Skip to content
Nonprofiteer
← DFC QALICB INC

Form 990 for tax year 2023

Filed by DFC QALICB INC.

Totals

Total revenue
$678,572
Total expenses
$12,715
Contributions and grants received
$640,000
Grants paid
$0
Program service revenue
$0
Investment income
$38,572
Other revenue
$0
Total assets, end of year
$22,271,877
Total liabilities, end of year
$21,004,900
Net assets or fund balances, end of year
$1,266,977
Program services expenses (Part IX)
$12,715
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$12,715

Program services were 100.0% 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.

  • 1f · All other contributions, gifts and grants

    $640,000

  • 3 · Investment income

    total $38,572 · excluded $38,572

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $3,850 · program services $3,850

  • 22 · Depreciation, depletion and amortization

    total $7,792 · program services $7,792

  • 24a · Other expenses: MISCELLANEOUS

    total $1,073 · program services $1,073

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $574,612 · end of year $924,743

  • 2 · Savings and temporary cash investments

    beginning of year $12,447,668 · end of year $1,925,119

  • 15 · Other assets

    beginning of year $7,717,968 · end of year $19,422,015

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,347,111 · end of year $1,924,901

  • 23 · Secured mortgages and notes payable

    beginning of year $18,760,947 · end of year $18,760,947

  • 25 · Other liabilities

    beginning of year $31,070 · end of year $319,052

  • 27 · Net assets without donor restrictions

    beginning of year $601,120 · end of year $1,266,977

Mission and programs · 2023

Mission

DFC QALICB, INC. (DFC QALICB) IS A MICHIGAN NONPROFIT CORPORATION FORMED FOR THE PURPOSE OF HOLDING REAL ESTATE RELATED TO THE FOOD COMMONS PROJECT.

  • DFC QALICB, INC. (DFC QALICB) IS A MICHIGAN NONPROFIT CORPORATION FORMED FOR THE PURPOSE OF HOLDING REAL ESTATE RELATED TO THE FOOD COMMONS PROJECT.

    Expenses $12,715

As filed on the 2023 return.

Listed in Part VII

  • Sonya Mays

    PRESIDENT & CEO

    Total calculated
    $318,183
    From this org
    $0
    From related orgs
    $273,349
    Other
    $44,834
    Hours/week
    0.25 + 39.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $273,349 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $20,154 related
    Nontaxable benefits
    $0 + $24,680 related
    Filer's total
    $0 + $318,183 related

  • Craig Willian

    SECRETARY

    Total calculated
    $232,321
    From this org
    $0
    From related orgs
    $194,851
    Other
    $37,470
    Hours/week
    0.25 + 39.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $194,851 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $9,743 related
    Nontaxable benefits
    $0 + $27,727 related
    Filer's total
    $0 + $232,321 related

  • Malik Yakini

    CHAIR

    Total calculated
    $0
    Hours/week
    0.25

  • Meredith Freeman

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.25

  • Waybon Dewayne Wells

    TREASURER

    Total calculated
    $0
    Hours/week
    0.25

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
THE BOARD OF DEVELOP DETROIT, INC. HAS INSTITUTED A FORMAL BOARD PROCESS FOR CEO PERFORMANCE AND COMPENSATION WHICH THE BOARD WILL FORMALLY APPROVE THE CEO SALARY. THE CEO REVIEWS THE COMPENSATION FOR ALL SENIOR STAFF.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
23 July 2024
IRS schema version
2023v5.1
Source object
202402089349301215

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.