10,889
Liabilities
Mortgage Notes Payable Secured by Investment Property$10,881,024$11,353,326▲ $472,302
Other Liabilities$210,731$0▼ $210,731
Accounts Payable and Accrued Expenses$134,937$129,439▼ $5,498
Deferred Revenue$3,867$3,645▼ $222
Total Liabilities$11,230,559$11,486,410▲ $255,851
Net Assets / Fund Balance
Temporarily Rstr Net Assets$7,057,160$10,151,643▲ $3,094,483
Unrestricted Net Assets$3,092,393$3,203,367▲ $110,974
Total Net Assets Fund Balance$10,149,553$13,355,010▲ $3,205,457
Total Liabilities and Net Assets / Fund Balance$21,380,112$24,841,420▲ $3,461,308

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$5,424$48,334$53,758
Other Land Buildings$7,989$38,186$46,175
Equipment$22,719$8,771$31,490
Investment Program Related Org$11,375,827--
Compensation and Service Providers
Top Officer Pay62nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ray WatersPresidentFT$103,941$109,235$213,176
John SchoenigerLending OfficerFT$130,678$50,845$181,523
Steve MondozziChief Financial OfficerPT$121,000-$121,000

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$121,000
Revenue and Support

Revenue Composition

Contributions and Grants
$6,023,231
Program Service Revenue
$891,121
Investment Income
$6,510
Other Revenue
$14,997
All Other Contributions
$5,812,500
Change in Net Assets
$3,275,261

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,935,859
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$515,447
Total Revenue per Audited Statements
$7,451,306
Total Revenue per Form 990
$6,935,859
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,326,580
Other Expenses$1,253,335
Grants and Similar Amounts Paid$1,080,683
Total Fundraising Expense$129,763
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,080,683--$1,080,683
Other Salaries and Wages$611,380$68,754$14,411$694,545
Current Officers, Directors, Trustees, and Key Employees$152,818$153,747$32,747$339,312
Fees for Services Other$70,588$171,980$70,550$313,118
Interest$214,221--$214,221
Other Employee Benefits$177,654$20,573$4,156$202,383
Information Technology$64,032$58,303-$122,335
Advertising$42,269$37,843-$80,112
Payroll Taxes$64,886$8,535$3,496$76,917
Occupancy$38,063$5,007$2,051$45,121
Travel$11,621$32,592-$44,213
Other Expenses$23,380$20,666-$44,046
Fees for Services Legal$40,788$1,576-$42,364
Insurance$24,981$3,286$1,346$29,613
Office Expenses$18,982$9,438$865$29,285
Fees for Services Accounting-$24,105-$24,105
Pension Plan Contributions$11,968$1,314$141$13,423
Depreciation Depletion$1,611$8,498-$10,109
Conferences and Meetings$1,870$2,293-$4,163
Total Functional Expenses$2,902,325$628,510$129,763$3,660,598

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$4,245,849
Expenses per Audited Statements$3,660,598
Total Expenses per Form 990$3,660,598
Expenses Not Reported on Form 990$585,251
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Grand InnovationsDetroit, MI-To build capacity to do more micro loans add staff$432,500
Lifeline Business Consulting LLCDetroit, MI501(c)(3)To add consultants and capacity to provide business assistance to minority owned companies$290,000
Corporate 52 Marketing Group LLCRoyal Oak, MI-Technical assistance$160,000
Detroit Community Loan FundDetroit, MI-Technical assistance$123,182
The Michigan Women's FoundationDetroit, MI-To build capacity to do more micro loans add staff and technical assistance$75,000
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
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 $121,000 for these services in 2017. 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 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
2018-07-30
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
12
Volunteers
5

Preparer

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

Additional Explanations

Payroll reports

“All W-2s and payroll tax reports were prepared and filed by Insperity HR Services.”

Form 990, Part XI, line 9:

“Provision for loan loss -252,673. Imputed interest -332,578. Discount on below market loans 521,755.”

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 521,755.”

Part XII, Line 2D - Other Adjustments:

“Imputed interest 332,578. Provision for loan loss 252,673.”

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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/Form990PartVIISectionAGrp/TitleTxt4Director
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IRS990/Form990PartVIISectionAGrp/TitleTxt7Lending Officer
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IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartVInd0X
IRS990/InfoInScheduleOPartXIInd0X
IRS990/InformationTechnologyGrp/ManagementAndGeneralAmt058303
IRS990/InformationTechnologyGrp/ProgramServicesAmt064032
IRS990/InformationTechnologyGrp/TotalAmt0122335
IRS990/InsuranceGrp/FundraisingAmt01346
IRS990/InsuranceGrp/ManagementAndGeneralAmt03286
IRS990/InsuranceGrp/ProgramServicesAmt024981
IRS990/InsuranceGrp/TotalAmt029613
IRS990/InterestGrp/ProgramServicesAmt0214221
IRS990/InterestGrp/TotalAmt0214221
IRS990/InvestmentIncomeGrp/ExclusionAmt06510
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt06510
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt0339511
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt0333202
IRS990/InvestmentsProgramRelatedGrp/BOYAmt010876881
IRS990/InvestmentsProgramRelatedGrp/EOYAmt011375827
IRS990/IRPDocumentCnt055
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt095291
IRS990/LandBldgEquipBasisNetGrp/BOYAmt046233
IRS990/LandBldgEquipBasisNetGrp/EOYAmt036132
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/BOYAmt010881024
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt011353326
IRS990/NetAssetsOrFundBalancesBOYAmt010149553
IRS990/NetAssetsOrFundBalancesEOYAmt013355010
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt0-6308
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/FundraisingAmt02051
IRS990/OccupancyGrp/ManagementAndGeneralAmt05007
IRS990/OccupancyGrp/ProgramServicesAmt038063
IRS990/OccupancyGrp/TotalAmt045121
IRS990/OfficeExpensesGrp/FundraisingAmt0865
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt09438
IRS990/OfficeExpensesGrp/ProgramServicesAmt018982
IRS990/OfficeExpensesGrp/TotalAmt029285
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt091923
IRS990/OtherAssetsTotalGrp/EOYAmt0102812
IRS990/OtherChangesInNetAssetsAmt0-63496
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt04156
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt020573
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0177654
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0202383
IRS990/OtherExpensesGrp/Desc0Technical Assistance
IRS990/OtherExpensesGrp/Desc1Uncollected receivable
IRS990/OtherExpensesGrp/Desc2Dues & memberships
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt020666
IRS990/OtherExpensesGrp/ProgramServicesAmt0200530
IRS990/OtherExpensesGrp/ProgramServicesAmt150000
IRS990/OtherExpensesGrp/ProgramServicesAmt223380
IRS990/OtherExpensesGrp/TotalAmt0200530
IRS990/OtherExpensesGrp/TotalAmt150000
IRS990/OtherExpensesGrp/TotalAmt244046
IRS990/OtherLiabilitiesGrp/BOYAmt0210731
IRS990/OtherLiabilitiesGrp/EOYAmt00
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/Desc0Other
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt014997
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt014997
IRS990/OtherRevenueTotalAmt014997
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt014411
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt068754
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0611380
IRS990/OtherSalariesAndWagesGrp/TotalAmt0694545
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/FundraisingAmt03496
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt08535
IRS990/PayrollTaxesGrp/ProgramServicesAmt064886
IRS990/PayrollTaxesGrp/TotalAmt076917
IRS990/PensionPlanContributionsGrp/FundraisingAmt0141
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt01314
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt011968
IRS990/PensionPlanContributionsGrp/TotalAmt013423
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt0165000
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt072098
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt074462
IRS990/PrincipalOfficerNm0Ray Waters
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/BusinessCd1900099
IRS990/ProgramServiceRevenueGrp/BusinessCd2900099
IRS990/ProgramServiceRevenueGrp/Desc0Loan interest income
IRS990/ProgramServiceRevenueGrp/Desc1Management fee
IRS990/ProgramServiceRevenueGrp/Desc2Loan fee income
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0778337
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt160637
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt252147
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0778337
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt160637
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt252147
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt04376757
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt0986827
IRS990/PYInvestmentIncomeAmt05655
IRS990/PYOtherExpensesAmt0842179
IRS990/PYOtherRevenueAmt08880
IRS990/PYProgramServiceRevenueAmt0734182
IRS990/PYRevenuesLessExpensesAmt02165591
IRS990/PYSalariesCompEmpBnftPaidAmt01130877
IRS990/PYTotalExpensesAmt02959883
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt05125474
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt03275261
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd01
IRS990/RevenueAmt0906118
IRS990/SavingsAndTempCashInvstGrp/BOYAmt07655778
IRS990/SavingsAndTempCashInvstGrp/EOYAmt09689378
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt06023231
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt04376757
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt05767254
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt01687000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0702500
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt018556742
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt06510
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt05655
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt06477
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt08121
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt09639
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt036402
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt03408680
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.33380
IRS990ScheduleA/PublicSupportPY170Pct00.38010
IRS990ScheduleA/PublicSupportTotal170Amt06205541
IRS990ScheduleA/SubstantialContributorsTotAmt012351201
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt06023231
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt04376757
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt05767254
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt01687000
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0702500
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt018556742
IRS990ScheduleA/TotalSupportAmt018593144
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/EquipmentGrp/BookValueAmt022719
IRS990ScheduleD/EquipmentGrp/DepreciationAmt08771
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt031490
IRS990ScheduleD/ExpensesNotReportedAmt0585251
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt03660598
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt011375827
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0Program loans receivable
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0F
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt05424
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt048334
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt053758
IRS990ScheduleD/NetUnrealizedGainsInvstAmt0-6308
IRS990ScheduleD/OtherExpensesIncludedAmt0585251
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt07989
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt038186
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt046175
IRS990ScheduleD/OtherRevenueAmt0521755
IRS990ScheduleD/RevenueNotReportedAmt0515447
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt06935859
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 521,755.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2Imputed interest 332,578. Provision for loan loss 252,673.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part XI, Line 2d - Other Adjustments:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2Part XII, Line 2d - Other Adjustments:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt036132
IRS990ScheduleD/TotalBookValueProgramRltdAmt011375827
IRS990ScheduleD/TotalExpensesPerForm990Amt03660598
IRS990ScheduleD/TotalRevenuePerForm990Amt06935859
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt07451306
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt04245849
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/RecipientTable/CashGrantAmt0290000
IRS990ScheduleI/RecipientTable/CashGrantAmt1123182
IRS990ScheduleI/RecipientTable/CashGrantAmt2160000
IRS990ScheduleI/RecipientTable/CashGrantAmt3432500
IRS990ScheduleI/RecipientTable/CashGrantAmt475000
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(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/BusinessNameLine1Txt1Detroit Community Loan Fund
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt2Corporate 52 Marketing Group LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt3Grand Innovations
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt4The Michigan Women's Foundation
IRS990ScheduleI/RecipientTable/RecipientEIN0453969608
IRS990ScheduleI/RecipientTable/RecipientEIN1010765197
IRS990ScheduleI/RecipientTable/RecipientEIN2462695230
IRS990ScheduleI/RecipientTable/RecipientEIN3811033237
IRS990ScheduleI/RecipientTable/RecipientEIN4382689979

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$24,841,420
Liabilities
$11,486,410
Net assets
$13,355,010
Revenue
$6,935,859
Expenses
$3,660,598
Net income
$3,275,261
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
2017Detailed filing. Detailed filing data is available for this year.$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
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