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← RIVERWORKS DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by RIVERWORKS DEVELOPMENT CORPORATION.

Totals

Total revenue
$2,491,512
Total expenses
$1,974,306
Contributions and grants received
$1,884,621
Grants paid
$0
Program service revenue
$655,914
Investment income
$5,095
Other revenue
-$54,118
Total assets, end of year
$6,357,876
Total liabilities, end of year
$3,062,618
Net assets or fund balances, end of year
$3,295,258
Program services expenses (Part IX)
$1,554,165
Management and general expenses
$222,307
Fundraising expenses
$197,834
Program service expenses (Part III)
$1,554,165

Program services were 78.7% 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)

    $560,688

  • 1f · All other contributions, gifts and grants

    $1,323,933

  • 1g · Noncash contributions included above

    $11,753

  • 2a · Program service revenue: OTHER PROGRAM SERVICES

    total $204,707 · related or exempt $204,707

  • 2b · Program service revenue: CITY OF MILWAUKEE

    total $197,888 · related or exempt $197,888

  • 2c · Program service revenue: COIN LAUNDRY

    total $177,519 · unrelated business $177,519

  • 2d · Program service revenue: ADMIN SUPPORT-BUS IMP

    total $75,800 · related or exempt $75,800

  • 3 · Investment income

    total $5,095 · excluded $5,095

  • 6a · Gross rents

    real property $435,832

  • 6b · Less rental expenses

    real property $498,700

  • 6c · Rental income or loss

    real property -$62,868

  • 6d · Net rental income or loss

    total -$62,868 · unrelated business -$68,444 · excluded $5,576

  • 8a · Fundraising events: gross income

    $5,956

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $5,956 · excluded $5,956

  • 11a · Other revenue: OTHER INCOME

    total $2,794 · related or exempt $2,794

  • 11e · Other revenue, total

    $2,794

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $151,214 · program services $128,127 · management and general $13,675 · fundraising $9,412

  • 7 · Other salaries and wages

    total $796,866 · program services $673,841 · management and general $65,424 · fundraising $57,601

  • 9 · Other employee benefits

    total $132,285 · program services $109,705 · management and general $17,177 · fundraising $5,403

  • 10 · Payroll taxes

    total $93,145 · program services $57,781 · management and general $30,349 · fundraising $5,015

  • 11b · Fees: legal

    total $44,452 · program services $44,452

  • 11c · Fees: accounting

    total $17,220 · management and general $17,220

  • 11e · Fees: professional fundraising services

    total $116,356 · fundraising $116,356

  • 11g · Fees: other

    total $147,632 · program services $129,295 · management and general $18,337

  • 12 · Advertising and promotion

    total $31,062 · program services $27,414 · management and general $2,972 · fundraising $676

  • 13 · Office expenses

    total $49,931 · program services $21,409 · management and general $25,558 · fundraising $2,964

  • 16 · Occupancy

    total $50,482 · program services $42,187 · management and general $8,295

  • 17 · Travel

    total $1,220 · program services $911 · management and general $64 · fundraising $245

  • 19 · Conferences, conventions and meetings

    total $1,887 · program services $1,567 · management and general $158 · fundraising $162

  • 20 · Interest

    total $14,614 · program services $14,137 · management and general $477

  • 22 · Depreciation, depletion and amortization

    total $36,730 · program services $24,199 · management and general $12,531

  • 23 · Insurance

    total $18,403 · program services $9,527 · management and general $8,876

  • 24a · Other expenses: DISPOSAL

    total $92,305 · program services $92,305

  • 24b · Other expenses: COIN LAUNDRY PARTNER FE

    total $83,473 · program services $83,473

  • 24c · Other expenses: VEHICLE MAINTENANCE

    total $30,146 · program services $30,146

  • 24d · Other expenses: PROGRAM SUPPLIES AND EX

    total $24,782 · program services $24,636 · management and general $146

  • 24e · All other expenses

    total $40,101 · program services $39,053 · management and general $1,048

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $160,439 · end of year $439,154

  • 2 · Savings and temporary cash investments

    beginning of year $540,890 · end of year $291,978

  • 4 · Accounts receivable

    beginning of year $159,220 · end of year $391,601

  • 7 · Other notes and loans receivable

    beginning of year $614,386 · end of year $839,029

  • 9 · Prepaid expenses and deferred charges

    beginning of year $20,408 · end of year $15,714

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

    $5,639,957

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

    $1,370,528

  • 10c · Land, buildings and equipment, net

    beginning of year $4,156,050 · end of year $4,269,429

  • 15 · Other assets

    beginning of year $79,815 · end of year $110,971

  • 17 · Accounts payable and accrued expenses

    beginning of year $179,676 · end of year $144,286

  • 19 · Deferred revenue

    beginning of year $7,267 · end of year $78,014

  • 23 · Secured mortgages and notes payable

    beginning of year $2,734,218 · end of year $2,814,486

  • 25 · Other liabilities

    beginning of year $31,995 · end of year $25,832

  • 27 · Net assets without donor restrictions

    beginning of year $2,144,645 · end of year $2,088,841

  • 28 · Net assets with donor restrictions

    beginning of year $633,407 · end of year $1,206,417

Mission and programs · 2022

Mission

RIVERWORKS DEVELOPMENT CORPORATION (RDC) DRIVES SOCIAL AND ECONOMIC DEVELOPMENT BY ALIGNING RESIDENTS AND BUSINESSES WITH SPECIALIZED RESOURCES THAT STRENGTHEN HARAMBEE, RIVERWEST AND SURROUNDING COMMUNITIES.

  • FINANCIAL CLINIC: PROVIDES INNOVATIVE SOLUTIONS TO HELP FAMILIES, INDIVIDUALS AND SMALL BUSINESSES REACH THEIR FULL POTENTIAL BY INCREASING CREDIT SCORES, BUILDING WEALTH, AND LEARNING NEW WAYS TO ACHIEVE SHORT AND LONG-TERM FINANCIAL GOALS. THE CLINIC ACCOMPLISHES THIS THROUGH ONE-ON-ONE FINANCIAL COACHING, GROUP-BASED EDUCATION, FREE TAX PREPARATION SERVICES, DEBT MANAGEMENT, PLANNING, GOAL SETTING, BUILDING BANKING RELATIONSHIPS, AND OTHER REFERRAL RESOURCES. IN 2022, 187 CLIENTS RECEIVED ONE-ON-ONE FINANCIAL COACHING SERVICES; 1,196 INDIVIDUALS WERE REFERRED TO FINANCIAL RESOURCES AND PROGRAMS THROUGH THE FINANCIAL NAVIGATOR PROGRAM; AND 1,172 INDIVIDUALS WERE ASSISTED IN PREPARING AND SUBMITTING THEIR TAX RETURNS THROUGH THE VOLUNTEER INCOME TAX ASSISTANCE (VITA) PROGRAM.

    Expenses $424,453

  • NEIGHBORHOOD DEVELOPMENT & CREATIVE PLACEMAKING: COLLABORATES WITH RESIDENTS AND OTHER STAKEHOLDERS TO CREATE A VIBRANT COMMUNITY THAT REFLECTS THE CULTURE AND VALUES OF THE HARAMBEE AND RIVERWEST NEIGHBORHOODS. THIS INCLUDES ACTIVATING AND REVITALIZING PUBLIC SPACES, SUCH AS THE BEERLINE TRAIL, WITH ART AND CULTURE, FACILITATING COMMUNITY IMPROVEMENT AND SAFETY PROJECTS, AND CONNECTING RESIDENTS AND HOMEOWNERS TO RESOURCES - INCLUDING THOSE AVAILABLE THROUGH THE HARAMBEE NEIGHBORHOOD IMPROVEMENT DISTRICT (NID) #7. IN 2022, RESIDENTS ENGAGED IN THE BEERLINE SHUFFLE, MUSIC ON THE BEERLINE, THE 53212MARKETPLACE SERIES, NEIGHBORHOOD CLEAN UPS, AND OTHER EVENTS THAT UNITE THE HARAMBEE AND RIVERWEST COMMUNITIES. RIVERWORKS COMPLETED 3,789 HOUSING SURVEYS IN THE HARAMBEE NEIGHBORHOOD TO ADDRESS BLIGHTED PROPERTIES AND ENCOURAGE RESIDENTS TO APPLY FOR FUNDING FOR HOME REPAIR. THE HARAMBEE QUALITY OF LIFE PLAN BROUGHT TOGETHER COMMUNITY STAKEHOLDERS AND RESIDENTS TO BEGIN PLANNING PHASES FOR A PLAN TO IMPROVE THE NEIGHBORHOOD AND RESIDENT QUALITY OF LIFE. THE BEERLINE TRAIL NEIGHBORHOOD DEVELOPMENT PROJECT CONTINUED TO ENSURE THE NEXT PHASES OF TRAIL DEVELOPMENT SERVE THE NEEDS OF THE COMMUNITY, AND THAT OTHER DEVELOPMENT INSPIRED BY AND CENTERED AROUND THE TRAIL BENEFITS RESIDENTS EQUITABLY. PRIOR TO THE BEERLINE TRAIL NEIGHBORHOOD DEVELOPMENT PROJECT EFFORTS, THIS CORRIDOR WAS SIGNIFICANTLY IMPACTED BY BLIGHT, DISINVESTMENT, AND A LACK OF PERCEIVED SAFETY.

    Expenses $475,424 · Revenue $42,400

  • BUSINESS DEVELOPMENT HUB: PROVIDES TECHNICAL ASSISTANCE TO LOCAL ENTREPRENEURS AND BUSINESSES. OUR BUSINESS SPECIALISTS PROVIDE BUSINESS COACHING AND STRATEGIC BUDGETING SESSIONS TO HELP FIND FUNDING AND GRANT OPPORTUNITIES THAT FIT THEIR NEEDS. SERVICES AVAILABLE TO BUSINESSES INCLUDE PROPERTY/BUSINESS BEAUTIFICATION STRATEGIES, SECURITY INITIATIVES, MARKETING & PROMOTIONAL OPPORTUNITIES, AND BUSINESS PLANNING. WE CONNECT PROPERTY OWNERS AND ENTREPRENEURS/SMALL BUSINESSES TO PHYSICAL SPACE AND PROVIDE EACH ENTREPRENEUR WITH OUR NETWORK OF PARTNERS AND EDUCATIONAL OPPORTUNITIES. IN 2022, THE HUB ASSISTED 304 BUSINESSES IN STARTING, GROWING, MARKETING, AND FUNDING THEIR VENTURES. THROUGH THE BOUNCEBACK GRANT, THE HUB ASSISTED 53 BUSINESSES IN RECEIVING A TOTAL $740,000 TO FUND LEASING OF COMMERCIAL SPACES, AND THROUGH THE BREW CITY MATCH GRANT PROGRAM, 11 BUSINESSES WERE AWARDED A TOTAL OF $105,000 FOR MARKETING, PREDEVELOPMENT AND CONSTRUCTION COSTS.

    Expenses $166,602 · Revenue $33,400

  • REAL ESTATE DEVELOPMENT: LEADS CATALYTIC RESIDENTIAL AND COMMERCIAL PROJECTS WHICH HAVE A POSITIVE ECONOMIC AND SOCIAL IMPACT ON THE COMMUNITY. THE FOUR CORE VALUES ARE: CREATE JOBS, STABILIZE THE TAX BASE, REPURPOSE VACANT & BLIGHTED PROPERTIES, AND GENERATE REVENUE FOR RDC'S PROGRAMS. THE RIVERWORKS CITY CENTER, COMPLETED IN 2018, HOUSES THE OFFICES FOR RDC STAFF, AS WELL AS THE RIVERWORKS COIN LAUNDRY, A ROTATING WHITEBOX SPACE FOR LOCAL BUSINESSES, THE BEERLINE TRAIL FOOD COURT, AND A SPACED RENTED BY FAMILY DOLLAR. THE RIVERWORKS LOFTS, COMPLETED IN 2012, HAS ONE- AND TWO- BEDROOM LOFT-STYLE APARTMENTS ON THE INTERSECTION OF HOLTON AND TOWNSEND. THE RIVERWORKS COMMONS, COMPLETED IN 2004, IS A SHOPPING CENTER ON CAPITOL DRIVE WITH 21,000 FEET OF RETAIL SPACE. IN 2022, RDC COMPLETED CONSTRUCTION AND LANDSCAPING ON A GREEN INFRASTRUCTURE PROJECT - THE BEERLINE PLAZA; THE PLAZA IS LOCATED AT THE RIVERWORKS CITY CENTER, AND SERVES AS A PUBLIC PLACE FOR EVENTS, MUSIC, ART AND MUCH MORE. RDC ALSO CONTINUED CONSTRUCTION ON THE CONNECTOR BUILDING PROJECT, WHICH WILL HAVE A MULTI-USE COMMUNITY SPACE AND CAFE ADJACENT TO THE BEERLINE TRAIL, AND IS EXPECTED TO BE COMPLETED IN SPRING 2023. RIVERWORKS CLEANS: HIRES COMMUNITY MEMBERS WHO HAVE BARRIERS TO EMPLOYMENT THROUGH THIS SOCIAL ENTERPRISE PROGRAM. THEY SERVE THE COMMUNITY BY CLEANING UP SIDEWALKS AND CURBS, VACANT LOTS AND COMMERCIAL DISTRICTS. SERVICES INCLUDE LITTER AND GRAFFITI REMOVAL, EVENT SET UP, MINOR LANDSCAPING, STREETSCAPE MAINTENANCE, AND RETURNING STOLEN PROPERTY. CONTRACTS INCLUDE PRIVATE BUSINESSES, BIDS, AND THE CITY OF MILWAUKEE. IN 2022, RIVERWORKS CLEANS WORKED IN 7 MILWAUKEE BUSINESS IMPROVEMENT DISTRICTS AND COLLECTED 4,169 BAGS OF LITTER, EMPTIED 1,246 TRASH CANS, RETURNED 499 SHOPPING CARTS, AND REMOVED 15 GRAFFITI TAGS. RIVERWORKS CLEANS ALSO COMPLETED 1,494 ILLEGAL DUMP WORK ORDERS ISSUED BY THE CITY OF MILWAUKEE, RESULTING IN 7,172 CUBIC YARDS OF DEBRIS, REMOVED FROM CITY OWNED PROPERTIES.

    Expenses $487,686 · Revenue $377,957

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Shawnta Eaton-Leschig

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Michael Maistelman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Andrew Ruehl

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Glenn Mattison

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ted Torcivia

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Erika Turner

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Edward Bryant

    FORMER DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Robin N Reese

    FORMER DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dan Sweeney

    FORMER DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Steve Adams

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Mustafa Emir

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Mike Olson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Neil White

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Cassandra Flagg

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Darryl Johnson

    EXECUTIVE DIRECTOR

    Total calculated
    $151,214
    From this org
    $113,927
    From related orgs
    $0
    Other
    $37,287
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $113,927
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $37,287
    Filer's total
    $151,214

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

  • 3 · Form 990 of other organizations
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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.

  • HARAMBEE NEIGHBORHOOD IMPROVEMENT DISTRICT

    501(A) · WI

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.

  • 3901 N RICHARDS ST LLC

    SHOPPING CENTER · WI · income $296,463 · assets $1,131,965

    Directly controlled by 100

  • 3372 N HOLTON ST LLC

    REAL ESTATE · WI

    Directly controlled by 100

  • FIVE POINT EXCHANGE HOLDINGS LLC

    REAL ESTATE · WI

    Directly controlled by 100

  • RIVERWORKS CITY CENTER LLC

    NONPROFIT OFFICES · WI · income $368,295

    Directly controlled by 100

  • KEEFE AVENUE CROSSING LLC

    REAL ESTATE · WI

    Directly controlled by 100

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • RIVERWORKS LOFTS

    REAL ESTATE · WI · share of income -$9

Provenance

Return type
form_990
Tax year
2022
Filed
30 May 2023
IRS schema version
2022v5.0
Source object
202311509349301186

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