Milwaukee Economic Development Corp
- Assets
- $129.9m
- Revenue
- $4.5m
- Investments
- $151.0k
- Employees
- 13
- Location
- Milwaukee, WI
- Founding
- 07/1974
- Data as of
- 12/2021
- EIN
- 23-7129398
Organization Overview
Milwaukee Economic Development Corp is located in Milwaukee, WI. The organization was established in 1974. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Milwaukee Economic Development Corp employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Milwaukee Economic Development Corp is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Milwaukee Economic Development Corp generated $4.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.2%) each year. All expenses for the organization totaled $17.7m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
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).
Describe the Organization's Program Activity:
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.
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. IT IS EXPECTED TO RUN THE PROGRAM INTO 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Latona David E President & Secretary/dire | OfficerTrustee | 40 | $217,731 |
Miller John Vice President & Treasurer | Officer | 40 | $142,421 |
Baka Lisa Team Leader | 40 | $100,873 | |
Johnson Cavalier Director | Trustee | 1 | $0 |
Barth Steve Director | Trustee | 1 | $0 |
Bauer Greg Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cohnreznick Llp Audit & Tax | 12/30/18 | $133,580 |
Davis & Kuelthau Sc Legal | 12/30/18 | $143,208 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $282,587 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $282,587 |
| Total Program Service Revenue | $4,052,735 |
| Investment income | $171,791 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,507,113 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $424,963 |
| Compensation of current officers, directors, key employees. | $42,496 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $699,739 |
| Pension plan accruals and contributions | $88,069 |
| Other employee benefits | $275,823 |
| Payroll taxes | $66,707 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $114,430 |
| Fees for services: Accounting | $129,070 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $21,469 |
| Office expenses | $871,756 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $596,324 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $74,677 |
| Insurance | $66,992 |
| All other expenses | $0 |
| Total functional expenses | $17,683,799 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,557,502 |
| Savings and temporary cash investments | $24,055,050 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $70,736 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $79,443,729 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $199,106 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $151,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $14,460,662 |
| Total assets | $129,937,785 |
| Accounts payable and accrued expenses | $8,282,860 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $15,748,189 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,397,621 |
| Total liabilities | $26,428,670 |
| Net assets without donor restrictions | $93,867,851 |
| Net assets with donor restrictions | $9,641,264 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $129,937,785 |
Grants Awarded
Over the last fiscal year, Milwaukee Economic Development Corp has awarded $13,154 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
DENMARK LQ LLC PURPOSE: SITE ASSESSMENT GRANT | $7,342 |
SOHI CORNER INC PURPOSE: SITE ASSESSMENT GRANT | $5,812 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Milwaukee Economic Development Corp has recieved totaling $12,500.
| Awarding Organization | Amount |
|---|---|
Near West Side Partners Inc Milwaukee, WI PURPOSE: PARTIAL PAYMENT OF STOREFRONT IMPROVEMENT GRANT FOR 2202-10 CLYBOURN ST. | $12,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Reinvestment Fund Inc Minneapolis, MN | $272,393,749 | $53,118,127 |
Iec Hotel Corporation West Des Moines, IA | $103,529,195 | $16,531,928 |
Milwaukee Economic Development Corp Milwaukee, WI | $129,937,785 | $4,507,113 |
Black Hawk County Gaming Assoc Waterloo, IA | $18,246,475 | $5,898,126 |
World Business Chicago Chicago, IL | $9,302,792 | $9,942,081 |
Enlace Chicago Chicago, IL | $7,912,354 | $9,016,287 |
Midtown Detroit Inc Detroit, MI | $6,098,841 | $4,938,478 |
Detriot Economic Growth Association Detroit, MI | $6,651,865 | $5,567,044 |
Common Wealth Development Inc Madison, WI | $16,900,042 | $3,774,568 |
Renaissance Development Fund Benton Harbor, MI | $26,943,889 | $2,827,375 |
Humans First Detroit Detroit, MI | $6,650,332 | $4,303,626 |
Milwaukee Urban Strategic Investment Corp Milwaukee, WI | $23,035,863 | $4,044,506 |