Legacy Redevelopment Corporation
- Assets
- $10.9m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 7
- Location
- Milwaukee, WI
- Founding
- 01/2001
- Data as of
- 12/2022
- EIN
- 31-1724109
Organization Overview
Legacy Redevelopment Corporation is located in Milwaukee, WI. The organization was established in 2001. According to its NTEE Classification (L25) the organization is classified as: Housing Rehabilitation, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Legacy Redevelopment Corporation employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Legacy Redevelopment Corporation 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 12/2022, Legacy Redevelopment Corporation generated $1.7m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 11.5% each year . All expenses for the organization totaled $1.4m during the year ending 12/2022. While expenses have increased by 8.1% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Legacy Redevelopment Corporation has awarded 22 individual grants totaling $381,802. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sally R Peltz Director | Trustee | 1 | $0 |
John A Erich ESQ Vice Chair | OfficerTrustee | 1 | $0 |
Troy L Reese Director | Trustee | 1 | $0 |
Richard W Lincoln Chair | OfficerTrustee | 1 | $0 |
Mike Katz Treasurer | OfficerTrustee | 1 | $0 |
Marjorie Rucker Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,111,776 |
| All other contributions, gifts, grants, and similar amounts not included above | $128,673 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,240,449 |
| Total Program Service Revenue | $49,155 |
| Investment income | $408,806 |
| 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 | $1,699,010 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $345,000 |
| 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. | $123,867 |
| Compensation of current officers, directors, key employees. | $13,520 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $205,019 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $47,226 |
| Payroll taxes | $24,010 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,057 |
| Fees for services: Accounting | $38,970 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $44,246 |
| Advertising and promotion | $15,409 |
| Office expenses | $4,808 |
| Information technology | $18,230 |
| Royalties | $0 |
| Occupancy | $47,347 |
| Travel | $933 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,015 |
| Interest | $314,577 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,261 |
| Insurance | $10,976 |
| All other expenses | $4,721 |
| Total functional expenses | $1,353,779 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,144,437 |
| Savings and temporary cash investments | $1,180,226 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $375,263 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $7,992,953 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $15,784 |
| Net Land, buildings, and equipment | $3,173 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $181,472 |
| Total assets | $10,893,308 |
| Accounts payable and accrued expenses | $69,949 |
| Grants payable | $0 |
| Deferred revenue | $1,002,697 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $3,913 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $8,359,929 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $9,436,488 |
| Net assets without donor restrictions | $1,440,040 |
| Net assets with donor restrictions | $16,780 |
| 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 | $10,893,308 |
Grants Awarded
Over the last fiscal year, Legacy Redevelopment Corporation has awarded $320,000 in support to 16 organizations.
| Grant Recipient | Amount |
|---|---|
EMERGING MUSIC PURPOSE: LOAN FORGIVENESS | $20,000 |
EWS ELECTRIC PURPOSE: LOAN FORGIVENESS | $20,000 |
G DELGADO PURPOSE: LOAN FORGIVENESS | $20,000 |
GILIBRALTAR PURPOSE: LOAN FORGIVENESS | $20,000 |
IMPERIAL TRUCK PURPOSE: LOAN FORGIVENESS | $20,000 |
DIAMOND MAID CLEANING PURPOSE: LOAN FORGIVENESS | $20,000 |