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Nonprofiteer
← LEGACY REDEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by LEGACY REDEVELOPMENT CORPORATION.

Totals

Total revenue
$1,699,010
Total expenses
$1,353,779
Contributions and grants received
$1,240,449
Grants paid
$345,000
Program service revenue
$49,155
Investment income
$408,806
Other revenue
$600
Total assets, end of year
$10,893,308
Total liabilities, end of year
$9,436,488
Net assets or fund balances, end of year
$1,456,820
Program services expenses (Part IX)
$1,190,126
Management and general expenses
$136,558
Fundraising expenses
$27,095
Program service expenses (Part III)
$1,190,126

Program services were 87.9% 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)

    $1,111,776

  • 1f · All other contributions, gifts and grants

    $128,673

  • 2a · Program service revenue: LOAN SERVICE FEES

    total $49,155 · related or exempt $49,155

  • 3 · Investment income

    total $408,806 · related or exempt $408,613 · excluded $193

  • 11a · Other revenue: MISCELLANEOUS REVENUE

    total $600 · excluded $600

  • 11e · Other revenue, total

    $600

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $345,000 · program services $345,000

  • 5 · Compensation of officers, directors and key employees

    total $123,867 · program services $103,790 · management and general $13,520 · fundraising $6,557

  • 7 · Other salaries and wages

    total $205,019 · program services $176,774 · management and general $16,485 · fundraising $11,760

  • 9 · Other employee benefits

    total $47,226 · program services $43,054 · management and general $2,376 · fundraising $1,796

  • 10 · Payroll taxes

    total $24,010 · program services $20,740 · management and general $1,900 · fundraising $1,370

  • 11b · Fees: legal

    total $2,057 · program services $2,057

  • 11c · Fees: accounting

    total $38,970 · program services $34,210 · management and general $2,890 · fundraising $1,870

  • 11g · Fees: other

    total $44,246 · program services $29,483 · management and general $14,763

  • 12 · Advertising and promotion

    total $15,409 · program services $7,030 · management and general $8,379

  • 13 · Office expenses

    total $4,808 · program services $1,676 · management and general $3,132

  • 14 · Information technology

    total $18,230 · program services $1,093 · management and general $17,137

  • 16 · Occupancy

    total $47,347 · program services $22,178 · management and general $23,927 · fundraising $1,242

  • 17 · Travel

    total $933 · program services $860 · management and general $73

  • 19 · Conferences, conventions and meetings

    total $6,015 · program services $2,432 · management and general $3,583

  • 20 · Interest

    total $314,577 · program services $314,577

  • 22 · Depreciation, depletion and amortization

    total $2,261 · program services $208 · management and general $2,053

  • 23 · Insurance

    total $10,976 · program services $20 · management and general $10,956

  • 24a · Other expenses: LOAN LOSS RESERVE

    total $60,000 · program services $60,000

  • 24b · Other expenses: EQUIP RENTAL & MAINTENA

    total $18,007 · program services $17,527 · management and general $480

  • 24c · Other expenses: OTHER EXPENSES

    total $17,020 · program services $2,519 · management and general $13,001 · fundraising $1,500

  • 24d · Other expenses: DUES & SUBSCRIPTIONS

    total $3,080 · program services $2,000 · management and general $80 · fundraising $1,000

  • 24e · All other expenses

    total $4,721 · program services $2,898 · management and general $1,823

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $714,517 · end of year $1,144,437

  • 2 · Savings and temporary cash investments

    beginning of year $1,472,902 · end of year $1,180,226

  • 4 · Accounts receivable

    beginning of year $76,996 · end of year $375,263

  • 7 · Other notes and loans receivable

    beginning of year $8,324,537 · end of year $7,992,953

  • 9 · Prepaid expenses and deferred charges

    beginning of year $15,432 · end of year $15,784

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

    $14,757

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

    $11,584

  • 10c · Land, buildings and equipment, net

    beginning of year $5,226 · end of year $3,173

  • 15 · Other assets

    beginning of year $24,894 · end of year $181,472

  • 17 · Accounts payable and accrued expenses

    beginning of year $26,974 · end of year $69,949

  • 19 · Deferred revenue

    beginning of year $1,278,029 · end of year $1,002,697

  • 21 · Escrow or custodial account liability

    beginning of year $597 · end of year $3,913

  • 23 · Secured mortgages and notes payable

    beginning of year $8,217,315 · end of year $8,359,929

  • 27 · Net assets without donor restrictions

    beginning of year $1,060,022 · end of year $1,440,040

  • 28 · Net assets with donor restrictions

    beginning of year $51,567 · end of year $16,780

Mission and programs · 2022

Mission

LEGACY REDEVELOPMENT CORPORATION (LRC) IS A NON-PROFIT COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) REVOLVING LOAN FUND WHOSE MISSION IS TO ENHANCE NEIGHBORHOOD VITALITY, FACILITATE A SUSTAINABLE AND ECONOMICALLY DIVERSE COMMUNITY, AND BUILD WEALTH THROUGH THE DESIGN AND IMPLEMENTATION OF INNOVATIVE FINANCE PROGRAMS IN THE CITY OF MILWAUKEE.

Activities or mission (Part I)

TO ENHANCE NEIGHBORHOOD VITALITY, FACILITATE A SUSTAINABLE AND ECONOMICALLY DIVERSE COMMUNITY, AND BUILD WEALTH THROUGH THE DESIGN AND IMPLEMENTATION OF INNOVATIVE FINANCE PROGRAMS IN THE CITY OF MILWAUKEE.

  • LEGACY REDEVELOPMENT CORPORATION CONTINUED TO PROVIDE LOAN CAPITAL AND TECHNICAL ASSISTANCE TO ITS LOAN CLIENTS WITH THE GOAL TO STRENGTHEN THE BUSINESSES IN THE AREAS WHERE IMPROVEMENTS WERE IDENTIFIED. THE GOAL, TO GET THE LOAN CLIENTS BANKABLE. IN 2021, LRC PROVIDED 45 LOANS TO SMALL BUSINESSES AND NON-PROFIT ORGANIZATIONS EXCEEDING $1.88MM. THE 2021 PORTFOLIO WAS COMPRISED OF DIRECT LENDING TO SMALL BUSINESSES EFFECTED BY THE PANDEMIC, AN EXPANSION INTO THE RACINE MARRKET, A PARTNERSHIP WITH THE GREATER MILWAUKEE FOUNDATION AND NEW LOAN DEALS AS A RESULT OF THE ECONOMIC TURNAROUND, POST PANDEMIC. JOB RETENTION AND CREATION WAS ATTAINED IN ADDITION TO WORKING WITH MINORITY OWNED BUSINESSES AS A FOCUS OF OUR MISSION. OVER 95% OF THE LOANS SERVE THE LOW TO MODERATE INCOME COMMUNITY.WE PROVIDED ONE-ON-ONE TECHNICAL ASSISTANCE (TA) TO BUSINESS STARTUPS AND EXPANSIONS THAT ARE CUSTOMIZED TO THE NEEDS OF THE BORROWERS. THE TA PROVIDED RANGED FROM FINANCIAL EDUCATION TO SUCCESSION PLANNING, ETC.

    Expenses $1,190,126 · Grants $345,000 · Revenue $457,768

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

Listed in Part VII

  • Sally R Peltz

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John A Erich Esq

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Troy L Reese

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Richard W Lincoln

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Mike Katz

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Marjorie Rucker

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Dr George Hinton

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Nicole L Robbins

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Terese Caro

    CEO

    Total calculated
    $123,867
    From this org
    $104,067
    From related orgs
    $0
    Other
    $19,800
    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.

Grants on this return

  • NEW HORIZON

    $20,000

    LOAN FORGIVENESS

  • JO'S LEARNING ACADEMY

    $20,000

    LOAN FORGIVENESS

  • RELENTLESS

    $20,000

    LOAN FORGIVENESS

  • EMERGING MUSIC

    $20,000

    LOAN FORGIVENESS

  • EWS ELECTRIC

    $20,000

    LOAN FORGIVENESS

  • G DELGADO

    $20,000

    LOAN FORGIVENESS

  • GILIBRALTAR

    $20,000

    LOAN FORGIVENESS

  • IMPERIAL TRUCK

    $20,000

    LOAN FORGIVENESS

  • DIAMOND MAID CLEANING

    $20,000

    LOAN FORGIVENESS

  • COLORFUL CONNECTIONS

    $20,000

    LOAN FORGIVENESS

The 10 largest by cash amount. The API serves every itemized grant.

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.

Provenance

Return type
form_990
Tax year
2022
Filed
31 October 2023
IRS schema version
2022v5.0
Source object
202343049349302104

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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