Foundation for Detroit'S Future

“Some officers may have a business relationship with other officers, directors, trustees, or key employees by virtue of their employment by the community foundation for southeast michigan and its related entities.”

“The board of trustees of the community foundation for southeast michigan annually appoints three of the five directors of the foundation for detroit's future.”

“The draft irs form 990 was distributed electronically to all directors for review and comment prior to filing. The draft form 990 was prepared by professional tax preparers prior to the director's review. Any necessary changes were updated on the form. Once all necessary changes were made it was signed by the president/secretary, dated and submitted by the filing deadline. A copy of the approved form 990 was provided to all the directors before the return was filed.”

“Each director has signed a statement that affirms that such person; 1) has received a copy of the conflict of interest policy, 2) has read and understands the policy, 3) has agreed to comply with the policy, 4) understands that the foundation for detroit's future is a charitable organization and that in order to maintain its federal tax-exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes.”

“The compensation for richard l. Devore, president of the community foundation for southeast michigan and president/secretary for the foundation for detroit's future, is set by the related organization. The following steps are taken at the related organization. The individual provides the chair and executive committee of the community foundation with a summary of annual accomplishments. The chair, discusses the summary with the executive committee. The executive committee determines the compensation of the foundation president after reviewing the comparable compensation information of similarly qualified persons in functionally similar positions from similarly situated organizations with periodic review by independent firms and such decisions are contemporaneously documented as required.”

“The organization makes its financial statements available to the public upon request and also the combined statements appear on the website and in the annual yearbook of the cfsem.”

“An audit was conducted on the december 31, 2024 combined financial statements of the community foundation for southeast michigan and its supporting organizations including foundation for detroit's future. The financial statements were prepared, and the audit was conducted in accordance with u.s. Gaap. An unmodified opinion was issued by the auditor. Oversight provided by the cfsem audit committee.”