Detroit Economic Growth Corporation

Nonprofit profile at a glance

EIN
382192028
IRS 990 coverage
2013–2024
Forms available
Form 990 2024
Location
Detroit, MI, USA
Phone
3139632940
Rating
80
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$10,468,570
Expenses
$10,432,405
Assets
$7,805,036
Liabilities
$867,735

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

48 people listed

Executive titles in this filing

  • KEVIN JOHNSON (PRESIDENT AND C.E.O.)
  • MARLO RENCHER (PRESIDENT, DETROIT MEANS BUSINESS)
  • DAVID WHITE (VICE-PRESIDENT, BUSINESS DEVELOPMENT)
  • TIFFINI SMITH (VICE-PRESIDENT, HUMAN RESOURCES)
  • JENNIFER KANALOS (VICE-PRESIDENT, BOARD ADMINISTRATION)

Highest reported compensation

  • KEVIN JOHNSON (PRESIDENT AND C.E.O.): $468,119 total reported compensation
  • GLEN W LONG JR (EXEC. V-P OF ADMIN. AND C.F.O.): $329,274 total reported compensation
  • MARLO RENCHER (PRESIDENT, DETROIT MEANS BUSINESS): $288,314 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Promotion of activities to spur economic growth and revitalization in the city of detroit

Operating model

Revenue model
Earned-program. 98% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 73
  • Transparency & Controls: 88
  • Accountability: 89
  • Sustainability: 32
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 81.3%; rating input score 81
  • Program expense ratio: 83.2%; rating input score 83
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 97.4%; rating input score 97; 31st percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 0.3%; rating input score 34; 34th percentile among comparable filings
  • Total-asset coverage ratio: 0.75; rating input score 26; 26th percentile among comparable filings
  • Liabilities to assets ratio: 0.11; rating input score 72; 72nd percentile among comparable filings
  • Officer compensation ratio: 24.9%; rating input score 2; 2nd percentile among comparable filings

Growth

  • Program expense growth: 4.3% per year; rating input score 100; 36th percentile among comparable filings
  • Revenue growth: 4.5% per year; rating input score 100; 40th percentile among comparable filings
  • Asset growth: 6.2% per year; rating input score 100; 44th percentile among comparable filings

Details

  • Where the money goes: 81.3% of revenue deployed · 83.2% of spending went to programs
  • Governance: 37 of 38 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $8.7M in reported program spending
  • Leadership: top reported pay $468K · 48 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 4 contractors listed · $1.6M reported
  • Consistency: 30 of 30 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 12 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Money network: 11 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • Moderate — Sustainability: Operating margin scored 34/100.
  • High — Sustainability: Total-asset coverage ratio scored 26/100.
  • High — Sustainability: Officer compensation ratio scored 2/100.