2023-07-24T14:36:15-05:00 2022-12-31 042571780 AAFCPAS INC 50 WASHINGTON STREET WESTBOROUGH MA 01581 990 2022-01-01 811368616 DEVELOP DETROIT INC DEVE 3139607700 1452 RANDOLPH STREET SUITE 300 DETROIT MI 48226 SONYA MAYS PRESIDENT & CEO 3139607700 2023-07-24 1 SONYA MAYS XXX-XX-XXXX 0 ANDREW R PURICELLI CPA P01633436 5083669100 2023-07-24 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z SONYA MAYS 1452 RANDOLPH STREET SUITE 300 DETROIT MI 48226 5044261 0 X WWW.DEVELOPDETROIT.ORG X 2015 MI DEVELOP DETROIT, INC. IS A NONPROFIT COMMUNITY DEVELOPMENT FIRM FOCUSED ON PROVIDING AFFORDABLE AND MIXED INCOME HOUSING, AS WELL ASSTRATEGIC ECONOMIC AND COMMERCIAL DEVELOPMENT THAT WILL HELP STABILIZE AND TRANSFORM DISINVESTED NEIGHBORHOODS. DDI RENOVATES ANDREDEVELOPS PROPERTIES INTO HIGH QUALITY, INCLUSIVE HOUSING THAT IS WELL-DESIGNED AND ACCESSIBLE TO A BROAD RANGE OF DETROITERS. THE FIRMDEVELOPS ACROSS A WIDE RANGE OF REAL ESTATE PROJECT TYPES, INCLUDING SINGLE-FAMILY REHABILITATION AND INFILL AND MULTI- FAMILY PRESERVATION. 13 12 9 12 0 0 3049330 3445936 1439876 1084148 813 77 382402 514100 4872421 5044261 200549 10000 0 0 1586416 1708723 0 0 250680 3095536 2146628 4882501 3865351 -10080 1178910 25520597 25652440 19085535 21644592 6435062 4007848 SEE PAGE 1, QUESTION 1 0 0 3216964 10000 1598248 REAL ESTATE DEVELOPMENT - WE IMAGINE, DESIGN AND BUILD BEAUTIFUL HOUSING. WE CREATE MIXED-INCOME COMMUNITIES AND SINGLE-FAMILY HOMES ACROSS DETROIT FOR THE FULL RANGE OF DETROITERS. OUR WORK IS AN INTEGRATED APPROACH TO STABILIZING AND GROWING NEIGHBORHOODS DECIMATED BY THE RECENT HOUSING CRISIS. 3216964 1 1 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 30 0 1 9 1 0 0 0 0 0 0 0 0 0 0 0 0 X 13 12 0 1 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 0 1 1 MI X MARK MEIER CFO 3139607700 1452 RANDOLPH ST SUITE 300 DETROIT MI 48226 SONYA MAYS PRESIDENT & CEO 39.50 0.50 X X 295477 0 35028 CRAIG WILIAN VICE PRESIDENT OF REAL ESTATE 40.00 X 200961 0 29518 MARK MEIER CHIEF FINANCIAL OFFICER 40.00 X 177831 0 31026 OREN BRANDVAIN SENIOR PROJECT MANAGER 40.00 X 110000 0 13938 KATE KOHN-PARROTT CHAIR 5.50 0.50 X X 0 0 0 JASON PAULATEER VICE CHAIR 5.50 0.50 X X 0 0 0 WILL SMITH TREASURER 5.50 0.50 X X 0 0 0 LAURA GRANNEMANN SECRETARY 5.50 0.50 X X 0 0 0 SHERRIE FARRELL MEMBER 2.50 0.50 X 0 0 0 MELISSA WORDEN MEMBER 2.50 0.50 X 0 0 0 GWEN BUTLER MEMBER 2.50 0.50 X 0 0 0 LISA ALBERGHINI MEMBER 2.50 0.50 X 0 0 0 BEVERLY ERICKSON MEMBER 2.50 0.50 X 0 0 0 ROBIN KINLOCH MEMBER 2.50 0.50 X 0 0 0 RON STALLWORTH MEMBER 2.50 0.50 X 0 0 0 SEAN WERDLOW MEMBER 2.50 0.50 X 0 0 0 THOMAS BLEDSOE MEMBER (LEFT DURING 2022) 2.50 0.50 X 0 0 0 DENNIS ARCHER JR MEMBER (LEFT DURING 2022) 2.50 0.50 X 0 0 0 RICH HALLER MEMBER (LEFT DURING 2022) 2.50 0.50 X 0 0 0 784269 0 109510 4 0 1 0 0 91087 3354849 3445936 DEVELOPER FEE INCOME 900001 792551 792551 INTEREST INCOME ON NOT 900001 291597 291597 1084148 77 77 438546 0 438546 438546 438546 OTHER INCOME 900001 75554 75554 75554 5044261 1598248 0 77 10000 10000 539362 420490 73045 45827 896972 699286 48656 149030 161252 108262 15350 37640 111137 88085 8549 14503 53436 43436 10000 12891 5667 7224 83460 7700 75760 119200 65200 52000 2000 103428 82714 20714 128324 92681 35643 469046 438290 30756 13708 12028 1680 571064 571064 50361 50361 27583 21374 6209 BAD DEBT 275510 275510 LOSS FROM INVESTMENT IN 154000 154000 MISCELLANEOUS 84617 70816 13801 3865351 3216964 397707 250680 4010533 2208162 51636 937917 300000 454781 546196 34980 105080 4202889 101021 2128102 4101868 12516042 14068698 5386606 4322436 25520597 25652440 1082278 2039532 17101467 18025253 901790 1579807 19085535 21644592 X 3742563 3670349 2692499 337499 6435062 4007848 25520597 25652440 X 1178910 -3606124 X X 0 1 X 1 0 X 2880164 1381344 7183850 3049330 3445936 17940624 2880164 1381344 7183850 3049330 3445936 17940624 10054573 7886051 376 756 190 813 77 2212 17942836 4981852 0.43950 0.37410 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 400203 400203 3715872 47597 3668275 86814 53424 33390 4101868 INVESTMENT IN AFFILIATES 6927997 C NOTE AND INTEREST RECEIVABLE FROM AFFILIATES 7140701 C 14068698 DUE FROM AFFILIATES 2933558 PROJECTS UNDER DEVELOPMENT 845160 RESTRICTED CASH 543718 4322436 DUE TO AFFILIATES 329807 CONDITIONAL ADVANCES 1250000 1579807 X PART X, LINE 2: THE AGENCY ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH ASC TOPIC, INCOME TAXES. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE CONSOLIDATING FINANCIAL STATEMENTS REGARDING A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE AGENCY HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS WHICH QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE CONSOLIDATING FINANCIAL STATEMENTS AT DECEMBER 31, 2022. HOWEVER, THE AGENCY'S INFORMATION RETURNS ARE SUBJECT TO EXAMINATION BY THE APPROPRIATE TAXING JURISDICTIONS. 1 PRESERVATION OF AFFORDABLE HOUSING 2 OLIVER STREET SUITE 500 BOSTON MA 02109 311616634 501C3 10000 0 AFFORDABLE REAL ESTATE DEVELOPMENT 1 PART I, LINE 2: DEVELOP DETROIT ONLY MAKES GRANTS TO QUALIFIED ORGANIZATIONS THAT MEET ALL REQUIREMENTS OF THE RESPECTIVE GRANT AGREEMENTS. THE ACCOUNTING DEPARTMENT AND PROGRAM STAFF AT DEVELOP DETROIT MONITOR ALL GRANT ACTIVITY. X 0 0 0 0 0 0 0 0 0 SONYA MAYS PRESIDENT & CEO 295477 0 0 0 0 0 19610 0 15418 0 330505 0 0 0 CRAIG WILIAN VICE PRESIDENT OF REAL ESTATE 200961 0 0 0 0 0 9586 0 19932 0 230479 0 0 0 MARK MEIER CHIEF FINANCIAL OFFICER 177831 0 0 0 0 0 13587 0 17439 0 208857 0 0 0 PART I, LINE 3 THE BOARD HAS INSTITUTED A FORMAL BOARD PROCESS FOR CEO PERFORMANCE AND COMPENSATION UNDER WHICH THE BOARD WILL FORMALLY APPROVE THE CEO'S SALARY. THE CEO REVIEWS THE COMPENSATION FOR ALL SENIOR STAFF. FORM 990, PART VI, SECTION A, LINE 3 CERTAIN MANAGEMENT AND FINANCIAL FUNCTIONS OF DEVELOP DETROIT WERE PERFORMED BY AN UNRELATED MANAGEMENT COMPANY, THE HOUSING PARTNERSHIP NETWORK, INC. THIS ARRANGEMENT ENDED DURING 2022. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES THAT HOLD AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS REVIEWS THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C POSSIBLE CONFLICTS OF INTEREST ARE REVIEWED AND ARE NOTED AS NECESSARY AT BOARD MEETINGS. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD HAS INSTITUTED A FORMAL BOARD PROCESS FOR CEO PERFORMANCE AND COMPENSATION WHICH THE THE BOARD WILL FORMALLY APPROVE THE CEO SALARY. THE CEO REVIEWS THE COMPENSATION FOR ALL SENIOR STAFF. FORM 990, PART VI, SECTION C, LINE 19 ALL GOVERNING DOCUMENTS ARE AVAILABLE FOR INSPECTION BY THE PUBLIC AT THE ORGANIZATION'S OFFICES DURING NORMAL BUSINESS HOURS. FORM 990, PART VI, LINE 16B: DEVELOP DETROIT'S POLICY OVER EVALUATING ITS PARTICIPATION IN JOINT VENTURE ARRANGEMENTS INCLUDES AN ASSESSMENT PERFORMED BY MANAGEMENT AND THE BOARD OF DIRECTORS TO ENSURE THE TERMS OF ANY POTENTIAL JOINT VENTURE RELATIONSHIP IS PERMITTED UNDER APPLICABLE FEDERAL TAX LAW AND DEVELOP DETROIT'S EXEMPT STATUS IS BEING SAFEGUARDED. IN ADDITION, FORMAL OPERATING AND OTHER APPLICABLE AGREEMENTS ARE FORMALLY EXECUTED BY ALL PARTIES INVOLVED AND CLEARLY OUTLINE DEVELOP DETROIT'S ROLE IN ALL JOINT VENTURE RELATIONSHIPS. FORM 990, PART XI, LINE 9: IMPAIRMENT ON INVESTMENT IN AFFILIATE -3,606,124. FORM 990, PART XII, LINE 2C: THE SELECTION OF THE INDEPENDENT AUDITOR AND THE AUDIT PROCESS ARE MONITORED BY THE FULL BOARD OF DIRECTORS. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. 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