Develop Detroit Inc

Analysis

Develop Detroit Inc is a registered charity in United States, based in Detroit, MI. It received its IRS tax-exemption ruling in June 2016, 10 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Develop Detroit Inc reported income of $5.8m and spending of $4.1m, leaving 30% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $236k to $5.8m (+2369%), an average of +123% a year. The sharpest change came in the year to December 2020, when income rose by 3141%. Over the whole period it spent 84% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Develop Detroit Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 93rd percentile within MI. Charities of a similar size with the same main cause include Common Ground Alliance ($5.8m), Black Farmer Fund Inc ($5.8m) and West Harlem Community Organization Inc ($5.8m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 64% and program service revenue 20% of the total. Compensation of current officers, directors and key employees was $529k (13% of expenses). Other salaries and wages came to $744k. At year end it held assets of $27.7m against liabilities of $22.0m, net assets of $5.8m. It reported 9 employees.