2024-07-26T14:10:16-05:00 2023-12-31 042571780 AAFCPAS INC 50 WASHINGTON STREET WESTBOROUGH MA 01581 990 2023-01-01 811368616 DEVELOP DETROIT INC DEVE 3139607700 1452 RANDOLPH STREET 300 DETROIT MI 48226 SONYA MAYS PRESIDENT & CEO 3139607700 2024-07-23 1 1 ANDREW R PURICELLI CPA P01633436 5083669100 2024-07-23 2023 2024-08-08 14:25:15Z SONYA MAYS 1452 RANDOLPH STREET 300 DETROIT MI 48226 6237611 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 AS STRATEGIC ECONOMIC AND COMMERCIAL DEVELOPMENT THAT WILL HELP STABILIZE AND TRANSFORM DISINVESTED NEIGHBORHOODS. DDI RENOVATES AND REDEVELOPS PROPERTIES INTO HIGH QUALITY, INCLUSIVE HOUSING THAT IS WELL-DESIGNED AND ACCESSIBLE TO A BROAD RANGE OF DETROITERS. THE FIRM DEVELOPS 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 3445936 3698856 1084148 1153631 77 92482 514100 877624 5044261 5822593 10000 0 0 0 1708723 1505228 0 0 287785 2146628 2589497 3865351 4094725 1178910 1727868 25652440 27747131 21644592 21966644 4007848 5780487 SEE PAGE 1, QUESTION 1 0 0 3246491 2123737 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. 3246491 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 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 19 0 1 9 1 0 0 0 0 0 0 0 0 0 0 0 0 X 13 12 0 0 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 STREET 300 DETROIT MI 48226 SONYA MAYS PRESIDENT & CEO 39.50 0.50 X X 273349 0 44834 KATE KOHN-PARROTT CHAIR 5.50 X X 0 0 0 JASON PAULATEER VICE CHAIR 5.50 X X 0 0 0 WILL SMITH TREASURER (LEFT DURING 2024) 5.50 X X 0 0 0 LAURA GRANNEMANN SECRETARY 5.50 X X 0 0 0 SHERRIE FARRELL MEMBER 2.50 X 0 0 0 MELISSA WORDEN MEMBER 2.50 X 0 0 0 GWEN BUTLER MEMBER 2.50 X 0 0 0 LISA ALBERGHINI MEMBER 2.50 X 0 0 0 BEVERLY ERICKSON MEMBER 2.50 X 0 0 0 ROBIN KINLOCH MEMBER 2.50 X 0 0 0 RON STALLWORTH MEMBER 2.50 X 0 0 0 SEAN WERDLOW MEMBER 2.50 X 0 0 0 MARK MEIER CHIEF FINANCIAL OFFICER 40.00 X 174257 0 36836 CRAIG WILLIAN CHIEF INVESTMENT OFFICER 39.50 0.50 X 194851 0 37470 OREN BRANDVAIN DIRECTOR, COMMUNITY INVESTMENT 39.75 0.25 X 112455 0 18772 754912 0 137912 4 0 1 0 0 126324 3572532 3698856 DEVELOPER FEE INCOME 900001 870837 870837 INTEREST INCOME ON NOT 900001 282794 282794 1153631 801046 0 801046 801046 801046 507500 415018 92482 92482 92482 INCOME FROM INVESTMENT 900001 45860 45860 OTHER INCOME 900001 30718 30718 76578 5822593 2123737 0 0 529276 366020 63535 99721 744343 514750 89350 140243 142936 102400 15775 24761 88673 65461 9033 14179 41281 41281 60170 49070 11100 104215 5000 99215 190714 131066 52148 7500 61747 11327 50420 168311 124872 43439 518081 473849 44232 23752 603 21840 1309 715486 715486 118897 118897 61929 55770 6159 BAD DEBT 390266 390266 MISCELLANEOUS 134648 80373 54203 72 4094725 3246491 560449 287785 2208162 1254221 300000 1276324 546196 483579 105080 165085 4330364 219918 4101868 4110446 14068698 15067334 4322436 5390142 25652440 27747131 2039532 1447603 18025253 18702459 1579807 1816582 21644592 21966644 X 3670349 4592988 337499 1187499 4007848 5780487 25652440 27747131 X 1727868 44771 X X 0 1 X 1 0 X 1381344 7183850 3049330 3445936 3698856 18759316 1381344 7183850 3049330 3445936 3698856 18759316 10649547 8109769 756 190 813 77 0 1836 18761152 6807440 0.43230 0.43950 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 400203 400203 3843347 139782 3703565 86814 80136 6678 4110446 INVESTMENT IN AFFILIATES 7331700 C NOTE AND INTEREST RECEIVABLE FROM AFFILIATES 7735634 C 15067334 DUE FROM AFFILIATES 3808891 PROJECTS UNDER DEVELOPMENT 1247201 RESTRICTED CASH 334050 5390142 DUE TO AFFILIATES 566582 CONDITIONAL ADVANCES 1250000 1816582 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, 2023. HOWEVER, THE AGENCY'S INFORMATION RETURNS ARE SUBJECT TO EXAMINATION BY THE APPROPRIATE TAXING JURISDICTIONS. X 0 0 0 0 0 0 0 0 0 SONYA MAYS PRESIDENT & CEO 273349 0 0 0 0 0 20154 0 24680 0 318183 0 0 0 CRAIG WILLIAN CHIEF INVESTMENT OFFICER 194851 0 0 0 0 0 9743 0 27727 0 232321 0 0 0 MARK MEIER CHIEF FINANCIAL OFFICER 174257 0 0 0 0 0 13456 0 23380 0 211093 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 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 -836,045. FORGIVENESS OF LIABILITIES 880,816. 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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