Civic Intelligence

Detroit Development Fund

990 • Fiscal year 2019 • EIN 38-3322605

Jan 01, 2019 to Dec 31, 2019 • Filed on Jul 07, 2020

Organization Profiledetroitdevelopmentfund.com
3031 W Grant Blvd No 505Detroit, MI 48202

(313) 784-9592

Siviq Scores

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

Liabilities / Assets

76th percentile

0.56x

Higher debt load relative to assets than 76% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Liabilities / Revenue

95th percentile

6.96x

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

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Net Margin

2nd percentile

-118%

Higher net margin than 2% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Top Officer Pay

69th percentile

$243,942

Higher top officer pay than 69% of similar nonprofits.

Top officer pay equals 16.1% of source-year revenue.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Asset Growth

5th percentile

-15%

Faster asset growth than 5% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Revenue Growth

16th percentile

-15%

Faster revenue growth than 16% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets76th percentile

Assets

Down

$18,710,763

Down $3,384,947 (-15%) from 2018

Net Assets

Down

$8,182,737

Down $2,474,295 (-23%) from 2018

Liabilities

Down

$10,528,026

Down $910,652 (-8.0%) from 2018

Revenue And Expenses
Liabilities / Revenue95th percentileNet Margin2nd percentile

Revenue

Down

$1,512,237

Down $268,996 (-15%) from 2018

Expenses

Down

$3,301,507

Down $287,416 (-8.0%) from 2018

Net Income

Up

-$1,789,270

Up $18,420 (+1.0%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth5th 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

2019

Assets$18,710,763
Liabilities$10,528,026
Net Assets$8,182,737
Open 2019 Filing

Operations Trend

Revenue Growth16th 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

2019

Revenue$1,512,237
Expenses$3,301,507
Net Income-$1,789,270
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Jul 7, 2020
Return Version
2019v5.1
Gross Receipts
$1,512,237
Mission and Program Overview

Mission

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

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$8,035,888$5,868,899▼ $2,166,989
Cash and Non-Interest-Bearing Accounts$4,201,858$4,080,096▼ $121,762
Investments Other Securities$291,404$278,206▼ $13,198
Pledges and Grants Receivable-$75,000-
Land, Buildings, and Equipment, Net$48,157$66,302▲ $18,145
Accounts Receivable$83,953$58,000▼ $25,953
Prepaid Expenses and Deferred Charges$76,902$53,313▼ $23,589
Total Assets$22,095,710$18,710,763▼ $3,384,947
Other Assets Total$9,357,548$8,230,947▼ $1,126,601
Liabilities
Mortgage Notes Payable Secured by Investment Property$10,874,606$10,287,577▼ $587,029
Other Liabilities$368,541$177,708▼ $190,833
Accounts Payable and Accrued Expenses$166,211$62,741▼ $103,470
Deferred Revenue$29,320--
Total Liabilities$11,438,678$10,528,026▼ $910,652
Net Assets / Fund Balance
Net Assets With Donor Restrictions$7,437,291$4,114,107▼ $3,323,184
Net Assets Without Donor Restrictions$3,219,741$4,068,630▲ $848,889
Total Net Assets Fund Balance$10,657,032$8,182,737▼ $2,474,295
Total Liabilities and Net Assets / Fund Balance$22,095,710$18,710,763▼ $3,384,947

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$53,610$19,106$72,716
Equipment$12,692$18,798$31,490
Other Assets Org$8,185,987--
Compensation and Service Providers
Top Officer Pay69th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ray WatersPresidentFT$170,759$73,183$243,942
John SchoenigerLoan Fund ManagerFT$132,796$55,962$188,758
Deborah JonesDirectorFT$107,576$36,651$144,227
Steve MondozziChief Financial OfficerPT$138,375-$138,375
Elizabeth FreitasLoan Portfolio ManagerFT$100,519$33,686$134,205

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$138,375
Revenue and Support

Revenue Composition

Contributions and Grants
$824,949
Program Service Revenue
$653,116
Investment Income
$14,872
Other Revenue
$19,300
All Other Contributions
$503,000
Change in Net Assets
$-1,789,270

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,512,237
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$144,722
Total Revenue per Audited Statements
$1,656,959
Total Revenue per Form 990
$1,512,237
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,640,030
Other Expenses$1,110,827
Grants and Similar Amounts Paid$550,650
Total Fundraising Expense$132,111
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$751,159$83,609$21,614$856,382
Grants to Domestic Orgs$550,650--$550,650
Current Officers, Directors, Trustees, and Key Employees$146,365$187,223$48,728$382,316
Other Employee Benefits$242,228$27,631$8,122$277,981
Interest$238,844--$238,844
Fees for Services Other$32,153$130,659$36,000$198,812
Occupancy$115,086$16,034$7,832$138,952
Advertising$5,136$105,499-$110,635
Payroll Taxes$77,470$10,793$5,272$93,535
Fees for Services Legal$57,484$3,237-$60,721
Insurance$32,441$4,520$2,208$39,169
Office Expenses$25,317$9,005$1,464$35,786
Pension Plan Contributions$25,981$2,964$871$29,816
Travel$7,835$19,067-$26,902
Fees for Services Accounting$5,000$19,960-$24,960
Other Expenses$8,255$16,532-$24,787
Depreciation Depletion-$14,913-$14,913
Conferences and Meetings$1,895$1,494-$3,389
Total Functional Expenses$2,432,351$737,045$132,111$3,301,507

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$4,131,254
Expenses per Audited Statements$3,301,507
Total Expenses per Form 990$3,301,507
Expenses Not Reported on Form 990$829,747
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$330,000
Detroit Community Loan FundDetroit, MI-Technical assistance$135,000
Corporate 52 Marketing Group LLCRoyal Oak, MI-Technical assistance$71,000
Mack BrothersPurple Promise FilmsTallahassee, FL-Technical assistance$12,700
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

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

Other Reported Liabilities

LiabilityAmount
Due to Detroit Community Loan FUnd$105,061
Deferred rent$45,281
Refundable advance$27,366
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 35% controlled entity
No
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 $138,375 for these services in 2019. 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
3137849592
Address
3031 W Grant Blvd No 505, Detroit, MI 48202
Doing Business As
Detroit Development Fund

Signing Officer

Name
Ray Waters
Title
President
Phone
3137849592
Signed
2020-07-07
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 -557,727. Imputed interest -272,020. Discount on below market loans 157,920.”

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 157,920.”

Part XII, Line 2D - Other Adjustments:

“Imputed interest 272,020. Provision for loan loss 557,727.”

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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/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
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
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IRS990/InsuranceGrp/ManagementAndGeneralAmt04520
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IRS990/InterestGrp/TotalAmt0238844
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IRS990/MinutesOfCommitteesInd01
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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
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IRS990/OccupancyGrp/TotalAmt0138952
IRS990/OfficeExpensesGrp/FundraisingAmt01464
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt09005
IRS990/OfficeExpensesGrp/ProgramServicesAmt025317
IRS990/OfficeExpensesGrp/TotalAmt035786
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt09357548
IRS990/OtherAssetsTotalGrp/EOYAmt08230947
IRS990/OtherChangesInNetAssetsAmt0-671827
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt08122
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt027631
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0242228
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0277981
IRS990/OtherExpensesGrp/Desc0Technical Assistance
IRS990/OtherExpensesGrp/Desc1Equipment & software
IRS990/OtherExpensesGrp/Desc2Dues & memberships
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt072597
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt111308
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt216532
IRS990/OtherExpensesGrp/ProgramServicesAmt045819
IRS990/OtherExpensesGrp/ProgramServicesAmt163233
IRS990/OtherExpensesGrp/ProgramServicesAmt28255
IRS990/OtherExpensesGrp/TotalAmt0118416
IRS990/OtherExpensesGrp/TotalAmt174541
IRS990/OtherExpensesGrp/TotalAmt224787
IRS990/OtherLiabilitiesGrp/BOYAmt0368541
IRS990/OtherLiabilitiesGrp/EOYAmt0177708
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/Desc0Other
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt019300
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IRS990/OtherRevenueTotalAmt019300
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt021614
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt083609
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0751159
IRS990/OtherSalariesAndWagesGrp/TotalAmt0856382
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/FundraisingAmt05272
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt010793
IRS990/PayrollTaxesGrp/ProgramServicesAmt077470
IRS990/PayrollTaxesGrp/TotalAmt093535
IRS990/PensionPlanContributionsGrp/FundraisingAmt0871
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt02964
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt025981
IRS990/PensionPlanContributionsGrp/TotalAmt029816
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt075000
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt076902
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt053313
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/RelatedOrExemptFuncIncomeAmt0473862
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1129800
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt249454
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0473862
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1129800
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt249454
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0985090
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt0775669
IRS990/PYInvestmentIncomeAmt018639
IRS990/PYOtherExpensesAmt01286324
IRS990/PYOtherRevenueAmt026777
IRS990/PYProgramServiceRevenueAmt0750727
IRS990/PYRevenuesLessExpensesAmt0-1807690
IRS990/PYSalariesCompEmpBnftPaidAmt01526930
IRS990/PYTotalExpensesAmt03588923
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt01781233
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0-1789270
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0672416
IRS990/SavingsAndTempCashInvstGrp/BOYAmt08035888
IRS990/SavingsAndTempCashInvstGrp/EOYAmt05868899
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0824949
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0895720
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt06023231
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt04376757
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt05767254
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt017887911
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt014872
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt018639
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt06510
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt05655
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt06477
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt052153
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt03671872
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.35710
IRS990ScheduleA/PublicSupportPY170Pct00.36950
IRS990ScheduleA/PublicSupportTotal170Amt06406297
IRS990ScheduleA/SubstantialContributorsTotAmt011481614
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0824949
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt06023231
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt04376757
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt05767254
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt017887911
IRS990ScheduleA/TotalSupportAmt017940064
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/EquipmentGrp/BookValueAmt012692
IRS990ScheduleD/EquipmentGrp/DepreciationAmt018798
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt031490
IRS990ScheduleD/ExpensesNotReportedAmt0829747
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt03301507
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/NetUnrealizedGainsInvstAmt0-13198
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt044960
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt18185987
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Loan interest receivable
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Program Loans Receivable
IRS990ScheduleD/OtherExpensesIncludedAmt0829747
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt053610
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt019106
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt072716
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt027366
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt145281
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2105061
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Refundable advance
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Deferred rent
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Due to Detroit Community Loan FUnd
IRS990ScheduleD/OtherRevenueAmt0157920
IRS990ScheduleD/RevenueNotReportedAmt0144722
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt01512237
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.

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$18,710,763
Liabilities
$10,528,026
Net assets
$8,182,737
Revenue
$1,512,237
Expenses
$3,301,507
Net income
-$1,789,270
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
2019Detailed filing. Detailed filing data is available for this year.$18.7$10.5$8.18$1.51$3.30$1.79
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$22.1$11.4$10.7$1.78$3.59$1.81
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$24.8$11.5$13.4$6.94$3.66$3.28
2016Facts available. Structured filing facts are available, but richer extracted sections are limited.$21.4$11.2$10.1$5.13$2.96$2.17
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$19.2$10.7$8.52$6.35$2.50$3.85
2014Summary only. Only limited summary data is available for this year.$16.0$11.0$5.00$2.32$2.19$0.13
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