philanthropy.org | 990 Resource | FAQ Verify yourself
Sign in

Chicago Development Fund

Tax-deductible

Chicago, IL501(c)(3)Public & Societal Benefit EIN 20-3295327Revenue $1.9M in FY2024Latest return filed Nov 7, 2025

On file with the IRSchicagodevelopmentfund.orgChicago, ILTax-exempt since Aug 2010Supporting organization — 509(a)(3)

Claim this org

(tell your story, add context, and more) Claim it free, then get the verified mark for $1,000 a year, plus $10 a year for the ID check.

How does your 990 look to donors? Take the 10-Question Audit

Promoting the Development or expansion of industrial businesses, community facilities and underserved-area retail in Chicago through capital invested in low-income communities.

Form 990 Part I, line 1, FY2024. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 20-3295327) · Dispute this line
501(c)(3) charity; gifts are tax-deductible.
93¢ of each $1 spent went to programs.
Run by 9 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
The IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
The latest return is for FY2024, 2 tax years back.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $448K a year · 41% of revenue · last 5 filings
A surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
93%
of spending
93% of spending went to programs.
Pt IX · Ln 25 · col B
Cash reserves
142.0 mo
of spending, in cash
142.0 months of spending in cash.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$200K
2% of total assets
Liabilities are 2% of assets.
Pt X · Ln 26
Independent board members
1
of 9 voting members
1 of 9 voting members are independent.
Pt VI · Ln 1a–1b
In line with peersDifferent from peersFar from peersNo peer rangeNo data yetTap a box for the reason.
Revenue
$1.9M
+56% vs prior year
Spent
$683K
To programs
93%
Net assets
$7.9M
By yearFY2020–FY2024
Revenue
$1.9M
FY2024▲ +56%
Tap a bar for its year
Revenue by fiscal year
FY2020$575K
FY2021$871K
FY2022$941K
FY2023$1.2M
FY2024$1.9M
Expenses
$683K
FY2024▼ -5%
Tap a bar for its year
Expenses by fiscal year
FY2020$571K
FY2021$576K
FY2022$677K
FY2023$722K
FY2024$683K
Net assets
$7.9M
FY2024▲ +18%
Tap a bar for its year
Net assets by fiscal year
FY2020$5.7M
FY2021$6.0M
FY2022$6.2M
FY2023$6.7M
FY2024$7.9M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

Visit site Support Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Aug 2010.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

93 cents of each dollar spent went to programs.

Program services 93% · $636K Management & general 7% · $47K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Something off? Claim to add context

Who runs it and what they're paid

10 people listed on the 990.

Part VII, Section A · reportable compensation
Rafael Leon
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Jason Ervin
Director
$0Pt VII · Sec A
William Jeffries
Director, Vice President
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Chicago Development Fund executive salaries →

Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Invests capital and provides below-market loans to expand industrial businesses, community facilities, and retail in Chicago’s low-income and underserved neighborhoods.

Questions for Chicago Development Fund

Tap to ask. Chicago Development Fund sees how many people are interested.

Your first name shows with your question. Chicago Development Fund answers here, for everyone.

1 program · $636K · in their own filed words · FY2024
01

The organization promotes economic development in the city of chicago's low income communities by providing investment capital through the utilization of the new markets tax credit program for industrial business EXPANSION/RETENTION, community facility development, and adding retail in under-served areas.

Form 990 Part III, line 4, FY2024. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 20-3295327) · Dispute this line
$636Kprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.9M
Ln 12
Fees for servicesLn 2g$1.6M
Investment incomeLn 3$264K
Money outPt IX
$683K
Ln 25
Programscol B$636K
Managementcol C$47K
Owns and owesPt X
$7.9M
net assets · Ln 32
Cash and savingsLn 1–2$8.1M
Total assetsLn 16$8.1M
LiabilitiesLn 26$200K
PeoplePt VI, VII
10
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b1
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$1.6M
Investment incomeLn 3$264K
Total revenueLn 12$1.9M
Assets in detailPt X, end of year
CashLn 1$1.2M
SavingsLn 2$6.9M
Cash and savings togetherLn 1–2$8.1M
Accounts receivableLn 4$4K
Prepaid expenses and deferred chargesLn 9$13K
InvestmentsLn 11–13$21K
Total assetsLn 16$8.1M
LiabilitiesLn 26$200K
Net assetsLn 32$7.9M
OperationsPt I, VI
EmployeesI 50
VolunteersI 69
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$6.9M$8.1M
InvestmentsLn 11–13$17K$21K
Total assetsLn 16$7.0M$8.1M
LiabilitiesLn 26$226K$200K
Net assetsLn 32$6.7M$7.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Legal feesLn 11b$19K$19K
Accounting feesLn 11c$141K$141K
Other fees for servicesLn 11g$476K$476K
InsuranceLn 23$46K$46K
Other expenses (24a–d)Ln 24$1K$1K
Total functional expensesLn 25$683K$636K$47K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest ViewingFiled with the IRS Nov 7, 2025 $1.9M$683K$1.2M$7.9M 990 PDF
FY2023Filed with the IRS Oct 17, 2024 $1.2M$722K$484K$6.7M 990 PDF
FY2022Filed with the IRS Sep 21, 2023 $941K$677K$264K$6.2M 990 PDF
FY2021Filed with the IRS Sep 1, 2022 $871K$576K$295K$6.0M 990 PDF
FY2020Filed with the IRS Sep 20, 2021 $575K$571K$4K$5.7M 990 PDF

Schedules filed Part IV

A · Public support I · Grants O · Explanations
See the full FY2024 990
Part I · Summary $1,876,806 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $1,003,213$1,612,329
I-10 Investment incomePrior year $202,478$264,477
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $1,205,691$1,876,806
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $722,167$683,140
I-18 Total expensesPrior year $722,167$683,140
I-19 Revenue less expensesPrior year $483,524$1,193,666
Part VI · Governance 1 of 9 board members independent, 4 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members1
VI-2 Family or business relationship among officers or directorsYes
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $1,876,806 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,612,329$1,612,329
VIII-3 Investment incomeExcluded from tax $264,477$264,477
VIII-12 Total revenueRelated to mission $1,612,329 · Unrelated business $0 · Excluded from tax $264,477$1,876,806
Part IX · Statement of functional expenses $683,140 across 5 lines filed
IX-11b Legal feesPrograms $18,615$18,615
IX-11c Accounting feesPrograms $141,185$141,185
IX-11g Other fees for servicesPrograms $476,457$476,457
IX-23 InsuranceManagement $45,769$45,769
IX-24 Other expenses (24a–d)Management $1,114$1,114
IX-25 Total functional expensesPrograms $636,257 · Management $46,883 · Fundraising $0$683,140
Part X · Balance sheet $8,121,607 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $798,027$1,179,838
X-2 Savings and temporary cash investmentsStart of year $6,121,118$6,903,594
X-4 Accounts receivableStart of year $4,167$4,167
X-9 Prepaid expenses and deferred chargesStart of year $13,312$13,185
X-13 Program-related investmentsStart of year $16,652$20,823
X-16 Total assetsStart of year $6,953,276$8,121,607
X-17 Accounts payable and accrued expensesStart of year $99,523$86,688
X-19 Deferred revenueStart of year $126,250$113,750
X-26 Total liabilitiesStart of year $225,773$200,438
X-27 Net assets without donor restrictionsStart of year $6,727,503$7,921,169
X-32 Total net assets or fund balancesStart of year $6,727,503$7,921,169
X-33 Total liabilities and net assetsStart of year $6,953,276$8,121,607
Part XI · Reconciliation of net assets $7,921,169 net assets at year end
XI-1 Total revenue$1,876,806
XI-2 Total expenses$683,140
XI-3 Revenue less expenses$1,193,666
XI-4 Net assets at start of year$6,727,503
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$7,921,169

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

Similar organizations you could support · Compare with another nonprofit

Names, privacy, and removal requests More

The names, titles, and compensation shown on this page are reproduced from IRS Form 990 filings, which are public records.

Philanthropy.org does not alter the content of those filings. All information appears exactly as reported by the filing organization for the tax year shown.

We publish only information contained in the public IRS filing — and less than the filing contains. Our profile pages do not display street addresses, telephone numbers, personal email addresses, or other personal contact information, even where the filing includes them.

Many people share the same name. A name shown on this page reflects only what one organization reported in one IRS filing for one tax year. It should not be interpreted as identifying any other individual with the same or a similar name.

If you are no longer affiliated with the organization, your name will generally stop appearing in future IRS filings once the organization no longer reports you. Pages for tax years in which you were reported remain published because those filings remain part of the public record.

Philanthropy.org does not alter or remove IRS filing records. Removing a page from this website would not remove the underlying IRS filing, which remains publicly available from the IRS and other publishers of the same information.

If you believe the IRS filing itself is inaccurate, corrections must be made by the filing organization or the IRS directly.

All figures come from public IRS Form 990 filings. Comparisons are computed from the filing against similar orgs. They are not a rating.