Nonprofit · EIN 38-3322605
DETROIT DEVELOPMENT FUND
Tax-exempt · DETROIT, MI 48202
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $4,914,508 | $2,873,865 | $2,040,643 | $19,889,714 | $9,246,178 | $10,643,536 |
| December 31, 2023 | 990 | $4,151,318 | $2,690,924 | $1,460,394 | $20,285,195 | $10,555,855 | $9,729,340 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $3,814,016
- of which government grants
- $1,633,108
- Program service revenue
- $1,048,518
- Investment income
- $49,284
- Other revenue
- $2,690
Expenses
- Grants and similar amounts paid
- $305,800
- Compensation of officers, directors and key employees
- $198,516
- Other salaries and wages
- $1,204,051
- Salaries, compensation and benefits (total)
- $1,715,889
- Professional fundraising fees
- $0
- Legal fees
- $24,805
- Accounting fees
- $145,611
- Occupancy
- $168,750
- Travel
- $17,828
- Depreciation
- $7,693
- Program services (functional)
- $2,267,108
- Management and general (functional)
- $484,893
- Fundraising (functional)
- $121,864
Balance sheet and other
- Total assets, start of year
- $20,285,195
- Total assets, end of year
- $19,889,714
- Total liabilities, end of year
- $9,246,178
- Net assets, end of year
- $10,643,536
- Land, buildings and equipment
- $8,502
- Net assets without donor restrictions
- $6,896,691
- Net assets with donor restrictions
- $3,746,845
- Gross receipts
- $4,914,508
- Employees
- 15
- Volunteers
- 7
- Year formed
- 1996
- State of legal domicile
- MI
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Ray Waters | President Trustee or director, Officer | 40 | $188,333 | $10,183 |
| Deborah Jones | VP of Operations Highest-paid employee | 40 | $170,631 | $7,984 |
| John Schoeniger | Loan Fund Manager Highest-paid employee | 40 | $151,069 | $23,084 |
| Angelia Sharp | Senior Loan Officer Highest-paid employee | 40 | $120,855 | $18,467 |
| Erin Grant | Director of DDF Microloan Highest-paid employee | 40 | $119,848 | $18,313 |
| Dolores A Sturtivant | Board Chair Trustee or director, Officer | 1 | $0 | $0 |
| Ronald C Frederick | Treasurer Trustee or director, Officer | 1 | $0 | $0 |
| Diana Stewart | Director Trustee or director | 1 | $0 | $0 |
| Kathy Wendler | Director Trustee or director | 1 | $0 | $0 |
| Gail Perry-Mason | Director Trustee or director | 1 | $0 | $0 |
| Linda Smith | Director Trustee or director | 1 | $0 | $0 |
| Tom Goddeeris | Director Trustee or director | 1 | $0 | $0 |
| Steve Mondozzi | Chief Financial Officer Officer | 40 | $0 | $0 |
990 for the year ended December 31, 2023: 12 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Ray Waters | President Trustee or director, Officer | 40 | $159,692 | $23,814 |
| John Schoeniger | Loan Fund Manager Highest-paid employee | 40 | $144,192 | $32,398 |
| Deborah Jones | VP of Operations Highest-paid employee | 40 | $156,770 | $19,642 |
| Erin Grant | Director of DDF Microloan Highest-paid employee | 40 | $114,000 | $25,614 |
| Angelia Sharp | Senior Loan Officer Highest-paid employee | 40 | $113,192 | $25,432 |
| Steve Mondozzi | Chief Financial Officer Officer | 40 | $111,000 | $0 |
| Dolores A Sturtivant | Board Chair Trustee or director, Officer | 1 | $0 | $0 |
| Ronald C Frederick | Treasurer Trustee or director, Officer | 1 | $0 | $0 |
| Diana Stewart | Director Trustee or director | 1 | $0 | $0 |
| Kathy Wendler | Director Trustee or director | 1 | $0 | $0 |
| Gail Perry-Mason | Director Trustee or director | 1 | $0 | $0 |
| Linda Smith | Director Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 3031 W GRAND BLVD STE 505, DETROIT, MI 48202-3082
- Principal officer (990 for 2024)
- Ray Waters, 3031 W Grand Blvd 505, Detroit, MI 48202
- Signed the 990
- Ray Waters, President
- Phone
- (773) 474-6944
- Website
- detroitdevelopmentfund.com
- Return prepared by
- Desmond & Ahern Ltd
Mission
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.
Program accomplishments
- 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.Expenses $2,267,108 · grants $305,800 · revenue $1,051,208
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Check at the IRS |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 38-3322605
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1997
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S43)
- Assets (IRS master file)
- $21,297,897
- Income (IRS master file)
- $3,054,576
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $4,914,508 | $2,873,865 | $19,889,714 | XML |
| 990 | December 2023 | $4,151,318 | $2,690,924 | $20,285,195 | XML |
| 990 | December 2022 | $3,234,640 | $2,405,692 | $18,151,383 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2019 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 38-3322605).
Questions about DETROIT DEVELOPMENT FUND
- What is the EIN of DETROIT DEVELOPMENT FUND?
- The employer identification number (EIN) of DETROIT DEVELOPMENT FUND is 38-3322605.
- Is DETROIT DEVELOPMENT FUND tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1997.
- Are donations to DETROIT DEVELOPMENT FUND tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does DETROIT DEVELOPMENT FUND file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of DETROIT DEVELOPMENT FUND due?
- The return for tax year 2026 (the year ending December 31, 2026) is due May 17, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did DETROIT DEVELOPMENT FUND last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of DETROIT DEVELOPMENT FUND?
- The 990 for the year ended December 31, 2024 names Ray Waters.
- Who are the officers and directors of DETROIT DEVELOPMENT FUND?
- The 990 for the year ended December 31, 2024 lists 13 people; 5 received compensation from the organization, the highest $188,333 (Ray Waters, President).
- How much revenue does DETROIT DEVELOPMENT FUND have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $4,914,508, expenses of $2,873,865 and total assets of $19,889,714 at year end.
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- DETROIT REGIONAL CHAMBER FOUNDATION INC EIN 38-2352462 · last filed 990 for 2025
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All nonprofits in DETROIT · Michigan · Community improvement and capacity building