Renaissance Development Fund
- Assets
- $26.9m
- Revenue
- $2.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Benton Harbor, MI
- Founding
- 09/1998
- Data as of
- 12/2021
- EIN
- 38-3367429
Organization Overview
Renaissance Development Fund is located in Benton Harbor, MI. The organization was established in 1998. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Renaissance 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 12/2021, Renaissance Development Fund generated $2.8m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.4%) each year. All expenses for the organization totaled $3.5m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (6.5%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE RENAISSANCE DEVELOPMENT FUND IS ENGAGED IN THE DEVELOPMENT AND IMPLEMENTATION OF ECONOMIC GROWTH FOR THE CITIES OF BENTON HARBOR AND ST. JOSEPH AND THE TOWNSHIPS OF BENTON, LINCOLN, AND ROYALTON.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RENAISSANCE DEVELOPMENT FUND IS ENGAGED IN THE DEVELOPMENT AND IMPLEMENTATION OF ECONOMIC GROWTH FOR THE CITIES OF BENTON HARBOR, MICHIGAN AND ST. JOSPEH, MICHIGAN; THE CHARTER TOWNSHIPS OF BENTON, ST. JOSEPH, AND LINCOLN; AND THE TOWNSHIP OF ROYALTON. THE ORGANIZATION'S PRINCIPAL PURPOSE IS TO FOSTER REDEVELOPMENT AND REVITALIZATION OF BLIGHTED REAL PROPERTY AND THE REMEDIATION OF ENVIRONMENTAL CONTAMINATION, AND TO SPONSOR AS WELL AS FUND PROGRAMS THAT WILL HELP THE DISADVANTAGED IN THESE CITIES.IN CONNECTION WITH ITS MISSION TO DEVELOP AND IMPLEMENT ECONOMIC GROWTH IN ITS SERVICE AREA, THE ORGANIZATION PROVIDES LOANS TO LOCAL SMALL BUSINESS OWNERS. THESE NOTES RECEIVABLES ARE PERIODICALLY EVALUATED FOR COLLECTABILITY BASED ON PAST CREDIT HISTORY WITH CUSTOMERS AND THEIR CURRENT FINANCIAL CONDITION. PROVISIONS FOR LOSSES ON NOTES RECEIVABLE ARE DETERMINED ON THE BASIS OF LOSS EXPERIENCE, KNOWN AND INHERENT RISKS IN THE LOANS HELD, THE ESTIMATED VALUE OF UNDERLYING COLLATERAL, IF ANY, AND CURRENT ECONOMIC CONDITIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Cleveland Vice President/treasurer | OfficerTrustee | 10 | $0 |
Alan Berry President | OfficerTrustee | 1 | $0 |
Ken Ankli Director | Trustee | 1 | $0 |
David Bly Director | Trustee | 1 | $0 |
Stephanie Scott-Sims Director | Trustee | 1 | $0 |
Stacey Stephens Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Evergreen Development Company Management Services | 12/30/15 | $899,305 |
Kemper Sports Golf Management Services | 12/30/15 | $171,236 |
Dickinson Wright Pllc Legal Services | 12/30/15 | $147,514 |
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 | $445,167 |
| Investment income | $669 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $33,480 |
| 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 | $712,640 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,827,375 |
| 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 | $645,001 |
| Fees for services: Legal | $54,865 |
| Fees for services: Accounting | $25,691 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $113,113 |
| Advertising and promotion | $82,931 |
| Office expenses | $84,085 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $119,352 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,343,011 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $79,376 |
| Insurance | $35,886 |
| All other expenses | $0 |
| Total functional expenses | $3,516,294 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,483,249 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $407,771 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $379,227 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,158 |
| Net Land, buildings, and equipment | $21,668,484 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $26,943,889 |
| Accounts payable and accrued expenses | $337,292 |
| 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 | $32,578,710 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $49,077 |
| Total liabilities | $32,965,079 |
| Net assets without donor restrictions | -$6,253,277 |
| Net assets with donor restrictions | $232,087 |
| 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 | $26,943,889 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Renaissance Development Fund has recieved totaling $200,000.
| Awarding Organization | Amount |
|---|---|
Cornerstone Alliance Benton Harbor, MI PURPOSE: POPULATION GROWTH | $200,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Milwaukee Economic Development Corp Milwaukee, WI | $129,937,785 | $4,507,113 |
The Center Of Workforce Innovations Inc Valparaiso, IN | $2,958,255 | $14,608,336 |
Cintrifuse Cincinnati, OH | $9,097,086 | $17,758,065 |
Walnut Hills Redevelopment Foundation Inc Cincinnati, OH | $7,399,538 | $1,025,062 |
Midtown Detroit Inc Detroit, MI | $6,098,841 | $4,938,478 |
Bellvue Gardens Community Urban Redevelopment Corporation Cincinnati, OH | $29,237,042 | $3,964,847 |
Detriot Economic Growth Association Detroit, MI | $6,651,865 | $5,567,044 |
Downtown Cleveland Improvementcorporation Cleveland, OH | $5,269 | $4,399,889 |
West Central Indiana Economic Development District Inc Terre Haute, IN | $2,629,970 | $4,624,225 |
Common Wealth Development Inc Madison, WI | $16,900,042 | $3,774,568 |
Renaissance Development Fund Benton Harbor, MI | $26,943,889 | $2,827,375 |
Ohio Capital Finance Corporation Columbus, OH | $139,771,046 | $8,872,596 |