Detroit Development Fund
- Assets
- $20.3m
- Revenue
- $4.2m
- Investments
- $287.4k
- Employees
- 14
- Location
- Detroit, MI
- Founding
- 03/1997
- Data as of
- 12/2023
- EIN
- 38-3322605
Organization Overview
Detroit Development Fund is located in Detroit, MI. The organization was established in 1997. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Detroit Development Fund employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Detroit 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 12/2023, Detroit Development Fund generated $4.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (4.6%) each year. All expenses for the organization totaled $2.7m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Detroit Development Fund has awarded 63 individual grants totaling $5,883,380. 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
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION'S SMALL BUSINESS LOAN FUND PROVIDES GROWTH CAPITAL IN THE FORM OF BUSINESS LOANS TO DETROIT COMPANIES NOT ABLE TO OBTAIN THE NECESSARY FINANCING NEEDED FROM TRADITIONAL FINANCING SOURCES.OVER THE LAST FEW YEARS, THE TARGET MARKET HAS SEEN AN INFLUX OF YOUNG, ENTREPRENEURS MOVING INTO ITS NEIGHBORHOODS BRINGING FORTH CREATIVE SYNERGIES AND INCREASED DEMAND FOR HOUSING AND LOCAL BUSINESSES. BECAUSE THE FUND STAYS ALIGNED WITH LOCAL REVITALIZATION STRATEGIES, IN 2014 IT MOVED FORWARD WITH PROVIDING START-UP AND NEIGHBORHOOD BUSINESS FINANCING IN AN EFFORT TO PROVIDE SMALLER COMPANIES THE PROPER BUSINESS TECHNICAL ASSISTANCE TO GET STARTED AND/OR TO SCALE THEIR COMPANY FOR GROWTH, WITH A CONTINUED GOAL OF CREATING ADDITIONAL JOBS FOR DETROIT RESIDENTS AND MORE VIABLE NEIGHBORHOOD COMMUNITIES. OVER THE YEARS, THE FUND PROVIDED OVER $42 MILLION IN FINANCING TO OVER 300 COMPANIES WITH BUSINESSES AND PROJECTS IN DETROIT.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ray Waters President | OfficerTrustee | 40 | $159,692 |
Dolores A Sturtivant Board Chair | OfficerTrustee | 1 | $0 |
Ronald C Frederick Treasurer | OfficerTrustee | 1 | $0 |
Diana Stewart Director | Trustee | 1 | $0 |
Kathy Wendler Director | Trustee | 1 | $0 |
Gail Perry-Mason Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
New Center Llc Rent | 12/30/23 | $149,232 |
Shaheen Jacobs And Ross Pc Legal | 12/30/23 | $115,072 |
Mondozzi Llc Financial & Accounting | 12/30/23 | $111,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,200,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,005,017 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,205,017 |
| Total Program Service Revenue | $903,944 |
| Investment income | $39,796 |
| 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 | $4,151,318 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $387,593 |
| 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. | $183,507 |
| Compensation of current officers, directors, key employees. | $15,751 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $962,848 |
| Pension plan accruals and contributions | $34,178 |
| Other employee benefits | $105,703 |
| Payroll taxes | $88,519 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $110,615 |
| Fees for services: Accounting | $140,620 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $50,082 |
| Advertising and promotion | $101,480 |
| Office expenses | $42,847 |
| Information technology | $82,614 |
| Royalties | $0 |
| Occupancy | $146,436 |
| Travel | $12,582 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,739 |
| Interest | $116,033 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,792 |
| Insurance | $50,536 |
| All other expenses | $64,200 |
| Total functional expenses | $2,690,924 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,739,709 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $500,000 |
| Accounts receivable, net | $0 |
| 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 | $160,330 |
| Net Land, buildings, and equipment | $16,209 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $287,402 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,581,545 |
| Total assets | $20,285,195 |
| Accounts payable and accrued expenses | $293,890 |
| Grants payable | $0 |
| 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 | $8,413,237 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,848,728 |
| Total liabilities | $10,555,855 |
| Net assets without donor restrictions | $5,908,132 |
| Net assets with donor restrictions | $3,821,208 |
| 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 | $20,285,195 |
Grants Awarded
Over the last fiscal year, Detroit Development Fund has awarded $273,034 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
DETROIT COMMUNTIY LOAN FUND PURPOSE: Operating Grant | $230,000 |
SWAGGLE LLC PURPOSE: Operating Grant | $6,999 |
WATSON MEDIA GROUP LLC PURPOSE: Operating Grant | $10,635 |
FA AUTOMOTIVE LLC PURPOSE: Operating Grant | $7,400 |
DETROIT SMART PAGES NEWSPAPER PURPOSE: Operating Grant | $8,000 |
LUSH YUMMIES PIE COMPNANY LLC PURPOSE: Operating Grant | $10,000 |