Foundation for Detroit's Future
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 PROCEEDING IN THE CITY OF DETROIT.
IRS Tax Year 2024
Period ending December 31, 2024
Total Revenue
$22.5M
Total Expenses
$18.9M
Net Assets
$47.8M
Employees
0
Volunteers
4
Grants Paid
$18.9M
Program Expense Ratio
99.6%
This nonprofit profile presents IRS Form 990 tax filing data for Foundation for Detroit's Future (EIN: 46-4873153), based on the 2024 tax year annual return filed with the Internal Revenue Service.
Sections below include financial summaries (revenue, expenses, and net assets), program accomplishments, officer and key employee compensation, detailed executive pay breakdowns, governance policies and audit information, related tax-exempt organizations. All figures are reported in USD as filed.
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Financial Health
Transparency
Compensation
Program Effectiveness
Financial Stability
Risk Flags
Indicators derived from IRS Form 990 data. Not financial advice.
Foundation for Detroit's Future is a 501(c)(3) nonprofit headquartered in DETROIT, MI, founded in 2014. It is classified under NTEE code S20 (Community & Neighborhood Development), within the Community Improvement & Capacity Building category. The organization has held tax-exempt status since 2014. In its 2024 filing, the organization reported $22.5M in total revenue, a 29.0% increase from the prior year, and $18.9M in total expenses. The organization engaged 4 volunteers. RICHARD L DEVORE, PRESIDENT/SECRETARY, is the highest-compensated individual at $719,647. The organization runs 1 program, totaling $18.9M in program expenses. 4 of 6 recommended governance policies are in place.
Foundation for Detroit's Future is classified under NTEE code S20 (Community & Neighborhood Development), which falls within the Community Improvement & Capacity Building category. Its foundation type is 21.
Programs(Tax Year 2024)
1 record
Foundation for Detroit's Future operates 1 program, with total program expenses of $18.9M. Foundation for Detroit's Future's largest program accounts for 100% of total program spending.
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.
Financial Overview(Tax Years 2020–2024)
5 records
Over the past 5 years, Foundation for Detroit's Future's revenue has declined from $26.4M to $22.5M, a 14.5% decrease. Program expenses represent 100% of total spending.
Revenue increased 29.0% year-over-year, while net assets rose to $47.8M, up 8.2% from the prior year.
Foundation for Detroit's Future derives 93% from contributions and grants, with 7% from investment income.
Revenue is heavily concentrated: 93% comes from contributions and grants, indicating limited diversification.
Foundation for Detroit's Future allocates 100% to programs, 0% to management and general.
Revenue grew by 29.0% while expenses held steady by only 0.0%, suggesting improving operational efficiency.
Foundation for Detroit's Future distributed $18.9M in grants to other organizations and individuals, representing 100% of total expenses.
Over 5 filings from 2020–2024, Foundation for Detroit's Future declined revenue from $26.4M to $22.5M (-14.5%) while maintaining a program expense ratio of 100%.
Foundation for Detroit's Future holds $47.9M in total assets against $45K in liabilities (debt-to-asset ratio of 0%). The organization has 30.3 months of operating reserves. Cash and equivalents of $79K cover approximately 0.1 months of expenses.
Revenue
| Year | Total Revenue | Contributions | Gov't Grants | Program Revenue | Investment |
|---|---|---|---|---|---|
| 2024 | $22.5M | $20.9M | $0 | $0 | $1.5M |
| 2023 | $17.5M | $16.0M | $0 | $0 | $1.5M |
| 2022 | $16.7M | $16.0M | $0 | $65K | $627K |
| 2021 | $26.3M | $26.0M | $0 | $65K | $248K |
| 2020 | $26.4M | $26.0M | $0 | $65K | $330K |
Expenses
| Year | Total Expenses | Program | Management | Fundraising | Grants Paid |
|---|---|---|---|---|---|
| 2024 | $18.9M | $18.9M | $72K | $0 | $18.9M |
| 2023 | $18.9M | $18.9M | $57K | $0 | $18.9M |
| 2022 | $18.9M | $18.9M | $67K | $0 | $18.9M |
| 2021 | $18.9M | $18.9M | $56K | $0 | $18.9M |
| 2020 | $18.9M | $18.9M | $68K | $0 | $18.9M |
Program Expense Ratio
99.6%
Admin Expense Ratio
0.4%
Fundraising Efficiency
—
Operating Reserve
30.3 mo
People & Compensation(Tax Year 2024)
6 records
Foundation for Detroit's Future reported compensation for 6 officers and key employees. Total officer compensation was $1.0M, representing 5.5% of total expenses. 1 individual received total compensation exceeding $500,000.
Foundation for Detroit's Future's highest-compensated individual received $720K in total compensation. Total officer compensation of $1.0M represents 5.5% of total expenses. 1 individual received total compensation exceeding $500,000.
| Name | Title | Type | Hours/wk | Comp from Org | Related Orgs | Total |
|---|---|---|---|---|---|---|
| RICHARD L DEVORE | PRESIDENT/SECRETARY | OfficerDirector | 0.50 | $0 | $654,744 | $719,647 |
| JENILYN NORMAN | VP, FINANCE AND ADMINISTRATION | Officer | 0.50 | $0 | $263,812 | $315,812 |
| DAVID T PROVOST | CHAIR /DIRECTOR | OfficerDirector | 0.50 | $0 | $0 | $0 |
| JOHN A BARKER | TREASURER | OfficerDirector | 0.50 | $0 | $0 | $0 |
| PAUL TRULIK | VICE CHAIR /DIRECTOR | OfficerDirector | 0.50 | $0 | $0 | $0 |
| NISHKA CHANDRASOMA | DIRECTOR | Director | 0.50 | $0 | $0 | $0 |
Compensation Breakdown
Schedule J detail — base, bonus, benefits, and executive perks
RICHARD L DEVORE
Base Salary
—
Bonus
—
Other Reportable
—
Retirement/Deferred
—
Nontaxable Benefits
—
JENILYN NORMAN
Base Salary
—
Bonus
—
Other Reportable
—
Retirement/Deferred
—
Nontaxable Benefits
—
Governance & Compliance(Tax Year 2024)
Foundation for Detroit's Future has 4 of 6 recommended governance policies in place, including conflict of interest, whistleblower, document retention. Its board has 5 members, 4 of whom are independent.
Foundation for Detroit's Future's financial statements are audited, an audit committee oversees the process.
Foundation for Detroit's Future has family or business relationships among officers, directors, or key employees.
Policies & Oversight
Audit & Financial Oversight
Grants Awarded(Tax Year 2024)
3 records
Foundation for Detroit's Future awarded $18.9M across 3 grants to organizations. Top recipients include CITY OF DETROIT (DETROIT, MI) — $18.3M for suppport for city of detroit prior police and fire retirement systems; CITY OF DETROIT (DETROIT, MI) — $375K for support for city of detroit prior general retirement system; CITY OF DETROIT (DETROIT, MI) — $175K for support for city of detroit health care trusts.
Organization Grants
| Recipient | Location | Amount | Purpose |
|---|---|---|---|
| CITY OF DETROIT386004606 | DETROIT, MI | $18.3M | SUPPPORT FOR CITY OF DETROIT PRIOR POLICE AND FIRE RETIREMENT SYSTEMS |
| CITY OF DETROIT386004606 | DETROIT, MI | $375K | SUPPORT FOR CITY OF DETROIT PRIOR GENERAL RETIREMENT SYSTEM |
| CITY OF DETROIT386004606 | DETROIT, MI | $175K | SUPPORT FOR CITY OF DETROIT HEALTH CARE TRUSTS |
Filing History(Tax Years 2014–2024)
5 records
Showing the 5 Form 990 filings currently in our system.
| Tax Year | Form | Period | Revenue | Expenses | Net Assets |
|---|---|---|---|---|---|
| 2024 | 990 | 2024-01-01 – 2024-12-31 | $22.5M | $18.9M | $47.8M |
| 2023 | 990 | 2023-01-01 – 2023-12-31 | $17.5M | $18.9M | $44.2M |
| 2022 | 990 | 2022-01-01 – 2022-12-31 | $16.7M | $18.9M | $45.6M |
| 2021 | 990 | 2021-01-01 – 2021-12-31 | $26.3M | $18.9M | $47.9M |
| 2020 | 990 | 2020-01-01 – 2020-12-31 | $26.4M | $18.9M | $40.5M |
| 2014–2019 | No filings acquired yet | ||||
Frequently Asked Questions
What does Foundation for Detroit's Future do?
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 PROCEEDING IN THE CITY OF DETROIT.
How much revenue does Foundation for Detroit's Future have?
Foundation for Detroit's Future reported $22,534,738 in total revenue for tax year 2024, up 29.0% from the prior year.
Who is the highest-paid executive at Foundation for Detroit's Future?
RICHARD L DEVORE, PRESIDENT/SECRETARY, received $719,647 in total compensation as of tax year 2024.
Is Foundation for Detroit's Future a 501(c)(3)?
Yes, Foundation for Detroit's Future is classified as a 501(c)(3) tax-exempt organization.
Where is Foundation for Detroit's Future located?
Foundation for Detroit's Future is headquartered in DETROIT, MI 48226.
What type of nonprofit is Foundation for Detroit's Future?
Foundation for Detroit's Future is classified under NTEE code S20 (Community & Neighborhood Development), within the Community Improvement & Capacity Building category. It is a 501(c)(3) tax-exempt organization.
Is Foundation for Detroit's Future audited?
Yes, Foundation for Detroit's Future's financial statements are audited, and the organization has an audit committee.
Does Foundation for Detroit's Future give grants?
Yes, Foundation for Detroit's Future distributed $18,850,000 in grants to other organizations and individuals in tax year 2024. Top recipients include CITY OF DETROIT, CITY OF DETROIT, CITY OF DETROIT.
Data Source
Prepared by: DELOITTE TAX LLP, INDIANAPOLIS, IN
IRS Form 990 electronic filings via the IRS Exempt Organizations Business Master File. All financial figures are as reported in USD.
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