Detroit Development Fund (EIN 383322605) - Form 990 Financial Analysis & Trantor Score

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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

1996

Legal Domicile

Principal Officer

Ray Waters

Phone

7734746944

Tax Period

2024-01-01 to 2024-12-31

Detroit Development Fund, founded in 1996, is a community nonprofit in the Community Improvement sector that reported $4.9M in total revenue in fiscal year 2024. Revenue grew 18% year-over-year, indicating healthy expansion. The organization ran a surplus of $2.0M, a strong 42% operating margin.

Mission

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.

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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 (2024)

Revenue Breakdown

Contributions & Grants $3,814,016

Program Service Revenue $1,048,518

Investment Income $49,284

Other Revenue $2,690

TOTAL REVENUE $4,914,508

Expense Breakdown

Grants Paid $305,800

Salaries & Benefits $1,715,889

Fundraising Expenses $121,864

Program Expenses $2,267,108

Other Expenses $852,176

TOTAL EXPENSES $2,873,865

Year-over-Year Comparison

	2024	2023	Change
Revenue	$4,914,508	$4,151,318	+0.2%
Expenses	$2,873,865	$2,690,924	+0.1%
Net Income	$2,040,643	$1,460,394	+0.4%

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

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

$198,516

Total Directors

$198,516

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Ray Waters	President	40.00	Officer Director	$188,333	$10,183	$198,516
Dolores A Sturtivant	Board Chair	1.00	Officer Director	$0	$0	$0
Ronald C Frederick	Treasurer	1.00	Officer Director	$0	$0	$0
Diana Stewart	Director	1.00	Director	$0	$0	$0
Kathy Wendler	Director	1.00	Director	$0	$0	$0
Gail Perry-Mason	Director	1.00	Director	$0	$0	$0
Linda Smith	Director	1.00	Director	$0	$0	$0
Tom Goddeeris	Director	1.00	Director	$0	$0	$0
Steve Mondozzi	Chief Financial Officer	40.00	Officer	$0	$0	$0
John Schoeniger	Loan Fund Manager	40.00	Highest	$151,069	$23,084	$174,153
Angelia Sharp	Senior Loan Officer	40.00	Highest	$120,855	$18,467	$139,322
Deborah Jones	VP of Operations	40.00	Highest	$170,631	$7,984	$178,615
Erin Grant	Director of DDF Microloan	40.00	Highest	$119,848	$18,313	$138,161

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	$4,914,508	$2,873,865	$19,889,714	$2,040,643
2023	$4,151,318	$2,690,924	$20,285,195	$1,460,394
2022	$3,234,640	$2,405,692	$18,151,383	$828,948
2021	$2,941,920	$2,203,336	$19,500,518	$738,584
2020	$3,242,938	$3,039,382	$19,308,406	$203,556
2019	$1,512,237	$3,301,507	$18,710,763	$-1,789,270
2018	$1,781,233	$3,588,923	$22,095,710	$-1,807,690

Detroit Development Fund