Detriot Economic Growth Association
- Assets
- $6.7m
- Revenue
- $5.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Detroit, MI
- Founding
- 11/1982
- Data as of
- 06/2022
- EIN
- 38-2433720
Organization Overview
Detriot Economic Growth Association is located in Detroit, MI. The organization was established in 1982. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Detriot Economic Growth Association 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 06/2022, Detriot Economic Growth Association generated $5.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $4.7m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Detriot Economic Growth Association has awarded 1,103 individual grants totaling $34,450,787. 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
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 | 1 | $0 |
Conrad Mallett Chair | OfficerTrustee | 1 | $0 |
Marvin Beatty Vice-Chair | OfficerTrustee | 1 | $0 |
John Blanchard Vice-Chair | OfficerTrustee | 1 | $0 |
Andra Rush Vice-Chair | OfficerTrustee | 1 | $0 |
Michael Tyson Treasurer | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Smithgroup Contractor | 6/29/22 | $2,474,848 |
City Of Detroit Contractor | 6/29/22 | $1,142,169 |
Ecoworks Consulting | 6/29/22 | $134,292 |
Detroit Economic Growth Corporation Administrative Services | 6/29/22 | $1,096,665 |
Vectorform Consulting | 6/29/22 | $124,975 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $986,332 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,576,483 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,562,815 |
| Total Program Service Revenue | $0 |
| Investment income | $4,229 |
| 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 | $5,567,044 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $625,578 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $793,104 |
| Fees for services: Legal | $5,562 |
| 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 | $2,727,626 |
| Advertising and promotion | $141,307 |
| Office expenses | $41,335 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,128 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $94,727 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $8,781 |
| All other expenses | $284,628 |
| Total functional expenses | $4,723,776 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $847,909 |
| Savings and temporary cash investments | $5,466,180 |
| Pledges and grants receivable | $293,172 |
| Accounts receivable, net | $6,754 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $37,850 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,651,865 |
| Accounts payable and accrued expenses | $470,944 |
| 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 | $470,944 |
| Net assets without donor restrictions | $635,808 |
| Net assets with donor restrictions | $5,545,113 |
| 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 | $6,651,865 |
Grants Awarded
Over the last fiscal year, Detriot Economic Growth Association has awarded $564,796 in support to 18 organizations.
| Grant Recipient | Amount |
|---|---|
DETROIT TRAINING CENTER INC PURPOSE: BUSINESS ATTRACTION AND RETENTION | $82,500 |
ASTUTE ARTISTRY LLC PURPOSE: BUSINESS ATTRACTION AND RETENTION | $82,500 |
LIUNA TRAINING OF MICHIGAN PURPOSE: BUSINESS ATTRACTION AND RETENTION | $82,500 |
MARROW LLC PURPOSE: DETROIT MEANS BUSINESS | $10,000 |
DORSEY SCHOOL OF BUSINESS PURPOSE: BUSINESS ATTRACTION AND RETENTION | $80,000 |
SHEARS AND SHAVES LLC PURPOSE: DETROIT MEANS BUSINESS | $10,000 |