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Nonprofiteer
← MILWAUKEE DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by MILWAUKEE DEVELOPMENT CORPORATION.

Totals

Total revenue
$1,524,506
Total expenses
$1,293,600
Contributions and grants received
$711,000
Grants paid
$0
Program service revenue
$333,430
Investment income
$478,989
Other revenue
$1,087
Total assets, end of year
$4,947,781
Total liabilities, end of year
$43,447
Net assets or fund balances, end of year
$4,904,334
Program services expenses (Part IX)
$986,014
Management and general expenses
$307,586
Fundraising expenses
$0
Program service expenses (Part III)
$986,014

Program services were 76.2% 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.

  • 1f · All other contributions, gifts and grants

    $711,000

  • 2a · Program service revenue: SERVICE TO MUSIC

    total $238,680 · related or exempt $238,680

  • 2b · Program service revenue: KENILWORTH - ECONOMIC DEVELOPMENT

    total $80,250 · related or exempt $80,250

  • 2c · Program service revenue: M7 SERVICE INCOME

    total $14,500 · related or exempt $14,500

  • 3 · Investment income

    total $166,637 · related or exempt $66,000 · excluded $100,637

  • 7a · Gross sales of assets other than inventory

    securities $111,588 · other assets $1,310,000

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

    securities $84,236 · other assets $1,025,000

  • 7c · Gain or loss

    securities $27,352 · other assets $285,000

  • 7d · Net gain or loss

    total $312,352 · related or exempt $285,000 · excluded $27,352

  • 11a · Other revenue: MISC. INCOME

    total $1,087 · excluded $1,087

  • 11e · Other revenue, total

    $1,087

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $577,913 · program services $462,331 · management and general $115,582

  • 7 · Other salaries and wages

    total $167,283 · program services $133,827 · management and general $33,456

  • 8 · Pension plan contributions

    total $24,330 · program services $19,464 · management and general $4,866

  • 9 · Other employee benefits

    total $25,644 · program services $20,515 · management and general $5,129

  • 10 · Payroll taxes

    total $44,022 · program services $35,218 · management and general $8,804

  • 11b · Fees: legal

    total $54,180 · management and general $54,180

  • 11c · Fees: accounting

    total $20,500 · program services $13,768 · management and general $6,732

  • 11f · Fees: investment management

    total $4,780 · management and general $4,780

  • 11g · Fees: other

    total $6,128 · management and general $6,128

  • 13 · Office expenses

    total $1,600 · program services $1,280 · management and general $320

  • 16 · Occupancy

    total $90,604 · program services $39,719 · management and general $50,885

  • 17 · Travel

    total $15,826 · program services $12,661 · management and general $3,165

  • 19 · Conferences, conventions and meetings

    total $31,132 · program services $24,906 · management and general $6,226

  • 22 · Depreciation, depletion and amortization

    total $16,470 · program services $13,176 · management and general $3,294

  • 23 · Insurance

    total $1,192 · program services $954 · management and general $238

  • 24a · Other expenses: ECONOMIC DEVELOPMENT EX

    total $206,546 · program services $203,835 · management and general $2,711

  • 24b · Other expenses: DUES AND SUBSCRIPTIONS

    total $5,403 · program services $4,322 · management and general $1,081

  • 24c · Other expenses: MISCELLANEOUS EXPENSE

    total $47 · program services $38 · management and general $9

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $41,506 · end of year $18,052

  • 2 · Savings and temporary cash investments

    beginning of year $776,984 · end of year $1,732,723

  • 4 · Accounts receivable

    beginning of year $48,750 · end of year $146,556

  • 7 · Other notes and loans receivable

    beginning of year $1,200,000 · end of year $1,200,000

  • 9 · Prepaid expenses and deferred charges

    beginning of year $6,614 · end of year $5,446

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

    $135,791

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

    $30,383

  • 10c · Land, buildings and equipment, net

    beginning of year $16,878 · end of year $105,408

  • 11 · Investments: publicly traded securities

    beginning of year $1,540,274 · end of year $1,704,596

  • 15 · Other assets

    beginning of year $1,035,000 · end of year $35,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $85,080 · end of year $33,447

  • 25 · Other liabilities

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

  • 27 · Net assets without donor restrictions

    beginning of year $3,737,522 · end of year $4,201,183

  • 28 · Net assets with donor restrictions

    beginning of year $833,404 · end of year $703,151

Mission and programs · 2023

Mission

-INSTIGATE, IMPLEMENT, PARTICIPATE IN AND PROMOTE SUCH ACTIVITIES AS SHALL, IN THE JUDGMENT OF MDC, TEND TO SUPPORT THE GENERAL COMMUNITY INTEREST IN A STRONG, VITAL, AESTHETICALLY EXCITING AND ECONOMICALLY VIABLE GREATER MILWAUKEE COMMUNITY.-DEVELOP FOR COMMUNITY CONSIDERATION SUCH STUDIES, SURVEYS AND PLANS AS MAY BE NECESSARY FOR CONSIDERATION OF ALTERNATIVE LAND AND SPACE USE FOR BUSINESS, RESIDENTIAL AND RECREATION ACTIVITIES.-ENCOURAGE, SUPPORT AND PARTICIPATE IN COOPERATIVE PLANNING AND INVESTMENT EFFORTS OF GOVERNMENT AGENCIES, ACADEMIC INSTITUTIONS AND PRIVATE ENTERPRISE IN A STRONG GREATER MILWAUKEE COMMUNITY.

Activities or mission (Part I)

REGIONAL ECONOMIC DEVELOPMENT

  • PROMOTED ECONOMIC DEVELOPMENT THROUGH CATALYTIC REAL ESTATE DEVELOPMENTS AND REGIONAL BUSINESS RETENTION, EXPANSION AND ATTRACTION WORKING IN PARTNERSHIP WITH BOTH PUBLIC AND PRIVATE LIKE-MINDED ORGANIZATIONS.

    Expenses $986,014 · Revenue $684,430

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

Listed in Part VII

  • John Kissinger

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michael Hatch

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Erica-Nicole Harris

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Timothy Sheehy

    SECRETARY

    Total calculated
    $700,124
    From this org
    $0
    From related orgs
    $659,538
    Other
    $40,586
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $659,538 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $16,500 related
    Nontaxable benefits
    $0 + $24,086 related
    Filer's total
    $0 + $700,124 related

  • Frank J Krejci

    CO-CHAIR

    Total calculated
    $0
    Hours/week
    1

  • D Patrick O'Brien

    PRESIDENT

    Total calculated
    $383,778
    From this org
    $331,751
    From related orgs
    $0
    Other
    $52,027
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $331,751
    Bonus
    $0
    Other
    $0
    Deferred
    $16,383
    Nontaxable benefits
    $35,644
    Filer's total
    $383,778

  • Steve Chernof

    CO-CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Craig Kammholz

    TREASURER

    Total calculated
    $245,117
    From this org
    $0
    From related orgs
    $199,056
    Other
    $46,061
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $199,056 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $10,398 related
    Nontaxable benefits
    $0 + $35,663 related
    Filer's total
    $0 + $245,117 related

  • Barry Mandel

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kevin Anderson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Bob Hillis

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Marvin Bynum II

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Rich Tennessen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dale Kooyenga

    OFFICER

    Total calculated
    $260,123
    From this org
    $0
    From related orgs
    $248,828
    Other
    $11,295
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $248,828 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $9,279 related
    Nontaxable benefits
    $0 + $2,016 related
    Filer's total
    $0 + $260,123 related

  • Carla Cross

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Robert Monnat

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • William Suenkens

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • James Paetsch

    VICE PRESIDENT (FORMER)

    Total calculated
    $224,550
    From this org
    $192,921
    From related orgs
    $0
    Other
    $31,629
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $192,921
    Bonus
    $0
    Other
    $0
    Deferred
    $9,337
    Nontaxable benefits
    $22,292
    Filer's total
    $224,550

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

  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 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)

PART I, LINE 5
BONUSES PAID BASED ON CERTAIN PROGRAM REVENUES.

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.

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
2023
Filed
8 April 2025
IRS schema version
2023v6.0
Source object
202511019349301956

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

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