Develop Detroit Inc
- Assets
- $27.7m
- Revenue
- $5.8m
- Investments
- $0.0
- Employees
- 9
- Location
- Detroit, MI
- Founding
- 06/2016
- Data as of
- 12/2023
- EIN
- 81-1368616
Organization Overview
Develop Detroit Inc is located in Detroit, MI. The organization was established in 2016. 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, Develop Detroit Inc employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Develop Detroit Inc 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, Develop Detroit Inc generated $5.8m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.1%) each year. All expenses for the organization totaled $4.1m during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
DEVELOP DETROIT, INC. IS A NONPROFIT COMMUNITY DEVELOPMENT FIRM FOCUSED ON PROVIDING AFFORDABLE AND MIXED INCOME HOUSING, AS WELL AS STRATEGIC ECONOMIC AND COMMERCIAL DEVELOPMENT THAT WILL HELP STABILIZE AND TRANSFORM DISINVESTED NEIGHBORHOODS. DDI RENOVATES AND REDEVELOPS PROPERTIES INTO HIGH QUALITY, INCLUSIVE HOUSING THAT IS WELL-DESIGNED AND ACCESSIBLE TO A BROAD RANGE OF DETROITERS. THE FIRM DEVELOPS ACROSS A WIDE RANGE OF REAL ESTATE PROJECT TYPES, INCLUDING SINGLE-FAMILY REHABILITATION AND INFILL AND MULTI- FAMILY PRESERVATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
REAL ESTATE DEVELOPMENT - WE IMAGINE, DESIGN AND BUILD BEAUTIFUL HOUSING. WE CREATE MIXED-INCOME COMMUNITIES AND SINGLE-FAMILY HOMES ACROSS DETROIT FOR THE FULL RANGE OF DETROITERS. OUR WORK IS AN INTEGRATED APPROACH TO STABILIZING AND GROWING NEIGHBORHOODS DECIMATED BY THE RECENT HOUSING CRISIS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sonya Mays President & CEO | OfficerTrustee | 39.5 | $273,349 |
Kate Kohn-Parrott Chair | OfficerTrustee | 5.5 | $0 |
Jason Paulateer Vice Chair | OfficerTrustee | 5.5 | $0 |
Will Smith Treasurer (left During 2024) | OfficerTrustee | 5.5 | $0 |
Laura Grannemann Secretary | OfficerTrustee | 5.5 | $0 |
Sherrie Farrell Member | Trustee | 2.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dykema Gossett Pllc Legal Services | 12/30/21 | $242,605 |
The Housing Partnership Network Inc Management | 12/30/21 | $112,749 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $126,324 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,572,532 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,698,856 |
| Total Program Service Revenue | $1,153,631 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $801,046 |
| Net Gain/Loss on Asset Sales | $92,482 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,822,593 |
| 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. | $529,276 |
| Compensation of current officers, directors, key employees. | $63,535 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $744,343 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $142,936 |
| Payroll taxes | $88,673 |
| Fees for services: Management | $41,281 |
| Fees for services: Legal | $60,170 |
| Fees for services: Accounting | $104,215 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $190,714 |
| Advertising and promotion | $61,747 |
| Office expenses | $168,311 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $518,081 |
| Travel | $23,752 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $715,486 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $118,897 |
| Insurance | $61,929 |
| All other expenses | $0 |
| Total functional expenses | $4,094,725 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,254,221 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,276,324 |
| Accounts receivable, net | $483,579 |
| 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 | $165,085 |
| Net Land, buildings, and equipment | $4,110,446 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $15,067,334 |
| Intangible assets | $0 |
| Other assets | $5,390,142 |
| Total assets | $27,747,131 |
| Accounts payable and accrued expenses | $1,447,603 |
| 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 | $18,702,459 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,816,582 |
| Total liabilities | $21,966,644 |
| Net assets without donor restrictions | $4,592,988 |
| Net assets with donor restrictions | $1,187,499 |
| 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 | $27,747,131 |