2025-11-17T13:57:20-06:00 2023-12-31 331498605 PLANTE & MORAN PLLC 1098 WOODWARD AVE DETROIT MI 48226 990 2023-01-01 300125283 DETROIT RIVERFRONT CONSERVANCY INC DETR 3135668200 600 RENAISSANCE CENTER 1720 DETROIT MI 48243 RYAN SULLIVAN CHIEF EXECUTIVE OFFICER 3132591780 2025-11-15 1 1 DAVID LOWENTHAL P00378651 3134967200 2025-11-15 2023 2025-03-06 01:10:19Z X RYAN SULLIVAN 600 RENAISSANCE CENTER 1720 DETROIT MI 48243 46550190 0 X WWW.DETROITRIVERFRONT.ORG X 2002 MI THE DETROIT RIVERFRONT CONSERVANCY (DRFC), IS RESPONSIBLE FOR THE ESTABLISHMENT, IMPROVEMENT, OPERATION, MAINTENANCE, SECURITY, PROGRAMMING AND EXPANSION OF THE DETROIT RIVERWALK AND ASSOCIATED GREEN SPACES. THROUGH ITS PUBLIC/PRIVATE PARTNERSHIPS, THE DRFC WILL SUPPORT THE DEVELOPMENT OF THE RIVERFRONT DISTRICT AND FACILITATE COMMUNITY ACCESS TO THE WATERFRONT. THE DRFC WILL:- DEVELOP A COLLECTIVE SENSE OF OWNERSHIP, ACCESSIBILITY AND RESPONSIBILITY- ENHANCE DETROIT'S IMAGE TO EMPHASIZE ITS ICONIC, INTERNATIONAL RIVERFRONT- CREATE AND MAINTAIN AN INVITING DESTINATION FOR ALL 45 45 22 45 0 0 25007175 45904939 0 0 24097 -110202 0 21817 25031272 45816554 0 0 0 0 1793562 2398173 458440 845288 2461423 13034974 14051909 15286976 17295370 9744296 28521184 175179215 168424806 5756247 27924215 169422968 140500591 X THE DETROIT RIVERFRONT CONSERVANCY (DRFC), IS RESPONSIBLE FOR THE ESTABLISHMENT, IMPROVEMENT, OPERATION, MAINTENANCE, SECURITY, PROGRAMMING AND EXPANSION OF THE DETROIT RIVERWALK AND ASSOCIATED GREEN SPACES. THROUGH ITS PUBLIC/PRIVATE PARTNERSHIPS, THE DRFC WILL SUPPORT THE DEVELOPMENT OF THE RIVERFRONT DISTRICT AND FACILITATE COMMUNITY ACCESS TO THE WATERFRONT. 0 0 13240315 0 AS A REGIONAL LANDMARK, A PUBLIC ASSET FOR DETROIT, AND AMERICA'S BEST RIVERWALK, ACCORDING TO USA TODAY, THE DETROIT RIVERFRONT AND OUR CONNECTED GREENWAYS PLAY A SPECIAL ROLE IN THE LIVES OF DETROITERS AND A CATALYTIC ROLE IN THE CONTINUED TRANSFORMATION OF DETROIT'S INTERNATIONAL WATERFRONT. A COMMUNITY ADVISORY TEAM OF 21 DETROITERS REFLECTING DIFFERENT GEOGRAPHIES, DEMOGRAPHICS, AND USER TYPES WAS ASSEMBLED AND TRAVELED TO NEW YORK, PHILADELPHIA, AND CHICAGO TO LEARN ABOUT OTHER LANDMARK WATERFRONT PARKS AND TO INFORM PLANS FOR THE CONTINUED DEVELOPMENT OF THE RALPH C. WILSON, JR. CENTENNIAL PARK. IN TOTAL, MORE THAN 5,000 COMMUNITY MEMBERS HAVE BEEN ENGAGED IN DEVELOPING THE VISION FOR THE PARK AND FUTURE PROGRAMMING. THE DETROIT RIVERFRONT WELCOMES MORE THAN THREE MILLION VISITORS PER YEAR AND HAS GENERATED SIGNIFICANT PUBLIC AND PRIVATE INVESTMENT SINCE ITS FOUNDING. THE DETROIT RIVERFRONT HAS BEEN NAMED AMERICA'S BEST RIVERWALK BY USA TODAY IN 2021, 2022, AND 2023.CELEBRATING OUR 20TH ANNIVERSARY IN 2023, THE CONSERVANCY WAS ESTABLISHED WITH A VISION AND FOUNDING PROMISE TO TRANSFORM DETROIT'S RIVERFRONT, THE FACE OF OUR CITY, INTO A BEAUTIFUL, EXCITING, SAFE, ACCESSIBLE, WORLD-CLASS GATHERING PLACE FOR ALL. TODAY, THE CONSERVANCY IS RESPONSIBLE FOR: - STEWARDSHIP AND MAINTENANCE - SECURITY AND SAFETY - REINVESTMENT AND DEVELOPMENT - PROGRAMMING AND EVENT ADMINISTRATION THE RIVERFRONT ENCOMPASSES 5 PARKS 3 GREENWAYS, AND MULTIPLE PLAZAS PROVIDING A DIVERSITY OF OUTDOOR EXPERIENCES FOR VISITORS OF ALL AGES AND NOW HOST PROGRAMS FOR MORE THAN 350,000 PEOPLE EACH YEAR: - CULLEN PLAZA - DEQUINDRE CUT - GABRIEL RICHARD PARK & CHRISTOPHER STROH PLAZA - MAYOR DENNIS W. ARCHER GREENWAY - MT. ELLIOTT PARK - RALPH C. WILSON, JR. CENTENNIAL PARK - ROBERT C. VALADE PARK - SOUTHWEST GREENWAYONCE A NEGLECTED STRETCH OF INDUSTRIAL SITES AND SHUTTERED BUSINESSES, THE DETROIT RIVERFRONT IS NOW A SERIES CHERISHED PUBLIC SPACES WHERE ALL FEEL WELCOME. BEGINNING WITH A BEST-IN-CLASS COMMUNITY ENGAGEMENT PROCESS, THE DETROIT RIVERFRONT CONSERVANCY HELD MORE THAN 100 COMMUNITY MEETINGS BEFORE STARTING CONSTRUCTION ON THE RIVERWALK, AN UNPRECEDENTED APPROACH AT THE TIME. THE LESSONS FROM THIS PROCESS CONTINUE TO INFORM PROGRAMMING ON THE DETROIT RIVERFRONT AND PLANS FOR NEW SPACES.THE DETROIT RIVERFRONT CONSERVANCY BROKE GROUND ON THE RALPH C. WILSON, JR. CENTENNIAL PARK IN MAY, 2022 AND HAS FULFILLED OUR BRIDGE-TO-BRIDGE VISION SINCE COMPLETING CONSTRUCTION ON THE FINAL SEGMENT CONNECTING THE EAST RIVERFRONT TO RALPH WILSON PARK. THE NEW PARK OPENED IN 2025; IT FEATURES THE DELTA DENTAL PLAY GARDEN, AN EXPANSIVE LAWN FOR PROGRAMS AND SPECIAL EVENTS, BASKETBALL COURTS IN THE SPORT HOUSE AND A LARGE WATER GARDEN. 13240315 1 1 0 1 0 0 1 0 0 1 1 0 0 1 1 0 0 1 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 10 0 1 22 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 45 45 0 0 0 0 0 0 0 1 1 1 0 1 1 1 1 1 1 1 1 0 MI X QUATRRO BUSINESS SUPPORT SERVICES 3135668200 600 RENAISSANCE CENTER SUITE 1780 DETROIT MI 48243 MATTHEW CULLEN CHAIR 1.00 X X 0 0 0 JOHN BLANCHARD TREASURER 1.00 X X 0 0 0 JENNIFER HUDSON-PARKE SECRETARY 1.00 X X 0 0 0 SANDY BARUAH DIRECTOR 1.00 X 0 0 0 MARVIN BEATTY DIRECTOR 1.00 X 0 0 0 HONORABLE ALISHA BELL DIRECTOR 1.00 X 0 0 0 RACHEL BENDIT DIRECTOR 1.00 X 0 0 0 DAVE BLASZKIEWICZ DIRECTOR 1.00 X 0 0 0 ANTOINE BRYANT DIRECTOR 1.00 X 0 0 0 MARY CULLER DIRECTOR 1.00 X 0 0 0 PETER CUMMINGS DIRECTOR 1.00 X 0 0 0 PATRICK DEVLIN DIRECTOR 1.00 X 0 0 0 BRADLEY DICK DIRECTOR 1.00 X 0 0 0 ERIC DIETZ DIRECTOR 1.00 X 0 0 0 GARLIN GILCHRIST II DIRECTOR 1.00 X 0 0 0 STEVE HAMP DIRECTOR 1.00 X 0 0 0 JOHN HARTIG DIRECTOR 1.00 X 0 0 0 HIRAM JACKSON DIRECTOR 1.00 X 0 0 0 WENDY JACKSON DIRECTOR 1.00 X 0 0 0 KEVIN JOHNSON DIRECTOR 1.00 X 0 0 0 ERIC LARSON DIRECTOR 1.00 X 0 0 0 ROBERT MARANS DIRECTOR 1.00 X 0 0 0 SARAH MCCLURE DIRECTOR 1.00 X 0 0 0 CLAUDE MOLINARI DIRECTOR 1.00 X 0 0 0 MITCHELL MONDRY DIRECTOR 1.00 X 0 0 0 REIMER PRIESTER DIRECTOR 1.00 X 0 0 0 MICHAEL RAFFERTY DIRECTOR 1.00 X 0 0 0 AMY ROBINSON DIRECTOR 1.00 X 0 0 0 PAMELA RODGERS DIRECTOR 1.00 X 0 0 0 MARIA ELENA RODRIGUEZ DIRECTOR 1.00 X 0 0 0 MARY SHEFFIELD DIRECTOR 1.00 X 0 0 0 JOHN STROH III DIRECTOR 1.00 X 0 0 0 NANCY TELLEM DIRECTOR 1.00 X 0 0 0 MARGARET TRIMER DIRECTOR 1.00 X 0 0 0 FRANK VENEGAS DIRECTOR 1.00 X 0 0 0 STEPHANIE WASHINGTON DIRECTOR 1.00 X 0 0 0 SCOTT WICKENS DIRECTOR 1.00 X 0 0 0 M SCOTT BOWEN DIRECTOR 1.00 X 0 0 0 ANDREW KANDREVAS DIRECTOR 1.00 X 0 0 0 DAVID MASSARON DIRECTOR 1.00 X 0 0 0 PAUL MATTHEW DIRECTOR 1.00 X 0 0 0 SONYA MAYS DIRECTOR 1.00 X 0 0 0 LATRICE MCCLENDON DIRECTOR 1.00 X 0 0 0 LEONA MEDLEY DIRECTOR 1.00 X 0 0 0 MATTHEW WALTERS DIRECTOR 1.00 X 0 0 0 DANIEL EICHINGER DIRECTOR - PART YEAR 1.00 X 0 0 0 KHALIL RAHAL DIRECTOR - PART YEAR 1.00 X 0 0 0 NETTIE SEABROOKS DIRECTOR - PART YEAR 1.00 X 0 0 0 BEVERLY WATTS DIRECTOR - PART YEAR 1.00 X 0 0 0 MARK WALLACE PRESIDENT AND C.E.O. 40.00 X 348373 0 38752 WILLIAM SMITH CHIEF FINANCIAL OFFICER 40.00 X 222257 0 38931 CASSIE BRENSKE CHIEF DEVELOPMENT OFFICER 40.00 X 204503 0 25312 STEPHAN BOBALIK SENIOR DIRECTOR OF DEVELOPMENT 40.00 X 125558 0 18975 RACHEL FRIERSON VP OF OPERATIONS & PROGRAMMING 40.00 X 108682 0 16814 1009373 0 138784 5 0 1 0 BRINKER CHRISTMAN 14044 SCHAEFER HIGHWAY DETROIT MI 48227 CONSTRUCTION MANAGEMENT 16174561 EAGLE SECURITY SERVICES LLC 500 GRISWOLD SUITE 300 DETROIT MI 48226 SECURITY 3547442 TURNER CONSTRUCTION COMPANY 535 GRISWOLD ST 1525 DETROIT MI 48226 CONSTRUCTION MANAGEMENT 2211899 JONATHAN WITZ & ASSOCIATES 301 WEST 4TH STREET SUITE LL-150 ROYAL OAK MI 48067 EVENT HOSTING 1592693 MICHAEL VAN VALKENBURGH ASSOCIATES 16 COURT ST 11TH FLOOR BROOKLYN NY 11241 LANDSCAPE ARCHITECTURE 1040909 29 482125 9629995 35792819 3629995 45904939 3487 3487 212946 0 212946 212946 212946 113689 -113689 -113689 -113689 63505 482125 219031 -155526 -155526 365313 400916 -35603 -35603 45816554 0 0 -88385 878128 538007 340121 1120745 615402 168088 337255 107712 55225 19400 33087 169090 68057 45129 55904 122498 39763 41482 41253 65143 65143 52929 52929 60000 60000 845288 845288 36547 36547 1269241 1078795 150833 39613 452538 386583 33069 32886 404710 26751 56663 321296 210857 68444 71404 71009 773721 474652 149933 149136 71962 22117 24367 25478 3777 1226 1279 1272 1919651 1919651 121833 121833 RIVERWALK MAINTENANCE 6861390 6861390 RIVER DAYS EVENT 1685601 1595242 90359 DUES & SUBSCRIPTIONS 27002 8765 9144 9093 VOLUNTEER EXPENSE 10191 10191 24816 8061 8382 8373 17295370 13240315 1593632 2461423 457780 1897284 575 304 6860501 9207254 667583 344960 143427818 14783833 117706338 128643985 212503 39260 7399948 7687945 41873987 20603814 175179215 168424806 5018384 7340326 500000 737863 20083889 5756247 27924215 X 142351069 110411592 27071899 30088999 169422968 140500591 175179215 168424806 X 28521184 869399 -53632944 -4680016 X X 0 1 X 1 0 X 31484772 25697477 18251410 25007175 45422022 145862856 31484772 25697477 18251410 25007175 45422022 145862856 55655001 90207855 6538 5424 42736 24097 216433 295228 428818 428818 146586902 0.61540 0.51280 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 60000 60000 0 PART II-B, LINE 1: DETROIT RIVERFRONT CONSERVANCY, INC. HIRE A LOBBYIST TO ENGAGE AND INTERACT WITH STATE LEGISLATORS AND AGENCIES ON ITS BEHALF. X X 14 54.82 0 0 0 1 0 7399948 23818433 653463 922329 36546 30912969 8767141 -1023386 309426 34381 7399948 8118746 974970 257924 39993 28658 8767141 7397573 974123 227655 25295 8118746 6798593 1049275 2415315 34980 5397573 0.03954 0.91305 0.04742 1 0 10779521 10779521 132648297 14783833 117864464 128643985 EASEMENTS 19366508 RIGHT-OF-USE ASSETS 1237306 20603814 LEASE LIABILITIES 1284772 CONSTRUCTION RETAINAGES PAYABLE 1799117 REFUNDABLE ADVANCES 17000000 20083889 PART II, LINE 9: INTANGIBLE ASSETS OF THE CONSERVANCY AT DECEMBER 31, 2023 CONSIST OF 14 PERPETUAL EASEMENTS FOR THE IMPROVEMENT OF PROPERTY ALONG THE DETROIT RIVERFRONT WITH A TOTAL CARRYING VALUE OF $19,366,508. DONATED EASEMENTS ARE CARRIED AT THEIR ESTIMATED FAIR MARKET VALUE AT THE TIME OF DONATION. PURCHASED EASEMENTS ARE CARRIED AT COST BASIS. ALL OF THE EASEMENTS HELD ARE PERPETUAL IN NATURE; THEREFORE, THEY ARE NOT SUBJECT TO AMORTIZATION. IN 2012, THE CONSERVANCY SOLD 7 EASEMENTS WITH A TOTAL CARRYING VALUE OF $15,691,354, ALONG WITH RELATED IMPROVEMENTS CONSTRUCTED ON THOSE EASEMENTS, TO THE MICHIGAN DEPARTMENT OF NATURAL RESOURCES (MDNR) FOR CONSIDERATION IN THE AMOUNT OF $15,000,000, AND, SIMULTANEOUSLY THEREWITH, THE CONSERVANCY AND MDNR ENTERED INTO A LEASE DATED NOVEMBER 20, 2012, UNDER WHICH THE CONSERVANCY LEASED BACK THE EASEMENTS AND IMPROVEMENTS (AS AMENDED, THE "2012 LEASE AGREEMENT"). THE 2012 LEASE AGREEMENT HAS AN INITIAL TERM OF 50 YEARS WITH AN AUTOMATIC EXTENSION OF 49 YEARS. DURING THE YEAR ENDED DECEMBER 31, 2023, THE CONSERVANCY ASSIGNED 2 ADDITIONAL EASEMENTS TO MDNR WITH A TOTAL CARRYING VALUE OF $1,860,000, ALONG WITH RELATED IMPROVEMENTS CONSTRUCTED ON THOSE EASEMENTS FOR CONSIDERATION IN THE AMOUNT OF $2,000,000, AND AMENDED THE 2012 LEASE AGREEMENT TO INCLUDE THE 2 ADDITIONAL EASEMENTS THEREUNDER. UNDER THE TERMS OF THE 2012 LEASE AGREEMENT, THE CONSERVANCY RETAINS CONTROL OF THE EASEMENTS AND IS RESPONSIBLE FOR MAINTENANCE OF THE PARCELS. THEREFORE, THE TRANSACTIONS DID NOT QUALIFY AS A SALE, AND THE EASEMENTS REMAIN ASSETS OF THE CONSERVANCY. UNDER THE 2012 LEASE AGREEMENT, THE PROCEEDS FROM THE TRANSACTIONS MUST BE RETURNED TO MDNR IF THE UNDERLYING EASEMENTS ARE TERMINATED AS A RESULT OF ABANDONMENT OR NONUSE DURING THE TERM OF THE 2012 LEASE AGREEMENT. ACCORDINGLY, THE PROCEEDS FROM MDNR ARE ACCOUNTED FOR AS CONDITIONAL GRANTS AND ARE REFLECTED AS A REFUNDABLE ADVANCE OF $17,000,000 IN THE ACCOMPANYING CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2023. AS PART OF THE ADJUSTMENTS INCLUDED IN NOTE 14, THE CONSERVANCY REVISED THE ACCOUNTING FOR ITS HELD EASEMENTS FROM HISTORICAL PRACTICES TO BE IN ACCORDANCE WITH GAAP; HOWEVER, THIS DID NOT IMPACT HOW THE EASEMENTS WERE USED OR THE OPERATIONS OF THE CONSERVANCY. PART V, LINE 4: THE CONSERVANCY HAS ESTABLISHED THE FOLLOWING FUNDS (COLLECTIVELY, THE "ENDOWMENT FUNDS") AS COMPONENT FUNDS OF THE COMMUNITY FOUNDATION FOR SOUTHEAST MICHIGAN ("CFSEM"): DETROIT RIVERFRONT CONSERVANCY ENDOWMENT FUND (THE "CONSERVANCY FUND") THE INITIAL DEPOSIT OF $3,000,000 TO THE CONSERVANCY FUND, ALONG WITH A CONTRIBUTION OF $2,000,000 IN 2019, ARE RESTRICTED TO BE HELD IN PERPETUITY. THE INCOME GENERATED FROM THE CONSERVANCY FUND MAY BE USED TO SUPPORT VARIOUS ACTIVITIES. DEQUINDRE CUT MAINTENANCE ENDOWMENT FUND (THE "DEQUINDRE CUT FUND") THIS FUND WAS ESTABLISHED TO SUPPORT THE OPERATIONS AND MAINTENANCE OF THE DEQUINDRE CUT PATHWAY. RALPH C. WILSON JR. CENTENNIAL PARK ENDOWMENT FUND (THE "CENTENNIAL PARK FUND") THIS FUND WAS ESTABLISHED TO SUPPORT THE OPERATIONS AND MAINTENANCE OF THE RALPH C. WILSON JR. CENTENNIAL PARK AND ITS CONNECTIONS. CULLEN FAMILY ENDOWMENT FUND (THE "CULLEN FUND") THIS FUND WAS ESTABLISHED TO SUPPORT THE OPERATIONS AND MAINTENANCE OF ALL SPACES OWNED AND OPERATED BY THE CONSERVANCY. THE UNIFIED GREENWAY ENDOWMENT FUND (THE "GREENWAY FUND") THIS FUND WAS ESTABLISHED TO SUPPORT THE LONG-TERM MAINTENANCE AND OPERATION OF DETROIT'S UNIFIED GREENWAY. CULLEN FAMILY CAROUSEL FUND (THE "FAMILY CAROUSEL FUND") THIS FUND WAS ESTABLISHED TO SUPPORT THE OPERATION AND MAINTENANCE OF THE CULLEN FAMILY CAROUSEL AND FREE RIDES FOR CHILDREN VISITING THE CAROUSEL AT CERTAIN TIMES DURING THE WEEK. THE ENDOWMENT FUNDS ARE ASSETS OF CFSEM. THE MAJORITY OF THE ENDOWMENT FUNDS' ASSETS IS INVESTED IN REGISTERED INVESTMENT COMPANIES AND COLLECTIVE TRUST FUNDS. X X X X X X X 0 COMMUNITY COUNSELING SERVICE COMPANY LLC 527 MADISON AVENUE 5TH FLOOR NEW YORK NY 10022 FUNDRAISER 0 0 510000 0 510000 MI SHIMMER ON THE RIVER 411977 368427 43550 40457 38693 31675 30875 SOIREE ON THE GREENWAY 133653 113698 19955 5750 37520 15100 18961 545630 482125 63505 46207 76213 46775 49836 219031 -155526 X 0 1 X X X X 0 0 0 0 0 0 0 0 0 MARK WALLACE PRESIDENT AND C.E.O. 348373 0 0 0 0 0 27924 0 10828 0 387125 0 0 0 WILLIAM SMITH CHIEF FINANCIAL OFFICER 222257 0 0 0 0 0 18097 0 20834 0 261188 0 0 0 CASSIE BRENSKE CHIEF DEVELOPMENT OFFICER 204503 0 0 0 0 0 16400 0 8912 0 229815 0 0 0 PART I, LINE 1A IN 2023 THE PRESIDENT AND CHIEF EXECUTIVE OFFICER WERE ALLOWED A HEALTH AND SOCIAL CLUB MEMBERSHIP AS PART OF THEIR COMPENSATION PACKAGES. THE MEMBERSHIP WAS NOT TREATED AS TAXABLE COMPENSATION. PART I, LINE 1B THE BOARD APPROVED THE MEMBERSHIP AS PART OF THE PRESIDENT'S COMPENSATION PACKAGE REVIEW AND APPROVAL PROCESS. X 1 3581879 ACTUAL COST 0 0 0 PART I, COLUMN (B): COLUMN (C) REPRESENTS THE AMOUNT ASSOCIATED WITH CONSTRUCTION COSTS FOR OPERATING, MAINTAINING, AND DEVELOPING THE RIVERWALK. FORM 990, PART VI, SECTION B, LINE 11B DETROIT RIVERFRONT CONSERVANCY ENGAGES AN OUTSIDE CPA FIRM TO PREPARE THE FORM 990. THE DRFC AUDIT COMMITTEE REVIEWS THE FULL FORM 990. THE GOVERNING BOARD IS PROVIDED ACCESS TO A PUBLIC DISCLOSURE COPY OF THE RETURN PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C EACH VOTING MEMBER OF THE BOARD SHALL SIGN A STATEMENT AT OR BEFORE THE CONSERVANCY'S ANNUAL MEETING CONFIRMING THE DIRECTOR UNDERSTANDS AND AGREES TO COMPLY WITH THE CONFLICT OF INTEREST POLICY AND SHALL COMPLETE AND SUBMIT TO THE CONSERVANCY AN ANNUAL QUESTIONNAIRE REGARDING HIS OR HER INTEREST IN MATTERS IN WHICH THE CONSERVANCY IS INVOLVED. THE STATEMENTS ARE THEN REVIEWED BY THE GOVERNANCE COORDINATOR AND ANY SIGNIFICANT ITEMS ARE DISCUSSED. A DIRECTOR IN CONFLICT MAY NOT PARTICIPATE IN, OR BE PRESENT DURING, ANY DELIBERATIONS OR VOTE OF THE BOARD OF DIRECTORS OR ANY COMMITTEE OF THE BOARD OF DIRECTORS ON THE TRANSACTION OR ARRANGEMENT IN WHICH THE INTERESTED PERSON HAS A FINANCIAL INTEREST, WHETHER OR NOT HIS OR HER FINANCIAL INTEREST IS IN CONFLICT WITH THE CONSERVANCY'S BEST INTERESTS. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD USED A PROCESS OF BENCHMARKING OTHER SIMILAR NON-PROFIT ORGANIZATIONS IN THE AREA TO DETERMINE THE COMPENSATION OF THE PRESIDENT AND CHIEF EXECUTIVE OFFICER AND OTHER TOP MANAGEMENT OFFICIALS. THE ORGANIZATION USES AN OUTSIDE FIRM TO PERFORM A COMPREHENSIVE REVIEW OF COMPENSATION FOR KEY EMPLOYEES AS THEY ARE HIRED. FORM 990, PART VI, SECTION C, LINE 19 FORM 990 IS AVAILABLE BY WRITTEN REQUEST TO THE ORGANIZATION. FORM 990, PART XI, LINE 9: 2023 FRAUD LOSS -4,680,016. FORM 990, PART XII, LINE 2C: ON MAY 14, 2024, DETROIT RIVERFRONT CONSERVANCY ("CONSERVANCY") PLACED THE ORGANIZATION'S CHIEF FINANCIAL OFFICER ON ADMINISTRATIVE LEAVE AFTER DISCREPANCIES WITH THEIR FINANCIAL DOCUMENTS WERE IDENTIFIED, AND THEREAFTER, ON MAY 31, 2024, THE CHIEF FINANCIAL OFFICER EMPLOYMENT WAS TERMINATED FOR CAUSE. SINCE THE DISCOVERY OF FRAUD, LEADERSHIP HAS FOCUSED ON CONTINUOUS IMPROVEMENT AND ADVANCEMENT OF THE ORGANIZATION'S FINANCIAL MANAGEMENT. IN JUNE OF 2024, THE CONSERVANCY ENGAGED QUATRRO BUSINESS SUPPORT SERVICES AS AN OUTSOURCED ACCOUNTING SERVICE PROVIDER TO OVERSEE ITS FINANCIAL INFORMATION. A FORENSIC ACCOUNTING FIRM WAS ENGAGED TO INVESTIGATE AND REPORT ON THE FINANCIAL DISCREPANCIES AND A LAW FIRM HAS BEEN ENGAGED TO ASSIST WITH CIVIL LITIGATION AND ACT AS A LIAISON BETWEEN THE CONSERVANCY AND THE FEDERAL PROSECUTOR ASSIGNED TO THE CRIMINAL CASE. THE CONSERVANCY ALSO ENGAGED A NEW INDEPENDENT AUDIT FIRM TO COMPLETE THE FINANCIAL STATEMENT AUDIT FOR YEAR ENDED DECEMBER 31, 2023. CONTRACTING WITH THESE NEW PARTNERS IS PART OF A SERIES OF SIGNIFICANT AND STRATEGIC IMPROVEMENTS BEING MADE TO ENHANCE FINANCIAL INTEGRITY, TRANSPARENCY, AND OPERATIONAL EFFICIENCY. IN ADDITION, A NEW CEO, INTERIM-CFO, AND NEW ACCOUNTING DEPARTMENT HAVE BEEN BROUGHT IN TO REINFORCE SEGREGATION OF DUTIES AND STRENGTHEN INTERNAL CONTROLS. THE FINANCIAL STATEMENT AUDIT FOR YEAR ENDED DECEMBER 31, 2023 WAS ISSUED IN OCTOBER OF 2025. THE CONSERVANCY, WITH ASSISTANCE FROM ITS FORENSIC ACCOUNTING FIRM AND AUDIT FIRM, HAVE IDENTIFIED A MATERIAL MISAPPROPRIATION OF ASSETS COMMITTED OVER A PERIOD OF TIME OF MORE THAN 10 YEARS. THE ISSUED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2023 ARE FREE FROM MATERIAL MISSTATEMENT AND REFLECT THE DIVERSION OF ASSETS TO ACCURATELY REPRESENT THE CONSERVANCY'S FINANCIAL INFORMATION. FORM 990, PART VI, SECTION A, LINE 3 ON MAY 14, 2024, THE CONSERVANCY PLACED THE ORGANIZATION'S CFO, ON ADMINISTRATIVE LEAVE AFTER DISCREPANCIES WITH FINANCIAL DOCUMENTS WERE IDENTIFIED AND THEREAFTER, ON MAY 31, 2024, THE CHIEF FINANCIAL OFFICER'S EMPLOYMENT WAS TERMINATED FOR CAUSE. IN JUNE OF 2024, THE CONSERVANCY ENGAGED QUATRRO BUSINESS SUPPORT SERVICES AS AN OUTSOURCED ACCOUNTING SERVICE PROVIDER TO OVERSEE ITS FINANCIAL INFORMATION. A FORENSIC ACCOUNTING FIRM WAS ENGAGED TO INVESTIGATE AND REPORT ON THE FINANCIAL DISCREPANCIES AND A LAW FIRM HAS BEEN ENGAGED TO ASSIST WITH CIVIL LITIGATION AGAINST THE FORMER CFO. THE CONSERVANCY ALSO ENGAGED A NEW INDEPENDENT AUDIT FIRM TO COMPLETE THE FINANCIAL STATEMENT AUDIT FOR YEAR ENDED DECEMBER 31, 2023. FORM 990, PART VI, SECTION A, LINE 9 MARK C. WALLACE, CEO, RESIGNED ON MAY 31, 2024 AND EMPLOYMENT OF WILLIAM SMITH, CFO, WAS TERMINATED ON MAY 31, 2024. NEITHER INDIVIDUAL CAN BE DIRECTLY CONTACTED AT THE ORGANIZATION'S ADDRESS VIA MAIL. HOWEVER, MANAGEMENT HAS THE ABILITY TO CONTACT BOTH INDIVIDUALS IF NECESSARY. FORM 990, PART VI, SECTION A, LINE 5 ON MAY 14, 2024, DETROIT RIVERFRONT CONSERVANCY ("CONSERVANCY") PLACED THE ORGANIZATION'S CHIEF FINANCIAL OFFICER ON ADMINISTRATIVE LEAVE AFTER DISCREPANCIES WITH THEIR FINANCIAL DOCUMENTS WERE IDENTIFIED, AND THEREAFTER, ON MAY 31, 2024, THE CHIEF FINANCIAL OFFICER EMPLOYMENT WAS TERMINATED FOR CAUSE. SINCE THE DISCOVERY OF FRAUD, LEADERSHIP HAS FOCUSED ON CONTINUOUS IMPROVEMENT AND ADVANCEMENT OF THE ORGANIZATION'S FINANCIAL MANAGEMENT. IN JUNE OF 2024, THE CONSERVANCY ENGAGED QUATRRO BUSINESS SUPPORT SERVICES AS AN OUTSOURCED ACCOUNTING SERVICE PROVIDER TO OVERSEE ITS FINANCIAL INFORMATION. A FORENSIC ACCOUNTING FIRM WAS ENGAGED TO INVESTIGATE AND REPORT ON THE FINANCIAL DISCREPANCIES AND A LAW FIRM HAS BEEN ENGAGED TO ASSIST WITH CIVIL LITIGATION AND ACT AS A LIAISON BETWEEN THE CONSERVANCY AND THE FEDERAL PROSECUTOR ASSIGNED TO THE CRIMINAL CASE. THE CONSERVANCY ALSO ENGAGED A NEW INDEPENDENT AUDIT FIRM TO COMPLETE THE FINANCIAL STATEMENT AUDIT FOR YEAR ENDED DECEMBER 31, 2023. CONTRACTING WITH THESE NEW PARTNERS IS PART OF A SERIES OF SIGNIFICANT AND STRATEGIC IMPROVEMENTS BEING MADE TO ENHANCE FINANCIAL INTEGRITY, TRANSPARENCY, AND OPERATIONAL EFFICIENCY. IN ADDITION, A NEW CEO, INTERIM-CFO, AND NEW ACCOUNTING DEPARTMENT HAVE BEEN BROUGHT IN TO REINFORCE SEGREGATION OF DUTIES AND STRENGTHEN INTERNAL CONTROLS. THE FINANCIAL STATEMENT AUDIT FOR YEAR ENDED DECEMBER 31, 2023 WAS ISSUED IN OCTOBER OF 2025. THE CONSERVANCY, WITH ASSISTANCE FROM ITS FORENSIC ACCOUNTING FIRM AND AUDIT FIRM, HAVE IDENTIFIED A MATERIAL MISAPPROPRIATION OF ASSETS COMMITTED OVER A PERIOD OF TIME OF MORE THAN 10 YEARS. THE ISSUED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2023 ARE FREE FROM MATERIAL MISSTATEMENT AND REFLECT THE DIVERSION OF ASSETS TO ACCURATELY REPRESENT THE CONSERVANCY'S FINANCIAL INFORMATION. AMENDED FORM 990 FOR 2023: FORM 990 WAS AMENDED TO AGREE TO THE AUDITED FINANCIAL STATEMENTS THAT WERE ISSUED IN OCTOBER OF 2025. THE DELAY IN ISSUING THE FINANCIAL STATEMENT AUDIT FOR YEAR ENDED DECEMBER 31, 2023 WAS DUE TO THE IDENTIFICATION OF A MATERIAL MISAPPROPRIATION OF ASSETS COMMITTED BY THE FORMER CEO OVER A PERIOD OF MORE THAN 10 YEARS. THE FOLLOWING PARTS OF THE FORM 990 HAVE BEEN UPDATED FROM THE ORIGINALLY FILED FORM 990 IN NOVEMBER OF 2024: - PART IV, LINE 12A: AMENDED TO BE YES AS THE CONSERVANCY HAS NOW OBTAINED INDEPENDENT AUDITED FINANCIAL STATEMENTS. - PART VIII: SEVERAL LINE ITEMS WERE AMENDED TO REFLECT THE ISSUED AUDITED FINANCIAL STATEMENTS - PART IX: SEVERAL LINE ITEMS WERE AMENDED TO REFLECT THE ISSUED AUDITED FINANCIAL STATEMENTS - PART X: SEVERAL LINE ITEMS WERE AMENDED TO REFLECT THE ISSUED AUDITED FINANCIAL STATEMENTS - PART XI: LINE 8 AND LINE 9 WERE AMENDED TO REFLECT THE PRIOR PERIOD ADJUSTMENT AND FRAUD LOSS INCLUDED IN THE ISSUED AUDITED FINANCIAL STATEMENTS - PART XII, LINE 2B: AMENDED TO BE YES AS THE CONSERVANCY HAS HOW OBTAINED INDEPENDENT AUDITED FINANCIAL STATEMENTS - SCHEDULE A, PART II: AMENDED TO PROPERLY REFLECT THE CHANGES MADE TO PART VIII - SCHEDULE B: AMENDED TO REFLECT REVENUE RECOGNIZED IN THE AUDITED FINANCIAL STATEMENTS - SCHEDULE D, PART V, VI, IX, X, XI, XII: AMENDED TO REFLECT THE ISSUED AUDITED FINANCIAL STATEMENTS - SCHEDULE M: AMENDED TO REFLECT REVENUE RECOGNIZED IN THE AUDITED FINANCIAL STATEMENTS DETROIT RIVERWALK CAFE LLC 1340 ATWATER ST DETROIT MI 48207 FOOD CONCESSIONS MI 365313 27393 DETROIT RIVERFRONT CONSERVANCY INC