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← RENAISSANCE DEVELOPMENT FUND

Form 990 for tax year 2023

Filed by RENAISSANCE DEVELOPMENT FUND.

Totals

Total revenue
$5,877,883
Total expenses
$3,204,065
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$284,992
Investment income
-$421,102
Other revenue
$6,013,993
Total assets, end of year
$20,236,384
Total liabilities, end of year
$29,543,621
Net assets or fund balances, end of year
-$9,307,237
Program services expenses (Part IX)
$1,982,015
Management and general expenses
$1,222,050
Fundraising expenses
$0
Program service expenses (Part III)
$1,982,015

Program services were 61.9% 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: LOAN INTEREST AND FEES

    total $284,992 · related or exempt $284,992

  • 3 · Investment income

    total $21,699 · excluded $21,699

  • 6a · Gross rents

    real property $38,220

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $38,220

  • 6d · Net rental income or loss

    total $38,220 · related or exempt $38,220

  • 7b · Less cost or other basis and sales expenses

    other assets $442,801

  • 7c · Gain or loss

    other assets -$442,801

  • 7d · Net gain or loss

    total -$442,801 · excluded -$442,801

  • 11a · Other revenue: GAIN IN EXTINGUISHMENT OF DEBT

    total $3,236,000 · excluded $3,236,000

  • 11b · Other revenue: TIF REIMBURSEMENT INCOME

    total $2,056,596 · related or exempt $2,056,596

  • 11c · Other revenue: MISCELLANEOUS INCOME

    total $683,177 · excluded $683,177

  • 11e · Other revenue, total

    $5,975,773

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $36,309 · management and general $36,309

  • 11b · Fees: legal

    total $74,866 · management and general $74,866

  • 11c · Fees: accounting

    total $24,125 · management and general $24,125

  • 11g · Fees: other

    total $701,321 · management and general $701,321

  • 12 · Advertising and promotion

    total $58,310 · management and general $58,310

  • 13 · Office expenses

    total $3,544 · management and general $3,544

  • 16 · Occupancy

    total $246,704 · program services $214,374 · management and general $32,330

  • 20 · Interest

    total $1,653,135 · program services $1,653,135

  • 22 · Depreciation, depletion and amortization

    total $31,006 · management and general $31,006

  • 23 · Insurance

    total $52,698 · management and general $52,698

  • 24a · Other expenses: MISCELLANEOUS AND OTHER

    total $201,544 · program services $4,003 · management and general $197,541

  • 24b · Other expenses: PROPERTY DEVELOPMENT

    total $110,503 · program services $110,503

  • 24c · Other expenses: BAD DEBT EXPENSE

    total $10,000 · management and general $10,000

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,140,851 · end of year $2,500,597

  • 4 · Accounts receivable

    beginning of year $424,396 · end of year $413,640

  • 7 · Other notes and loans receivable

    beginning of year $652,136

  • 9 · Prepaid expenses and deferred charges

    beginning of year $33,215 · end of year $31,319

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

    $17,414,391

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

    $193,477

  • 10c · Land, buildings and equipment, net

    beginning of year $17,677,196 · end of year $17,220,914

  • 15 · Other assets

    beginning of year $214,240 · end of year $69,914

  • 17 · Accounts payable and accrued expenses

    beginning of year $522,675 · end of year $384,554

  • 23 · Secured mortgages and notes payable

    beginning of year $31,820,027 · end of year $29,156,167

  • 25 · Other liabilities

    beginning of year $2,900 · end of year $2,900

  • 27 · Net assets without donor restrictions

    beginning of year -$10,203,568 · end of year -$9,307,237

Mission and programs · 2023

Mission

THE ORGANIZATION, PARTNERING WITH THE CORNERSTONE ALLIANCE, ENGAGES IN THE DEVELOPMENT OF ECONOMIC GROWTH FOR THE CITIES OF BENTON HARBOR AND ST. JOSEPH AND THE TOWNSHIPS OF BENTON, LINCOLN, AND ROYALTON.

Activities or mission (Part I)

THE RENAISSANCE DEVELOPMENT FUND IS ENGAGED IN THE DEVELOPMENT AND IMPLEMENTATION OF ECONOMIC GROWTH FOR THE CITIES OF BENTON HARBOR AND ST. JOSEPH AND THE TOWNSHIPS OF BENTON, LINCOLN, AND ROYALTON.

  • RENAISSANCE DEVELOPMENT FUND IS ENGAGED IN THE DEVELOPMENT AND IMPLEMENTATION OF ECONOMIC GROWTH FOR THE CITIES OF BENTON HARBOR, MICHIGAN AND ST. JOSPEH, MICHIGAN; THE CHARTER TOWNSHIPS OF BENTON, ST. JOSEPH, AND LINCOLN; AND THE TOWNSHIP OF ROYALTON. THE ORGANIZATION'S PRINCIPAL PURPOSE IS TO FOSTER REDEVELOPMENT AND REVITALIZATION OF BLIGHTED REAL PROPERTY AND THE REMEDIATION OF ENVIRONMENTAL CONTAMINATION, AND TO SPONSOR AS WELL AS FUND PROGRAMS THAT WILL HELP THE DISADVANTAGED IN THESE CITIES.IN CONNECTION WITH ITS MISSION TO DEVELOP AND IMPLEMENT ECONOMIC GROWTH IN ITS SERVICE AREA, THE ORGANIZATION PROVIDES LOANS TO LOCAL SMALL BUSINESS OWNERS. THESE NOTES RECEIVABLES ARE PERIODICALLY EVALUATED FOR COLLECTABILITY BASED ON PAST CREDIT HISTORY WITH CUSTOMERS AND THEIR CURRENT FINANCIAL CONDITION. PROVISIONS FOR LOSSES ON NOTES RECEIVABLE ARE DETERMINED ON THE BASIS OF LOSS EXPERIENCE, KNOWN AND INHERENT RISKS IN THE LOANS HELD, THE ESTIMATED VALUE OF UNDERLYING COLLATERAL, IF ANY, AND CURRENT ECONOMIC CONDITIONS.

    Expenses $1,982,015 · Revenue $2,379,808

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

Listed in Part VII

  • Robert Cleveland

    VICE PRESIDENT/TREASURER

    Total calculated
    $262,108
    From this org
    $0
    From related orgs
    $262,108
    Other
    $0
    Hours/week
    10 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $262,108 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $262,108 related

  • Alan Berry

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Amber Haack

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Amy Zapal

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Andrew Haan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Chris Cook

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Chrsitina Frank

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Zach Vaughn

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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

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.

Disregarded entities

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

  • HARBOR SHORES FINANCE LLC

    LENDING · MI · income $0 · assets $30,000

    Directly controlled by RENAISSANCE DEVELOPMENT FUND

  • HARBOR SHORES COMMUNITY REDEVELOPMENT LLC

    ECONOMIC DEVELOPMENT · MI · income $2,506,607 · assets $18,214,972

    Directly controlled by RENAISSANCE DEVELOPMENT FUND

Provenance

Return type
form_990
Tax year
2023
Filed
16 July 2024
IRS schema version
2023v5.1
Source object
202431989349300648

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