FOUNDATION FOR DETROIT'S FUTURE

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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

2014

Legal Domicile

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

FOUNDATION FOR DETROIT'S FUTURE (FDF) SHALL WORK TO LESSEN THE BURDENS OF GOVERNMENT, COMBAT COMMUNITY DETERIORATION, AND IMPROVE THE QUALITY OF LIFE OF THE GENERAL PUBLIC IN AND AROUND THE CITY OF DETROIT THROUGH, AMONG OTHER THINGS, CONDUCTING ACTIVITIES AND PROGRAMS, AND PROVIDING SUPPORT AND FUNDING TO GOVERNMENTAL ENTITIES, CHARITABLE ORGANIZATIONS AND OTHERS, TO PROTECT AND PRESERVE THE CITY OF DETROIT'S RICH CULTURAL HERITAGE, FOSTER AND PROMOTE THE ECONOMIC REVITALIZATION AND FISCAL HEALTH OF THE CITY OF DETROIT AND ENABLE THE CITY OF DETROIT TO FULFILL ITS MUNICIPAL, FINANCIAL AND CIVIC OBLIGATIONS. THE FDF SUPPORTS THE COMMUNITY FOUNDATION FOR SOUTHEAST MICHIGAN (CFSEM) BY SUPPORTING ORGANIZATIONS WHOSE WORK FURTHERS CFSEM'S MISSION. THE CFSEM'S MISSION IS TO BUILD THE RESOURCES, RELATIONSHIPS AND EXPERTISE REQUIRED TO EXPAND EQUITABLE ACCESS TO OPPORTUNITIES ACROSS SOUTHEAST MICHIGAN TO MAKE IT A DESIRABLE PLACE TO LIVE, WORK AND PLAY FOR ALL RESIDENTS, TODAY AND TOMORROW.

Program Service Accomplishments

Program 1

Expenses: $18,850,000

SUPPORT OF FDF'S ROLE 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 PROCEEDINGS OF THE CITY OF DETROIT. SUBJECT TO THE TERMS AND CONDITIONS OF THE SETTLEMENT AGREEMENT, ON THE CLOSING DATE (2014) AND ON AN ANNUAL BASIS THEREAFTER COMMENCING IN 2016, PAYMENTS WILL BE MADE TO THE CITY SUBJECT TO THE CONDITIONS OF THAT SETTLEMENT AGREEMENT.

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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 $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

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

$969,485

Total Directors

$690,131

Key Employees

Highest Compensated

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