Foundation For Detroits Future
- Assets
- $45.7m
- Revenue
- $16.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Detroit, MI
- Founding
- 03/2014
- Data as of
- 12/2022
- EIN
- 46-4873153
Organization Overview
Foundation For Detroits Future is located in Detroit, MI. The organization was established in 2014. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is the central organization for a national or regional group of organizations. Foundation For Detroits Future 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 12/2022, Foundation For Detroits Future generated $16.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (6.3%) each year. All expenses for the organization totaled $18.9m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by 0.0% per year over the past 4 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO HELP IMPROVE THE QUALITY OF LIFE IN SOUTHEAST MICHIGAN PRIMARILY AS THE CHARITABLE ENTITY THAT MANAGES THE DIA SETTLEMENT (COMMONLY KNOWN AS THE "GRAND BARGAIN") APPROVED AS PART OF THE PLAN OF ADJUSTMENT THAT CONCLUDED THE BANKRUPTCY PROCEEDING IN THE CITY OF DETROIT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUPPORT OF FDF'S ROLE TO HELP IMPROVE THE QUALITY OF LIFE IN SOUTHEAST MICHIGAN PRIMARILY AS THE CHARITABLE ENTITY THAT MANAGES THE DIA SETTLEMENT (COMMONLY KNOWN AS THE "GRAND BARGAIN") APPROVED AS PART OF THE PLAN OF ADJUSTMENT THAT CONCLUDED THE BANKRUPTCY PROCEEDINGS OF THE CITY OF DETROIT. SUBJECT TO THE TERMS AND CONDITIONS OF THE SETTLEMENT AGREEMENT, ON THE CLOSING DATE (2014) AND ON AN ANNUAL BASIS THEREAFTER COMMENCING IN 2016, PAYMENTS WILL BE MADE TO THE CITY SUBJECT TO THE CONDITIONS OF THAT SETTLEMENT AGREEMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard L Devore Start 4122 President And Secretary | OfficerTrustee | 1 | $0 |
Mariam C Noland End 33122 President And Secretary | OfficerTrustee | 1 | $0 |
Allan D Gilmour Vice Chair | OfficerTrustee | 0.5 | $0 |
James B Nicholson Chair | OfficerTrustee | 0.5 | $0 |
John A Barker Start 7122 Treasurer | OfficerTrustee | 0.5 | $0 |
Robert J Manilla End 63022 Treasurer | OfficerTrustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $575,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $15,433,333 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $16,008,333 |
| Total Program Service Revenue | $65,000 |
| Investment income | $627,085 |
| 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 | $16,700,418 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $18,850,000 |
| 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 | $30,865 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $10,000 |
| Fees for services: Other | $0 |
| 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 | $0 |
| All other expenses | $25,688 |
| Total functional expenses | $18,916,553 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $236,039 |
| Savings and temporary cash investments | $26,936,547 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $18,502,770 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $45,675,356 |
| Accounts payable and accrued expenses | $26,134 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $26,134 |
| Net assets without donor restrictions | $45,649,222 |
| 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 | $45,675,356 |
Grants Awarded
Over the last fiscal year, Foundation For Detroits Future has awarded $18,850,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
CITY OF DETROIT PURPOSE: SUPPORT FOR CITY OF DETROIT HEALTH CARE TRUSTS | $175,000 |
CITY OF DETROIT PURPOSE: SUPPORT FOR CITY OF DETROIT PRIOR POLICE AND FIRE RETIREMENT SYSTEMS | $18,300,000 |
CITY OF DETROIT PURPOSE: SUPPORT FOR CITY OF DETROIT PRIOR GENERAL RETIREMENT SYSTEM | $375,000 |