Overview
What is Foundation For Detroit's Future?
The Foundation For Detroit's Future is a charitable organization based in Detroit, Michigan, with the address 333 WEST FORT STREET 2010. Primarily known for managing the DIA Settlement, or "Grand Bargain," approved during the Detroit city bankruptcy proceedings, the Foundation aims to enhance the quality of life in Southeast Michigan. Under the terms of the settlement agreement, annual payments are made to the city to aid in lessening government burdens, combating community deterioration, and preserving the city's cultural heritage. Additionally, the Foundation supports and funds various activities, programs, and entities to foster economic revitalization, promote fiscal health, and enable the city to fulfill its obligations.
What are the reviews and ratings of this charity?
85% rating from Charity Navigator indicates that Foundation For Detroit's Future has a solid performance in key areas. This Three-Star out of Four Star rating reflects strong accountability and financial practices, particularly commendable in board governance and asset management.
The organization demonstrates a commitment to transparency with a fully independent board and effective conflict of interest and whistleblower policies. However, there are notable weaknesses, especially in fundraising efficiency, where they received no points. This implies room for improvement in their fundraising strategies and resource allocation.
Overall, while the Foundation For Detroit's Future exhibits strengths in governance and financial health, addressing the challenges in fundraising efficiency could enhance their overall effectiveness and impact in the community.
This AI summary has been generated from information found on Charity Navigator.
Is Foundation For Detroit's Future legitimate?
Foundation For Detroit's Future is a legitimate nonprofit organization registered as a 501(c)(3) entity. Foundation For Detroit's Future submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Foundation For Detroit's Future?
The Foundation For Detroit's Future works to enhance the quality of life in the community primarily by managing the DIA Settlement, also known as the "Grand Bargain," in Detroit. Its mission is to alleviate government burdens, combat community deterioration, and enhance the overall wellbeing of the public. The foundation achieves this goal by carrying out activities and programs, and by offering support and funding to governmental entities, charitable organizations, and others. Additionally, the foundation protects and preserves the cultural heritage of the city, fosters economic revitalization and fiscal health, and enables the city to fulfill its municipal, financial, and civic obligations.
Who is the CEO of Foundation For Detroit's Future?
Richard L Devore is the President And Secretary of Foundation For Detroit's Future.
What is the revenue of Foundation For Detroit's Future?
Foundation For Detroit's Future's revenue in 2022 was $16,700,418.
Who are the executives of Foundation For Detroit's Future and what are their salaries?
There 4 volunteers at Foundation For Detroit's Future.
Here are 8 key members and their salaries:
- Compensation: $0
- Related: $454,601
- Other: $16,494
- Compensation: $0
- Related: $278,522
- Other: $37,471
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $222,415
- Other: $37,198
Where can I find the form 990 for Foundation For Detroit's Future?
Foundation For Detroit's Future's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Foundation For Detroit's Future
Foundation For Detroit's Future, a charitable entity based in Michigan, is dedicated to enhancing the quality of life in and around Detroit. The organization was established to manage the DIA Settlement, commonly known as the "Grand Bargain," which was approved as part of the plan of adjustment that concluded the bankruptcy proceedings in the City of Detroit.
In line with its mission, Foundation For Detroit's Future works tirelessly to alleviate the burdens of government, combat community deterioration, and improve the overall well-being of the general public in Detroit. The foundation accomplishes this by carrying out various activities and programs and offering support and funding to governmental entities, charitable organizations, and others. This assistance enables Detroit to protect and preserve its rich cultural heritage, foster economic revitalization and fiscal health, and fulfill its municipal, financial, and civic obligations.
In essence, Foundation For Detroit's Future plays a pivotal role in uplifting the city by implementing initiatives that address its diverse needs. By providing essential resources and support to various sectors, the foundation strives to create a vibrant and sustainable community for the people of Detroit. Through its mission, it aspires to contribute to the city's growth and development, ultimately ensuring a brighter future for all.
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Impact
October, 2024
Foundation For Detroit's Future focuses on enhancing the quality of life in Southeast Michigan, particularly through its management of the DIA Settlement arising from the city's bankruptcy proceedings. This initiative aims to alleviate governmental burdens, combat community deterioration, and support residents in the Detroit area.
By conducting various activities and programs, as well as providing essential funding and support to governmental bodies and charitable organizations, the foundation fosters economic revitalization and promotes the preservation of Detroit's cultural heritage. The efforts contribute significantly to the city's fiscal health and help ensure that Detroit can meet its municipal and civic obligations. Overall, the foundation plays a critical role in revitalizing and improving the community while safeguarding Detroit's rich legacy for future generations.
This information is meant to be a general summary of Foundation For Detroit's Future. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $627,085
- Program Service Revenue: $65,000
- Gross Receipts: $16,700,418
Assets and Liabilities:
- Total Assets: $45,675,356
- Total Liabilities: $26,134
- Net Assets: $45,649,222
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
REIMBURSEMENT
Revenue
$65,000
Organization Details
Founding Year
2014
Phone
(313) 961-6675Principal Officer
Richard L Devore
Main Address
333 WEST FORT STREET 2010, DETROIT, MI, 48226
NTEE Category
Code: S20 - Community improvement
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