Civic Intelligence

Detroit Development Fund

990 • Fiscal year 2021 • EIN 38-3322605

Jan 01, 2021 to Dec 31, 2021 • Filed on Sep 20, 2022

Organization Profiledetroitdevelopmentfund.com
3031 W Grand Blvd 505Detroit, MI 48202

(313) 784-9592

Siviq Scores

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

Liabilities / Assets

79th percentile

0.56x

Higher debt load relative to assets than 79% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

93rd percentile

3.69x

Higher debt load relative to revenue than 93% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Net Margin

70th percentile

25%

Higher net margin than 70% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

49th percentile

$166,832

Higher top officer pay than 49% of similar nonprofits.

Top officer pay equals 5.7% of source-year revenue.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Asset Growth

25th percentile

1.0%

Faster asset growth than 25% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

18th percentile

-9.3%

Faster revenue growth than 18% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets79th percentile

Assets

Up

$19,500,518

Up $192,112 (+1.0%) from 2020

Net Assets

Up

$8,636,996

Up $352,952 (+4.3%) from 2020

Liabilities

Down

$10,863,522

Down $160,840 (-1.5%) from 2020

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin70th percentile

Revenue

Down

$2,941,920

Down $301,018 (-9.3%) from 2020

Expenses

Down

$2,203,336

Down $836,046 (-28%) from 2020

Net Income

Up

$738,584

Up $535,028 (+263%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth25th 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

2021

Assets$19,500,518
Liabilities$10,863,522
Net Assets$8,636,996
Open 2021 Filing

Operations Trend

Revenue Growth18th 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

2021

Revenue$2,941,920
Expenses$2,203,336
Net Income$738,584
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Sep 20, 2022
Return Version
2021v4.2
Gross Receipts
$2,941,920
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.

Detroit Development Fund 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
Cash and Non-Interest-Bearing Accounts$4,710,849$7,424,040▲ $2,713,191
Savings and Temporary Cash Investments$5,820,834$3,104,342▼ $2,716,492
Investments Other Securities$320,734$306,996▼ $13,738
Prepaid Expenses and Deferred Charges$132,547$100,509▼ $32,038
Land, Buildings, and Equipment, Net$50,329$36,981▼ $13,348
Accounts Receivable$140,443$20,100▼ $120,343
Total Assets$19,308,406$19,500,518▲ $192,112
Other Assets Total$8,132,670$8,507,550▲ $374,880
Liabilities
Mortgage Notes Payable Secured by Investment Property$10,473,906$10,461,549▼ $12,357
Other Liabilities$412,215$230,446▼ $181,769
Accounts Payable and Accrued Expenses$138,241$171,527▲ $33,286
Total Liabilities$11,024,362$10,863,522▼ $160,840
Net Assets / Fund Balance
Net Assets With Donor Restrictions$4,137,702$4,774,508▲ $636,806
Net Assets Without Donor Restrictions$4,146,342$3,862,488▼ $283,854
Total Net Assets Fund Balance$8,284,044$8,636,996▲ $352,952
Total Liabilities and Net Assets / Fund Balance$19,308,406$19,500,518▲ $192,112

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$32,965$39,751$72,716
Equipment$4,016$27,474$31,490
Other Assets Org$8,445,178--
Compensation and Service Providers
Top Officer Pay49th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ray WatersPresidentFT$145,886$20,946$166,832
Deborah JonesDirector of DCLFFT$143,874$20,693$164,567
John SchoenigerLoan Fund ManagerFT$136,386$19,528$155,914
Angelia SharpSenior Loan OfficerFT$105,499$15,124$120,623
Steve MondozziChief Financial OfficerFT$116,000-$116,000

Board Members and Trustees

NameTitle
Dolores A SturtivantChair
Diana StewartDirector
Gail Perry-MasonDirector
Kathy WendlerDirector
Linda SmithDirector
Ronald C FrederickTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Mondozzi LLCFinancial & accounting3600 N Lake Shore Drive 2306, Chicago, IL 60613$116,000
Revenue and Support

Revenue Composition

Contributions and Grants
$2,354,915
Program Service Revenue
$584,323
Investment Income
$2,682
Other Revenue
$0
All Other Contributions
$2,129,515
Change in Net Assets
$738,584

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,941,920
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-13,738
Total Revenue per Audited Statements
$2,928,182
Total Revenue per Form 990
$2,941,920
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,320,597
Other Expenses$677,983
Grants and Similar Amounts Paid$204,756
Total Fundraising Expense$59,126
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$774,053$51,638$11,130$836,821
Current Officers, Directors, Trustees, and Key Employees$120,569$134,140$32,827$287,536
Grants to Domestic Orgs$204,756--$204,756
Interest$196,754--$196,754
Occupancy$124,997$9,393$5,862$140,252
Other Employee Benefits$84,937$6,112$3,028$94,077
Payroll Taxes$71,235$5,353$3,341$79,929
Fees for Services Legal$38,860$12,828-$51,688
Office Expenses$33,732$7,751$1,414$42,897
Insurance$32,496$2,442$1,524$36,462
Fees for Services Accounting-$27,100-$27,100
Advertising-$23,345-$23,345
Pension Plan Contributions$22,234--$22,234
Other Expenses$13,748$3,417-$17,165
Fees for Services Other$750$15,840-$16,590
Depreciation Depletion-$13,346-$13,346
Travel$788$1,661-$2,449
Conferences and Meetings$285$438-$723
Total Functional Expenses$1,785,170$359,040$59,126$2,203,336

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,575,230
Expenses per Audited Statements$2,203,336
Total Expenses per Form 990$2,203,336
Expenses Not Reported on Form 990$371,894
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Detroit Community Loan FundDetroit, MI-Technical assistance$60,000
IVY Kitchen CocktailsDetroit, MI-Technical assistance$14,873
Black Star Global CorporationDetroit, MI-Technical assistance$10,000
Nerds Xpres LLCDetroit, MI-Technical assistance$10,000
Small Giant Community LLCSouthlake, TX-Technical assistance$10,000
Detroit is the New Black LLCDetroit, MI-Technical assistance$5,900
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$195,990
Deferred rent$30,607
Due to Detroit Community Loan Fund$3,849
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 $116,000 for these services in 2021. 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.”

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 Grand Blvd 505, Detroit, MI 48202
Doing Business As
Detroit Development Fund

Signing Officer

Name
Ray Waters
Title
President
Phone
3137849592
Signed
2022-09-20
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
16
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 -103,646. Imputed interest -268,248. Discount on below market loans 0.”

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”

Part XII, Line 2D - Other Adjustments:

“Imputed interest 268,248. Provision for loan loss 103,646.”

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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 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/GovernmentGrantsAmt0225400
IRS990/GrantAmt0204756
IRS990/GrantsToDomesticOrgsGrp/ProgramServicesAmt0204756
IRS990/GrantsToDomesticOrgsGrp/TotalAmt0204756
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd01
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt02941920
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt06
IRS990/IndivRcvdGreaterThan100KCnt05
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InfoInScheduleOPartXIInd0X
IRS990/InsuranceGrp/FundraisingAmt01524
IRS990/InsuranceGrp/ManagementAndGeneralAmt02442
IRS990/InsuranceGrp/ProgramServicesAmt032496
IRS990/InsuranceGrp/TotalAmt036462
IRS990/InterestGrp/ProgramServicesAmt0196754
IRS990/InterestGrp/TotalAmt0196754
IRS990/InvestmentIncomeGrp/ExclusionAmt02682
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt02682
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt0320734
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt0306996
IRS990/IRPDocumentCnt042
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt067225
IRS990/LandBldgEquipBasisNetGrp/BOYAmt050329
IRS990/LandBldgEquipBasisNetGrp/EOYAmt036981
IRS990/LandBldgEquipCostOrOtherBssAmt0104206
IRS990/LegalDomicileStateCd0MI
IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0Detroit 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.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt010473906
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt010461549
IRS990/NetAssetsOrFundBalancesBOYAmt08284044
IRS990/NetAssetsOrFundBalancesEOYAmt08636996
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt0-13738
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt04146342
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt03862488
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/FundraisingAmt05862
IRS990/OccupancyGrp/ManagementAndGeneralAmt09393
IRS990/OccupancyGrp/ProgramServicesAmt0124997
IRS990/OccupancyGrp/TotalAmt0140252
IRS990/OfficeExpensesGrp/FundraisingAmt01414
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt07751
IRS990/OfficeExpensesGrp/ProgramServicesAmt033732
IRS990/OfficeExpensesGrp/TotalAmt042897
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt08132670
IRS990/OtherAssetsTotalGrp/EOYAmt08507550
IRS990/OtherChangesInNetAssetsAmt0-371894
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt03028
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt06112
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt084937
IRS990/OtherEmployeeBenefitsGrp/TotalAmt094077
IRS990/OtherExpensesGrp/Desc0Equipment & software
IRS990/OtherExpensesGrp/Desc1Dues & memberships
IRS990/OtherExpensesGrp/Desc2Technical Assistance
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt029688
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt114548
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt23417
IRS990/OtherExpensesGrp/ProgramServicesAmt053117
IRS990/OtherExpensesGrp/ProgramServicesAmt111859
IRS990/OtherExpensesGrp/ProgramServicesAmt213748
IRS990/OtherExpensesGrp/TotalAmt082805
IRS990/OtherExpensesGrp/TotalAmt126407
IRS990/OtherExpensesGrp/TotalAmt217165
IRS990/OtherLiabilitiesGrp/BOYAmt0412215
IRS990/OtherLiabilitiesGrp/EOYAmt0230446
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt011130
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt051638
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0774053
IRS990/OtherSalariesAndWagesGrp/TotalAmt0836821
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/FundraisingAmt03341
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt05353
IRS990/PayrollTaxesGrp/ProgramServicesAmt071235
IRS990/PayrollTaxesGrp/TotalAmt079929
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt022234
IRS990/PensionPlanContributionsGrp/TotalAmt022234
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0132547
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0100509
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/RelatedOrExemptFuncIncomeAmt0485573
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt160000
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt238750
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0485573
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt160000
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt238750
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt02558876
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt0432644
IRS990/PYInvestmentIncomeAmt05225
IRS990/PYOtherExpensesAmt01242284
IRS990/PYOtherRevenueAmt04865
IRS990/PYProgramServiceRevenueAmt0673972
IRS990/PYRevenuesLessExpensesAmt0203556
IRS990/PYSalariesCompEmpBnftPaidAmt01364454
IRS990/PYTotalExpensesAmt03039382
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt03242938
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0738584
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0584323
IRS990/SavingsAndTempCashInvstGrp/BOYAmt05820834
IRS990/SavingsAndTempCashInvstGrp/EOYAmt03104342
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt02354915
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt02558876
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0824949
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0895720
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt06023231
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt012657691
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt02682
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt05225
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt014872
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt018639
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt06510
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt047928
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt03619198
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.52790
IRS990ScheduleA/PublicSupportPY170Pct00.38550
IRS990ScheduleA/PublicSupportTotal170Amt06707363
IRS990ScheduleA/SubstantialContributorsTotAmt05950328
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt02354915
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt02558876
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0824949
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0895720
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt06023231
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt012657691
IRS990ScheduleA/TotalSupportAmt012705619
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/BookValueAmt04016
IRS990ScheduleD/EquipmentGrp/DepreciationAmt027474
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt031490
IRS990ScheduleD/ExpensesNotReportedAmt0371894
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02203336
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/NetUnrealizedGainsInvstAmt0-13738
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt062372
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt18445178
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Loan interest receivable
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Program Loans Receivable
IRS990ScheduleD/OtherExpensesIncludedAmt0371894
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt032965
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt039751
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt072716
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt030607
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt13849
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2195990
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Deferred rent
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Due to Detroit Community Loan Fund
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Refundable advance - PPP loan
IRS990ScheduleD/RevenueNotReportedAmt0-13738
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt02941920
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
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2Imputed interest 268,248. Provision for loan loss 103,646.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part XI, Line 2d - Other Adjustments:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2Part XII, Line 2d - Other Adjustments:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt036981
IRS990ScheduleD/TotalBookValueOtherAssetsAmt08507550
IRS990ScheduleD/TotalExpensesPerForm990Amt02203336
IRS990ScheduleD/TotalLiabilityAmt0230446
IRS990ScheduleD/TotalRevenuePerForm990Amt02941920
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02928182
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02575230

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$19,500,518
Liabilities
$10,863,522
Net assets
$8,636,996
Revenue
$2,941,920
Expenses
$2,203,336
Net income
$738,584
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
2021Detailed filing. Detailed filing data is available for this year.$19.5$10.9$8.64$2.94$2.20$0.74
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$19.3$11.0$8.28$3.24$3.04$0.20
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$18.7$10.5$8.18$1.51$3.30$1.79
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$22.1$11.4$10.7$1.78$3.59$1.81
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$24.8$11.5$13.4$6.94$3.66$3.28
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