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Nonprofiteer
← MILWAUKEE ECONOMIC DEVELOPMENT CORP

Form 990 for tax year 2023

Filed by MILWAUKEE ECONOMIC DEVELOPMENT CORP.

Totals

Total revenue
$5,024,369
Total expenses
$5,156,100
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$3,675,679
Investment income
$1,342,180
Other revenue
$6,510
Total assets, end of year
$133,022,594
Total liabilities, end of year
$46,441,388
Net assets or fund balances, end of year
$86,581,206
Program services expenses (Part IX)
$4,590,605
Management and general expenses
$565,495
Fundraising expenses
$0
Program service expenses (Part III)
$4,590,605

Program services were 89.0% 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: LOAN INTEREST

    total $3,485,935 · related or exempt $3,485,935

  • 2b · Program service revenue: MGMT & SERVICE FEES

    total $189,744 · related or exempt $189,744

  • 3 · Investment income

    total $1,342,180 · excluded $1,342,180

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $6,510 · excluded $6,510

  • 11e · Other revenue, total

    $6,510

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $559,809 · program services $503,831 · management and general $55,978

  • 7 · Other salaries and wages

    total $761,206 · program services $685,089 · management and general $76,117

  • 8 · Pension plan contributions

    total $99,308 · program services $89,377 · management and general $9,931

  • 9 · Other employee benefits

    total $320,952 · program services $288,857 · management and general $32,095

  • 10 · Payroll taxes

    total $84,112 · program services $75,701 · management and general $8,411

  • 11a · Fees: management

    total $71,047 · management and general $71,047

  • 11b · Fees: legal

    total $112,534 · management and general $112,534

  • 11c · Fees: accounting

    total $120,776 · management and general $120,776

  • 12 · Advertising and promotion

    total $41,894 · program services $41,894

  • 13 · Office expenses

    total $726,477 · program services $653,829 · management and general $72,648

  • 20 · Interest

    total $404,957 · program services $404,957

  • 22 · Depreciation, depletion and amortization

    total $59,581 · program services $53,623 · management and general $5,958

  • 23 · Insurance

    total $88,540 · program services $88,540

  • 24a · Other expenses: LOAN LOSS PROVISION

    total $1,704,907 · program services $1,704,907

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $17,194,643 · end of year $19,493,690

  • 2 · Savings and temporary cash investments

    beginning of year $21,313,242 · end of year $13,357,347

  • 4 · Accounts receivable

    beginning of year $166,802 · end of year $11,291

  • 7 · Other notes and loans receivable

    beginning of year $80,862,533 · end of year $93,934,161

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

    $588,925

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

    $504,937

  • 10c · Land, buildings and equipment, net

    beginning of year $143,569 · end of year $83,988

  • 12 · Investments: other securities

    beginning of year $117,000 · end of year $89,000

  • 15 · Other assets

    beginning of year $14,406,011 · end of year $6,053,117

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,931,807 · end of year $15,558,255

  • 23 · Secured mortgages and notes payable

    beginning of year $26,509,901 · end of year $28,193,087

  • 25 · Other liabilities

    beginning of year $2,659,824 · end of year $2,690,046

  • 27 · Net assets without donor restrictions

    beginning of year $84,981,452 · end of year $75,824,592

  • 28 · Net assets with donor restrictions

    beginning of year $9,120,816 · end of year $10,756,614

Mission and programs · 2023

Mission

MEDC PROVIDES GAP FINANCING TO BUSINESSES IN ORDER TO CREATE EMPLOYMENT OPPORTUNITIES AND INCREASE LOCAL INCOMES THROUGH THE RETENTION, EXPANSION AND DEVELOPMENT OF MANUFACTURING, SERVICE AND OTHER COMMERCIAL ESTABLISHMENTS LOCATED IN MILWAUKEE, WAUKESHA, WASHINGTON, WALWORTH, RACINE, KENOSHA AND OZAUKEE COUNTIES (COLLECTIVELY M7 REGION).

  • LENDING: MEDC PROVIDES GAP LOANS AT BELOW MARKET INTEREST RATES TO MILWAUKEE AREA BUSINESSES. MOST TIMES THERE IS A PARTNER BANK WHICH PROVIDES SOME OF THE PROJECT FINANCING. MEDC'S APPROACH TO LENDING REVOLVES AROUND TWO FUNDAMENTAL PRINCIPLES: SHARING RISK WITH ALL PARTICIPANTS IN A PROJECT AND PROVIDE LOANS WHERE THERE IS A GAP BETWEEN AVAILABLE DEBT AND EQUITY.

    Expenses $4,400,861 · Revenue $3,485,935

  • MEDC PROVIDED GRANT REVIEW SERVICES TO THE MILWAUKEE DEVELOPMENT CORPORATION FOR A PROGRAM IT WAS RUNNING FOR THE WEDC, THE WI TOMORROW MAIN STREET BOUNCEBACK GRANT. MEDC PROVIDED SERVICES OF GRANT REVIEW, PAYMENT PROCESSING.

    Expenses $189,744 · Revenue $189,744

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

Listed in Part VII

  • David Latona

    PRESIDENT & SECRETARY

    Total calculated
    $319,639
    From this org
    $273,583
    From related orgs
    $0
    Other
    $46,056
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $214,993
    Bonus
    $0
    Other
    $58,590
    Deferred
    $16,817
    Nontaxable benefits
    $29,239
    Filer's total
    $319,639

  • Thomas O'Neill

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Amelia Macareno

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Andy Melvin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Cavalier Johnson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Craig Schmutzer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • D Patrick O'Brien

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Debra Kesslar

    DIRECTOR (TERM 08/2023)

    Total calculated
    $0
    Hours/week
    1

  • Dr Eve Hall

    DIRECTOR (TERM 08/2023)

    Total calculated
    $0
    Hours/week
    1

  • Gina Stilp

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Greg Bauer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ivan Gamboa

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • James Roemer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John Hazod

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John Zanghi

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kelsey Brenn

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kenneth Robertson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michael Murphy

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Nate Zastrow

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Paul Kleiner

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Perfecto Rivera

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Rebecca Mitich

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sarah Lutz

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Steve Barth

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Thomas Zale

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Tom Fotsch

    DIRECTOR (START 04/2023)

    Total calculated
    $0
    Hours/week
    1

  • William Feagles

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John Miller

    VICE PRESIDENT & TREASURER

    Total calculated
    $240,171
    From this org
    $204,005
    From related orgs
    $0
    Other
    $36,166
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $181,505
    Bonus
    $0
    Other
    $22,500
    Deferred
    $12,550
    Nontaxable benefits
    $23,616
    Filer's total
    $240,171

  • Susan Eick

    RELATIONSHIP MANAGER

    Total calculated
    $122,254
    From this org
    $105,554
    From related orgs
    $0
    Other
    $16,700
    Hours/week
    40

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 · Form 990 of other organizations
  • 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

No itemized grants to organizations on this return.

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.

  • SH ACQUISITION LLC

    REAL ESTATE · WI · income $0 · assets $3,685,209

    Directly controlled by MEDC

  • MEDC CAPITAL FUND VIII LLC

    LENDING · WI · income $54,483 · assets $1,246,117

    Directly controlled by MEDC

  • MEDC CAPITAL FUND X LLC

    LENDING · WI · income $94,035 · assets $1,744,927

    Directly controlled by MEDC

  • MEDC CAPITAL FUND XI LLC

    LENDING · WI · income $242,872 · assets $9,073,717

    Directly controlled by MEDC

Related partnerships

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

  • LCM FUNDS PITTSBURGH LLC

    RELATED · REAL ESTATE · WI · 10% owned · share of income $42,329 · share of assets $728,932 · general or managing partner

  • YANKEE HILL HOUSING PARTNERS

    RELATED · REAL ESTATE · WI · 48.51% owned · share of income $848,090 · share of assets $4,455,604 · general or managing partner

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202433199349306568

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