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Nonprofiteer
← DFC QALICB INC

Form 990 for tax year 2022

Filed by DFC QALICB INC.

Totals

Total revenue
$601,955
Total expenses
$835
Contributions and grants received
$577,525
Grants paid
$0
Program service revenue
$0
Investment income
$24,430
Other revenue
$0
Total assets, end of year
$20,740,248
Total liabilities, end of year
$20,139,128
Net assets or fund balances, end of year
$601,120
Program services expenses (Part IX)
$835
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$835

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

    $577,525

  • 3 · Investment income

    total $24,430 · excluded $24,430

Functional expenses

Part IX, the statement of functional expenses.

  • 24a · Other expenses: MISCELLANEOUS

    total $835 · program services $835

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year $574,612

  • 2 · Savings and temporary cash investments

    end of year $12,447,668

  • 15 · Other assets

    beginning of year $0 · end of year $7,717,968

  • 17 · Accounts payable and accrued expenses

    end of year $1,347,111

  • 23 · Secured mortgages and notes payable

    end of year $18,760,947

  • 25 · Other liabilities

    beginning of year $0 · end of year $31,070

  • 27 · Net assets without donor restrictions

    end of year $601,120

Mission and programs · 2022

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 $835

As filed on the 2022 return.

Listed in Part VII

  • Sonya Mays

    PRESIDENT & CEO

    Total calculated
    $330,505
    From this org
    $0
    From related orgs
    $295,477
    Other
    $35,028
    Hours/week
    0.25 + 39.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $295,477 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $19,610 related
    Nontaxable benefits
    $0 + $15,418 related
    Filer's total
    $0 + $330,505 related

  • Craig Willian

    SECRETARY

    Total calculated
    $230,479
    From this org
    $0
    From related orgs
    $200,961
    Other
    $29,518
    Hours/week
    0.25 + 39.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $200,961 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $9,586 related
    Nontaxable benefits
    $0 + $19,932 related
    Filer's total
    $0 + $230,479 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
2022
Filed
24 July 2023
IRS schema version
2022v5.0
Source object
202302059349301260

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