Invest Detroit Foundation
- Assets
- $154.4m
- Revenue
- $12.8m
- Investments
- $76.0m
- Employees
- 47
- Location
- Detroit, MI
- Founding
- 10/2010
- Data as of
- 12/2021
- EIN
- 27-1927369
Organization Overview
Invest Detroit Foundation, operating under the name Invest Detroit, is located in Detroit, MI. The organization was established in 2010. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Invest Detroit employed 47 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Invest Detroit is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Invest Detroit generated $12.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.4% each year . All expenses for the organization totaled $21.7m during the year ending 12/2021. While expenses have increased by 22.3% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2018, Invest Detroit has awarded 172 individual grants totaling $19,220,692. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE IDF LOAN PROGRAMS PROVIDE FUNDING, GENERALLY IN THE FORM OF LOANS, TO QUALIFIED APPLICANTS TO ENCOURAGE REVITALIZATION AND DEVELOPMENT. IN CONCERT WITH OPERATING THE LOAN PROGRAMS, IDF ALSO CONDUCTS PROGRAMMATIC ACTIVITIES THAT INCLUDE PLANNING, SPEARHEADING AND DEVELOPING STRATEGIES FOR URBAN REVITALIZATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUPPORTING DETROIT ECONOMIC DEVELOPMENT THROUGH REAL ESTATE AND SMALL BUSINESS FINANCING
SUPPORTING HIGH TECH AND ENTREPRENEUR ACTIVITY
SUPPORTING INCLUSIVE NEIGHBORHOOD REVITALIZATION THROUGH STRATEGIC INTERVENTIONS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Blaszkiewicz President & CEO | Officer | 30 | $424,805 |
Patricia Glaza Vice President And Managing Director | 10 | $239,009 | |
Carrie Lewand-Monroe Executive Vice President | Officer | 38 | $238,761 |
Keona Cowan Senior Vice President & Chief Lending Officer | 40 | $236,600 | |
Martin Dober Vice President And Managing Director | 20 | $182,736 | |
Randy Hyde Senior Vice President, External Relations | 30 | $172,310 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $500,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,370,399 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,870,399 |
| Total Program Service Revenue | $4,748,881 |
| Investment income | $189,650 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,808,930 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $8,423,352 |
| Grants and other assistance to domestic individuals. | $11,025 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $644,318 |
| Compensation of current officers, directors, key employees. | $322,159 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,761,787 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $74,918 |
| Payroll taxes | $381,135 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $395,306 |
| Fees for services: Accounting | $43,285 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $855,733 |
| Advertising and promotion | $66,594 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $156,397 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $35,938 |
| Interest | $27,598 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $45,571 |
| Insurance | $72,588 |
| All other expenses | $0 |
| Total functional expenses | $21,728,487 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,261,255 |
| Savings and temporary cash investments | $16,133,356 |
| Pledges and grants receivable | $8,600,000 |
| Accounts receivable, net | $1,294,095 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $45,032,680 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $69,678 |
| Net Land, buildings, and equipment | $35,317 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $75,963,362 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $154,389,743 |
| Accounts payable and accrued expenses | $664,072 |
| Grants payable | $10,504,444 |
| Deferred revenue | $479,889 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $23,364,408 |
| Other liabilities | $0 |
| Total liabilities | $35,012,813 |
| Net assets without donor restrictions | $92,662,494 |
| Net assets with donor restrictions | $26,714,436 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $154,389,743 |
Grants Awarded
Over the last fiscal year, Invest Detroit Foundation has awarded $8,408,404 in support to 21 organizations.
| Grant Recipient | Amount |
|---|---|
CITY OF DETROIT PURPOSE: SNF PARK GRANTS | $3,078,250 |
DETROIT LAND BANK AUTHORITY PURPOSE: PROGRAMMATIC GRANT - REHABBED AND READY | $2,500,000 |
CITY OF DETROIT PURPOSE: PROGRAMMATIC GRANT - BRIDGING NEIGHBORHOODS | $2,000,000 |
Detroit, MI PURPOSE: DEGA 2021 ROOSEVELT PARK FORD CB PASSTHRU GRANT | $240,000 |
Detroit, MI PURPOSE: PROGRAMMATIC GRANT - W WARREN FACADE IMPROVEMENT | $200,000 |
CODY ROUGE COMMUNITY ACTION ALLIANCE PURPOSE: PROGRAMMATIC GRANT - W WARREN ART MURAL PROGRAM | $100,000 |
Grants Recieved
Over the last fiscal year, we have identified 18 grants that Invest Detroit Foundation has recieved totaling $10,810,000.
| Awarding Organization | Amount |
|---|---|
Community Foundation For Southeast Michigan Detroit, MI PURPOSE: HOSTING THE NETWORK DIRECTOR OFFICE FOR THE INCLUSIVE SMALL BUSINESS SUPPORT NETWORK FUND | $2,500,000 |
Goldman Sachs Philanthropy Fund New York, NY PURPOSE: COMMUNITY & HUMAN SERVICES | $2,000,000 |
The Ralph C Wilson Jr Foundation Detroit, MI PURPOSE: TO SUPPORT THE STRATEGIC NEIGHBORHOOD FUND 2.0 INITIATIVE TO IMPLEMENT INCLUSIVE RECOVERY AND REVITALIZATION IN 10 DETROIT NEIGHBORHOODS TO CREATE LIVABLE, WALKABLE, VIBRANT NEIGHBORHOODS FOR ALL DETROITERS. | $1,500,000 |
Jp Morgan Chase Foundation New York, NY PURPOSE: IN SUPPORT OF NEIGHBORHOOD REVITALIZATION | $1,500,000 |
Skillman Foundation Detroit, MI PURPOSE: STRATEGIC NEIGHBORHOOD FUND 2.0 | $800,000 |
Ford Foundation New York, NY PURPOSE: CORE SUPPORT FOR THE STRATEGIC NEIGHBORHOOD FUND TO SUPPORT THE EQUITABLE AND INCLUSIVE REVITALIZATION OF TARGETED DETROIT NEIGHBORHOODS | $500,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
16 Tech Community Corporation Indianapolis, IN | $90,414,871 | $43,820,376 |
Invest Detroit Foundation Detroit, MI | $154,389,743 | $12,808,930 |
Wright Brothers Institute Inc Dayton, OH | $23,307,656 | $22,085,089 |
Visit Indy Inc Indianapolis, IN | $20,981,890 | $14,589,218 |
The Convention And Visitors Bureau Of Greater Cleveland Inc Cleveland, OH | $25,296,918 | $17,425,666 |
Columbus Downtown Development Corporation Columbus, OH | $118,710,723 | $12,117,471 |
Wisconsin Dells Visitor & Convention Bureau Wisconsin Dells, WI | $26,952,168 | $17,110,395 |
Metropolitan Detroit Convention & Vistors Bureau Detroit, MI | $36,765,048 | $14,015,809 |
Detroit Economic Growth Corp Detroit, MI | $7,209,211 | $10,420,774 |
Lawrence Economic Development Corporation South Point, OH | $62,339,240 | $9,945,474 |
Wbd Inc Madison, WI | $14,868,892 | $9,399,155 |
Southwest Michigan First Corporation Kalamazoo, MI | $10,945,070 | $8,560,798 |