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Nonprofiteer
← FOUNDATION FOR DETROITS FUTURE

Form 990 for tax year 2023

Filed by FOUNDATION FOR DETROITS FUTURE.

Totals

Total revenue
$17,474,620
Total expenses
$18,925,421
Contributions and grants received
$16,008,333
Grants paid
$18,850,000
Program service revenue
$0
Investment income
$1,466,287
Other revenue
$0
Total assets, end of year
$44,240,032
Total liabilities, end of year
$41,611
Net assets or fund balances, end of year
$44,198,421
Program services expenses (Part IX)
$18,850,000
Management and general expenses
$75,421
Fundraising expenses
$0
Program service expenses (Part III)
$18,850,000

Program services were 99.6% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1d · Related organizations

    $575,000

  • 1f · All other contributions, gifts and grants

    $15,433,333

  • 3 · Investment income

    total $1,466,287 · excluded $1,466,287

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $18,850,000 · program services $18,850,000

  • 11b · Fees: legal

    total $15,795 · management and general $15,795

  • 11f · Fees: investment management

    total $18,694 · management and general $18,694

  • 24a · Other expenses: ADMINISTRATIVE FEES

    total $40,932 · management and general $40,932

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $236,039 · end of year $383

  • 2 · Savings and temporary cash investments

    beginning of year $26,936,547 · end of year $24,500,120

  • 11 · Investments: publicly traded securities

    beginning of year $18,502,770 · end of year $19,739,529

  • 17 · Accounts payable and accrued expenses

    beginning of year $26,134 · end of year $41,611

  • 27 · Net assets without donor restrictions

    beginning of year $45,649,222 · end of year $44,198,421

Mission and programs · 2023

Mission

FOUNDATION FOR DETROIT'S FUTURE (FDF) SHALL WORK TO LESSEN THE BURDENS OF GOVERNMENT, COMBAT COMMUNITY DETERIORATION, AND IMPROVE THE QUALITY OF LIFE OF THE GENERAL PUBLIC IN AND AROUND THE CITY OF DETROIT THROUGH, AMONG OTHER THINGS, CONDUCTING ACTIVITIES AND PROGRAMS, AND PROVIDING SUPPORT AND FUNDING TO GOVERNMENTAL ENTITIES, CHARITABLE ORGANIZATIONS AND OTHERS, TO PROTECT AND PRESERVE THE CITY OF DETROIT'S RICH CULTURAL HERITAGE, FOSTER AND PROMOTE THE ECONOMIC REVITALIZATION AND FISCAL HEALTH OF THE CITY OF DETROIT AND ENABLE THE CITY OF DETROIT TO FULFILL ITS MUNICIPAL, FINANCIAL AND CIVIC OBLIGATIONS. THE FDF SUPPORTS THE COMMUNITY FOUNDATION FOR SOUTHEAST MICHIGAN (CFSEM) BY SUPPORTING ORGANIZATIONS WHOSE WORK FURTHERS CFSEM'S MISSION. THE CFSEM'S MISSION IS TO BUILD THE RESOURCES, RELATIONSHIPS AND EXPERTISE REQUIRED TO EXPAND EQUITABLE ACCESS TO OPPORTUNITIES ACROSS SOUTHEAST MICHIGAN TO MAKE IT A DESIRABLE PLACE TO LIVE, WORK AND PLAY FOR ALL RESIDENTS, TODAY AND TOMORROW.

Activities or mission (Part I)

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.

  • 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.

    Expenses $18,850,000 · Grants $18,850,000

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Richard L Devore

    PRESIDENT/SECRETARY

    Total calculated
    $690,131
    From this org
    $0
    From related orgs
    $638,226
    Other
    $51,905
    Hours/week
    1 + 48 related

    Schedule J breakdown matched by us

    Base
    $0 + $625,916 related
    Bonus
    $0 + $2,500 related
    Other
    $0 + $9,810 related
    Deferred
    $0 + $31,619 related
    Nontaxable benefits
    $0 + $20,286 related
    Filer's total
    $0 + $690,131 related

  • Allan D Gilmour

    VICE CHAIR (END 06/30)

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related

  • David T Provost

    CHAIR (BEG 12/23)/DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 2 related

  • James B Nicholson

    CHAIR (END 06/23)

    Total calculated
    $0
    Hours/week
    0.5 + 3 related

  • John A Barker

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5

  • Paul Trulik

    VICE CHAIR (BEG 12/23)/DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • Nishka Chandrasoma

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Jenilyn Norman

    VP, FINANCE AND ADMINISTRATION

    Total calculated
    $279,354
    From this org
    $0
    From related orgs
    $244,708
    Other
    $34,646
    Hours/week
    0.5 + 50.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $244,258 related
    Bonus
    $0
    Other
    $0 + $450 related
    Deferred
    $0 + $25,032 related
    Nontaxable benefits
    $0 + $9,614 related
    Filer's total
    $0 + $279,354 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

  • CITY OF DETROIT

    $18,300,000

    SUPPPORT FOR CITY OF DETROIT PRIOR POLICE AND FIRE RETIREMENT SYSTEMS

  • CITY OF DETROIT

    $375,000

    SUPPORT FOR CITY OF DETROIT PRIOR GENERAL RETIREMENT SYSTEM

  • CITY OF DETROIT

    $175,000

    SUPPORT FOR CITY OF DETROIT HEALTH CARE TRUSTS

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
7 November 2024
IRS schema version
2023v5.1
Source object
202423139349300812

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