Corktown Economic Development Corporation
- Assets
- $149.7k
- Revenue
- $12.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Detroit, MI
- Founding
- 03/2016
- Data as of
- 12/2018
- EIN
- 47-3991862
Organization Overview
Corktown Economic Development Corporation is located in Detroit, MI. The organization was established in 2016. 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. Corktown Economic Development Corporation 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 12/2018, Corktown Economic Development Corporation generated $12.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (64.8%) each year. All expenses for the organization totaled $22.1k during the year ending 12/2018. 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
2018
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION IS TO ADVANCE THE ECONOMIC GROWTH AND DEVELOPMENT OF DETROIT'S OLDEST NEIGHBORHOOD
Describe the Organization's Program Activity:
Part 3 - Line 4a
LIASON WITH CITY OF DETROIT AND MICHIGAN DEPARTMENT OF TRANSPORTATION TO COMPLETE A SIGNIFICANT STREETSCAPE IMPROVMENT PROJECT IN THE CORKTOWN NEIGHBORHOOD
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dennis Fulton Treasurer | Officer | 2 | $0 |
Garlin Gilchristii Director | Trustee | 0.5 | $0 |
James Schultz Director | Trustee | 0.5 | $0 |
Mike Khalil Director | Trustee | 0.5 | $0 |
David Esparza Director | Trustee | 0.5 | $0 |
Vince Keenan 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 | $12,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $12,000 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $12,000 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $12,000 |
| 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 | $0 |
| Fees for services: Accounting | $5,313 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $875 |
| 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 | $770 |
| Insurance | $3,105 |
| All other expenses | $0 |
| Total functional expenses | $22,121 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $107,483 |
| Savings and temporary cash investments | $0 |
| 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 | $42,259 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $149,742 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Unrestricted restricted net Assets | $149,742 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $149,742 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Corktown Economic Development Corporation has recieved totaling $75,000.
| Awarding Organization | Amount |
|---|---|
Kresge Foundation Troy, MI PURPOSE: THIS GRANT SUPPORTS THE INSTALLATION OF PLANTERS ALONG THE PROTECTED BIKE LANES ON MICHIGAN AVENUE IN CORKTOWN, ENHANCING THE WALKABILITY AND BIKEABILITY OF ONE OF DETROITS MOST IMPORTANT COMMERCIAL CORRIDORS. | $75,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
The Columbus Partnership Columbus, OH | $3,736,612 | $3,353,265 |
Bounce Innovation Hub Akron, OH | $1,997,526 | $3,096,844 |
Evansville Vanderburgh County Convention & Visitors Bureau Inc Evansville, IN | $5,490,585 | $3,551,749 |