Form 990 for tax year 2023

Totals

Total revenue

$11,974,292

Total expenses

$13,571,755

Contributions and grants received

$10,627,852

Grants paid

$1,023,963

Program service revenue

$1,274,299

Investment income

$72,141

Other revenue

$0

Total assets, end of year

$4,204,793

Total liabilities, end of year

$524,903

Net assets or fund balances, end of year

$3,679,890

Program services expenses (Part IX)

$11,663,566

Management and general expenses

$1,698,179

Fundraising expenses

$210,010

Program service expenses (Part III)

$11,663,566

Program services were 85.9% 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.

Mission and programs · 2023

• THE DETROIT PROMISE IS THE FOUNDATION'S UMBRELLA SCHOLARSHIP FOR ALL INCOMING COLLEGE STUDENTS, INCLUDING FOUR-YEAR UNIVERSITY STUDENTS FORMALLY ENROLLING THROUGH THE DETROIT COMPACT SCHOLARSHIP PROGRAM. THE DETROIT PROMISE IS A FOUNDATION ADMINISTERED PROGRAM FUNDED BY THE DETROIT PROMISE ZONE AUTHORITY ("DPZA"). THE DETROIT PROMISE'S ESSENTIAL RESPONSIBILITY IS TO PROVIDE A LAST-DOLLAR SCHOLARSHIP FOR DETROIT HIGH SCHOOL STUDENTS ENTERING AREA COMMUNITY COLLEGES AND PARTICIPATING FOUR-YEAR UNIVERSITIES. PER STATE OF MICHIGAN STATUTE, THE DPZA IS ALLOCATED A PORTION OF STATE PROPERTY TAXES COLLECTED IN THE CITY OF DETROIT FOR THE EXPRESS PURPOSE OF FUNDING A COLLEGE PROMISE PROGRAM. THE DPZA HAS DESINGATED THE FOUNDATION AS ITS PARTNER TO ADMINISTER THIS PROGRAM AND USES THE TAX CAPTURE REVENUE TO ALLOCATE FUNDING TO THE FOUNDATION TO FUND THE PROGRAM WITHIN THE STATUTE GUIDELINES.

  Expenses $4,596,542 · Grants $225,837

• MICHAUTO IS MICHIGAN'S ONLY AUTOMOTIVE AND MOBILITY CLUSTER ASSOCIATION TO PROTECT, RETAIN, AND GROW MICHIGAN'S SIGNATURE INDUSTRY WHILE ALSO ENSURING THE STATE'S LEADERSHIP IN ADVANCING THE DEVELOPMENT AND MANUFACTURING OF NEXT-GENERATION MOBILITY TECHNOLOGY.

  Expenses $2,145,594 · Revenue $19,400

• THE FOUNDATION LEADS A COMPREHENSIVE EDUCATION AND TALENT PORTFOLIO OF PROGRAM AND POLICY WORK IN THE STATE. WITH THE GOAL TO INCREASE POSTSECONDARY DEGREE ATTAINMENT IN SOUTHEAST MICHIGAN TO 60% BY 2030, THE CHAMBER'S WORK WILL GROW THE TALENT POOL FOR EMPLOYERS.

  Expenses $3,026,862 · Grants $123,494 · Revenue $5,000

• ECONOMIC DEVELOPMENT:THE FOUNDATION'S ECONOMIC PROSPERITY STRATEGY POSITIONS THE DETROIT REGION FOR LONG-TERM GLOBAL COMPETITIVENESS FOR THE NEXT DECADE AND BEYOND. THE WORK IS FUNDED THROUGH CONTRIBUTIONS AND GRANTS FROM CORPORATE DONORS AND PRIVATE PHILANTHROPY. THE STRATEGY IS EXECUTED THROUGH A SERIES OF INITIATIVES ENSURING THE REGION IS EDUCATED, EMPLOYED, HEALTHY, AND LEADING IN NEXT-GENERATION MOBILITY.LEADERSHIP DETROIT:LEADERSHIP DETROIT PROVIDES THE FOUNDATION FOR A LIFELONG COMMITMENT TO LEADERSHIP BY CREATING AWARENESS OF KEY ISSUES THAT AFFECT THE DETROIT REGION AND TO CHALLENGE EMERGING AND EXISTING COMMUNITY LEADERS TO BRING ABOUT POSITIVE CHANGE IN THE COMMUNITY THROUGH INFORMED LEADERSHIP.ECONOMIC EQUITY AND INCLUSION:THE FOUNDATION LEVERAGES ITS POSITION AS A COVENER OF BUSINESS TO ENSURE PERVASIVE AND LONG-TERM CHANGE BOTH SOCIETALLY AND ECONOMICALLY. THIS WORK IS ROOTED IN REFLECTIVE FOCUS ON ACCOUNTABILITY INTERNALLY AND EXTERNALLY THROUGH A COMMITMENT TO ENSURING THE REGION'S EQUITABLE FUTURE.

  Expenses $1,894,568 · Grants $674,632 · Revenue $1,249,899

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

Listed in Part VII

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

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 PHOENIX CENTER

  $30,000

  GENERAL SUPPORT

• DETROIT ZEN CENTER

  $30,000

  GENERAL SUPPORT

• MEXICANTOWN COMMUNITY DEVELOPMENT CORPORATION INC

  $30,000

  GENERAL SUPPORT

• 360 DETROIT INC

  $30,000

  GENERAL SUPPORT

• NUTURING OUR SEEDS

  $30,000

  GENERAL SUPPORT

• TEACHERS SUPPORTING TEACHERS

  $30,000

  GENERAL SUPPORT

• WE ARE THE CULTURE CREATORS NONPROFIT

  $30,000

  GENERAL SUPPORT

• ATLANTIC IMPACT

  $30,000

  GENERAL SUPPORT

• BLACK LEGACY ADVANCEMENT COALITION

  $30,000

  GENERAL SUPPORT

• DETROIT HORSE POWER

  $30,000

  GENERAL SUPPORT

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.

• DETROIT REGIONAL CHAMBER

  501(C)(6) · SEE PART VII · MI

• MICHIGAN FUTURE INC

  501(C)(3) · SEE PART VII · MI

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.

Provenance

Return type

form_990

Tax year

2023

Filed

19 December 2024

IRS schema version

2023v5.1

Source object

202413559349301256

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

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