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← ROCKFORD LOCAL DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by ROCKFORD LOCAL DEVELOPMENT CORPORATION.

Totals

Total revenue
$1,052,933
Total expenses
$1,073,227
Contributions and grants received
$73,998
Grants paid
$0
Program service revenue
$971,272
Investment income
$7,663
Other revenue
$0
Total assets, end of year
$4,737,897
Total liabilities, end of year
$1,537,297
Net assets or fund balances, end of year
$3,200,600
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $73,998

  • 2a · Program service revenue: PROGRAM RELATED LOAN FEES

    total $516,571 · related or exempt $516,571

  • 2b · Program service revenue: PROGRAM RELATED INTEREST

    total $319,667 · related or exempt $319,667

  • 2c · Program service revenue: MANAGEMENT FEES

    total $87,175 · related or exempt $87,175

  • 2d · Program service revenue: SERVICE CONTRACTS

    total $32,256 · related or exempt $32,256

  • 2e · Program service revenue: LOAN DOCUMENTATION FEE

    total $15,603 · related or exempt $15,603

  • 7a · Gross sales of assets other than inventory

    other assets $7,663

  • 7c · Gain or loss

    other assets $7,663

  • 7d · Net gain or loss

    total $7,663 · excluded $7,663

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $208,725

  • 7 · Other salaries and wages

    total $338,312

  • 8 · Pension plan contributions

    total $12,964

  • 9 · Other employee benefits

    total $36,472

  • 10 · Payroll taxes

    total $39,507

  • 11c · Fees: accounting

    total $29,450

  • 11g · Fees: other

    total $3,510

  • 12 · Advertising and promotion

    total $447

  • 13 · Office expenses

    total $54,375

  • 16 · Occupancy

    total $64,007

  • 19 · Conferences, conventions and meetings

    total $27,356

  • 20 · Interest

    total $52,487

  • 22 · Depreciation, depletion and amortization

    total $11,061

  • 23 · Insurance

    total $17,600

  • 24a · Other expenses: PROVISION FOR CREDIT LOSS

    total $150,252

  • 24b · Other expenses: LOAN SVC FEES

    total $14,015

  • 24c · Other expenses: DUES/SUBSCRIPTIONS

    total $8,189

  • 24e · All other expenses

    total $4,498

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $100 · end of year $100

  • 2 · Savings and temporary cash investments

    beginning of year $248,456 · end of year $348,237

  • 7 · Other notes and loans receivable

    beginning of year $3,486,109 · end of year $3,978,236

  • 9 · Prepaid expenses and deferred charges

    beginning of year $15,164 · end of year $84,315

  • 10a · Land, buildings and equipment: cost or other basis

    $147,708

  • 10b · Land, buildings and equipment: accumulated depreciation

    $92,283

  • 10c · Land, buildings and equipment, net

    beginning of year $26,836 · end of year $55,425

  • 14 · Intangible assets

    beginning of year $53,943 · end of year $233,203

  • 15 · Other assets

    beginning of year $36,846 · end of year $38,381

  • 17 · Accounts payable and accrued expenses

    beginning of year $61,366 · end of year $60,859

  • 19 · Deferred revenue

    beginning of year $87,033 · end of year $80,271

  • 23 · Secured mortgages and notes payable

    beginning of year $419,218 · end of year $1,158,804

  • 25 · Other liabilities

    beginning of year $78,943 · end of year $237,363

  • 27 · Net assets without donor restrictions

    beginning of year $918,742 · end of year $752,160

  • 28 · Net assets with donor restrictions

    beginning of year $2,302,152 · end of year $2,448,440

Mission and programs · 2023

Mission

TO ADVANCE THE COMMERCIAL, INDUSTRIAL AND GENERAL WELFARE OF THE CITY OF ROCKFORD, ILLINOIS AND NORTHERN ILLINOIS AND TO ASSIST IN DEVELOPING AND IMPLEMENTING STRATEGIES TO STIMULATE BUSINESS DEVELOPMENT

  • SBA 504 LOAN PROGRAM: ROCKFORD LOCAL DEVELOPMENT CORPORATION IS A CERTIFIED DEVELOPMENT COMPANY (CDC) UNDER THE U.S. SMALL BUSINESS ADMINISTRATION'S SBA 504 PROGRAM. ROCKFORD LOCAL DEVELOPMENT CORPORATION SERVES THE STATE OF ILLINOIS. CERTIFICATION THROUGH SBA FOR THIS PROGRAM REQUIRES THAT THE CDC BE A NOT-FOR-PROFIT ORGANIZATION. SBA 504 PROVIDES LONG TERM, FIXED RATE, SUBORDINATED DEBT TO ELIGIBLE SMALL BUSINESSES. THE ROCKFORD LOCAL DEVELOPMENT CORPORATION CURRENTLY MANAGES A 56.1 MILLION PORTFOLIO OF LOANS TO 134 BUSINESSES. IN FY 2024, ROCKFORD LOCAL DEVELOPMENT CORPORATION CLOSED 8 SBA 504 LOANS IN THE AMOUNT OF 7,237,000 AND APPROVED 7 NEW SBA 504 LOANS FOR AN ADDITIONAL 5,720,000.

  • RLF PROGRAM: ROCKFORD LOCAL DEVELOPMENT CORPORATION ALSO MANAGES SIX REVOLVING LOAN PROGRAMS SERVING FOUR COUNTIES IN NORTHERN ILLINOIS (OGLE, MCHENRY, WINNEBAGO AND BOONE). TOTALING 7,053,734, THESE LOAN FUNDS ARE TARGETED TO SERVE LOW-INCOME COMMUNITIES, DISADVANTAGED BUSINESSES AND MANUFACTURING EMPLOYMENT. PRESENTLY, THERE ARE APPROXIMATELY 155 LOANS OUTSTANDING TO SMALL BUSINESSES. IN FY 2024, ROCKFORD LOCAL DEVELOPMENT CORPORATION, THROUGH ITS MANAGEMENT OF THESE SIX REVOLVING LOAN PROGRAMS, CLOSED 29 LOANS FOR ELIGIBLE PROJECTS TOTALING 2,327,000.

As filed on the 2023 return.

Listed in Part VII

  • Todd Cagnoni

    ASSISTANT TR

    Total calculated
    $0
    Hours/week
    1 + 0.25 related

  • Earl Dotson Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jeff Fahrenwald

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 0.25 related

  • Linda Heckert

    CHAIR

    Total calculated
    $0
    Hours/week
    1 + 0.75 related

  • Audra Moncur

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ed Munguia

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • J Daniel O'Boyle

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michele Petrie

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Brian Peterson

    PAST CHAIRMA

    Total calculated
    $0
    Hours/week
    1

  • James Ryan

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 0.25 related

  • Karl Swanson

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Michael Schultz

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Karen Walsh

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Brenten Witherby

    ASSISTANT SE

    Total calculated
    $0
    Hours/week
    1 + 0.25 related

  • John Phelps

    EXECUTIVE DI

    Total calculated
    $225,674
    From this org
    $184,150
    From related orgs
    $0
    Other
    $41,524
    Hours/week
    35 + 6 related

    Schedule J breakdown matched by us

    Base
    $184,150
    Bonus
    not reported
    Other
    not reported
    Deferred
    $9,208
    Nontaxable benefits
    $32,316
    Filer's total
    $225,674

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • KEITH CREEK DEVELOPMENT LLC

    FLOOD PREV · IL

    Directly controlled by RLDC

Provenance

Return type
form_990
Tax year
2023
Filed
20 February 2025
IRS schema version
2023v6.0
Source object
202520529349300607

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