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Nonprofiteer
← DETROIT DEVELOPMENT FUND

Form 990 for tax year 2023

Filed by DETROIT DEVELOPMENT FUND.

Totals

Total revenue
$4,151,318
Total expenses
$2,690,924
Contributions and grants received
$3,205,017
Grants paid
$387,593
Program service revenue
$903,944
Investment income
$39,796
Other revenue
$2,561
Total assets, end of year
$20,285,195
Total liabilities, end of year
$10,555,855
Net assets or fund balances, end of year
$9,729,340
Program services expenses (Part IX)
$2,133,445
Management and general expenses
$466,824
Fundraising expenses
$90,655
Program service expenses (Part III)
$2,133,445

Program services were 79.3% 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)

    $1,200,000

  • 1f · All other contributions, gifts and grants

    $2,005,017

  • 2a · Program service revenue: Loan interest income

    total $616,833 · related or exempt $616,833

  • 2b · Program service revenue: Management fee

    total $230,000 · related or exempt $230,000

  • 2c · Program service revenue: Loan fee income

    total $57,111 · related or exempt $57,111

  • 3 · Investment income

    total $39,796 · excluded $39,796

  • 11a · Other revenue: Other

    total $2,561 · related or exempt $2,561

  • 11e · Other revenue, total

    $2,561

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $387,593 · program services $387,593

  • 5 · Compensation of officers, directors and key employees

    total $183,507 · program services $157,409 · management and general $15,751 · fundraising $10,347

  • 7 · Other salaries and wages

    total $962,848 · program services $825,917 · management and general $82,643 · fundraising $54,288

  • 8 · Pension plan contributions

    total $34,178 · program services $29,317 · management and general $2,934 · fundraising $1,927

  • 9 · Other employee benefits

    total $105,703 · program services $90,670 · management and general $9,073 · fundraising $5,960

  • 10 · Payroll taxes

    total $88,519 · program services $75,930 · management and general $7,598 · fundraising $4,991

  • 11b · Fees: legal

    total $110,615 · program services $56,190 · management and general $54,425

  • 11c · Fees: accounting

    total $140,620 · program services $71,432 · management and general $69,188

  • 11g · Fees: other

    total $50,082 · program services $25,441 · management and general $24,641

  • 12 · Advertising and promotion

    total $101,480 · management and general $101,480

  • 13 · Office expenses

    total $42,847 · program services $33,518 · management and general $7,390 · fundraising $1,939

  • 14 · Information technology

    total $82,614 · program services $47,712 · management and general $34,902

  • 16 · Occupancy

    total $146,436 · program services $125,611 · management and general $12,569 · fundraising $8,256

  • 17 · Travel

    total $12,582 · program services $7,274 · management and general $5,308

  • 19 · Conferences, conventions and meetings

    total $1,739 · program services $1,492 · management and general $149 · fundraising $98

  • 20 · Interest

    total $116,033 · program services $116,033

  • 22 · Depreciation, depletion and amortization

    total $8,792 · management and general $8,792

  • 23 · Insurance

    total $50,536 · program services $43,349 · management and general $4,338 · fundraising $2,849

  • 24a · Other expenses: Dues & memberships

    total $64,200 · program services $38,557 · management and general $25,643

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,021,904 · end of year $8,739,709

  • 3 · Pledges and grants receivable

    end of year $500,000

  • 9 · Prepaid expenses and deferred charges

    beginning of year $89,011 · end of year $160,330

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

    $104,206

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

    $87,997

  • 10c · Land, buildings and equipment, net

    beginning of year $25,026 · end of year $16,209

  • 12 · Investments: other securities

    beginning of year $276,212 · end of year $287,402

  • 15 · Other assets

    beginning of year $9,739,230 · end of year $10,581,545

  • 17 · Accounts payable and accrued expenses

    beginning of year $229,324 · end of year $293,890

  • 23 · Secured mortgages and notes payable

    beginning of year $8,776,243 · end of year $8,413,237

  • 25 · Other liabilities

    beginning of year $144,163 · end of year $1,848,728

  • 27 · Net assets without donor restrictions

    beginning of year $5,174,311 · end of year $5,908,132

  • 28 · Net assets with donor restrictions

    beginning of year $3,827,342 · end of year $3,821,208

Mission and programs · 2023

Mission

Detroit Development Fund (DDF) promotes the economic development of low to moderate income residents in the city of Detroit. DDF focuses on lending programs to provide financial assistance for minority small business owners, affordable housing developers and contractors, as well as job creation and retention for low to moderate-income Detroit residents.

Activities or mission (Part I)

Detroit Development Fund promotes the economic development of low-to moderate-income residents in the city of Detroit. SED focuses on lending programs as well as job creation and retention.

  • The Organization's small business loan fund provides growth capital in the form of business loans to Detroit companies not able to obtain the necessary financing needed from traditional financing sources.Over the last few years, the target market has seen an influx of young, entrepreneurs moving into its neighborhoods bringing forth creative synergies and increased demand for housing and local businesses. Because the Fund stays aligned with local revitalization strategies, in 2014 it moved forward with providing start-up and neighborhood business financing in an effort to provide smaller companies the proper business technical assistance to get started and/or to scale their company for growth, with a continued goal of creating additional jobs for Detroit residents and more viable neighborhood communities. Over the years, the Fund provided over $42 million in financing to over 300 companies with businesses and projects in Detroit.

    Expenses $2,133,445 · Grants $387,593 · Revenue $906,505

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

Listed in Part VII

  • Ray Waters

    President

    Total calculated
    $183,506
    From this org
    $159,692
    From related orgs
    $0
    Other
    $23,814
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $159,692
    Bonus
    $0
    Other
    $0
    Deferred
    $5,668
    Nontaxable benefits
    $18,146
    Filer's total
    $183,506

  • Dolores A Sturtivant

    Board Chair

    Total calculated
    $0
    Hours/week
    1

  • Ronald C Frederick

    Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Diana Stewart

    Director

    Total calculated
    $0
    Hours/week
    1

  • Kathy Wendler

    Director

    Total calculated
    $0
    Hours/week
    1

  • Gail Perry-Mason

    Director

    Total calculated
    $0
    Hours/week
    1

  • Linda Smith

    Director

    Total calculated
    $0
    Hours/week
    1

  • Steve Mondozzi

    Chief Financial Officer

    Total calculated
    $111,000
    From this org
    $111,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • John Schoeniger

    Loan Fund Manager

    Total calculated
    $176,590
    From this org
    $144,192
    From related orgs
    $0
    Other
    $32,398
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,192
    Bonus
    $0
    Other
    $0
    Deferred
    $5,118
    Nontaxable benefits
    $27,280
    Filer's total
    $176,590

  • Angelia Sharp

    Senior Loan Officer

    Total calculated
    $138,624
    From this org
    $113,192
    From related orgs
    $0
    Other
    $25,432
    Hours/week
    40

  • Deborah Jones

    VP of Operations

    Total calculated
    $176,412
    From this org
    $156,770
    From related orgs
    $0
    Other
    $19,642
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $156,770
    Bonus
    $0
    Other
    $0
    Deferred
    $5,565
    Nontaxable benefits
    $14,077
    Filer's total
    $176,412

  • Erin Grant

    Director of DDF Microloan

    Total calculated
    $139,614
    From this org
    $114,000
    From related orgs
    $0
    Other
    $25,614
    Hours/week
    40

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 · Approval by the board or compensation committee

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

  • Detroit Communtiy Loan Fund

    $230,000

    Operating Grant

  • Watson Media Group LLC

    $10,635

    Operating Grant

  • Lush Yummies Pie Compnany LLC

    $10,000

    Operating Grant

  • Detroit Smart Pages Newspaper

    $8,000

    Operating Grant

  • FA Automotive LLC

    $7,400

    Operating Grant

  • Swaggle LLC

    $6,999

    Operating Grant

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 Community Loan Fund

    related · loan service · MI · 50% owned · general or managing partner

Provenance

Return type
form_990
Tax year
2023
Filed
14 August 2024
IRS schema version
2023v5.1
Source object
202402279349300925

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