Form 990 for tax year 2024
Filed by BUSINESS DEVELOPMENT CORPORATION.
Totals
- Total revenue
- $1,001,719
- Total expenses
- $672,095
- Contributions and grants received
- $0
- Grants paid
- $7,500
- Program service revenue
- $655,870
- Investment income
- $345,849
- Other revenue
- $0
- Total assets, end of year
- $6,491,579
- Total liabilities, end of year
- $697,210
- Net assets or fund balances, end of year
- $5,794,369
- Program services expenses (Part IX)
- $452,532
- Management and general expenses
- $219,563
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $452,532
Program services were 67.3% 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: LOAN SERVICE FEES
total $455,165 · related or exempt $455,165
-
2b · Program service revenue: LOAN ORIGINATION FEES
total $147,380 · related or exempt $147,380
-
2c · Program service revenue: INTEREST ON LOANS
total $31,919 · related or exempt $31,919
-
2d · Program service revenue: CUSTOMER REIMBURSEMENTS
total $21,406 · related or exempt $21,406
-
3 · Investment income
total $271,910 · excluded $271,910
-
7a · Gross sales of assets other than inventory
securities $455,987
-
7b · Less cost or other basis and sales expenses
securities $382,048
-
7c · Gain or loss
securities $73,939
-
7d · Net gain or loss
total $73,939 · related or exempt $71,652 · excluded $2,287
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $7,500 · program services $7,500
-
5 · Compensation of officers, directors and key employees
total $337,955 · program services $280,532 · management and general $57,423
-
7 · Other salaries and wages
total $69,800 · program services $25,434 · management and general $44,366
-
8 · Pension plan contributions
total $2,833 · program services $1,366 · management and general $1,467
-
9 · Other employee benefits
total $14,048 · program services $5,804 · management and general $8,244
-
10 · Payroll taxes
total $25,380 · program services $18,711 · management and general $6,669
-
11b · Fees: legal
total $17,641 · program services $17,186 · management and general $455
-
11c · Fees: accounting
total $18,100 · management and general $18,100
-
11f · Fees: investment management
total $20,626 · management and general $20,626
-
11g · Fees: other
total $3,925 · management and general $3,925
-
12 · Advertising and promotion
total $2,360 · program services $2,360
-
13 · Office expenses
total $35,448 · management and general $35,448
-
16 · Occupancy
total $49,893 · program services $36,792 · management and general $13,101
-
22 · Depreciation, depletion and amortization
total $4,114 · management and general $4,114
-
24a · Other expenses: DIRECT LOAN COSTS
total $46,847 · program services $46,847
-
24b · Other expenses: PROVISION FOR LOAN LOSSES
total $10,000 · program services $10,000
-
24c · Other expenses: BOARD AND COMMITTEE EXPEN
total $5,625 · management and general $5,625
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $145,816 · end of year $689,442
-
2 · Savings and temporary cash investments
beginning of year $1,020,789 · end of year $697,927
-
7 · Other notes and loans receivable
beginning of year $582,767 · end of year $516,586
-
9 · Prepaid expenses and deferred charges
beginning of year $18,991 · end of year $19,463
-
10a · Land, buildings and equipment: cost or other basis
$47,846
-
10b · Land, buildings and equipment: accumulated depreciation
$38,369
-
10c · Land, buildings and equipment, net
beginning of year $7,106 · end of year $9,477
-
11 · Investments: publicly traded securities
beginning of year $3,555,266 · end of year $3,895,648
-
15 · Other assets
beginning of year $681,980 · end of year $663,036
-
17 · Accounts payable and accrued expenses
beginning of year $2,478 · end of year $54,262
-
19 · Deferred revenue
beginning of year $500,000 · end of year $500,000
-
25 · Other liabilities
beginning of year $172,738 · end of year $142,948
-
27 · Net assets without donor restrictions
beginning of year $5,337,499 · end of year $5,794,369
Mission and programs · 2024
Mission
TO FURTHER ECONOMIC DEVELOPMENT,PRINCIPALLY WITHIN ANY AND ALL COUNTIES LOCATED IN NORTH CENTRAL INDIANA AND SOUTHWEST MICHIGAN.
-
ECONOMIC DEVELOPMENT. CLOSED AND FUNDED 9 LOANS TOTALING 9,552,320 AS OF FISCAL YEAR ENDING 9/30/2024 AND ALSO APPROVED 11 LOANS TOTALING 7,087,000. IN ADDITION, ALSO PROVIDED 7,500 IN GRANTS TO SEVERAL SMALL LOCAL NONPROFIT ORGANIZATIONS.
Expenses $452,532 · Grants $7,500 · Revenue $655,870
As filed on the 2024 return.
Listed in Part VII
-
CARRIE KOSAC
PRESIDENT
- Total calculated
- $31,635
- From this org
- $31,635
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
-
ELIZABETH J WITTLING
PRESIDENT/CO
- Total calculated
- $204,638
- From this org
- $169,880
- From related orgs
- $0
- Other
- $34,758
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $137,000
- Bonus
- $32,880
- Other
- not reported
- Deferred
- $34,758
- Nontaxable benefits
- not reported
- Filer's total
- $204,638
-
KALIN MILLER
ACCOUNTANT/C
- Total calculated
- $101,682
- From this org
- $82,600
- From related orgs
- $0
- Other
- $19,082
- Hours/week
- 40
-
PETER GILLIN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
RYAN HOFFMAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
NICK MATTHEWS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
JILL SCICCHITANO
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
ALAN STEELE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
BRYAN OLUND
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
PATTY MCNARNEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
HEATHER OBERMEYER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
MATT WETZEL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
PATTY WHEELER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
WILLIAM HEFFELFINGER CPA
TREASURER
- Total calculated
- $0
- Hours/week
- 2
-
RYAN BELL
SECRETARY
- Total calculated
- $0
- Hours/week
- 2
-
TOM ROSS
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 2
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 · Approval by the board or compensation committee
- 5a · Pay contingent on this organization's revenues
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 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
The filer's explanations (Part III)
- SCHEDULE J, PAGE 1, PART I, LINE 5A
- THE ORGANIZATION'S BOARD OF DIRECTORS ESTABLISHED A BONUS PLAN IN 2010 FOR ITS TOP MANAGEMENT THAT PROVIDES BONUSES IF TOTAL STAFFING COSTS ARE LESS THAN 50% OF "PRODUCTION INCOME" (AS DEFINED IN THE PLAN). THE BONUSES ARE LIMITED IF NET EARNINGS (AS DEFINED IN THE PLAN) DO NOT REACH 30,000, AND ARE FURTHER LIMITED TO SPECIFIED PERCENTAGES OF BASE PAY BY EMPLOYEE.
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
-
OTHERS
$7,500
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 27 May 2025
- IRS schema version
- 2024v5.0
- Source object
- 202511509349300721
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