Detroit Economic Growth Corp
- Assets
- $7.2m
- Revenue
- $10.4m
- Investments
- $0.0
- Employees
- 69
- Location
- Detroit, MI
- Founding
- 05/1978
- Data as of
- 06/2022
- EIN
- 38-2192028
Organization Overview
Detroit Economic Growth Corp is located in Detroit, MI. The organization was established in 1978. 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 06/2022, Detroit Economic Growth Corp employed 69 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Detroit Economic Growth Corp is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 06/2022, Detroit Economic Growth Corp generated $10.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.0% each year. All expenses for the organization totaled $8.8m during the year ending 06/2022. While expenses have increased by 3.5% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE ECONOMIC GROWTH IN THE CITY OF DETROIT
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTION OF ACTIVITIES TO SPUR ECONOMIC GROWTH AND REVITALIZATION IN THE CITY OF DETROIT
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Johnson President And C.e.o. | OfficerTrustee | 55 | $296,724 |
Glen W Long Jr Exec. V-P Of Admin. And C.f.o. | Officer | 55 | $224,020 |
Kenyetta Hairston-Bridges Exec. V-P, Econ. Dev. And Inv. Serv. | Officer | 45 | $189,938 |
Pierre Batton Vice-President, Small Business | Officer | 45 | $187,410 |
Rebecca Navin General Counsel | Officer | 45 | $178,499 |
Malinda Jenson Senior V-P, Governmental Affairs | 45 | $132,821 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fleishman Hillard Consultants | 6/29/22 | $104,191 |
Edc Charter County Of Wayne Lease And Utilities | 6/29/22 | $484,074 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,693,730 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,693,730 |
| Total Program Service Revenue | $8,658,139 |
| Investment income | $68,905 |
| 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 | $10,420,774 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,429,101 |
| Compensation of current officers, directors, key employees. | $267,385 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,233,273 |
| Pension plan accruals and contributions | $470,452 |
| Other employee benefits | $707,313 |
| Payroll taxes | $431,281 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,091 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $325,464 |
| Advertising and promotion | $198,038 |
| Office expenses | $110,022 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $477,884 |
| Travel | $5,652 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $84,859 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $73,386 |
| Insurance | $112,035 |
| All other expenses | $4,842 |
| Total functional expenses | $8,819,151 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $85,843 |
| Savings and temporary cash investments | $4,019,730 |
| Pledges and grants receivable | $774,297 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,029,818 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $180,733 |
| Net Land, buildings, and equipment | $118,790 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,209,211 |
| Accounts payable and accrued expenses | $177,786 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $177,786 |
| Net assets without donor restrictions | $2,978,917 |
| Net assets with donor restrictions | $4,052,508 |
| 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 | $7,209,211 |
Grants Awarded
Over the last fiscal year, Detroit Economic Growth Corp has awarded $72,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Detroit, MI PURPOSE: ECONOMIC DEVELOPMENT | $55,000 |
FOODLAB DETROIT PURPOSE: FOOD ACTION NETWORK PROGRAM | $12,000 |
PELLERITO FOODS PURPOSE: FOOD ACTION NETWORK PROGRAM | $5,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Detroit Economic Growth Corp has recieved totaling $250,000.
| Awarding Organization | Amount |
|---|---|
Detriot Economic Growth Association Detroit, MI PURPOSE: BUSINESS ATTRACTION AND RETENTION | $200,000 |
Detriot Economic Growth Association Detroit, MI PURPOSE: DETROIT MEANS BUSINESS | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Wenonah Park Properties Inc Bay City, MI | $22,411,152 | $7,079,713 |
Applied Research Institute Bloomington, IN | $3,329,526 | $9,074,163 |
Grand Rapids-Kent Cty Convention Center & Vistors Bureau Grand Rapids, MI | $10,130,209 | $9,465,987 |