Eastern Market Development Corporation
- Assets
- $2.9m
- Revenue
- $558.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Detroit, MI
- Founding
- 08/2017
- Data as of
- 12/2021
- EIN
- 82-1252089
Organization Overview
Eastern Market Development Corporation is located in Detroit, MI. The organization was established in 2017. 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. Eastern Market 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 12/2021, Eastern Market Development Corporation generated $558.1k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 10.4% each year . All expenses for the organization totaled $454.4k during the year ending 12/2021. 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 MISSION OF EASTERN MARKET DEVELOPMENT CORPORATION IS TO DEVELOP BUSINESSES AND OTHER RESOURCES WITHIN THE EASTERN MARKET DISTRICT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEVELOPMENT OF BUSINESSES AND OTHER RESOURCES WITHIN THE EASTERN MARKET DISTRICT
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Corey Leon Chair | OfficerTrustee | 1 | $0 |
Sharlene Burris Vice-Chair | OfficerTrustee | 1 | $0 |
Don Lindow Treasurer | OfficerTrustee | 1 | $0 |
Maggie Desantis Secretary | OfficerTrustee | 1 | $0 |
Daniel Carmody President And C.e.o. | Officer | 1 | $0 |
Joseph Dennson Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $442,312 |
| Government grants | $48,508 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $497,320 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $60,760 |
| 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 | $558,080 |
| 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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $140,778 |
| Advertising and promotion | $0 |
| Office expenses | $43,386 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $18,310 |
| Travel | $8 |
| 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 | $3,366 |
| Insurance | $1,738 |
| All other expenses | $0 |
| Total functional expenses | $454,402 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $75,849 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,282 |
| 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 | $2,785,473 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,864,604 |
| Accounts payable and accrued expenses | $5,920 |
| Grants payable | $0 |
| Deferred revenue | $10,257 |
| 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 | $920,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $936,177 |
| Net assets without donor restrictions | $1,928,427 |
| 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 | $2,864,604 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Eastern Market Development Corporation has recieved totaling $375,576.
| Awarding Organization | Amount |
|---|---|
Eastern Market Corporatioin Detroit, MI PURPOSE: START-UP OF ORGANIZATION | $375,576 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cincinnati Center City Development Corporation Cincinnati, OH | $365,563,062 | $43,403,938 |
Gateway Economic Development Corporation Of Greater Cleveland Cleveland, OH | $401,423,840 | $30,122,951 |
Capitol South Community Urban Redevelopment Corporation Columbus, OH | $40,052,734 | $27,422,003 |
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 |