Real Estate Association of Developers Inc

Nonprofit profile at a glance

EIN
831459012
IRS 990 coverage
2025–2025
Forms available
Form 990 2025, Form 990-EZ 2024, Form 990-N 2022
Location
Detroit, MI, USA
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Professional Societies, Associations

Official website

Reported finances

Revenue
$373,549
Expenses
$280,056
Assets
$193,300
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

6 people listed

Executive titles in this filing

  • David Alade (Executive Director)
  • Chase L Cantrell (Vice President)
  • Sonya Mays (President)

Highest reported compensation

  • David Alade (Executive Director): $75,000 total reported compensation
  • Evans Genece (Chief of Staff): $75,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The mission is to cultivate, connect and advocate for experienced and aspiring black real estate developers.

What it reported doing in 2025

Fall Bus Tour (October 9, 2025) READ hosted its Fall Black Developer Bus Tour on October 9, 2025, with a little under 200 members and partners in attendance. Participants toured three active development sites led by Black developers across Detroit neighborhoods. Sites included the Russell Woods Senior Living Community (Icon Heritage Partners), a $28 million redevelopment of a vacant 12-story building into 77 units of affordable assisted senior housing in the Russell Woods neighborhood; the Higginbotham Art Residences (Roderick Hardamon, URGE Development Group), a $35.9 million adaptive reuse of the historic 1926 Higginbotham School in the Eight-Mile-Wyoming neighborhood into 100 units of affordable housing with art, community space, and an outdoor sculpture garden; and Trumbull Terrace (Cecily Kipling, Kipling Development), a 28-unit residential development in the Woodbridge neighborhood providing quality, attainably priced housing for middle-income residents near

Operating model

Revenue model
Donor-supported. 95% of the money available for current operations came from contributions and gifts.
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

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Some filing-based governance responses are negative or unanswered and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 62
  • Transparency & Controls: 100
  • Accountability: 72
  • Sustainability: 55
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 62.6%; rating input score 63
  • Program expense ratio: 81.9%; rating input score 82
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 3 of 9 controls in place; rating input score 33
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 25%; rating input score 76; 76th percentile among comparable filings
  • Total-asset coverage ratio: 0.69; rating input score 32; 32nd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 77; 77th percentile among comparable filings
  • Officer compensation ratio: 53.6%; rating input score 3; 3rd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 47.3% per year; rating input score 100; 96th percentile among comparable filings
  • Asset growth: 3.1% per year; rating input score 100; 35th percentile among comparable filings

Details

  • Where the money goes: 62.6% of revenue deployed · 81.9% of spending went to programs
  • Governance: 6 of 6 board members independent · 3 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $230K in reported program spending
  • Leadership: top reported pay $75K · 6 people listed
  • Consistency: 21 of 21 current checks pass
  • Schedules: 4 filed schedules
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • 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.

  • Moderate — Accountability: Governance controls: 5 of 8 not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 32/100.
  • High — Sustainability: Officer compensation ratio scored 3/100.