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← ROCK ISLAND ECONOMIC GROWTH CORPORATION

Form 990 for tax year 2023

Filed by ROCK ISLAND ECONOMIC GROWTH CORPORATION.

Totals

Total revenue
$4,521,470
Total expenses
$5,707,859
Contributions and grants received
$1,730,909
Grants paid
$24,802
Program service revenue
$1,763,622
Investment income
$109,400
Other revenue
$917,539
Total assets, end of year
$42,717,661
Total liabilities, end of year
$34,434,668
Net assets or fund balances, end of year
$8,282,993
Program services expenses (Part IX)
$5,273,922
Management and general expenses
$433,937
Fundraising expenses
$0
Program service expenses (Part III)
$5,273,922

Program services were 92.4% 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)

    $1,558,809

  • 1f · All other contributions, gifts and grants

    $172,100

  • 2a · Program service revenue: RENTAL REVENUE

    total $1,763,622 · related or exempt $1,763,622

  • 3 · Investment income

    total $325,694 · excluded $325,694

  • 7a · Gross sales of assets other than inventory

    other assets $1,551,900

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

    other assets $1,768,194

  • 7c · Gain or loss

    other assets -$216,294

  • 7d · Net gain or loss

    total -$216,294 · excluded -$216,294

  • 11a · Other revenue: MISCELLANEOUS

    total $810,586 · related or exempt $810,586

  • 11b · Other revenue: TAX CREDIT SALES

    total $474,365 · related or exempt $474,365

  • 11c · Other revenue: MANAGEMENT FEES

    total $97,015 · related or exempt $97,015

  • 11d · All other revenue

    total -$464,427 · excluded -$464,427

  • 11e · Other revenue, total

    $917,539

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $24,802 · program services $24,802

  • 5 · Compensation of officers, directors and key employees

    total $566,037 · program services $446,778 · management and general $119,259

  • 7 · Other salaries and wages

    total $555,709 · program services $438,626 · management and general $117,083

  • 8 · Pension plan contributions

    total $38,349 · program services $30,269 · management and general $8,080

  • 9 · Other employee benefits

    total $117,112 · program services $92,438 · management and general $24,674

  • 10 · Payroll taxes

    total $20,036 · program services $15,815 · management and general $4,221

  • 11a · Fees: management

    total $1,682 · management and general $1,682

  • 11b · Fees: legal

    total $2,179 · management and general $2,179

  • 11c · Fees: accounting

    total $156,759 · management and general $156,759

  • 11g · Fees: other

    total $2,993 · program services $2,993

  • 12 · Advertising and promotion

    total $25,997 · program services $25,997

  • 13 · Office expenses

    total $112,666 · program services $112,666

  • 16 · Occupancy

    total $1,327,835 · program services $1,327,835

  • 17 · Travel

    total $18,307 · program services $18,307

  • 19 · Conferences, conventions and meetings

    total $22,571 · program services $22,571

  • 20 · Interest

    total $979,301 · program services $979,301

  • 22 · Depreciation, depletion and amortization

    total $792,079 · program services $792,079

  • 23 · Insurance

    total $180,606 · program services $180,606

  • 24a · Other expenses: RENOVATION EXPENSE

    total $630,441 · program services $630,441

  • 24b · Other expenses: MISCELLANEOUS EXPENSE

    total $90,237 · program services $90,237

  • 24c · Other expenses: BAD DEBT EXPENSE

    total $42,161 · program services $42,161

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $596,860 · end of year $921,522

  • 2 · Savings and temporary cash investments

    beginning of year $1,414,732 · end of year $1,272,718

  • 4 · Accounts receivable

    beginning of year $2,942,134 · end of year $3,718,834

  • 7 · Other notes and loans receivable

    beginning of year $14,628,879 · end of year $14,687,725

  • 9 · Prepaid expenses and deferred charges

    beginning of year $32,068 · end of year $17,032

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

    $20,228,884

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

    $10,720,337

  • 10c · Land, buildings and equipment, net

    beginning of year $14,178,804 · end of year $9,508,547

  • 12 · Investments: other securities

    beginning of year $206,277 · end of year $393,729

  • 15 · Other assets

    beginning of year $8,645,831 · end of year $12,197,554

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,474,122 · end of year $2,316,560

  • 19 · Deferred revenue

    beginning of year $2,144,649 · end of year $4,547,845

  • 23 · Secured mortgages and notes payable

    beginning of year $29,984,121 · end of year $27,462,714

  • 25 · Other liabilities

    beginning of year $116,371 · end of year $107,549

  • 27 · Net assets without donor restrictions

    beginning of year $8,925,322 · end of year $8,281,993

  • 28 · Net assets with donor restrictions

    beginning of year $1,000 · end of year $1,000

Mission and programs · 2023

Mission

THE MISSION OF ROCK ISLAND ECONOMIC GROWTH CORPORATION IS TO RENOVATE AND BUILD NEW SINGLE FAMILY OR MULTI-FAMILY HOUSING IN THE MIDWEST REGION; TO FOSTER LOW-INCOME HOUSING THAT: ENHANCES THE OVERALL IMAGE AND ECONOMIC VITALITY OF THE REGION; IMPROVES HOUSING MARKET DYNAMICS IN THE REGION, ESPECIALLY IN ITS OLDER, BLIGHTED NEIGHBORHOODS; ENCOURAGES HOME OWNERSHIP; IS COMMITTED TO DEVELOPING AFFORDABLE HOUSING; PROMOTES BUILDING CONSTRUCTION AND MAINTENANCE, TRAINING OF HOMEBUYERS AND NEIGHBORHOOD RESIDENTS.

Activities or mission (Part I)

TO REVITALIZE AND STABILIZE THE ECONOMY AND RESIDENTIAL NEIGHBORHOODS IN THE MIDWEST REGION.

  • ROCK ISLAND ECONOMIC GROWTH CORPORATION STABILIZES AND REHABILITATES RESIDENTIAL NEIGHBORHOODS IN THE MIDWEST REGION BY DEVELOPING HOUSING, MANAGING HOUSING AND PROVIDING ASSISTANCE TO HOMEBUYERS INCLUDING, BUT NOT LIMITED TO, HOMEBUYER AND HOMEOWNER EDUCATION, CLOSING COST AND DOWN PAYMENT ASSISTANCE, REHABILITATION COST ASSISTANCE AND FORECLOSURE PREVENTION.

    Expenses $5,273,922 · Grants $24,802 · Revenue $2,889,957

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

Listed in Part VII

  • Ametra Carrol

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Damita Davis-Wren

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Daryl Empen

    FORMER TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Linda Golden

    FORMER BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Ryan Hatten

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Denise Isaac

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Amy Jones

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Alvaro Macias

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jan Masamoto

    FORMER BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Loredia Nunn-Dixon

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Steve Ollenburg

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Lindsey Ramos

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Lori Roderick

    FORMER BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Stella Schneekloth

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jane Schneider

    TREASURER/PAST CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Phyllis Schwindt

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Shelley Sheehy

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Kathy Springer

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Darryl Thompson

    FORMER BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Shelly Tucciarelli

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Brian Hollenback

    PRESIDENT AND CEO

    Total calculated
    $351,132
    From this org
    $107,222
    From related orgs
    $214,971
    Other
    $28,939
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $106,808 + $159,557 related
    Bonus
    $0 + $55,000 related
    Other
    $414 + $414 related
    Deferred
    $4,604 + $4,605 related
    Nontaxable benefits
    $9,865 + $9,865 related
    Filer's total
    $121,691 + $229,441 related

  • Cynthia Berg

    CHIEF FINANCIAL OFFICER

    Total calculated
    $214,906
    From this org
    $151,370
    From related orgs
    $44,471
    Other
    $19,065
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,752 + $34,356 related
    Bonus
    $0 + $10,000 related
    Other
    $618 + $115 related
    Deferred
    $4,809 + $890 related
    Nontaxable benefits
    $11,278 + $2,088 related
    Filer's total
    $167,457 + $47,449 related

  • Elizabeth Payne

    VICE PRESIDENT

    Total calculated
    $124,937
    From this org
    $101,195
    From related orgs
    $20,107
    Other
    $3,635
    Hours/week
    40

  • Andrew Fisher

    CONSTRUCTION DIRECTOR

    Total calculated
    $114,173
    From this org
    $100,745
    From related orgs
    $0
    Other
    $13,428
    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 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 7
THE PRESIDENT OF ROCK ISLAND ECONOMIC GROWTH CORPORATION RECEIVES AN ANNUAL PERFORMANCE-BASED BONUS. FOR 2023 THE BONUS WAS BASED ON THE FOLLOWING BENCHMARKS: -IMPLEMENTING AND ACHIEVING THE STRATEGIC PLAN -MANAGING ORGANIZATIONAL AND PERSONNEL SUCCESSFULLY -MAINTAINING AND ENHANCING THE FISCAL SOUNDNESS OF THE ORGANIZATIONS

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.

  • COATSWORTH APARTMENTS LLC

    RENTAL REAL ESTATE · IL · income -$45,591 · assets $1,434,914

    Directly controlled by ROCK ISLAND ECONOMIC GROWTH CORPORATION

  • ECONOMIC GROWTH MASTER TENANT MM LLC

    RENTAL REAL ESTATE · IL · income -$1,127 · assets $4,772

    Directly controlled by ROCK ISLAND ECONOMIC GROWTH CORPORATION

  • ECONOMIC GROWTH SPRINGFIELD LLC

    RENTAL REAL ESTATE · IL · income -$246,595 · assets $125,898

    Directly controlled by ROCK ISLAND ECONOMIC GROWTH CORPORATION

  • GOLDMAN FAMILY BLOCK LLC

    RENTAL REAL ESTATE · IL · income -$8,730 · assets $151,545

    Directly controlled by ROCK ISLAND ECONOMIC GROWTH CORPORATION

  • GROWTH GENERAL CONTRACTING LLC

    CONSTRUCTION AND GENERAL CONTRACTING SERVICES · IL · income $68,789 · assets $500,550

    Directly controlled by ROCK ISLAND ECONOMIC GROWTH CORPORATION

  • GROWTH GENTRY GP MEMBER LLC

    RENTAL REAL ESTATE · IL · income -$414 · assets $50,106

    Directly controlled by ROCK ISLAND ECONOMIC GROWTH CORPORATION

  • HOME BASE PROPERTY MANAGEMENT LLC

    PROPERTY MANAGEMENT · IL · income $42,871 · assets $380,706

    Directly controlled by ROCK ISLAND ECONOMIC GROWTH CORPORATION

  • JACKSON SQUARE LOFTS LLC

    RENTAL REAL ESTATE · IL · income -$63,660 · assets $1,379,158

    Directly controlled by ROCK ISLAND ECONOMIC GROWTH CORPORATION

  • SALA FLATS GP LLC

    RENTAL REAL ESTATE · IL · income -$147 · assets -$10,940

    Directly controlled by ROCK ISLAND ECONOMIC GROWTH CORPORATION

  • SALA FLATS LIMITED PARTNERSHIP LLC

    RENTAL REAL ESTATE · IL · income -$147,193 · assets -$1,083,056

    Directly controlled by ROCK ISLAND ECONOMIC GROWTH CORPORATION

  • SHIMER SQUARE GP LLC

    RENTAL REAL ESTATE · IL · income $0 · assets $600

    Directly controlled by ROCK ISLAND ECONOMIC GROWTH CORPORATION

  • SHIMER SQUARE I LP

    RENTAL REAL ESTATE · IL · income $0 · assets $600

    Directly controlled by SHIMER SQUARE GP LLC

  • STAR BLOCK LOFTS LLC

    RENTAL REAL ESTATE · IL · income -$44,332 · assets $637,368

    Directly controlled by ROCK ISLAND ECONOMIC GROWTH CORPORATION

  • THE GARDEN DISTRICT LLC

    RENTAL REAL ESTATE · IL · income -$90,973 · assets $167,263

    Directly controlled by ROCK ISLAND ECONOMIC GROWTH CORPORATION

  • THE LOCKS AT ROCK ISLAND LLC

    RENTAL REAL ESTATE · IL · income -$104,190 · assets $4,778,782

    Directly controlled by ROCK ISLAND ECONOMIC GROWTH CORPORATION

  • SALA FLATS LP

    RENTAL REAL ESTATE · IL · income -$147,340 · assets $3,581,736

    Directly controlled by SALA FLATS GP LLC

  • RENAISSANCE GOLD LP

    RENTAL REAL ESTATE · IL · income -$249,208 · assets $3,175,280

    Directly controlled by REN GOLD GP LLC

  • REN GOLD GP LLC

    RENTAL REAL ESTATE · IL · income -$249 · assets -$13,102

    Directly controlled by ROCK ISLAND ECONOMIC GROWTH CORPORATION

  • REN GOLD LP LLC

    RENTAL REAL ESTATE · IL · income -$248,959 · assets -$1,297,135

    Directly controlled by ROCK ISLAND ECONOMIC GROWTH CORPORATION

  • MAKERS ON FIFTH LLC

    RENTAL REAL ESTATE · IA · income -$95,652 · assets $16,875

    Directly controlled by ROCK ISLAND ECONOMIC GROWTH CORPORATION

Related partnerships

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

  • LAWRENCE LOFTS LP

    RENTAL REAL ESTATE · IL · general or managing partner

  • SPRINGFIELD URBAN REDEVELOPMENT LLC

    RENTAL REAL ESTATE · IL · general or managing partner

  • SPUR MASTER TENANT LLC

    RENTAL REAL ESTATE · IL · general or managing partner

  • ORCHARDS OF GENTRY GP LLC

    RENTAL REAL ESTATE · AR · general or managing partner

  • THE ORCHARDS OF GENTRY I LP

    RENTAL REAL ESTATE · AR · general or managing partner

  • WILSON LOFTS LP

    RENTAL REAL ESTATE · IA · general or managing partner

  • WILSON QALICB LLC

    RENTAL REAL ESTATE · IA · general or managing partner

  • WILSON LOFTS TENANT LLC

    RENTAL REAL ESTATE · IA · general or managing partner

  • SHIMER PHASE 2 LP

    RENTAL REAL ESTATE · IL · general or managing partner

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • ROCK ISLAND ECONOMIC GROWTH PLUS

    C · REAL ESTATE · IL · 100% owned · share of income -$1,575 · share of assets $4,707 · controlled entity

    Directly controlled by ROCK ISLAND ECONOMIC GROWTH CORPORATION

  • CENTRAL STATES DEVELOPMENT PARTNERS INC

    C · COMMUNITY DEVELOPMENT · IL · 100% owned · share of income $556,363 · share of assets $1,049,357 · controlled entity

    Directly controlled by ROCK ISLAND ECONOMIC GROWTH CORPORATION

  • LAWRENCE LOFTS GP LLC

    C · REAL ESTATE · IL · 100% owned · share of income -$21 · share of assets $43,485 · controlled entity

    Directly controlled by ROCK ISLAND ECONOMIC GROWTH CORPORATION

  • WILSON LOFTS GP LLC

    C · REAL ESTATE · IA · 100% owned · share of income -$259,556 · share of assets $184,352 · controlled entity

    Directly controlled by ROCK ISLAND ECONOMIC GROWTH CORPORATION

  • SHIMER PHASE 2 GP LLC

    C · REAL ESTATE · IL · 100% owned · controlled entity

    Directly controlled by ROCK ISLAND ECONOMIC GROWTH CORPORATION

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202433199349315553

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