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Nonprofiteer
← DEVELOP DETROIT INC

Form 990 for tax year 2023

Filed by DEVELOP DETROIT INC.

Totals

Total revenue
$5,822,593
Total expenses
$4,094,725
Contributions and grants received
$3,698,856
Grants paid
$0
Program service revenue
$1,153,631
Investment income
$92,482
Other revenue
$877,624
Total assets, end of year
$27,747,131
Total liabilities, end of year
$21,966,644
Net assets or fund balances, end of year
$5,780,487
Program services expenses (Part IX)
$3,246,491
Management and general expenses
$560,449
Fundraising expenses
$287,785
Program service expenses (Part III)
$3,246,491

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)

    $126,324

  • 1f · All other contributions, gifts and grants

    $3,572,532

  • 2a · Program service revenue: DEVELOPER FEE INCOME

    total $870,837 · related or exempt $870,837

  • 2b · Program service revenue: INTEREST INCOME ON NOT

    total $282,794 · related or exempt $282,794

  • 6a · Gross rents

    real property $801,046

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $801,046

  • 6d · Net rental income or loss

    total $801,046 · related or exempt $801,046

  • 7a · Gross sales of assets other than inventory

    other assets $507,500

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

    other assets $415,018

  • 7c · Gain or loss

    other assets $92,482

  • 7d · Net gain or loss

    total $92,482 · related or exempt $92,482

  • 11a · Other revenue: INCOME FROM INVESTMENT

    total $45,860 · related or exempt $45,860

  • 11b · Other revenue: OTHER INCOME

    total $30,718 · related or exempt $30,718

  • 11e · Other revenue, total

    $76,578

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $529,276 · program services $366,020 · management and general $63,535 · fundraising $99,721

  • 7 · Other salaries and wages

    total $744,343 · program services $514,750 · management and general $89,350 · fundraising $140,243

  • 9 · Other employee benefits

    total $142,936 · program services $102,400 · management and general $15,775 · fundraising $24,761

  • 10 · Payroll taxes

    total $88,673 · program services $65,461 · management and general $9,033 · fundraising $14,179

  • 11a · Fees: management

    total $41,281 · program services $41,281

  • 11b · Fees: legal

    total $60,170 · program services $49,070 · management and general $11,100

  • 11c · Fees: accounting

    total $104,215 · program services $5,000 · management and general $99,215

  • 11g · Fees: other

    total $190,714 · program services $131,066 · management and general $52,148 · fundraising $7,500

  • 12 · Advertising and promotion

    total $61,747 · program services $11,327 · management and general $50,420

  • 13 · Office expenses

    total $168,311 · program services $124,872 · management and general $43,439

  • 16 · Occupancy

    total $518,081 · program services $473,849 · management and general $44,232

  • 17 · Travel

    total $23,752 · program services $603 · management and general $21,840 · fundraising $1,309

  • 20 · Interest

    total $715,486 · program services $715,486

  • 22 · Depreciation, depletion and amortization

    total $118,897 · program services $118,897

  • 23 · Insurance

    total $61,929 · program services $55,770 · management and general $6,159

  • 24a · Other expenses: BAD DEBT

    total $390,266 · program services $390,266

  • 24b · Other expenses: MISCELLANEOUS

    total $134,648 · program services $80,373 · management and general $54,203 · fundraising $72

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,208,162 · end of year $1,254,221

  • 3 · Pledges and grants receivable

    beginning of year $300,000 · end of year $1,276,324

  • 4 · Accounts receivable

    beginning of year $546,196 · end of year $483,579

  • 9 · Prepaid expenses and deferred charges

    beginning of year $105,080 · end of year $165,085

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

    $4,330,364

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

    $219,918

  • 10c · Land, buildings and equipment, net

    beginning of year $4,101,868 · end of year $4,110,446

  • 13 · Investments: program-related

    beginning of year $14,068,698 · end of year $15,067,334

  • 15 · Other assets

    beginning of year $4,322,436 · end of year $5,390,142

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,039,532 · end of year $1,447,603

  • 23 · Secured mortgages and notes payable

    beginning of year $18,025,253 · end of year $18,702,459

  • 25 · Other liabilities

    beginning of year $1,579,807 · end of year $1,816,582

  • 27 · Net assets without donor restrictions

    beginning of year $3,670,349 · end of year $4,592,988

  • 28 · Net assets with donor restrictions

    beginning of year $337,499 · end of year $1,187,499

Mission and programs · 2023

Mission

SEE PAGE 1, QUESTION 1

Activities or mission (Part I)

DEVELOP DETROIT, INC. IS A NONPROFIT COMMUNITY DEVELOPMENT FIRM FOCUSED ON PROVIDING AFFORDABLE AND MIXED INCOME HOUSING, AS WELL AS STRATEGIC ECONOMIC AND COMMERCIAL DEVELOPMENT THAT WILL HELP STABILIZE AND TRANSFORM DISINVESTED NEIGHBORHOODS. DDI RENOVATES AND REDEVELOPS PROPERTIES INTO HIGH QUALITY, INCLUSIVE HOUSING THAT IS WELL-DESIGNED AND ACCESSIBLE TO A BROAD RANGE OF DETROITERS. THE FIRM DEVELOPS ACROSS A WIDE RANGE OF REAL ESTATE PROJECT TYPES, INCLUDING SINGLE-FAMILY REHABILITATION AND INFILL AND MULTI- FAMILY PRESERVATION.

  • REAL ESTATE DEVELOPMENT - WE IMAGINE, DESIGN AND BUILD BEAUTIFUL HOUSING. WE CREATE MIXED-INCOME COMMUNITIES AND SINGLE-FAMILY HOMES ACROSS DETROIT FOR THE FULL RANGE OF DETROITERS. OUR WORK IS AN INTEGRATED APPROACH TO STABILIZING AND GROWING NEIGHBORHOODS DECIMATED BY THE RECENT HOUSING CRISIS.

    Expenses $3,246,491 · Revenue $2,123,737

As filed on the 2023 return.

Listed in Part VII

  • SONYA MAYS

    PRESIDENT & CEO

    Total calculated
    $318,183
    From this org
    $273,349
    From related orgs
    $0
    Other
    $44,834
    Hours/week
    39.5 + 0.5 related

    Schedule J breakdown matched by us

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

  • KATE KOHN-PARROTT

    CHAIR

    Total calculated
    $0
    Hours/week
    5.5

  • JASON PAULATEER

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    5.5

  • WILL SMITH

    TREASURER (LEFT DURING 2024)

    Total calculated
    $0
    Hours/week
    5.5

  • LAURA GRANNEMANN

    SECRETARY

    Total calculated
    $0
    Hours/week
    5.5

  • SHERRIE FARRELL

    MEMBER

    Total calculated
    $0
    Hours/week
    2.5

  • MELISSA WORDEN

    MEMBER

    Total calculated
    $0
    Hours/week
    2.5

  • GWEN BUTLER

    MEMBER

    Total calculated
    $0
    Hours/week
    2.5

  • LISA ALBERGHINI

    MEMBER

    Total calculated
    $0
    Hours/week
    2.5

  • BEVERLY ERICKSON

    MEMBER

    Total calculated
    $0
    Hours/week
    2.5

  • ROBIN KINLOCH

    MEMBER

    Total calculated
    $0
    Hours/week
    2.5

  • RON STALLWORTH

    MEMBER

    Total calculated
    $0
    Hours/week
    2.5

  • SEAN WERDLOW

    MEMBER

    Total calculated
    $0
    Hours/week
    2.5

  • MARK MEIER

    CHIEF FINANCIAL OFFICER

    Total calculated
    $211,093
    From this org
    $174,257
    From related orgs
    $0
    Other
    $36,836
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $174,257
    Bonus
    $0
    Other
    $0
    Deferred
    $13,456
    Nontaxable benefits
    $23,380
    Filer's total
    $211,093

  • CRAIG WILLIAN

    CHIEF INVESTMENT OFFICER

    Total calculated
    $232,321
    From this org
    $194,851
    From related orgs
    $0
    Other
    $37,470
    Hours/week
    39.5 + 0.5 related

    Schedule J breakdown matched by us

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

  • OREN BRANDVAIN

    DIRECTOR, COMMUNITY INVESTMENT

    Total calculated
    $131,227
    From this org
    $112,455
    From related orgs
    $0
    Other
    $18,772
    Hours/week
    39.75 + 0.25 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

  • 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

The filer's explanations (Part III)

PART I, LINE 3
THE BOARD HAS INSTITUTED A FORMAL BOARD PROCESS FOR CEO PERFORMANCE AND COMPENSATION UNDER WHICH THE BOARD WILL FORMALLY APPROVE THE CEO'S 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.

  • DREAMBUILDERS NONPROFIT HOUSING CORPORATION

    501(C)(3) · PROVIDING AFFORDABLE AND MIXED INCOME HOUSING · MI · controlled entity

    Directly controlled by DEVELOP DETROIT INC

  • DFC QALICB INC

    501(C)(3) · PROVIDING AFFORDABLE AND MIXED INCOME HOUSING · MI · controlled entity

    Directly controlled by DEVELOP DETROIT INC

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.

Related partnerships

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

Related corporations and trusts

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

  • DEVELOP DETROIT PROPERTIES INC

    C · PROPERTY ACQUISITION AND REHABILITATION · MI · 100% owned · share of income $414,668 · share of assets $6,136,215 · controlled entity

    Directly controlled by DEVELOP DETROIT INC

Provenance

Return type
form_990
Tax year
2023
Filed
23 July 2024
IRS schema version
2023v5.1
Source object
202442089349300939

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