Rockford Local Development Corporation
- Assets
- $3.9m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 9
- Location
- Rockford, IL
- Founding
- 00/0000
- Data as of
- 09/2023
- EIN
- 36-3038678
Organization Overview
Rockford Local Development Corporation is located in Rockford, IL. The organization was established in 0000. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2023, Rockford Local Development Corporation employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rockford Local Development Corporation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 09/2023, Rockford Local Development Corporation generated $1.9m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 19.0% each year . All expenses for the organization totaled $1.1m during the year ending 09/2023. While expenses have increased by 7.7% per year over the past 4 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
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
Describe the Organization's Program Activity:
Part 3 - Line 4a
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 57.3 MILLION PORTFOLIO OF LOANS TO 147 BUSINESSES. IN FY 2023, ROCKFORD LOCAL DEVELOPMENT CORPORATION CLOSED 4 SBA 504 LOANS IN THE AMOUNT OF 5,626,000 AND APPROVED 9 NEW SBA 504 LOANS FOR AN ADDITIONAL 11,375,000.
RLF PROGRAM: ROCKFORD LOCAL DEVELOPMENT CORPORATION ALSO MANAGES SIX REVOLVING LOAN PROGRAMS SERVING FOUR COUNTIES IN NORTHERN ILLINOIS (STEPHENSON, MCHENRY, WINNEBAGO AND BOONE). TOTALING 6,177,220, THESE LOAN FUNDS ARE TARGETED TO SERVE LOW-INCOME COMMUNITIES, DISADVANTAGED BUSINESSES AND MANUFACTURING EMPLOYMENT. PRESENTLY, THERE ARE APPROXIMATELY 147 LOANS OUTSTANDING TO SMALL BUSINESSES. IN FY 2023, ROCKFORD LOCAL DEVELOPMENT CORPORATION, THROUGH ITS MANAGEMENT OF THESE SIX REVOLVING LOAN PROGRAMS, CLOSED 51 LOANS FOR ELIGIBLE PROJECTS TOTALING 2,889,850.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Donald Banks Director | Trustee | 1 | $0 |
Todd Cagnoni Director | Trustee | 1 | $0 |
Earl Dotson Jr Director | Trustee | 1 | $0 |
Jeff Fahrenwald Director | Trustee | 1 | $0 |
Linda Heckert Chair | OfficerTrustee | 1 | $0 |
Kent Kohlbacher Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,042,400 |
| 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 | $1,042,400 |
| Total Program Service Revenue | $869,926 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,974 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,914,300 |
| 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. | $231,658 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $306,790 |
| Pension plan accruals and contributions | $13,415 |
| Other employee benefits | $47,134 |
| Payroll taxes | $37,280 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $19,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $25 |
| Advertising and promotion | $1,150 |
| Office expenses | $42,832 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $64,076 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $38,759 |
| Interest | $25,491 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,266 |
| Insurance | $17,018 |
| All other expenses | $2,896 |
| Total functional expenses | $1,124,522 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100 |
| Savings and temporary cash investments | $248,456 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,486,109 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $15,164 |
| Net Land, buildings, and equipment | $26,836 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $53,943 |
| Other assets | $36,846 |
| Total assets | $3,867,454 |
| Accounts payable and accrued expenses | $61,366 |
| Grants payable | $0 |
| Deferred revenue | $87,033 |
| 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 | $419,218 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $78,943 |
| Total liabilities | $646,560 |
| Net assets without donor restrictions | $918,742 |
| Net assets with donor restrictions | $2,302,152 |
| 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 | $3,867,454 |