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ROCKFORD LOCAL DEVELOPMENT CORPORATION

EIN 36-3038678 ROCKFORD, IL

Revenue 2024
$1,114,739
Expenses 2024
$1,255,172

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

As filed

Subsection
06
Classification
1000
Street
120 W STATE ST STE 306

These codes are the IRS's own and are shown exactly as filed. What each one means is in the Business Master File documentation (opens in a new tab).

Other organizations at this address

1 other organization in the IRS Business Master File lists the same street address. matched by us

This address is a suite or unit (STE 306). Organizations that share one are often clients of the same office-services firm, accountant or registered agent rather than related to each other.

We match the street line and ZIP code as the IRS gives them, ignoring case and outer spaces and nothing else, so "AVE" and "AVENUE" count as different streets and this list can miss some. A shared address can mean related organizations or a shared office, but it can also be a registered agent, a mail drop or a service provider holding mail for unrelated clients. It is not, by itself, evidence that two organizations are connected.

Mission and programs · 2024

Mission

TO ADVANCE THE COMMERCIAL, INDUSTRIAL AND GENERAL WELFARE OF THE CITY OF ROCKFORD, ILLINOIS AND NORTHERN ILLINOIS AND TO ASSIST IN DEVELOPING AND IMPLEMENTING STRATEGIES TO STIMULATE BUSINESS DEVELOPMENT

  • SBA 504 LOAN PROGRAM: ROCKFORD LOCAL DEVELOPMENT CORPORATION IS A CERTIFIED DEVELOPMENT COMPANY (CDC) UNDER THE U.S. SMALL BUSINESS ADMINISTRATION'S SBA 504 PROGRAM. ROCKFORD LOCAL DEVELOPMENT CORPORATION SERVES THE STATE OF ILLINOIS. CERTIFICATION THROUGH SBA FOR THIS PROGRAM REQUIRES THAT THE CDC BE A NOT-FOR-PROFIT ORGANIZATION. SBA 504 PROVIDES LONG TERM, FIXED RATE, SUBORDINATED DEBT TO ELIGIBLE SMALL BUSINESSES. THE ROCKFORD LOCAL DEVELOPMENT CORPORATION CURRENTLY MANAGES A 57.0 MILLION PORTFOLIO OF LOANS TO 128 BUSINESSES. IN FY 2025, ROCKFORD LOCAL DEVELOPMENT CORPORATION CLOSED 7 SBA 504 LOANS IN THE AMOUNT OF 6,852,000 AND APPROVED 8 NEW SBA 504 LOANS FOR AN ADDITIONAL 3,042,000.

  • RLF PROGRAM: ROCKFORD LOCAL DEVELOPMENT CORPORATION ALSO MANAGES SIX REVOLVING LOAN PROGRAMS SERVING FOUR COUNTIES IN NORTHERN ILLINOIS (OGLE, MCHENRY, WINNEBAGO AND BOONE). TOTALING 7,632,378, THESE LOAN FUNDS ARE TARGETED TO SERVE LOW-INCOME COMMUNITIES, DISADVANTAGED BUSINESSES AND MANUFACTURING EMPLOYMENT. PRESENTLY, THERE ARE APPROXIMATELY 159 LOANS OUTSTANDING TO SMALL BUSINESSES. IN FY 2025, ROCKFORD LOCAL DEVELOPMENT CORPORATION, THROUGH ITS MANAGEMENT OF THESE SIX REVOLVING LOAN PROGRAMS, CLOSED 40 LOANS FOR ELIGIBLE PROJECTS TOTALING 2,427,146.

As filed on the 2024 return.

Officers and directors · 2024

As listed in Part VII of the 2024 return, in the order the filer printed them. Each return names its own; this is not a roster the organization keeps with us.

  • Karl Swanson

    CHAIR

    Total calculated
    $0
    Hours/week
    1
  • Michael Schultz

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1
  • J Daniel O'Boyle

    SECRETARY

    Total calculated
    $0
    Hours/week
    1
  • Lesly Cooper

    ASSISTANT SE

    Total calculated
    $0
    Hours/week
    1
  • Brian Peterson

    TREASURER

    Total calculated
    $0
    Hours/week
    1
  • Todd Cagnoni

    ASSISTANT TR

    Total calculated
    $0
    Hours/week
    1 + 0.25 related
  • Jeff Fahrenwald

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 0.5 related
  • Linda Heckert

    PAST CHAIR

    Total calculated
    $0
    Hours/week
    1 + 0.25 related
  • Audra Moncur

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1
  • Karen Walsh

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1
  • Michele Petrie

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1
  • Robert Young

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1
  • Ed Munguia

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1
  • John Phelps

    EXECUTIVE DI

    Total calculated
    $200,606
    From this org
    $177,344
    From related orgs
    $0
    Other
    $23,262
    Hours/week
    35 + 2 related

    Schedule J breakdown matched by us

    Base
    $177,344
    Bonus
    not reported
    Other
    not reported
    Deferred
    $9,460
    Nontaxable benefits
    $13,802
    Filer's total
    $200,606

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. Earlier years are each on their own filing page.

Filings

  • 2024
    Revenue
    $1,114,739
    Expenses
    $1,255,172
    Contributions
    $0
    Grants paid
    $0
  • 2023
    Revenue
    $1,052,933
    Expenses
    $1,073,227
    Contributions
    $73,998
    Grants paid
    $0
  • 2022
    Revenue
    $1,914,300
    Expenses
    $1,124,522
    Contributions
    $1,042,400
    Grants paid
    $0

The four totals the IRS asks for on Part I of the Form 990, as filed. A dash means the figure was not present on the return — not that it was zero.

Other returns filed

  • 2021 · 990

    Revenue
    $1,498,474
    Expenses
    $869,220
    Assets (EOY)
    $2,794,433
  • 2020 · 990

    Revenue
    $1,268,852
    Expenses
    $797,579
    Assets (EOY)
    $1,946,396
  • 2019 · 990

    Revenue
    $954,486
    Expenses
    $835,195
    Assets (EOY)
    $1,534,022

Nonprofiteer parses Forms 990, 990-EZ and 990-PF, in a window of recent tax years. These returns are recorded from the IRS e-file index, so their figures were extracted by that index rather than read from the return here — treat them as a different source from the filings above, not as more of the same record. A dash means the index carries no figure; Form 990-T listings carry none at all.

Grants made

No itemized grants to organizations. Schedule I is filed only by organizations that granted more than $5,000 to a recipient, so most filers have none.

Grants received

No itemized grant names this organization as a recipient. Only grants over $5,000 are itemized, and only by filers of the full Form 990.

Related organizations

From Schedule R Part II, where a filer lists the tax-exempt organizations it is related to by control. It does not record shared board members or money.

Declared on its 2024 return

Declared as related by

Taxable family

From Schedule R Parts I, III and IV: entities that legally are the filer, and taxable partnerships, corporations and trusts it is related to. These record ownership and control, not shared board members or money.

Disregarded entities on its 2024 return

  • KEITH CREEK DEVELOPMENT LLC

    FLOOD PREV · IL

Other IRS files

Auto-Revocation List

Not listed. The IRS publishes this list for organizations whose exemption was automatically revoked for failing to file for three consecutive years.

Publication 78

Not present in the most recent drop.

These are two separate IRS files on two separate schedules, shown as published and not reconciled with each other. Neither is a statement about whether a contribution is deductible today: 19,245 organizations appear in Publication 78 while the IRS's own revocation file lists them as currently revoked, more than half of those revoked before 2019. Absence from Publication 78 is evidence of nothing, and presence is not evidence either. Verify current status with the IRS before relying on it.

What this page reflects

The registration facts above come from the IRS Business Master File published 13 October 2026 and read 29 October 2026, for every organization at once. Returns through tax year 2024, the newest we have parsed for this organization.