Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 1997.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
79 cents of each dollar spent went to programs.
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
13 people listed on the 990; $751K paid to officers and key staff (Part VII, Section A).
Ray Waters’s $188K as President is at the 62nd percentile of top reported officer pay among 2832 $1–10M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.
Compensation history total reportable pay by year · 6 named individuals · Part VII
| Name | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Ray Waters | $188,333 | $159,692 | $151,606 | $145,886 | $147,782 |
| Deborah Jones | $170,631 | $156,770 | $144,629 | $143,874 | $121,582 |
| John Schoeniger | $151,069 | $144,192 | $134,392 | $136,386 | $136,690 |
| Steve Mondozzi | — | $111,000 | $114,000 | $116,000 | $132,500 |
| Angelia Sharp | $120,855 | $113,192 | $108,829 | $105,499 | $104,962 |
| Erin Grant | $119,848 | $114,000 | $100,193 | — | — |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
See Detroit 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 2No
- Top official's pay set by an independent reviewPt VI · Ln 15aYes
Programs and updates
Promotes economic development through lending and job creation for Detroit residents.
Questions for Detroit Development Fund
Your first name shows with your question. Detroit Development Fund answers here, for everyone.
The Organization's small business loan fund provides growth capital in the form of business loans to Detroit companies not able to obtain the necessary financing needed from traditional financing sources.Over the last few years, the target market has seen an influx of young, entrepreneurs moving into its neighborhoods bringing forth…
Form 990 Part III, line 4, FY2024. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 38-3322605) · Dispute this lineFunders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2024 990, line by line.
Download 990
| Line | Start FY24 | End FY24 |
|---|---|---|
| Cash and savingsLn 1–2 | $8.7M | $8.2M |
| InvestmentsLn 11–13 | $287K | $309K |
| Land, buildings, equipmentLn 10c | $16K | $9K |
| Total assetsLn 16 | $20.3M | $19.9M |
| LiabilitiesLn 26 | $10.6M | $9.2M |
| Net assetsLn 32 | $9.7M | $10.6M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Grants to domestic organizationsLn 1 | $306K | $306K | ||
| Pay of officers and key staff (Part IX, line 5)Ln 5 | $199K | $171K | $15K | $12K |
| Other salaries and wagesLn 7 | $1.2M | $1.0M | $92K | $73K |
| Pension plan contributionsLn 8 | $27K | $23K | $2K | $2K |
| Other employee benefitsLn 9 | $177K | $153K | $13K | $11K |
| Payroll taxesLn 10 | $109K | $94K | $8K | $7K |
| Legal feesLn 11b | $25K | $4K | $21K | |
| Accounting feesLn 11c | $146K | $23K | $122K | |
| Other fees for servicesLn 11g | $47K | $7K | $39K | |
| Advertising and promotionLn 12 | $80K | $80K | ||
| Office expensesLn 13 | $2K | $425 | $2K | |
| Information technologyLn 14 | $147K | $109K | $36K | $2K |
| OccupancyLn 16 | $169K | $146K | $13K | $10K |
| TravelLn 17 | $18K | $14K | $4K | |
| Conferences, conventions and meetingsLn 19 | $14K | $12K | $1K | $828 |
| InterestLn 20 | $98K | $98K | ||
| Depreciation, depletion and amortizationLn 22 | $8K | $8K | ||
| InsuranceLn 23 | $53K | $45K | $4K | $3K |
| Other expenses (24a–d)Ln 24 | $47K | $21K | $25K | $787 |
| Total functional expensesLn 25 | $2.9M | $2.3M | $485K | $122K |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2024 Latest ViewingFiled with the IRS Sep 26, 2025 | $4.9M | $2.9M | $2.0M | $10.6M | 990 PDF |
| FY2023Filed with the IRS Aug 14, 2024 | $4.2M | $2.7M | $1.5M | $9.7M | 990 PDF |
| FY2022Filed with the IRS Sep 1, 2023 | $3.2M | $2.4M | $829K | $9.0M | 990 PDF |
| FY2021Filed with the IRS Sep 20, 2022 | $2.9M | $2.2M | $739K | $8.6M | 990 PDF |
| FY2020Filed with the IRS Sep 16, 2021 | $3.2M | $3.0M | $204K | $8.3M | 990 PDF |
Schedules filed Part IV
See the full FY2024 990
Part I · Summary $4,914,508 revenue, 12 lines filed
Part VI · Governance 7 of 8 board members independent, no flags
Part VIII · Statement of revenue $4,914,508 across 7 lines filed
Part IX · Statement of functional expenses $2,873,865 across 19 lines filed
Part X · Balance sheet $19,889,714 assets, 14 lines filed
Part XI · Reconciliation of net assets $10,643,536 net assets at year end
Form 990 e-file FY2024 from the IRS (about our sources) · Classification, formation year and address from the IRS Business Master File
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