Civic Intelligence

Detroit Development Fund

990 • Fiscal year 2020 • EIN 38-3322605

Jan 01, 2020 to Dec 31, 2020 • Filed on Sep 16, 2021

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

0.57x

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

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

91st percentile

3.40x

Higher debt load relative to revenue than 91% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Net Margin

55th percentile

6.3%

Higher net margin than 55% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

49th percentile

$169,645

Higher top officer pay than 49% of similar nonprofits.

Top officer pay equals 5.2% of source-year revenue.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Asset Growth

38th percentile

3.2%

Faster asset growth than 38% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

94th percentile

114%

Faster revenue growth than 94% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets76th percentile

Assets

Up

$19,308,406

Up $597,643 (+3.2%) from 2019

Net Assets

Up

$8,284,044

Up $101,307 (+1.2%) from 2019

Liabilities

Up

$11,024,362

Up $496,336 (+4.7%) from 2019

Revenue And Expenses
Liabilities / Revenue91st percentileNet Margin55th percentile

Revenue

Up

$3,242,938

Up $1,730,701 (+114%) from 2019

Expenses

Down

$3,039,382

Down $262,125 (-7.9%) from 2019

Net Income

Up

$203,556

Up $1,992,826 (+111%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth38th 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

2020

Assets$19,308,406
Liabilities$11,024,362
Net Assets$8,284,044
Open 2020 Filing

Operations Trend

Revenue Growth94th 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

2020

Revenue$3,242,938
Expenses$3,039,382
Net Income$203,556
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Sep 16, 2021
Return Version
2020v4.1
Gross Receipts
$3,242,938
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$5,868,899$5,820,834▼ $48,065
Cash and Non-Interest-Bearing Accounts$4,080,096$4,710,849▲ $630,753
Investments Other Securities$278,206$320,734▲ $42,528
Accounts Receivable$58,000$140,443▲ $82,443
Prepaid Expenses and Deferred Charges$53,313$132,547▲ $79,234
Pledges and Grants Receivable$75,000--
Land, Buildings, and Equipment, Net$66,302$50,329▼ $15,973
Total Assets$18,710,763$19,308,406▲ $597,643
Other Assets Total$8,230,947$8,132,670▼ $98,277
Liabilities
Mortgage Notes Payable Secured by Investment Property$10,287,577$10,473,906▲ $186,329
Other Liabilities$177,708$412,215▲ $234,507
Accounts Payable and Accrued Expenses$62,741$138,241▲ $75,500
Total Liabilities$10,528,026$11,024,362▲ $496,336
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,068,630$4,146,342▲ $77,712
Net Assets With Donor Restrictions$4,114,107$4,137,702▲ $23,595
Total Net Assets Fund Balance$8,182,737$8,284,044▲ $101,307
Total Liabilities and Net Assets / Fund Balance$18,710,763$19,308,406▲ $597,643

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$42,649$30,067$72,716
Equipment$7,680$23,810$31,490
Other Assets Org$8,051,169--
Compensation and Service Providers
Top Officer Pay49th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ray WatersPresidentFT$147,782$21,863$169,645
John SchoenigerLoan Fund ManagerFT$136,690$20,174$156,864
Deborah JonesDirector of DCLFFT$121,582$18,128$139,710
Steve MondozziChief Financial OfficerPT$132,500-$132,500
Angelia SharpSenior Loan OfficerFT$104,962$15,512$120,474

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$132,500
Revenue and Support

Revenue Composition

Contributions and Grants
$2,558,876
Program Service Revenue
$673,972
Investment Income
$5,225
Other Revenue
$4,865
All Other Contributions
$2,531,510
Change in Net Assets
$203,556

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,242,938
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$326,612
Total Revenue per Audited Statements
$3,569,550
Total Revenue per Form 990
$3,242,938
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,364,454
Other Expenses$1,242,284
Grants and Similar Amounts Paid$432,644
Total Fundraising Expense$107,654
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$738,562$89,203$29,628$857,393
Grants to Domestic Orgs$432,644--$432,644
Current Officers, Directors, Trustees, and Key Employees$101,787$166,429$33,929$302,145
Interest$218,046--$218,046
Occupancy$112,610$16,167$8,056$136,833
Other Employee Benefits$86,653$11,821$4,187$102,661
Payroll Taxes$66,998$9,618$4,793$81,409
Fees for Services Legal$46,691$18,266-$64,957
Fees for Services Other$9,589$23,676$23,500$56,765
Insurance$30,179$4,333$2,159$36,671
Office Expenses$23,480$7,928$1,402$32,810
Fees for Services Accounting-$26,325-$26,325
Pension Plan Contributions$19,865$981-$20,846
Advertising-$18,809-$18,809
Depreciation Depletion-$15,977-$15,977
Other Expenses$9,000$16,415-$9,000
Travel$2,420$2,976-$5,396
Conferences and Meetings-$815-$815
Total Functional Expenses$2,482,634$449,094$107,654$3,039,382

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,468,243
Expenses per Audited Statements$3,039,382
Total Expenses per Form 990$3,039,382
Expenses Not Reported on Form 990$428,861
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Detroit Community Loan FundDetroit, MI-Technical assistance$160,000
Small Giant Community LLCSouthlake, TX-Technical assistance$33,364
Hot Sam's Quality ClothingDetroit, MI-Technical assistance$21,500
Corporate 52 Marketing Group LLCRoyal Oak, MI-Technical assistance$14,500
Fit4Life Health and Fitness LLCDetroit, MI-Technical assistance$10,000
Klassic Mobile Gardens LLCDetroit, MI-Technical assistance$10,000
Laughter In The Sun LLCDetroit, MI-Technical assistance$10,000
The Right ProductionsDetroit, MI-Technical assistance$10,000
The Upper Row LLCDetroit, MI-Technical assistance$10,000
Polished Lounge LLCWhite Lake, MI-Technical assistance$9,976
Prospects Unlimited LLCAuburn Hills, MI-Technical assistance$9,971
Teasers Boutique LLCDetroit, MI-Technical assistance$8,215
Demitart DetroitDetroit, MI-Technical assistance$7,261
Kapstone Employment Services LLCDetroit, MI-Technical assistance$7,200
Greater Detroit Culinary ServicesDetroit, MI-Technical assistance$7,000
The Kitchen by Cooking with QueDetroit, MI-Technical assistance$6,700
The Heat Factory LLCDetroit, MI-Technical assistance$6,000
New Center GrillDetroit, MI-Technical assistance$5,512
Eric D Huffman InsuranceDetroit, MI-Technical assistance$5,282
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 - PPP loan$225,400
Due to Detroit Community Loan Fund$146,858
Deferred rent$39,957
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 $132,500 for these services in 2020. 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
2021-09-16
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
11
Volunteers
6

Preparer

Firm
Desmond & Ahern Ltd
Address
10827 S Western Avenue, Chicago, IL 60643
Preparer
Jason L Gierhahn
Phone
7737794720
Supplemental Narrative

Additional Explanations

Form 990, Part XI, line 9:

“Provision for loan loss -182,935. Imputed interest -245,926. Discount on below market loans 284,084.”

Form 990, Part XII, line 2C:

“The process has not changed from the prior year.”

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 284,084.”

Part XII, Line 2D - Other Adjustments:

“Imputed interest 245,926. Provision for loan loss 182,935.”

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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt70
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt80
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt100
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 Fund Manager
IRS990/Form990PartVIISectionAGrp/TitleTxt9Senior Loan Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director of DCLF
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/FormationYr01996
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt07
IRS990/GovernmentGrantsAmt027366
IRS990/GrantAmt0432644
IRS990/GrantsToDomesticOrgsGrp/ProgramServicesAmt0432644
IRS990/GrantsToDomesticOrgsGrp/TotalAmt0432644
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd01
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt03242938
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt06
IRS990/IndivRcvdGreaterThan100KCnt05
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InfoInScheduleOPartXIInd0X
IRS990/InsuranceGrp/FundraisingAmt02159
IRS990/InsuranceGrp/ManagementAndGeneralAmt04333
IRS990/InsuranceGrp/ProgramServicesAmt030179
IRS990/InsuranceGrp/TotalAmt036671
IRS990/InterestGrp/ProgramServicesAmt0218046
IRS990/InterestGrp/TotalAmt0218046
IRS990/InvestmentIncomeGrp/ExclusionAmt05225
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt05225
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt0278206
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt0320734
IRS990/IRPDocumentCnt050
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt053877
IRS990/LandBldgEquipBasisNetGrp/BOYAmt066302
IRS990/LandBldgEquipBasisNetGrp/EOYAmt050329
IRS990/LandBldgEquipCostOrOtherBssAmt0104206
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/BOYAmt010287577
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt010473906
IRS990/NetAssetsOrFundBalancesBOYAmt08182737
IRS990/NetAssetsOrFundBalancesEOYAmt08284044
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt042528
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt04068630
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt04146342
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/FundraisingAmt08056
IRS990/OccupancyGrp/ManagementAndGeneralAmt016167
IRS990/OccupancyGrp/ProgramServicesAmt0112610
IRS990/OccupancyGrp/TotalAmt0136833
IRS990/OfficeExpensesGrp/FundraisingAmt01402
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt07928
IRS990/OfficeExpensesGrp/ProgramServicesAmt023480
IRS990/OfficeExpensesGrp/TotalAmt032810
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt08230947
IRS990/OtherAssetsTotalGrp/EOYAmt08132670
IRS990/OtherChangesInNetAssetsAmt0-144777
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt04187
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt011821
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt086653
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0102661
IRS990/OtherExpensesGrp/Desc0COVID-19 relief loan pa
IRS990/OtherExpensesGrp/Desc1Equipment & software
IRS990/OtherExpensesGrp/Desc2Dues & memberships
IRS990/OtherExpensesGrp/Desc3Technical Assistance
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt019355
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt116415
IRS990/OtherExpensesGrp/ProgramServicesAmt0486958
IRS990/OtherExpensesGrp/ProgramServicesAmt181436
IRS990/OtherExpensesGrp/ProgramServicesAmt215716
IRS990/OtherExpensesGrp/ProgramServicesAmt39000
IRS990/OtherExpensesGrp/TotalAmt0486958
IRS990/OtherExpensesGrp/TotalAmt1100791
IRS990/OtherExpensesGrp/TotalAmt232131
IRS990/OtherExpensesGrp/TotalAmt39000
IRS990/OtherLiabilitiesGrp/BOYAmt0177708
IRS990/OtherLiabilitiesGrp/EOYAmt0412215
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/Desc0Other
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt04865
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt04865
IRS990/OtherRevenueTotalAmt04865
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt029628
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt089203
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0738562
IRS990/OtherSalariesAndWagesGrp/TotalAmt0857393
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/FundraisingAmt04793
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt09618
IRS990/PayrollTaxesGrp/ProgramServicesAmt066998
IRS990/PayrollTaxesGrp/TotalAmt081409
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt0981
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt019865
IRS990/PensionPlanContributionsGrp/TotalAmt020846
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt075000
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt053313
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0132547
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/RelatedOrExemptFuncIncomeAmt0489471
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1160000
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt224501
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0489471
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1160000
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt224501
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0824949
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt0550650
IRS990/PYInvestmentIncomeAmt014872
IRS990/PYOtherExpensesAmt01110827
IRS990/PYOtherRevenueAmt019300
IRS990/PYProgramServiceRevenueAmt0653116
IRS990/PYRevenuesLessExpensesAmt0-1789270
IRS990/PYSalariesCompEmpBnftPaidAmt01640030
IRS990/PYTotalExpensesAmt03301507
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt01512237
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0203556
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0678837
IRS990/SavingsAndTempCashInvstGrp/BOYAmt05868899
IRS990/SavingsAndTempCashInvstGrp/EOYAmt05820834
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt02558876
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0824949
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0895720
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt06023231
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt04376757
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt014679533
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt05225
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt014872
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt018639
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt06510
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt05655
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt050901
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt03777937
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.38550
IRS990ScheduleA/PublicSupportPY170Pct00.35710
IRS990ScheduleA/PublicSupportTotal170Amt05678992
IRS990ScheduleA/SubstantialContributorsTotAmt09000541
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt02558876
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0824949
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0895720
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt06023231
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt04376757
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt014679533
IRS990ScheduleA/TotalSupportAmt014730434
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/BookValueAmt07680
IRS990ScheduleD/EquipmentGrp/DepreciationAmt023810
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt031490
IRS990ScheduleD/ExpensesNotReportedAmt0428861
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt03039382
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/NetUnrealizedGainsInvstAmt042528
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt081501
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt18051169
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Loan interest receivable
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Program Loans Receivable
IRS990ScheduleD/OtherExpensesIncludedAmt0428861
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt042649
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt030067
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt072716
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt039957
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1146858
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2225400
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Deferred rent
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Due to Detroit Community Loan Fund
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Refundable advance - PPP loan
IRS990ScheduleD/OtherRevenueAmt0284084
IRS990ScheduleD/RevenueNotReportedAmt0326612
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt03242938
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 284,084.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2Imputed interest 245,926. Provision for loan loss 182,935.

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$19,308,406
Liabilities
$11,024,362
Net assets
$8,284,044
Revenue
$3,242,938
Expenses
$3,039,382
Net income
$203,556
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
2020Detailed filing. Detailed filing data is available for this year.$19.3$11.0$8.28$3.24$3.04$0.20
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$18.7$10.5$8.18$1.51$3.30$1.79
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$22.1$11.4$10.7$1.78$3.59$1.81
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$24.8$11.5$13.4$6.94$3.66$3.28
2016Facts available. Structured filing facts are available, but richer extracted sections are limited.$21.4$11.2$10.1$5.13$2.96$2.17
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