Civic Intelligence

Detroit Development Fund

990 • Fiscal year 2018 • EIN 38-3322605

Jan 01, 2018 to Dec 31, 2018 • Filed on Oct 23, 2019

Organization Profiledetroitdevelopmentfund.com
277 Gratiot No 3025Detroit, 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

0.52x

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

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Liabilities / Revenue

95th percentile

6.42x

Higher debt load relative to revenue than 95% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Net Margin

3rd percentile

-101%

Higher net margin than 3% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Top Officer Pay

62nd percentile

$213,493

Higher top officer pay than 62% of similar nonprofits.

Top officer pay equals 12.0% of source-year revenue.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Asset Growth

8th percentile

-11%

Faster asset growth than 8% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2017 to 2018

Revenue Growth

2nd percentile

-74%

Faster revenue growth than 2% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets73rd percentile

Assets

Down

$22,095,710

Down $2,745,710 (-11%) from 2017

Net Assets

Down

$10,657,032

Down $2,697,978 (-20%) from 2017

Liabilities

Down

$11,438,678

Down $47,732 (-0.4%) from 2017

Revenue And Expenses
Liabilities / Revenue95th percentileNet Margin3rd percentile

Revenue

Down

$1,781,233

Down $5,154,626 (-74%) from 2017

Expenses

Down

$3,588,923

Down $71,675 (-2.0%) from 2017

Net Income

Down

-$1,807,690

Down $5,082,951 (-155%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth8th 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

2018

Assets$22,095,710
Liabilities$11,438,678
Net Assets$10,657,032
Open 2018 Filing

Operations Trend

Revenue Growth2nd 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

2018

Revenue$1,781,233
Expenses$3,588,923
Net Income-$1,807,690
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Oct 23, 2019
Return Version
2018v3.1
Gross Receipts
$1,781,233
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$11,375,827--
Savings and Temporary Cash Investments$9,689,378$8,035,888▼ $1,653,490
Cash and Non-Interest-Bearing Accounts$3,180,628$4,201,858▲ $1,021,230
Investments Other Securities$333,202$291,404▼ $41,798
Accounts Receivable$48,979$83,953▲ $34,974
Prepaid Expenses and Deferred Charges$74,462$76,902▲ $2,440
Land, Buildings, and Equipment, Net$36,132$48,157▲ $12,025
Total Assets$24,841,420$22,095,710▼ $2,745,710
Other Assets Total$102,812$9,357,548▲ $9,254,736
Liabilities
Mortgage Notes Payable Secured by Investment Property$11,353,326$10,874,606▼ $478,720
Other Liabilities$0$368,541▲ $368,541
Accounts Payable and Accrued Expenses$129,439$166,211▲ $36,772
Deferred Revenue$3,645$29,320▲ $25,675
Total Liabilities$11,486,410$11,438,678▼ $47,732
Net Assets / Fund Balance
Temporarily Rstr Net Assets$10,151,643$7,437,291▼ $2,714,352
Unrestricted Net Assets$3,203,367$3,219,741▲ $16,374
Total Net Assets Fund Balance$13,355,010$10,657,032▼ $2,697,978
Total Liabilities and Net Assets / Fund Balance$24,841,420$22,095,710▼ $2,745,710

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$30,449$9,213$39,662
Equipment$17,708$13,782$31,490
Other Assets Org$9,274,308--
Compensation and Service Providers
Top Officer Pay62nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ray WatersPresidentFT$159,596$53,897$213,493
John SchoenigerLoan Fund ManagerFT$144,451$43,450$187,901
Elizabeth FreitasLoan Portfolio ManagerFT$105,648$38,104$143,752
Steve MondozziChief Financial OfficerPT$132,300-$132,300

Board Members and Trustees

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

Highest Paid Contractors

ContractorServicesLocationCompensation
Mondozzi LLCFinancial & accounting3600 N Lake Shore Drive 2306, Chicago, IL 60613$132,300
Revenue and Support

Revenue Composition

Contributions and Grants
$985,090
Program Service Revenue
$750,727
Investment Income
$18,639
Other Revenue
$26,777
All Other Contributions
$467,905
Change in Net Assets
$-1,807,690

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,781,233
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-41,798
Total Revenue per Audited Statements
$1,739,435
Total Revenue per Form 990
$1,781,233
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,526,930
Other Expenses$1,286,324
Grants and Similar Amounts Paid$775,669
Total Fundraising Expense$94,043
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$808,922$10,869-$819,791
Grants to Domestic Orgs$775,669--$775,669
Current Officers, Directors, Trustees, and Key Employees$153,912$165,341$32,921$352,174
Interest$248,697--$248,697
Other Employee Benefits$239,454$3,252-$242,706
Fees for Services Other$31,956$122,506$54,000$208,462
Advertising$92,223$15,000-$107,223
Payroll Taxes$82,566$3,197$2,217$87,980
Occupancy$81,072$3,140$2,176$86,388
Fees for Services Legal$65,994$9,837-$75,831
Travel$13,247$36,422$1,169$50,838
Other Expenses$15,809$30,488-$46,297
Office Expenses$36,721$6,006$789$43,516
Insurance$28,713$1,112$771$30,596
Fees for Services Accounting-$27,115-$27,115
Pension Plan Contributions$23,954$325-$24,279
Conferences and Meetings$4,047$7,493-$11,540
Depreciation Depletion-$8,772-$8,772
Total Functional Expenses$3,003,820$491,060$94,043$3,588,923

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$4,437,413
Expenses per Audited Statements$3,588,923
Total Expenses per Form 990$3,588,923
Expenses Not Reported on Form 990$848,490
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$622,500
Detroit Community Loan FundDetroit, MI-Technical assistance$66,817
Corporate 52 Marketing Group LLCRoyal Oak, MI-Technical assistance$55,250
Mack Brothers Holding LLCTallahassee, FL-Technical assistance$10,000
Julia's CleanersDetroit, MI-Technical assistance$5,000
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$349,315
Accrued rent$19,226
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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 $132,300 for these services in 2018. 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 3025, Detroit, MI 48226
Doing Business As
Detroit Development Fund

Signing Officer

Name
Ray Waters
Title
President
Phone
3137849547
Signed
2019-10-23
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
13
Volunteers
6

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 -459,993. Imputed interest -388,497.”

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 XII, Line 2D - Other Adjustments:

“Imputed interest 388,497. Provision for loan loss 459,993.”

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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/PersonNm2Ronald C Frederick
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IRS990/Form990PartVIISectionAGrp/TitleTxt0President
IRS990/Form990PartVIISectionAGrp/TitleTxt1Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt2Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Chief Financial Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt8Loan Portfolio Manager
IRS990/Form990PartVIISectionAGrp/TitleTxt9Loan Fund Manager
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IRS990/FundraisingActivitiesInd00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt07
IRS990/GovernmentGrantsAmt0517185
IRS990/GrantAmt0775669
IRS990/GrantsToDomesticOrgsGrp/ProgramServicesAmt0775669
IRS990/GrantsToDomesticOrgsGrp/TotalAmt0775669
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd01
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt01781233
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt06
IRS990/IndivRcvdGreaterThan100KCnt03
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIInd0X
IRS990/InsuranceGrp/FundraisingAmt0771
IRS990/InsuranceGrp/ManagementAndGeneralAmt01112
IRS990/InsuranceGrp/ProgramServicesAmt028713
IRS990/InsuranceGrp/TotalAmt030596
IRS990/InterestGrp/ProgramServicesAmt0248697
IRS990/InterestGrp/TotalAmt0248697
IRS990/InvestmentIncomeGrp/ExclusionAmt018639
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt018639
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt0333202
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt0291404
IRS990/InvestmentsProgramRelatedGrp/BOYAmt011375827
IRS990/IRPDocumentCnt057
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt022995
IRS990/LandBldgEquipBasisNetGrp/BOYAmt036132
IRS990/LandBldgEquipBasisNetGrp/EOYAmt048157
IRS990/LandBldgEquipCostOrOtherBssAmt071152
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/BOYAmt011353326
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt010874606
IRS990/NetAssetsOrFundBalancesBOYAmt013355010
IRS990/NetAssetsOrFundBalancesEOYAmt010657032
IRS990/NetUnrelatedBusTxblIncmAmt09123
IRS990/NetUnrlzdGainsLossesInvstAmt0-41798
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/FundraisingAmt02176
IRS990/OccupancyGrp/ManagementAndGeneralAmt03140
IRS990/OccupancyGrp/ProgramServicesAmt081072
IRS990/OccupancyGrp/TotalAmt086388
IRS990/OfficeExpensesGrp/FundraisingAmt0789
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt06006
IRS990/OfficeExpensesGrp/ProgramServicesAmt036721
IRS990/OfficeExpensesGrp/TotalAmt043516
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0102812
IRS990/OtherAssetsTotalGrp/EOYAmt09357548
IRS990/OtherChangesInNetAssetsAmt0-848490
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt03252
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0239454
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0242706
IRS990/OtherExpensesGrp/Desc0Technical Assistance
IRS990/OtherExpensesGrp/Desc1Equipment & software
IRS990/OtherExpensesGrp/Desc2Dues & memberships
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt040185
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt130488
IRS990/OtherExpensesGrp/ProgramServicesAmt0177559
IRS990/OtherExpensesGrp/ProgramServicesAmt1123305
IRS990/OtherExpensesGrp/ProgramServicesAmt215809
IRS990/OtherExpensesGrp/TotalAmt0177559
IRS990/OtherExpensesGrp/TotalAmt1163490
IRS990/OtherExpensesGrp/TotalAmt246297
IRS990/OtherLiabilitiesGrp/BOYAmt00
IRS990/OtherLiabilitiesGrp/EOYAmt0368541
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/Desc0Other
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt026777
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt026777
IRS990/OtherRevenueTotalAmt026777
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt010869
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0808922
IRS990/OtherSalariesAndWagesGrp/TotalAmt0819791
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/FundraisingAmt02217
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt03197
IRS990/PayrollTaxesGrp/ProgramServicesAmt082566
IRS990/PayrollTaxesGrp/TotalAmt087980
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt0325
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt023954
IRS990/PensionPlanContributionsGrp/TotalAmt024279
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt074462
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt076902
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/RelatedOrExemptFuncIncomeAmt0638678
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt158754
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt253295
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0638678
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt158754
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt253295
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt06023231
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt01080683
IRS990/PYInvestmentIncomeAmt06510
IRS990/PYOtherExpensesAmt01253335
IRS990/PYOtherRevenueAmt014997
IRS990/PYProgramServiceRevenueAmt0891121
IRS990/PYRevenuesLessExpensesAmt03275261
IRS990/PYSalariesCompEmpBnftPaidAmt01326580
IRS990/PYTotalExpensesAmt03660598
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt06935859
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0-1807690
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0777504
IRS990/SavingsAndTempCashInvstGrp/BOYAmt09689378
IRS990/SavingsAndTempCashInvstGrp/EOYAmt08035888
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0895720
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt06023231
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt04376757
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt05767254
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt01687000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt018749962
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt018639
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt06510
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt05655
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt06477
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt08121
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt045402
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt03606825
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.36950
IRS990ScheduleA/PublicSupportPY170Pct00.33380
IRS990ScheduleA/PublicSupportTotal170Amt06944569
IRS990ScheduleA/SubstantialContributorsTotAmt011805393
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0895720
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt06023231
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt04376757
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt05767254
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt01687000
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt018749962
IRS990ScheduleA/TotalSupportAmt018795364
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/EquipmentGrp/BookValueAmt017708
IRS990ScheduleD/EquipmentGrp/DepreciationAmt013782
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt031490
IRS990ScheduleD/ExpensesNotReportedAmt0848490
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt03588923
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/NetUnrealizedGainsInvstAmt0-41798
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt082271
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1969
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt29274308
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Loan interest receivable
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Due from Detroit Community Loan Fund
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2Program Loans Receivable
IRS990ScheduleD/OtherExpensesIncludedAmt0848490
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt030449
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt09213
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt039662
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0349315
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt119226
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Refundable advance
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Accrued rent
IRS990ScheduleD/RevenueNotReportedAmt0-41798
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt01781233
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/ExplanationTxt1Imputed interest 388,497. Provision for loan loss 459,993.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part XII, Line 2d - Other Adjustments:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt048157
IRS990ScheduleD/TotalBookValueOtherAssetsAmt09357548
IRS990ScheduleD/TotalExpensesPerForm990Amt03588923
IRS990ScheduleD/TotalLiabilityAmt0368541
IRS990ScheduleD/TotalRevenuePerForm990Amt01781233
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01739435
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt04437413
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/RecipientTable/CashGrantAmt066817
IRS990ScheduleI/RecipientTable/CashGrantAmt155250
IRS990ScheduleI/RecipientTable/CashGrantAmt2622500
IRS990ScheduleI/RecipientTable/CashGrantAmt310000
IRS990ScheduleI/RecipientTable/CashGrantAmt45000
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0Technical assistance
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1Technical assistance
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt2To build capacity to do more micro loans add staff
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt3Technical assistance
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt4Technical assistance
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0Detroit Community Loan Fund
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1Corporate 52 Marketing Group LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt2Grand Innovations
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt3Mack Brothers Holding LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt4Julia's Cleaners

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$22,095,710
Liabilities
$11,438,678
Net assets
$10,657,032
Revenue
$1,781,233
Expenses
$3,588,923
Net income
-$1,807,690
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
2018Detailed filing. Detailed filing data is available for this year.$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
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