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Nonprofiteer
← WBD INC

Form 990 for tax year 2023

Filed by WBD INC.

Totals

Total revenue
$9,918,745
Total expenses
$8,688,638
Contributions and grants received
$0
Grants paid
$248,809
Program service revenue
$9,160,477
Investment income
$743,793
Other revenue
$14,475
Total assets, end of year
$20,723,212
Total liabilities, end of year
$5,535,801
Net assets or fund balances, end of year
$15,187,411
Program services expenses (Part IX)
$7,035,810
Management and general expenses
$1,652,828
Fundraising expenses
$0
Program service expenses (Part III)
$7,035,810

Program services were 81.0% 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.

  • 2a · Program service revenue: FEES FROM LENDING ACTIVITIES

    total $7,822,248 · related or exempt $7,822,248

  • 2b · Program service revenue: FLOAT INTEREST EARNED

    total $1,185,532 · related or exempt $1,185,532

  • 2c · Program service revenue: LENDER SERVICES & TRAININGS

    total $133,109 · related or exempt $133,109

  • 2d · Program service revenue: ASSUMPTION FEES

    total $19,588 · related or exempt $19,588

  • 3 · Investment income

    total $482,400 · excluded $482,400

  • 7a · Gross sales of assets other than inventory

    securities $2,548,123 · other assets $20,502

  • 7b · Less cost or other basis and sales expenses

    securities $2,307,232 · other assets $0

  • 7c · Gain or loss

    securities $240,891 · other assets $20,502

  • 7d · Net gain or loss

    total $261,393 · excluded $261,393

  • 11d · All other revenue

    total $14,475 · excluded $14,475

  • 11e · Other revenue, total

    $14,475

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $248,809 · program services $248,809

  • 5 · Compensation of officers, directors and key employees

    total $938,136 · program services $767,832 · management and general $170,304

  • 7 · Other salaries and wages

    total $4,693,388 · program services $3,841,379 · management and general $852,009

  • 8 · Pension plan contributions

    total $535,448 · program services $438,246 · management and general $97,202

  • 9 · Other employee benefits

    total $431,402 · program services $353,088 · management and general $78,314

  • 10 · Payroll taxes

    total $352,702 · program services $288,675 · management and general $64,027

  • 11b · Fees: legal

    total $2,900 · management and general $2,900

  • 11c · Fees: accounting

    total $23,985 · management and general $23,985

  • 11f · Fees: investment management

    total $52,251 · management and general $52,251

  • 11g · Fees: other

    total $74,466 · management and general $74,466

  • 12 · Advertising and promotion

    total $172,733 · program services $141,376 · management and general $31,357

  • 13 · Office expenses

    total $448,168 · program services $362,246 · management and general $85,922

  • 16 · Occupancy

    total $301,095 · program services $246,435 · management and general $54,660

  • 17 · Travel

    total $58,899 · program services $48,207 · management and general $10,692

  • 19 · Conferences, conventions and meetings

    total $141,544 · program services $114,348 · management and general $27,196

  • 22 · Depreciation, depletion and amortization

    total $34,702 · program services $28,402 · management and general $6,300

  • 23 · Insurance

    total $57,531 · program services $47,087 · management and general $10,444

  • 24a · Other expenses: CREDIT LOSSES

    total $60,995 · program services $60,995

  • 24b · Other expenses: DUES AND SUBSCRIPTIONS

    total $20,294 · program services $16,609 · management and general $3,685

  • 24e · All other expenses

    total $39,190 · program services $32,076 · management and general $7,114

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $223,216 · end of year $425,686

  • 2 · Savings and temporary cash investments

    beginning of year $3,517,662 · end of year $3,420,379

  • 4 · Accounts receivable

    beginning of year $2,492,005 · end of year $2,959,475

  • 7 · Other notes and loans receivable

    beginning of year $56,907 · end of year $31,068

  • 9 · Prepaid expenses and deferred charges

    beginning of year $111,731 · end of year $166,841

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

    $611,992

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

    $405,927

  • 10c · Land, buildings and equipment, net

    beginning of year $50,111 · end of year $206,065

  • 11 · Investments: publicly traded securities

    beginning of year $9,249,535 · end of year $12,367,745

  • 12 · Investments: other securities

    beginning of year $469,806 · end of year $197,831

  • 15 · Other assets

    beginning of year $613,782 · end of year $948,122

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,380,905 · end of year $3,090,650

  • 19 · Deferred revenue

    beginning of year $12,000 · end of year $10,325

  • 25 · Other liabilities

    beginning of year $1,900,020 · end of year $2,434,826

  • 27 · Net assets without donor restrictions

    beginning of year $12,491,830 · end of year $15,187,411

Mission and programs · 2023

Mission

WBD IS A BUSINESS FINANCE RESOURCE THAT PROVIDES THE KNOWLEDGE, SERVICES AND ACCESS TO CAPITAL NEEDED TO CREATE JOBS, GROW BUSINESSES AND BUILD COMMUNITIES.

Activities or mission (Part I)

ASSIST SMALL BUSINESSES TO OBTAIN CAPITAL FROM THE SBA TO SUPPORT JOB CREATION AND RETENTION.

  • WBD, INC. WAS FORMED TO ASSIST SMALL BUSINESSES IN GAINING ACCESS TO CAPITAL TO GROW THEIR BUSINESSES, CREATE JOBS, AND BUILD COMMUNITIES. THE CORNERSTONE OF WBD'S SUCCESS IS THE DELIVERY OF THE SBA 504 PRODUCT. SOLD NATIONWIDE EXCLUSIVELY BY NOT-FOR-PROFIT CERTIFIED DEVELOPMENT COMPANIES (CDC), THE SBA 504 LOAN FULFILLS THE U.S. SMALL BUSINESS ADMINISTRATION'S (SBA) PUBLIC POLICY OBJECTIVE TO SUPPORT SMALL BUSINESSES AND CREATE JOBS IN OUR COMMUNITIES THROUGH LONG-TERM, FIXED RATE FINANCING.AT SEPTEMBER 30,2024, WBD'S SBA 504 PORTFOLIO INCLUDED 1,701 LOANS TOTALING $1,019,860,129. DURING THE REPORTING PERIOD, 164 NEW LOANS WERE AUTHORIZED FOR OVER $175 MILLION AS A PART OF PROJECTS TOTALING OVER $506 MILLION. THESE PROJECTS ARE PROJECTED TO CREATE AN ADDITIONAL 981 JOBS. SINCE 1981 WBD HAS HELPED CREATE MORE THAN 76,481 JOBS. THIS PAST YEAR, WBD RANKED AS THE 10TH MOST ACTIVE CDC IN THE NATION, BASED ON NUMBER OF 504 LOANS APPROVED OUT OF ROUGHLY 200 CDCS IN THE U.S. WBD CURRENTLY PROVIDES ACCESS TO FINANCING FOR THOUSANDS OF BUSINESSES THROUGHOUT WISCONSIN, MINNESOTA, AND SERVES WISCONSIN-BORDER AREAS IN THE UPPER PENINSULA OF MICHIGAN. THROUGH OUR LLC AFFILIATE, WBD SERVICE COMPANY, LLC, WE PROVIDE OUTSOURCED SERVICES TO FINANCIAL INSTITUTIONS AND NON-BANK COMMUNITY DEVELOPMENT LENDERS FOR THE SBA GOVERNMENT SPONSORED LENDING PROGRAMS. THROUGH BOTH TRAINING AND OUTSOURCED SERVICES, WBD INCREASES PARTNER INSTITUTIONS' ABILITY TO ACCESS SBA PROGRAMS TO SERVE THEIR BUSINESS CLIENTS. WDB'S EXPERTISE WITH THE SBA 7(A) PROGRAM DELIVERS VALUE FOR PROJECTS THAT NEED MORE THAN FIXED ASSET FINANCING AVAILABLE THROUGH OUR CORE SBA 504 LOAN PROGRAM. DURING THE REPORTING PERIOD, WBD PACKAGED 59- 7(A) LOANS VALUED AT OVER $28 MILLION. THESE LOANS SUPPORTED THE CREATION OF 228 NEW JOBS.ADDITIONALLY, THROUGH OUR PARTNERSHIP WITH VARIOUS COMMUNITY DEVELOPMENT AND MINORITY CHAMBER ORGANIZATIONS, WBD SERVICE COMPANY OFFERS LOAN SERVICING AND BACK-OFFICE SUPPORT ENHANCING THE AGENCIES' ABILITIES TO DELIVER THE SERVICES THEY PROVIDE. THESE AGENCIES INCLUDE, BUT ARE NOT LIMITED TO THE FOLLOWING: HMONG CHAMBER OF COMMERCE, AFRICAN AMERICAN CHAMBER OF COMMERCE, AND WISCONSIN LATINO CHAMBER OF COMMERCE.

    Expenses $7,035,810 · Grants $248,809 · Revenue $9,160,477

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Dan Schneider

    CORPORATE EXECUTIVE OFFICER

    Total calculated
    $413,473
    From this org
    $376,559
    From related orgs
    $0
    Other
    $36,914
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $247,933
    Bonus
    $75,000
    Other
    $53,626
    Deferred
    $14,286
    Nontaxable benefits
    $22,628
    Filer's total
    $413,473

  • Patrick Schloss

    CHAIR

    Total calculated
    $3,550
    From this org
    $3,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • David Borchardt

    VICE CHAIR

    Total calculated
    $2,250
    From this org
    $2,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Barbara Lamue

    SECRETARY

    Total calculated
    $2,800
    From this org
    $2,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • William Mitchell

    DIRECTOR

    Total calculated
    $8,950
    From this org
    $8,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Dave Provancher

    DIRECTOR

    Total calculated
    $1,850
    From this org
    $1,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Thomas Mews

    DIRECTOR

    Total calculated
    $1,350
    From this org
    $1,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Steven Peterson

    DIRECTOR

    Total calculated
    $3,850
    From this org
    $3,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Pam Christenson

    DIRECTOR

    Total calculated
    $1,200
    From this org
    $1,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Shawn Wellnitz

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Craig Aderhold

    DIRECTOR

    Total calculated
    $4,250
    From this org
    $4,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Randal Kyle

    SENIOR VP-CHIEF OPERATING OFFICER

    Total calculated
    $96,154
    From this org
    $96,154
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Wenda Roycraft

    SENIOR VP & CORP CREDIT OFFICER

    Total calculated
    $332,427
    From this org
    $318,394
    From related orgs
    $0
    Other
    $14,033
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $207,135
    Bonus
    $58,000
    Other
    $53,259
    Deferred
    $12,315
    Nontaxable benefits
    $1,718
    Filer's total
    $332,427

  • Stephen Kohl

    VP & LOAN OFFICER

    Total calculated
    $249,406
    From this org
    $219,696
    From related orgs
    $0
    Other
    $29,710
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $140,879
    Bonus
    $77,465
    Other
    $1,352
    Deferred
    $10,082
    Nontaxable benefits
    $19,628
    Filer's total
    $249,406

  • Jason Monnett

    SENIOR VP & SENIOR LENDER

    Total calculated
    $274,605
    From this org
    $255,654
    From related orgs
    $0
    Other
    $18,951
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,460
    Bonus
    $50,000
    Other
    $27,194
    Deferred
    $9,873
    Nontaxable benefits
    $9,078
    Filer's total
    $274,605

  • Nicholas Drewsen

    VP & LOAN OFFICER

    Total calculated
    $213,068
    From this org
    $202,577
    From related orgs
    $0
    Other
    $10,491
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,078
    Bonus
    $56,522
    Other
    $977
    Deferred
    $9,123
    Nontaxable benefits
    $1,368
    Filer's total
    $213,068

  • Lance Walter

    SENIOR VP MARKETING & COMMUNICATIONS

    Total calculated
    $231,876
    From this org
    $202,659
    From related orgs
    $0
    Other
    $29,217
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $140,187
    Bonus
    $38,000
    Other
    $24,472
    Deferred
    $6,589
    Nontaxable benefits
    $22,628
    Filer's total
    $231,876

  • Marcie Mahuta

    SENIOR VP OF FINANCE & ADMIN

    Total calculated
    $240,490
    From this org
    $216,329
    From related orgs
    $0
    Other
    $24,161
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $147,621
    Bonus
    $41,000
    Other
    $27,708
    Deferred
    $8,593
    Nontaxable benefits
    $15,568
    Filer's total
    $240,490

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 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 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

  • FOR-M FOUNDATION INC

    $50,000

    SUPPORTING A NUMBER OF AI PROGRAMS DESIGNED TO HELP BUSINESSES BEGIN TO PLAN AND TAKE ADVANTAGE OF AI IN MANUFACTURING

  • DULUTH AREA CHAMBER FOUNDATION

    $50,000

    SUPPORT OF THE WORKFORCE FUND THAT PROVIDES ASSISTANCE IN REMOVING BARRIERS TO EMPLOYMENT

  • HMONG AMERICAN PARTNERSHIP

    $50,000

    SUPPORTING THE BUILD OUT OF A NEW INTAKE STYTEM TO BETTER CONNECT CLIENTS WITH A FULL ARRAY OF SERVICES AT HAP

  • MIDDLETON CHAMBER OF COMMERCE FOUNDATION INC

    $50,000

    SUPPORTING THE BUILDING OF AN INTERFACE WITH MISSION WORKFORCE ALLIANCE TO AID CHAMBERS ACROSS WI IN CONNECTING WITH VETS LEAVING ACTIVE SERVICE

  • WI SMALL BUSINESS DEVELOPMENT CENTER AT UW MADISON

    $25,000

    SUPPORTING THE BUSINESS ACCOUNTING AND PROJECTION CLINIC'S LAUNCH OF A NEW BEGINNERS GUIDE TO FINANCIAL PROJECTIONS SELF GUIDED CLASS

  • NEW NORTH INC

    $18,000

    SPONSORSHIP OF REGIONAL BUSINESS PITCH CONTESTS

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.

  • WBD SERVICE COMPANY LLC

    LOAN UNDERWRITING, SERVICING, AND COMPLIANCE · WI · income $333,109 · assets $245,196

    Directly controlled by WBD INC

Provenance

Return type
form_990
Tax year
2023
Filed
7 February 2025
IRS schema version
2023v6.0
Source object
202530389349301883

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