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Nonprofiteer
← INVEST DETROIT FOUNDATION

Form 990 for tax year 2023

Filed by INVEST DETROIT FOUNDATION.

Totals

Total revenue
$29,564,845
Total expenses
$14,291,075
Contributions and grants received
$22,447,544
Grants paid
$1,470,595
Program service revenue
$5,632,947
Investment income
$1,484,354
Other revenue
$0
Total assets, end of year
$186,536,906
Total liabilities, end of year
$50,171,519
Net assets or fund balances, end of year
$136,365,387
Program services expenses (Part IX)
$9,675,604
Management and general expenses
$4,615,471
Fundraising expenses
$0
Program service expenses (Part III)
$9,675,604

Program services were 67.7% 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.

  • 1e · Government grants (contributions)

    $300,000

  • 1f · All other contributions, gifts and grants

    $22,147,544

  • 1g · Noncash contributions included above

    $4,885,708

  • 2a · Program service revenue: LOAN INTEREST INCOME

    total $2,668,866 · related or exempt $2,668,866

  • 2b · Program service revenue: ADMINISTRATIVE FEES

    total $2,244,464 · related or exempt $2,244,464

  • 2c · Program service revenue: LOAN TRANSACTION FEES

    total $719,617 · related or exempt $719,617

  • 3 · Investment income

    total $1,484,354 · excluded $1,484,354

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,470,595 · program services $1,470,595

  • 5 · Compensation of officers, directors and key employees

    total $915,188 · program services $549,113 · management and general $366,075

  • 7 · Other salaries and wages

    total $6,235,520 · program services $3,741,312 · management and general $2,494,208

  • 9 · Other employee benefits

    total $133,191 · program services $79,915 · management and general $53,276

  • 10 · Payroll taxes

    total $468,514 · program services $281,108 · management and general $187,406

  • 11b · Fees: legal

    total $358,060 · management and general $358,060

  • 11c · Fees: accounting

    total $46,850 · management and general $46,850

  • 11g · Fees: other

    total $1,180,605 · program services $926,688 · management and general $253,917

  • 12 · Advertising and promotion

    total $188,166 · management and general $188,166

  • 14 · Information technology

    total $190,563 · management and general $190,563

  • 16 · Occupancy

    total $157,153 · management and general $157,153

  • 19 · Conferences, conventions and meetings

    total $52,413 · management and general $52,413

  • 20 · Interest

    total $607,317 · program services $607,317

  • 22 · Depreciation, depletion and amortization

    total $63,022 · management and general $63,022

  • 23 · Insurance

    total $81,202 · management and general $81,202

  • 24a · Other expenses: LOAN & GRANT LOSS RESER

    total $1,162,937 · program services $1,162,937

  • 24b · Other expenses: NEI NETWORK DIRECTOR PR

    total $616,379 · program services $493,219 · management and general $123,160

  • 24c · Other expenses: NEIGHBORHOOD PROGRAM

    total $260,900 · program services $260,900

  • 24d · Other expenses: PROFESSIONAL LIABILITY

    total $102,500 · program services $102,500

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,048,463 · end of year $4,268,274

  • 2 · Savings and temporary cash investments

    beginning of year $16,381,570 · end of year $39,329,396

  • 3 · Pledges and grants receivable

    beginning of year $10,004,938 · end of year $5,938,055

  • 4 · Accounts receivable

    beginning of year $1,356,467 · end of year $3,344,218

  • 7 · Other notes and loans receivable

    beginning of year $50,826,888 · end of year $70,267,840

  • 9 · Prepaid expenses and deferred charges

    beginning of year $21,227 · end of year $13,826

  • 10a · Land, buildings and equipment: cost or other basis

    $695,428

  • 10b · Land, buildings and equipment: accumulated depreciation

    $437,678

  • 10c · Land, buildings and equipment, net

    beginning of year $995,221 · end of year $257,750

  • 12 · Investments: other securities

    beginning of year $73,367,234 · end of year $61,566,559

  • 13 · Investments: program-related

    end of year $1,550,988

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,152,712 · end of year $3,059,320

  • 18 · Grants payable

    beginning of year $10,850,527 · end of year $11,123,729

  • 19 · Deferred revenue

    beginning of year $365,874 · end of year $1,545,527

  • 24 · Unsecured notes and loans payable

    beginning of year $27,522,839 · end of year $34,442,943

  • 27 · Net assets without donor restrictions

    beginning of year $90,392,923 · end of year $103,720,239

  • 28 · Net assets with donor restrictions

    beginning of year $30,717,133 · end of year $32,645,148

Mission and programs · 2023

Mission

IDF PROMOTES A HIGHER QUALITY OF LIFE FOR DISTRESSED COMMUNITIES, PRIMARILY IN THE CITY OF DETROIT THROUGH ATTRACTING NEW INDUSTRY, ENCOURAGING THE DEVELOPMENT OF BUSINESS, HOUSING, TRANSPORTATION AND OTHER COMMUNITY RESOURCES. IDF PROVIDES LOANS AND FINANCIAL ASSISTANCE TO PROMOTE COMMUNITY DEVELOPMENT AND COMBAT COMMUNITY DETERIORATION AND ECONOMIC BLIGHT.

Activities or mission (Part I)

THE IDF LOAN PROGRAMS PROVIDE FUNDING, GENERALLY IN THE FORM OF LOANS, TO QUALIFIED APPLICANTS TO ENCOURAGE REVITALIZATION AND DEVELOPMENT. IN CONCERT WITH OPERATING THE LOAN PROGRAMS, IDF ALSO CONDUCTS PROGRAMMATIC ACTIVITIES THAT INCLUDE PLANNING, SPEARHEADING AND DEVELOPING STRATEGIES FOR URBAN REVITALIZATION.

  • SUPPORTING DETROIT ECONOMIC DEVELOPMENT THROUGH REAL ESTATE AND SMALL BUSINESS FINANCING.

    Expenses $3,458,360 · Grants $334,394 · Revenue $4,842,247

  • SUPPORTING HIGH TECH AND ENTREPRENEUR ACTIVITY.

    Expenses $1,627,144 · Revenue $315,857

  • SUPPORTING INCLUSIVE NEIGHBORHOOD REVITALIZATION THROUGH STRATEGIC INTERVENTIONS.

    Expenses $4,590,100 · Grants $1,136,202 · Revenue $474,843

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

Listed in Part VII

  • Matthew P Cullen

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Roderick D Gillum

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • John Blanchard

    DIRECTOR - PART YEAR

    Total calculated
    $0
    Hours/week
    1

  • Joann Chavez

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Antoine M Garibaldi PhD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Wendy Lewis Jackson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Richard A Manoogian

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Charles G McClure

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dan Nissenbaum

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Chris Rizik

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Alan S Schwartz

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Gary Torgow

    DIRECTOR - PART YEAR

    Total calculated
    $0
    Hours/week
    1

  • Laura Trudeau

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Larry Brinker Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michael Land

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Brenda Lawrence

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Paul Mozak

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • David Blaszkiewicz

    PRESIDENT & CEO

    Total calculated
    $660,076
    From this org
    $469,155
    From related orgs
    $0
    Other
    $190,921
    Hours/week
    30 + 10 related

    Schedule J breakdown matched by us

    Base
    $429,155
    Bonus
    $40,000
    Other
    $0
    Deferred
    $159,800
    Nontaxable benefits
    $31,121
    Filer's total
    $660,076

  • Carrie Lewand-Monroe

    CHIEF OPERATING OFFICER

    Total calculated
    $313,045
    From this org
    $286,238
    From related orgs
    $0
    Other
    $26,807
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $258,238
    Bonus
    $28,000
    Other
    $0
    Deferred
    $5,580
    Nontaxable benefits
    $21,227
    Filer's total
    $313,045

  • Amber Gladney

    ASSISTANT SECRETARY

    Total calculated
    $175,743
    From this org
    $159,795
    From related orgs
    $0
    Other
    $15,948
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,795
    Bonus
    $14,000
    Other
    $0
    Deferred
    $8,949
    Nontaxable benefits
    $6,999
    Filer's total
    $175,743

  • Paul Trulik

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Patricia Glaza

    EXECUTIVE VICE PRESIDENT, VENTURE

    Total calculated
    $326,062
    From this org
    $284,728
    From related orgs
    $0
    Other
    $41,334
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $256,728
    Bonus
    $28,000
    Other
    $0
    Deferred
    $15,576
    Nontaxable benefits
    $25,758
    Filer's total
    $326,062

  • Keona Cowan

    EXECUTIVE VICE PRESIDENT, LENDING

    Total calculated
    $324,378
    From this org
    $285,479
    From related orgs
    $0
    Other
    $38,899
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $257,479
    Bonus
    $28,000
    Other
    $0
    Deferred
    $12,043
    Nontaxable benefits
    $26,856
    Filer's total
    $324,378

  • Martin Dober

    SENIOR VICE PRESIDENT, VENTURE

    Total calculated
    $260,735
    From this org
    $223,915
    From related orgs
    $0
    Other
    $36,820
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $203,915
    Bonus
    $20,000
    Other
    $0
    Deferred
    $12,626
    Nontaxable benefits
    $24,194
    Filer's total
    $260,735

  • Danielle Graceffa

    GENERAL COUNSEL

    Total calculated
    $278,274
    From this org
    $240,296
    From related orgs
    $0
    Other
    $37,978
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $220,296
    Bonus
    $20,000
    Other
    $0
    Deferred
    $13,218
    Nontaxable benefits
    $24,760
    Filer's total
    $278,274

  • Paul Jones

    DIRECTOR OF BUSINESS SUPPORT NETWORK

    Total calculated
    $228,619
    From this org
    $216,315
    From related orgs
    $0
    Other
    $12,304
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $198,815
    Bonus
    $17,500
    Other
    $0
    Deferred
    $11,409
    Nontaxable benefits
    $895
    Filer's total
    $228,619

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

  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 7
INVEST DETROIT FOUNDATION HAS AN INCENTIVE PLAN BASED ON THE ORGANIZATIONS PERFORMANCE DURING THE YEAR AND THEN THE EMPLOYEES PERFORMANCE. IF THE ORGANIZATION HITS ITS BUDGET AND STRATEGIC PLAN METRICS THEN THE BOARD OF DIRECTORS APPROVES THE BONUS POOL. THE BOARD OF DIRECTORS HAS FINAL DISCRETION ON THE BONUS PAID TO THE CEO. THE CEO AND BOARD CHAIR REVIEW AND HAVE FINAL DISCRETION ON ALL OTHER EMPLOYEE BONUSES.

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

    $395,242

    SNF PROGRAMMATIC GRANT - SPARK GRANTS

  • LIVE6 ALLIANCE

    $200,000

    SNF PROGRAMMATIC GRANT - MAIN STREET MCNICHOLS GRANT

  • SPACE LAB DEVELOPMENT INC

    $161,655

    SNF PROGRAMMATIC GRANT - MURALS GRANT

  • BETTER BLOCK FOUNDATION

    $128,700

    SNF PROGRAMMATIC GRANT - G7 PAVILLION SPARK GRANT

  • ISLAMIC CENTER OF DETROIT

    $100,000

    SNF PROGRAMMATIC GRANT - FACADE GRANT

  • EAST WARREN DEVELOPMENT CORP

    $58,948

    SNF PROGRAMMATIC GRANT - EAST WARREN FEST - COMMUNITY ENGAGEMENT GRANT

  • DETROIT BLIGHT BUSTERS INC

    $34,100

    SNF PROGRAMMATIC GRANT - FACADE GRANT

  • P&A DEVELOPMENT GROUP

    $15,000

    SNF PROGRAMMATIC GRANT - LITHUANIAN HALL COMMUNITY ENGAGEMENT GRANT

  • COE VANDYKE 2 LLC

    $12,500

    SNF PROGRAMMATIC GRANT - COMMUNITY ENGAGEMENT GRANT

  • WOODBORN PARTNERS - BAGLEY 16

    $11,287

    SNF PROGRAMMATIC GRANT - COMMUNITY ENGAGEMENT GRANT

The 10 largest by cash amount. The API serves every itemized grant.

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.

  • INVEST DETROIT CDE

    501(C)(4) · LOAN FUND · MI · controlled entity

    Directly controlled by DETROIT DEVELOPMENT VENTURES INC

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • IDV L3C

    LOAN FUND · MI · income $977,536 · assets $24,333,105

    Directly controlled by INVEST DETROIT FOUNDATION

  • CHASE INVEST DETROIT FUND L3C

    LOAN FUND · MI · income $187,435 · assets $25,396,178

    Directly controlled by INVEST DETROIT FOUNDATION

  • IDF REAL ESTATE HOLDING LLC

    REAL ESTATE DEVELOPMENT · MI · income $0 · assets $0

    Directly controlled by INVEST DETROIT FOUNDATION

  • AMMR LLC

    REAL ESTATE DEVELOPMENT · MI · income $0 · assets $24,755

    Directly controlled by INVEST DETROIT FOUNDATION

  • RMMA LLC

    REAL ESTATE DEVELOPMENT · MI · income $0 · assets $0

    Directly controlled by INVEST DETROIT FOUNDATION

  • RE MCNICHOLS LLC

    REAL ESTATE DEVELOPMENT · MI · income -$15,643 · assets $913,920

    Directly controlled by INVEST DETROIT FOUNDATION

  • 16221 E WARREN LLC

    REAL ESTATE DEVELOPMENT · MI · income $0 · assets $666,419

    Directly controlled by INVEST DETROIT FOUNDATION

  • EBIARA DEVELOPER FUND I LLC

    LOAN FUND · MI · income -$234,778 · assets $3,652,304

    Directly controlled by INVEST DETROIT FOUNDATION

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • KERCHEVAL ASSOCIATES LLC

    N/A · REAL ESTATE DEVELOPMENT · MI · 45% owned

    Directly controlled by KERCHEVAL ASSOCIATES II LLC

  • KERCHEVAL ASSOCIATES II

    N/A · REAL ESTATE DEVELOPMENT · MI · 50% owned · share of income -$1,583,499 · share of assets $1,182,580

  • COMMUNITY CAPITAL EQUITY LLC

    N/A · REAL ESTATE DEVELOPMENT · MI · 33% owned · share of income -$336,750 · share of assets $1,955,524

  • ID MDI LLC

    N/A · REAL ESTATE DEVELOPMENT · MI · 94.74% owned

  • INDUSTRY DETROIT QOZB LLC

    N/A · REAL ESTATE DEVELOPMENT · MI · 18% owned · share of income $47,026 · share of assets $108,538

  • DETROIT INVESTMENT FUND LP

    N/A · PRIVATE SECTOR FINANCING · MI · 37.71% owned · share of income $343,048 · share of assets $20,418,093

  • DETROIT INNOVATE FUND I LP

    N/A · PRIVATE SECTOR FINANCING · MI · 70.22% owned · share of income -$1,446,875 · share of assets $4,852,170

    Directly controlled by DETROIT INNOVATE GP LLC

  • RENAISSANCE VENTURE CAPITAL FUND I LP

    N/A · VENTURE CAPITAL · MI · 2% owned · share of income -$208,294 · share of assets $408,740

  • DETROIT INNOVATE GP LLC

    N/A · HOLDING COMPANY (GENERAL PARTNER OF DILP) · MI

    Directly controlled by DETROIT DEVELOPMENT VENTURES INC

  • DETROIT INNOVATION DISTRICT FUND LLC

    N/A · REAL ESTATE DEVELOPMENT · MI · 50% owned

  • DETROIT INVESTMENT FUND REAL ESTATE VENTURES LLC

    N/A · HOLDS REAL ESTATE EQUITY INVESTMENTS · MI

  • ID CDE 11 LLC

    N/A · PROVIDE QLICI'S · MI

  • ID CDE 12 LLC

    N/A · PROVIDE QLICI'S · MI

  • ID CDE 13 LLC

    N/A · PROVIDE QLICI'S · MI

  • ID CDE 14 LLC

    N/A · PROVIDE QLICI'S · MI

  • ID CDE 15 LLC

    N/A · PROVIDE QLICI'S · MI

  • ID CDE 16 LLC

    N/A · PROVIDE QLICI'S · MI

  • ID CDE 17 LLC

    N/A · PROVIDE QLICI'S · MI

  • ID CDE 18 LLC

    N/A · PROVIDE QLICI'S · MI

  • IDV FUND IV LLC

    N/A · PRIVATE SECTOR FINANCING · MI · 66.19% owned · share of income $231,804 · share of assets $3,564,497

  • INDUSTRY DETROIT LEVERAGE LENDER

    N/A · NMTC SPE · MI · 99% owned · share of income $63,898 · share of assets $622,947

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • DETROIT DEVELOPMENT VENTURES INC

    C · HOLDING COMPANY (GENERAL PARTNER OF DIF) · MI · 100% owned · share of income -$236,549 · share of assets $381,005 · controlled entity

    Directly controlled by INVEST DETROIT FOUNDATION

  • ID AH I L3C

    C · LOAN FUND · MI · 100% owned · share of income $8,978 · share of assets $266,553 · controlled entity

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202443209349319074

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