DETROIT DOWNTOWN INC

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1922

Legal Domicile

Principal Officer

ERIC B LARSON

Phone

3135668250

Tax Period

2023-01-01 to 2023-12-31

DETROIT DOWNTOWN INC, founded in 1922, is a community nonprofit that reported $5.1M in total revenue in fiscal year 2023.

Mission

TO SOLICIT, RECEIVE AND ADMINISTER FUNDS FOR THE PURPOSE OF PROVIDING A CLEAN, SAFE AND BEAUTIFUL DOWNTOWN DETROIT.

Program Service Accomplishments

Program 1

Expenses: $4,436,723 Revenue: $5,010,498

ESTABLISHED IN APRIL 2014, THE DOWNTOWN DETROIT BUSINESS IMPROVEMENT ZONE (BIZ) IS A SPECIAL ASSESSMENT DISTRICT FORMED BY PROPERTY OWNERS TO PROVIDE CLEANING, SAFETY AND LANDSCAPING SERVICES TO...

ESTABLISHED IN APRIL 2014, THE DOWNTOWN DETROIT BUSINESS IMPROVEMENT ZONE (BIZ) IS A SPECIAL ASSESSMENT DISTRICT FORMED BY PROPERTY OWNERS TO PROVIDE CLEANING, SAFETY AND LANDSCAPING SERVICES TO SUPPORT DOWNTOWN DETROIT. THE DOWNTOWN DETROIT BIZ CONTRACTS FOR SERVICES WITH THE DETROIT DOWNTOWN, INC. TO DELIVER BEHIND-THE-SCENES SUPPLEMENTAL SERVICES ON WHICH RESIDENTS, DOWNTOWN WORKERS, VISITORS, AND BUSINESS AND PROPERTY OWNERS RELY. THE BIZ'S ANNUAL BUDGET IS APPROXIMATELY $5.3M, GENERATED THROUGH ASSESSMENTS OF MORE THAN 500 COMMERCIAL PROPERTIES IN THE BIZ AREA. THE BIZ IS LED BY A BOARD OF DIRECTORS COMPRISED OF 16 VOLUNTEER REPRESENTATIVES OF DOWNTOWN'S DIVERSE BUSINESS COMMUNITY. THE BIZ AREA ENCOMPASSES 140 CITY BLOCKS IN A 1.1 SQUARE MILE AREA. STRETCHING BETWEEN THREE OF DOWNTOWN DETROIT'S MAJOR HIGHWAYS AND THE DETROIT RIVER.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $70,109

Program Service Revenue $5,010,498

Investment Income $0

Other Revenue $0

TOTAL REVENUE $5,080,607

Expense Breakdown

Grants Paid $0

Salaries & Benefits $926,815

Fundraising Expenses $0

Program Expenses $4,436,723

Other Expenses $4,177,855

TOTAL EXPENSES $5,104,670

Year-over-Year Comparison

	2023	2022	Change
Revenue	$5,080,607	$5,310,253	0.0%
Expenses	$5,104,670	$5,197,272	0.0%
Net Income	$-24,063	$112,981	-1.2%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,179,505

Total Directors

$670,413

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ERIC B LARSON	CEO	1.00	Officer Director	$0	$22,145	$550,721
CARI EASTERDAY-KAR START 42023	VICE PRESIDENT/CFO/ASST TREASURER	10.00	Officer Director	$0	$0	$119,692
CYNTHIA PASKY	CHAIR	1.00	Officer Director	$0	$0	$0
DANIEL LOEPP	VICE CHAIR	1.00	Officer Director	$0	$0	$0
MATTHEW CULLEN	VICE CHAIR	1.00	Officer Director	$0	$0	$0
BISHOP EDGAR VAN II	DIRECTOR	1.00	Director	$0	$0	$0
CAMERON PIGGOTT	DIRECTOR	1.00	Director	$0	$0	$0
CHRISTOPHER ILITCH	DIRECTOR	1.00	Director	$0	$0	$0
CLAUDE BUD DENKER	DIRECTOR	1.00	Director	$0	$0	$0
DAN GILBERT	DIRECTOR	1.00	Director	$0	$0	$0
DAVID EGNER	DIRECTOR	1.00	Director	$0	$0	$0
LAURA GRANNEMANN	DIRECTOR	1.00	Director	$0	$0	$0
MARY CULLER	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL MCLAUCHLAN	DIRECTOR	1.00	Director	$0	$0	$0
SANDY PIERCE	DIRECTOR	1.00	Director	$0	$0	$0
TIMOTHY NICHOLSON	TREASURER	1.00	Director	$0	$0	$0
MELANCA CLARK	DIRECTOR (END 10/23)	1.00	Director	$0	$0	$0
PAUL TRULIK	TREASURER/SECRETARY	10.00	Officer Director	$0	$0	$0
GINA CAVILERE	CHIEF COMMUNITY IMPACT OFFICER	39.00	Officer	$0	$46,542	$256,342
DAVID COWAN	CHIEF PUBLIC SPACES OFFICER	1.00	Officer	$0	$24,531	$162,357
ROBERT GREGORY	SR. CONSULTANT STRATEGY & PUBLIC SPACES(END 3/23)	1.00	Officer	$0	$0	$90,393

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$5,080,607	$5,104,670	$2,046,275	$-24,063
2022	$5,310,253	$5,197,272	$2,112,228	$112,981
2021	$4,731,023	$4,680,154	$1,463,613	$50,869
2020	$4,419,987	$4,388,299	$2,073,689	$31,688
2019	$4,237,734	$4,207,531	$1,435,153	$30,203
2018	$4,677,912	$4,627,035	$1,616,845	$50,877