Invest Detroit Foundation
- Assets
- $186.5m
- Revenue
- $29.6m
- Investments
- $61.6m
- Employees
- 55
- Location
- Detroit, MI
- Founding
- 10/2010
- Data as of
- 12/2023
- EIN
- 27-1927369
Organization Overview
Invest Detroit Foundation, operating under the name Invest Detroit, is located in Detroit, MI. The organization was established in 2010. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Invest Detroit employed 55 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Invest Detroit 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 12/2023, Invest Detroit generated $29.6m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 22.7% each year . All expenses for the organization totaled $14.3m during the year ending 12/2023. While expenses have increased by 11.7% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2018, Invest Detroit has awarded 198 individual grants totaling $24,903,521. 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
THE IDF LOAN PROGRAMS PROVIDE FUNDING, GENERALLY IN THE FORM OF LOANS, TO QUALIFIED APPLICANTS TO ENCOURAGE REVITALIZATION AND DEVELOPMENT. IN CONCERT WITH OPERATING THE LOAN PROGRAMS, IDF ALSO CONDUCTS PROGRAMMATIC ACTIVITIES THAT INCLUDE PLANNING, SPEARHEADING AND DEVELOPING STRATEGIES FOR URBAN REVITALIZATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUPPORTING DETROIT ECONOMIC DEVELOPMENT THROUGH REAL ESTATE AND SMALL BUSINESS FINANCING.
SUPPORTING HIGH TECH AND ENTREPRENEUR ACTIVITY.
SUPPORTING INCLUSIVE NEIGHBORHOOD REVITALIZATION THROUGH STRATEGIC INTERVENTIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthew P Cullen Chairman | OfficerTrustee | 1 | $0 |
Roderick D Gillum Vice Chairman | OfficerTrustee | 1 | $0 |
John Blanchard Director - Part Year | Trustee | 1 | $0 |
Joann Chavez Director | Trustee | 1 | $0 |
Antoine M Garibaldi PHD Director | Trustee | 1 | $0 |
Wendy Lewis Jackson Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Urge Imprint Llc Consulting Services | 12/30/23 | $297,018 |
Detroit Expediting Developmental Services | 12/30/23 | $172,450 |
Plante & Moran Pllc Accounting Services | 12/30/23 | $156,100 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $300,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $22,147,544 |
| Noncash contributions included in lines 1a–1f | $4,885,708 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $22,447,544 |
| Total Program Service Revenue | $5,632,947 |
| Investment income | $1,484,354 |
| 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 | $29,564,845 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,470,595 |
| 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. | $915,188 |
| Compensation of current officers, directors, key employees. | $366,075 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,235,520 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $133,191 |
| Payroll taxes | $468,514 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $358,060 |
| Fees for services: Accounting | $46,850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,180,605 |
| Advertising and promotion | $188,166 |
| Office expenses | $0 |
| Information technology | $190,563 |
| Royalties | $0 |
| Occupancy | $157,153 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $52,413 |
| Interest | $607,317 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $63,022 |
| Insurance | $81,202 |
| All other expenses | $0 |
| Total functional expenses | $14,291,075 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,268,274 |
| Savings and temporary cash investments | $39,329,396 |
| Pledges and grants receivable | $5,938,055 |
| Accounts receivable, net | $3,344,218 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $70,267,840 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $13,826 |
| Net Land, buildings, and equipment | $257,750 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $61,566,559 |
| Investments—program-related | $1,550,988 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $186,536,906 |
| Accounts payable and accrued expenses | $3,059,320 |
| Grants payable | $11,123,729 |
| Deferred revenue | $1,545,527 |
| 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 | $34,442,943 |
| Other liabilities | $0 |
| Total liabilities | $50,171,519 |
| Net assets without donor restrictions | $103,720,239 |
| Net assets with donor restrictions | $32,645,148 |
| 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 | $186,536,906 |
Grants Awarded
Over the last fiscal year, Invest Detroit Foundation has awarded $1,140,329 in support to 14 organizations.
| Grant Recipient | Amount |
|---|---|
EAST WARREN DEVELOPMENT CORP PURPOSE: SNF PROGRAMMATIC GRANT - EAST WARREN FEST - COMMUNITY ENGAGEMENT GRANT | $58,948 |
BAOBAB FARE PURPOSE: SNF PROGRAMMATIC GRANT - COMMUNITY ENGAGEMENT GRANT | $5,969 |
COE VANDYKE 2 LLC PURPOSE: SNF PROGRAMMATIC GRANT - COMMUNITY ENGAGEMENT GRANT | $12,500 |
MAC GALLERIES PURPOSE: WELLS FARGO WORKING CAPITAL COVID RESTART GRANT | $5,189 |
GOOD VIBES LOUNGE EXPRESS INC PURPOSE: WELLS FARGO WORKING CAPITAL COVID RESTART GRANT | $5,189 |
WOODBORN PARTNERS - BAGLEY 16 PURPOSE: SNF PROGRAMMATIC GRANT - COMMUNITY ENGAGEMENT GRANT | $11,287 |