Overview
What is Develop Detroit Inc?
Develop Detroit Inc, a nonprofit community development firm, is dedicated to revitalizing disinvested neighborhoods in Detroit. By delivering affordable and mixed-income housing, along with strategic economic and commercial development projects, they aim to stabilize and transform these areas. Their work encompasses renovating and developing properties into high-quality, inclusive housing, ensuring accessibility for a wide range of Detroiters. With an integrated approach, they create mixed-income communities and single-family homes, contributing to the overall betterment of the city.
Official website here: www.developdetroit.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 85% (Three-Star out of Four Stars)
Develop Detroit Inc has received an 85% score from Charity Navigator, earning it a Three-Star rating based on its Accountability & Finance practices. This score reflects a strong commitment to financial transparency and responsible management, with no material diversion of assets reported and a comprehensive set of governance policies in place.
The organization showcases an excellent structure, with 92% of its board members being independent. It maintains high standards in various areas, such as holding regular board meetings and ensuring financial statements are audited and overseen effectively. The program expense ratio is notably high at 85.81%, indicating a strong focus on delivering its intended services and maximizing the impact of funds.
While the overall rating is solid, it is important for potential donors to consider the context of the score. While the financial management practices are commendable, the rating is derived solely from the Accountability & Finance category, which may limit insights into the organization's programmatic effectiveness or community impact. Overall, Develop Detroit Inc demonstrates a strong financial foundation and governance structure that supports its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Develop Detroit Inc legitimate?
Develop Detroit Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Develop Detroit Inc 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: $539,362
Professional Fundraising Fees: $0
Other Salaries and Wages: $896,972
For more financial information, click here
Official website here: www.developdetroit.org
What is the mission statement of Develop Detroit Inc?
Develop Detroit Inc, as a nonprofit community development firm, works towards providing affordable and mixed-income housing, while also promoting strategic economic and commercial development. Their goal is to stabilize and transform disinvested neighborhoods by renovating and developing properties into high-quality, inclusive housing that caters to a broad range of Detroiters. Develop Detroit Inc's projects encompass various real estate types, including single-family rehabilitation and multi-family preservation, with a focus on creating well-designed and accessible living spaces.
Official website here: www.developdetroit.org
Who is the CEO of Develop Detroit Inc?
Sonya Mays is the President & Ceo of Develop Detroit Inc. The CEO's salary of Develop Detroit Inc is $295,477 and their total compensation is $330,505.
Official website here: www.developdetroit.org
What is the revenue of Develop Detroit Inc?
Develop Detroit Inc's revenue in 2022 was $5,044,261.
Official website here: www.developdetroit.org
Who are the executives of Develop Detroit Inc and what are their salaries?
The average compensation at Develop Detroit Inc during 2022 was $159,593. There are 9 employees and 12 volunteers at Develop Detroit Inc.
Here are 19 key members and their salaries (Develop Detroit Inc's CEO's salary is $295,477 and their total compensation is $330,505):
- Compensation: $295,477
- Related: $0
- Other: $35,028
- Compensation: $200,961
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- Other: $29,518
- Compensation: $177,831
- Related: $0
- Other: $31,026
- Compensation: $110,000
- Related: $0
- Other: $13,938
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Official website here: www.developdetroit.org
Where can I find the form 990 for Develop Detroit Inc?
Develop Detroit Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.developdetroit.org
Learn more at the official website: www.developdetroit.org
Mission Statement of Develop Detroit Inc
Develop Detroit Inc, a community development firm, is dedicated to revitalizing disinvested neighborhoods in Detroit. Their mission is twofold: firstly, they provide affordable and mixed-income housing, ensuring that a diverse range of Detroiters can find suitable living spaces. Secondly, they engage in strategic economic and commercial development activities to stabilize and transform these neighborhoods. Through their projects, Develop Detroit Inc renovates and develops properties, transforming them into high-quality, inclusive housing that caters to various Detroiters. They work on a variety of real estate projects, including single-family home rehabilitation and multi-family preservation, employing an integrated approach to create mixed-income communities.
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Impact
July, 2024
Develop Detroit Inc's impact can be seen in the transformation of disinvested neighborhoods in Detroit through the provision of affordable and mixed-income housing. By renovating and redeveloping properties into high-quality, inclusive housing, Develop Detroit is helping to stabilize communities and create opportunities for a broad range of Detroit residents. Their strategic economic and commercial development initiatives are contributing to the revitalization of neighborhoods and fostering community improvement in the city.
This information is meant to be a general summary of Develop Detroit Inc. 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: $77
- Program Service Revenue: $1,084,148
- Gross Receipts: $5,044,261
Assets and Liabilities:
- Total Assets: $25,652,440
- Total Liabilities: $21,644,592
- Net Assets: $4,007,848
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
DEVELOPER FEE INCOME
Revenue
$792,551
INTEREST INCOME ON NOT
Revenue
$291,597
Organization Details
Founding Year
2015
Phone
(313) 960-7700Principal Officer
Sonya Mays
Main Address
1452 RANDOLPH STREET SUITE 300, DETROIT, MI, 48226
Website
www.developdetroit.orgNTEE Category
Code: S30 - Community improvement
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