2025-09-26T14:45:24-05:00 2024-12-31 363321958 Desmond & Ahern Ltd 10827 S Western Avenue Chicago IL 60643 990 2024-01-01 383322605 Detroit Development Fund DETR 7734746944 3031 W Grand Blvd 505 Detroit MI 48202 Ray Waters President 7734746944 2025-09-26 1 1 Mel Padillo P03172019 7737794720 2025-09-26 2024 2025-03-06 01:10:19Z Detroit Development Fund Ray Waters 3031 W Grand Blvd 505 Detroit MI 48202 4914508 0 X detroitdevelopmentfund.com X 1996 MI 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. 8 7 15 7 0 0 3205017 3814016 903944 1048518 39796 49284 2561 2690 4151318 4914508 387593 305800 0 0 1374755 1715889 0 0 121864 928576 852176 2690924 2873865 1460394 2040643 20285195 19889714 10555855 9246178 9729340 10643536 X 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. 0 0 2267108 305800 1051208 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. 2267108 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 45 0 1 15 1 0 0 0 0 0 0 0 0 0 0 0 0 X 8 7 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MI X Stephen M Mondozzi 7734746944 3600 N Lake Shore Drive 2306 Chicago IL 60613 Ray Waters President 40.00 X X 188333 0 10183 Dolores A Sturtivant Board Chair 1.00 X X 0 0 0 Ronald C Frederick Treasurer 1.00 X X 0 0 0 Diana Stewart Director 1.00 X 0 0 0 Kathy Wendler Director 1.00 X 0 0 0 Gail Perry-Mason Director 1.00 X 0 0 0 Linda Smith Director 1.00 X 0 0 0 Tom Goddeeris Director 1.00 X 0 0 0 Steve Mondozzi Chief Financial Officer 40.00 X 0 0 0 John Schoeniger Loan Fund Manager 40.00 X 151069 0 23084 Angelia Sharp Senior Loan Officer 40.00 X 120855 0 18467 Deborah Jones VP of Operations 40.00 X 170631 0 7984 Erin Grant Director of DDF Microloan 40.00 X 119848 0 18313 750736 0 78031 4 0 1 0 Mondozzi LLC 3600 N Lake Shore Drive 2306 Chicago IL 60613 Financial & Accounting 114000 1 1633108 2180908 3814016 Loan interest income 900099 733464 733464 Management fee 900099 250000 250000 Loan fee income 900099 65054 65054 1048518 49284 49284 Other 900099 2690 2690 2690 4914508 1051208 0 49284 305800 305800 198516 171313 15105 12098 1204051 1038899 91705 73447 26697 23055 2022 1620 177209 153014 13436 10759 109416 94476 8296 6644 24805 3973 20832 145611 23322 122289 46575 7460 39115 80309 80309 1931 425 1506 147242 109349 35706 2187 168750 145626 12840 10284 17828 13970 3858 13588 11726 1034 828 98480 98480 7693 7693 52682 45463 4009 3210 Dues & memberships 30118 8734 21384 Supplies 12917 11147 983 787 Fees 3647 876 2771 2873865 2267108 484893 121864 8739709 8162242 500000 160330 142411 104206 95704 16209 8502 287402 309392 10581545 11267167 20285195 19889714 293890 180307 8413237 7862747 1848728 1203124 10555855 9246178 X 5908132 6896691 3821208 3746845 9729340 10643536 20285195 19889714 X 2040643 21990 -500000 -648437 X X 0 1 X 1 1 1 X 2558876 2354915 2458186 3205017 3814016 14391010 2558876 2354915 2458186 3205017 3814016 14391010 4321131 10069879 5225 2682 13214 39796 49284 110201 25000 2561 2690 30251 14531462 3953862 0.69300 0.72380 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 31490 31490 0 72716 64214 8502 8502 Loan interest receivable 109118 Program Loans Receivable 10647992 Right of use asset 510057 11267167 Lease liability 515942 Refundable Advance 687182 1203124 X 4936498 21990 21990 4914508 0 4914508 3522302 648437 648437 2873865 0 2873865 Part X, Line 2: FIN 48 Note from Audited Financial Statements Detroit Development Fund has been granted tax-exempt status under Section 501(c)(3) of the Internal Revenue Code and qualifies for the charitable contribution deduction. The Fund has been classified as an organization that is not a private foundation. The tax exempt purpose of the Fund and the nature in which it operates is described in Note 1. The Fund continues to operate in compliance with its tax exempt purpose. The Fund's annual information and income tax returns filed with the federal and state governments are subject to examination for three years after filing. Part XI, Line 2d - Other Adjustments: Discount on below market loans Part XII, Line 2d - Other Adjustments: Imputed interest 496,295. Provision for loan loss 152,142. 1 Detroit Communtiy Loan Fund 3031 W Grand Blvd Suite 505 Detroit MI 48202 010765197 250000 0 Operating Grant Part I, Line 2: Grants are reviewed and approved by managment and recorded in the accounting records. Grant recipients give progress reports to manangement on a regular basis. X 0 0 0 0 0 0 0 0 0 Ray Waters President 188333 0 0 0 0 0 6944 0 3239 0 198516 0 0 0 Deborah Jones VP of Operations 170631 0 0 0 0 0 6291 0 1693 0 178615 0 0 0 John Schoeniger Loan Fund Manager 151069 0 0 0 0 0 5570 0 17514 0 174153 0 0 0 Form 990, Part VI, Section A, line 3 The organization engaged Mondozzi, LLC to perform Accounting, Accounts Receivable, Accounts Payable, Investing, Budgeting, Forecsting, Cash Flows, Board reports, Audit Compliance, Grant Financial Reporting, Tax Reporting and Payroll related services. Mondozzi, LLC was paid $114,000 for these services in 2024. Steve Mondozzi, Chief Financial Officer is compensated by Mondozzi, LLC. Form 990, Part VI, Section B, line 11b The 990 was reviewed by the President and Chief Financial Officer. Upon their approval the return was provided to the entire board. Each Board Member was given seven days to review prior to filing. Form 990, Part VI, Section B, line 12c Board members, officers, and all employees are required to complete and sign a conflict of interest statement on an annual basis. The responses should be reviewed by legal counsel, which will provide a report to the president of the organization who shares it with the board of directors. Form 990, Part VI, Section B, line 15 The president's compensation is reivewed and approved by the full board on an annual basis. The president reviews and approves compensation of all other employees annually. Form 990, Part VI, Section C, line 19 Financial statements, governing documents and the conflict of interest policy are not available to the public at this time. Form 990, Part XI, line 9: Provision for loan loss -496,295. Imputed interest -152,142. Discount on below market loans Form 990, Part XII, line 2c: The process has not changed from the prior year. Detroit Community Loan Fund 3031 W Grand Blvd Suite 505 Detroit MI 48202 010765197 loan service MI N/A related 0 1 0.50000 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Detroit Community Loan Fund B 250000