DEVELOP DETROIT INC

EIN: 811368616 501(c)(3) Community Improvement

DETROIT, MI

Total Revenue
$5,096,538
Total Expenses
$4,659,972
Total Assets
$28,400,976
Net Assets
$4,564,701
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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
2015
Legal Domicile
MI
Principal Officer
SONYA MAYS
Phone
3139607700
Tax Period
2024-01-01 to 2024-12-31

DEVELOP DETROIT INC, founded in 2015, is a community nonprofit in the Community Improvement sector that reported $5.1M in total revenue in fiscal year 2024. Revenue decreased 12% compared to the prior year. Expenses of $4.7M left a modest 9% surplus.

Mission

DEVELOP DETROIT, INC. IS A NONPROFIT COMMUNITY DEVELOPMENT FIRM FOCUSED ON PROVIDING AFFORDABLE AND MIXED INCOME HOUSING, AS WELL AS STRATEGIC ECONOMIC AND COMMERCIAL DEVELOPMENT THAT WILL HELP STABILIZE AND TRANSFORM DISINVESTED NEIGHBORHOODS. DDI RENOVATES AND REDEVELOPS PROPERTIES INTO HIGH QUALITY, INCLUSIVE HOUSING THAT IS WELL-DESIGNED AND ACCESSIBLE TO A BROAD RANGE OF DETROITERS. THE FIRM DEVELOPS ACROSS A WIDE RANGE OF REAL ESTATE PROJECT TYPES, INCLUDING SINGLE-FAMILY REHABILITATION AND INFILL AND MULTI- FAMILY PRESERVATION.

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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 (2024)

Revenue Breakdown

Contributions & Grants $3,514,569
Program Service Revenue $1,460,510
Investment Income $56,520
Other Revenue $64,939
TOTAL REVENUE $5,096,538

Expense Breakdown

Grants Paid $0
Salaries & Benefits $1,802,104
Fundraising Expenses $303,118
Program Expenses $3,836,385
Other Expenses $2,857,868
TOTAL EXPENSES $4,659,972

Year-over-Year Comparison

2024 2023 Change
Revenue $5,096,538 $5,822,593 -0.1%
Expenses $4,659,972 $4,094,725 +0.1%
Net Income $436,566 $1,727,868 -0.7%
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

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Governance

Voting Members
11
Independent Members
10
Employees
11
Volunteers
10

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
6
$483,910
Total Directors
14
$292,767
Key Employees
0
$0
Highest Compensated
3
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
SONYA MAYS PRESIDENT & CEO 39.50
Officer Director
$251,323 $41,444 $292,767
KATE KOHN-PARROTT CHAIR 5.50
Officer Director
$0 $0 $0
JASON PAULATEER VICE CHAIR 5.50
Officer Director
$0 $0 $0
WILL SMITH TREASURER (UNTIL 5/2024) 5.50
Officer Director
$0 $0 $0
LAURA GRANNEMANN SECRETARY 5.50
Officer Director
$0 $0 $0
MELISSA WORDEN MEMBER 2.50
Director
$0 $0 $0
SHERRIE FARRELL MEMBER 2.50
Director
$0 $0 $0
GWEN BUTLER MEMBER 2.50
Director
$0 $0 $0
ROBIN KINLOCH MEMBER 2.50
Director
$0 $0 $0
RON STALLWORTH MEMBER 2.50
Director
$0 $0 $0
SEAN WERDLOW MEMBER 2.50
Director
$0 $0 $0
ERIC CHATMAN MEMBER 2.50
Director
$0 $0 $0
LISA ALBERGHINI MEMBER (UNTIL 7/2024) 2.50
Director
$0 $0 $0
BEVERLY ERICKSON MEMBER (UNTIL 1/2024) 2.50
Director
$0 $0 $0
MARK MEIER CHIEF FINANCIAL OFFICER 40.00
Officer
$157,227 $33,916 $191,143
CRAIG WILLIAN CHIEF INVESTMENT OFFICER 39.50
Highest
$180,689 $34,643 $215,332
ANTHONY PIPITONE CONSTRUCTION MANAGER 40.00
Highest
$126,058 $35,694 $161,752
OREN BRANDVAIN DIRECTOR, COMMUNITY INVEST 39.75
Highest
$107,902 $18,144 $126,046
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 $5,096,538 $4,659,972 $28,400,976 $436,566
2023 $5,822,593 $4,094,725 $27,747,131 $1,727,868
2022 $5,044,261 $3,865,351 $25,652,440 $1,178,910
2021 $4,872,421 $4,882,501 $25,520,597 $-10,080
2020 $7,642,414 $4,473,842 $24,758,650 $3,168,572
2019 $235,791 $2,620,109 $20,615,268 $-2,384,318
2018 $3,178,689 $2,880,514 $21,997,814 $298,175
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