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Nonprofiteer
← INVEST DETROIT CDE

Form 990 for tax year 2023

Filed by INVEST DETROIT CDE.

Totals

Total revenue
$1,142,564
Total expenses
$1,196,263
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,061,864
Investment income
$31,247
Other revenue
$49,453
Total assets, end of year
$4,575,773
Total liabilities, end of year
$305,871
Net assets or fund balances, end of year
$4,269,902
Program services expenses (Part IX)
$630,566
Management and general expenses
$565,697
Fundraising expenses
$0
Program service expenses (Part III)
$630,566

Program services were 52.7% 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.

  • 2a · Program service revenue: COMPLIANCE FEE INCOME

    total $798,750 · related or exempt $798,750

  • 2b · Program service revenue: ASSET MANAGEMENT FEE

    total $192,822 · related or exempt $192,822

  • 2c · Program service revenue: AUDIT AND TAX FEE REVE

    total $70,292 · related or exempt $70,292

  • 3 · Investment income

    total $31,247 · excluded $31,247

  • 11a · Other revenue: GAIN ON INVESTMENT

    total $49,453 · excluded $49,453

  • 11e · Other revenue, total

    $49,453

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $543,717 · program services $302,230 · management and general $241,487

  • 11a · Fees: management

    total $250,000 · management and general $250,000

  • 11b · Fees: legal

    total $305 · management and general $305

  • 11c · Fees: accounting

    total $65,000 · management and general $65,000

  • 11g · Fees: other

    total $328,336 · program services $328,336

  • 24a · Other expenses: MEMBERSHIPS AND DUES

    total $8,400 · management and general $8,400

  • 24b · Other expenses: TAXES & FILING FEES

    total $505 · management and general $505

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,352,885 · end of year $342,666

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $1,231,247

  • 4 · Accounts receivable

    beginning of year $211,194 · end of year $71,843

  • 12 · Investments: other securities

    beginning of year $2,831,120 · end of year $2,930,017

  • 25 · Other liabilities

    beginning of year $71,598 · end of year $305,871

  • 27 · Net assets without donor restrictions

    beginning of year $4,323,601 · end of year $4,269,902

Mission and programs · 2023

Mission

INVEST DETROIT CDE'S MISSION IS TO SERVE OR MAKE LOANS OR PROVIDE EQUITY INVESTMENT CAPITAL TO LOW-INCOME COMMUNITIES OR LOW-INCOME PERSONS; TO TAKE ACTIONS TO QUALIFY AND CONTINUE THE QUALIFICATIONS AS A COMMUNITY DEVELOPMENT ENTITY; AND MAINTAIN ACCOUNTABILITY TO RESIDENTS OF LOW-INCOME COMMUNITIES THROUGH THE APPOINTMENT OF A BOARD OF DIRECTORS OF INDIVIDUALS WHO REPRESENT LOW-INCOME COMMUNITIES.

Activities or mission (Part I)

INVEST DETROIT CDE EXISTS TO SERVE OR MAKE LOANS OR PROVIDE EQUITY INVESTMENT CAPITAL TO LOW-INCOME COMMUNITIES OR LOW-INCOME PERSONS IN THE CITY OF DETROIT IN ACCORDANCE WITH NEW MARKET TAX CREDIT (NMTC) PROGRAM REQUIREMENTS.

  • PLACING NMTC ALLOCATION INTO QUALIFIED PROJECTS

    Expenses $630,566 · Revenue $1,061,864

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

Listed in Part VII

  • DAVID BLASZKIEWICZ

    PRESIDENT & CEO

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

    Schedule J breakdown matched by us

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

  • KENITA HARRIS

    LIC REPRESENTATIVE

    Total calculated
    $0
    Hours/week
    0.5

  • KENYETTA BRIDGES

    LIC REPRESENTATIVE

    Total calculated
    $0
    Hours/week
    0.5

  • SUSAN MOSEY

    LIC REPRESENTATIVE

    Total calculated
    $0
    Hours/week
    0.5

  • CAMILLE WALKER BANKS

    LIC REPRESENTATIVE

    Total calculated
    $0
    Hours/week
    0.5

  • KEONA COWAN

    CHAIRMAN

    Total calculated
    $324,378
    From this org
    $0
    From related orgs
    $285,479
    Other
    $38,899
    Hours/week
    0.5 + 40 related

    Schedule J breakdown matched by us

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

  • CARRIE LEWAND-MONROE

    CHIEF OPERATING OFFICER

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

    Schedule J breakdown matched by us

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

The filer's explanations (Part III)

PART I, LINE 3
INDIVIDUALS LISTED IN PART II ARE PAID BY INVEST DETROIT FOUNDATION, A RELATED PARTY, WHO USES MARKET DATA AND APPROVAL BY THE BOARD TO DETERMINE COMPENSATION.

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

No itemized grants to organizations on this return.

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.

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.

Related partnerships

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

  • DETROIT INNOVATE FUND I LP

    N/A · PRIVATE SECTOR FINANCING · MI

    Directly controlled by DETROIT DEVELOPMENT VENTURES INC

  • DETROIT INNOVATE GP LLC

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

    Directly controlled by DETROIT DEVELOPMENT VENTURES INC

  • DETROIT INVESTMENT FUND LP

    INVESTMENT · PRIVATE SECTOR FINANCING · MI · 5.39% owned · share of income $118,060 · share of assets $599,914

  • ID CDE 11 LLC

    INVESTMENT · PROVIDE QLICI'S · MI · 0.01% owned · share of income $35 · general or managing partner

  • ID CDE 12 LLC

    INVESTMENT · PROVIDE QLICI'S · MI · 0.01% owned · general or managing partner

  • ID CDE 13 LLC

    INVESTMENT · PROVIDE QLICI'S · MI · 0.01% owned · share of income $12 · share of assets $634 · general or managing partner

  • ID CDE 14 LLC

    INVESTMENT · PROVIDE QLICI'S · MI · share of income $2 · share of assets $688

  • ID CDE 15 LLC

    INVESTMENT · PROVIDE QLICI'S · MI · share of income $2 · share of assets $619

  • ID CDE 16 LLC

    INVESTMENT · PROVIDE QLICI'S · MI · 0.01% owned · share of income $1 · share of assets $174 · general or managing partner

  • ID CDE 17 LLC

    INVESTMENT · PROVIDE QLICI'S · MI · 0.01% owned · share of income $1 · share of assets $996 · general or managing partner

  • ID CDE 18 LLC

    INVESTMENT · PROVIDE QLICI'S · MI · 0.01% owned · share of income $2 · share of assets $773 · general or managing partner

  • COMMUNITY CAPITAL EQUITY LLC

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

  • 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 MDI LLC

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

  • 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

  • INDUSTRY DETROIT QOZB LLC

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

  • KERCHEVAL ASSOCIATES II

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

  • KERCHEVAL ASSOCIATES LLC

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

    Directly controlled by KERCHEVAL ASSOCIATES II LLC

  • RENAISSANCE VENTURE CAPITAL FUND I LP

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

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202423209349320252

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