Dallas Development Fund
- Assets
- $5.6m
- Revenue
- $602.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Dallas, TX
- Founding
- 06/2014
- Data as of
- 09/2023
- EIN
- 26-4342371
Organization Overview
Dallas Development Fund is located in Dallas, TX. The organization was established in 2014. According to its NTEE Classification (E19) the organization is classified as: Support N.E.C., under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Dallas Development Fund is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2023, Dallas Development Fund generated $602.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (12.0%) each year. All expenses for the organization totaled $569.1k during the year ending 09/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Dallas Development Fund has awarded 494 individual grants totaling $6,154,800. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
AIDING, ASSISTING, & ACTING ON BEHALF OF THE CITY OF DALLAS, TEXAS IN THE PERFORMANCE OF ITS GOVERNMENTAL FUNCTIONS TO PROMOTE THE COMMON GOOD AND GENERAL WELFARE OF THE CITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE OTO ASSIST IN CARRYING OUT THE ECONOMIC DEVELOPMENT PROGRAM AND OBJECTIVES OF THE CITY OF DALLAS, TEXAS BY GENERATING PRIVATE INVESTMENT CAPITAL THROUGH THE NEW MARKETS TAX CREDIT PROGRAM TO BE MADE AVAILABLE FOR INVESTMENT IN LOW-INCOME COMMUNITIES. THE ORGANIZATION HAS RECEIVED $240 MILLION OF NEW MARKETS TAX CREDIT ALLOCATION TO DATE. THIS RESOURCE IS BEING USED TO PROVIDE CAPITAL TO JOB-GENERATING ECONOMIC DEVELOPMENT PROJECTS WITHIN THE ECONOMICALLY DISTRESSED AREAS OF DALLAS, PARTICULARLY IN SOUTHERN DALLAS. THESE STRATEGIES COMPLEMENT EXISTING CITY EFFORTS TO COMBAT UNEVEN DEVELOPMENT PATTERNS THAT HAVE HISTORICALLY CONCENTRATED NEW COMMERCIAL ACTIVITIY IN NORTH DALLAS, AND TO USE TRANSIT-ORIENTED DEVELOPMENT PRINCIPLES TO CREATE ACCESSIBLE URBAN VILLAGE CENTERS IN DISINVESTED NEIGHBORHOODS. DDF'S FINANCING PRODUCTS FEATURE SUCH ATTRIBUTES AS BELOW-MARKET INTEREST RATES, HIGHER THAN TYPICAL LOAN-TO-VALUE RATIOS, AND/OR PROVISION OF EQUITY. TO DATE, DDF HAS CLOSED $191 MILLION IN NMTC FINANCING AS OF 9/30/2023.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Drexell Owusu Director And Treasurer | OfficerTrustee | 0.5 | $0 |
Dora Zapata Director | Trustee | 0.5 | $0 |
Edward Okpa Director | Trustee | 0.5 | $0 |
Gilbert Gerst President And Director | OfficerTrustee | 1 | $0 |
Nadia Salibi Director And Vice President | OfficerTrustee | 0.5 | $0 |
Sheridan Nixon Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $597,846 |
| Investment income | $5,025 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $602,871 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $74,230 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $229,958 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $34,083 |
| All other expenses | $1,352 |
| Total functional expenses | $569,090 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,090,805 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $533 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $24,385 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,459,639 |
| Total assets | $5,575,362 |
| Accounts payable and accrued expenses | $148,203 |
| Grants payable | $37,500 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $737,884 |
| Total liabilities | $923,587 |
| Net assets without donor restrictions | $4,651,775 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $5,575,362 |
Grants Awarded
Over the last fiscal year, Dallas Development Fund has awarded $5,256,500 in support to 401 organizations.
| Grant Recipient | Amount |
|---|---|
JB MANZANARES INC DBA MAMA MIA PIZZA AND PASTA PURPOSE: COVID-19 RELIEF | $10,000 |
APOLINAR GARCIA RAMOS DBA EL SABOR DE MI TIERRA RESTAURANT PURPOSE: COVID-19 RELIEF | $10,000 |
LISA ANN GARCIA DBA A BANNER COMPANY PURPOSE: COVID-19 RELIEF | $10,000 |
YONG KIL PARK DBA BLUE RIBBON CLEANERS PURPOSE: COVID-19 RELIEF | $10,000 |
MARGARET M SMOOT DBA CARE UNLIMITED 2 PURPOSE: COVID-19 RELIEF | $10,000 |
ANDREA CARDONA DBA LUSH BEAUTY PURPOSE: COVID-19 RELIEF | $10,000 |