Foundation for Detroit's Future

Nonprofit profile at a glance

EIN
464873153
IRS 990 coverage
2020–2024
Forms available
Form 990 2024
Location
Detroit, MI, USA
Phone
3139616675
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Community, Neighborhood Development

Reported finances

Revenue
$22,534,738
Expenses
$18,922,329
Assets
$47,856,123
Liabilities
$45,293

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

Leadership & pay

6 people listed

Executive titles in this filing

  • RICHARD L DEVORE (PRESIDENT/SECRETARY)

Highest reported compensation

  • RICHARD L DEVORE (PRESIDENT/SECRETARY): $719,647 total reported compensation
  • JENILYN NORMAN (VP, FINANCE AND ADMINISTRATION): $315,812 total reported compensation

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

Overview

Mission

Foundation for detroit's future (fdf) shall work to lessen the burdens of government, combat community deterioration, and improve the quality of life of the general public in and around the city of detroit through, among other things, conducting activities and programs, and providing support and funding to governmental entities, charitable organizations and others, to protect and preserve the city of detroit's rich cultural heritage, foster and promote the economic revitalization and fiscal health of the city of detroit and enable the city of detroit to fulfill its municipal, financial and civic obligations. The fdf supports the community foundation for southeast Michigan (cfsem) by supporting organizations whose work furthers cfsem's mission. The cfsem's mission is to build the resources, relationships and expertise required to expand equitable access to opportunities across southeast Michigan to make it a desirable place to live, work and play for all residents, today and tomorrow.

What it reported doing in 2024

Support of fdf's role to help improve the quality of life in southeast Michigan primarily as the charitable entity that manages the dia settlement (commonly known as the "grand bargain") approved as part of the plan of adjustment that concluded the bankruptcy proceedings of the city of detroit. Subject to the terms and conditions of the settlement agreement, on the closing date (2014) and on an annual basis thereafter commencing in 2016, payments will be made to the city subject to the conditions of that settlement agreement.

Operating model

Revenue model
Donor-supported. 91% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 81
  • Transparency & Controls: 71
  • Accountability: 79
  • Sustainability: 79
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 84.7%; rating input score 85
  • Program expense ratio: 99.6%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 80%; rating input score 80; 16th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • 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: 16%; rating input score 78; 78th percentile among comparable filings
  • Total-asset coverage ratio: 2.53; rating input score 70; 70th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 96; 96th percentile among comparable filings
  • Officer compensation ratio: 0.6%; rating input score 89; 89th percentile among comparable filings

Growth

  • Program expense growth: -0% per year; rating input score 0; 11th percentile among comparable filings
  • Revenue growth: -6% per year; rating input score 0; 2nd percentile among comparable filings
  • Asset growth: 3.7% per year; rating input score 100; 27th percentile among comparable filings

Details

  • Where the money goes: 84.7% of revenue deployed · 99.6% of spending went to programs
  • Governance: 4 of 5 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $18.9M in reported program spending
  • Leadership: top reported pay $720K · 6 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 15 of 15 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 4 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Related organizations: 4 filed related-organization links
  • 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.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.