FOUNDATION FOR DETROIT'S FUTURE

EIN: 464873153 501(c)(3) Community Improvement

DETROIT, MI

Total Revenue
$17,474,620
Total Expenses
$18,925,421
Total Assets
$44,240,032
Net Assets
$44,198,421
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2014
Legal Domicile
MI
Principal Officer
RICHARD L DEVORE
Phone
3139616675
Tax Period
2023-01-01 to 2023-12-31

FOUNDATION FOR DETROIT'S FUTURE, founded in 2014, is a mid-sized nonprofit in the Community Improvement sector that reported $17.5M in total revenue in fiscal year 2023. Net assets of $44.2M represent 30 months of operating reserves.

Mission

TO HELP IMPROVE THE QUALITY OF LIFE IN SOUTHEAST MICHIGAN PRIMARILY AS THE CHARITABLE ENTITY THAT MANAGES THE DIA SETTLEMENT (COMMONLY KNOWN AS THE "GRAND BARGAIN") APPROVED AS PART OF THE PLAN OF ADJUSTMENT THAT CONCLUDED THE BANKRUPTCY PROCEEDING IN THE CITY OF DETROIT.

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $16,008,333
Program Service Revenue $0
Investment Income $1,466,287
Other Revenue $0
TOTAL REVENUE $17,474,620

Expense Breakdown

Grants Paid $18,850,000
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $18,850,000
Other Expenses $75,421
TOTAL EXPENSES $18,925,421

Year-over-Year Comparison

2023 2022 Change
Revenue $17,474,620 $16,700,418 +0.0%
Expenses $18,925,421 $18,916,553 +0.0%
Net Income $-1,450,801 $-2,216,135 -0.3%
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

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Liquidity & Cash Position

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

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Governance

Voting Members
5
Independent Members
4
Employees
N/A
Volunteers
4

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
7
$969,485
Total Directors
7
$690,131
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
RICHARD L DEVORE PRESIDENT/SECRETARY 1.00
Officer Director
$0 $51,905 $690,131
ALLAN D GILMOUR VICE CHAIR (END 06/30) 0.50
Officer Director
$0 $0 $0
DAVID T PROVOST CHAIR (BEG 12/23)/DIRECTOR 0.50
Officer Director
$0 $0 $0
JAMES B NICHOLSON CHAIR (END 06/23) 0.50
Officer Director
$0 $0 $0
JOHN A BARKER TREASURER 0.50
Officer Director
$0 $0 $0
PAUL TRULIK VICE CHAIR (BEG 12/23)/DIRECTOR 0.50
Officer Director
$0 $0 $0
NISHKA CHANDRASOMA DIRECTOR 0.50
Director
$0 $0 $0
JENILYN NORMAN VP, FINANCE AND ADMINISTRATION 0.50
Officer
$0 $34,646 $279,354
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 $17,474,620 $18,925,421 $44,240,032 $-1,450,801
2022 $16,700,418 $18,916,553 $45,675,356 $-2,216,135
2021 $26,320,980 $18,911,430 $47,892,805 $7,409,550
2020 $26,353,221 $18,934,438 $40,485,762 $7,418,783
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