Rock Island Economic Growth Corporation
- Assets
- $42.6m
- Revenue
- $2.4m
- Investments
- $206.3k
- Employees
- 22
- Location
- Rock Island, IL
- Founding
- 02/1999
- Data as of
- 12/2022
- EIN
- 36-3267851
Organization Overview
Rock Island Economic Growth Corporation, operating under the name Economic Growth Corporation, is located in Rock Island, IL. The organization was established in 1999. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Economic Growth Corporation employed 22 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Economic Growth 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, Economic Growth Corporation generated $2.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (9.6%) each year. All expenses for the organization totaled $5.2m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (2.3%) per year over the past 8 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO REVITALIZE AND STABILIZE THE ECONOMY AND RESIDENTIAL NEIGHBORHOODS IN THE MIDWEST REGION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ROCK ISLAND ECONOMIC GROWTH CORPORATION STABILIZES AND REHABILITATES RESIDENTIAL NEIGHBORHOODS IN THE MIDWEST REGION BY DEVELOPING HOUSING, MANAGING HOUSING AND PROVIDING ASSISTANCE TO HOMEBUYERS INCLUDING, BUT NOT LIMITED TO, HOMEBUYER AND HOMEOWNER EDUCATION, CLOSING COST AND DOWN PAYMENT ASSISTANCE, REHABILITATION COST ASSISTANCE AND FORECLOSURE PREVENTION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Damita Davis-Wren Board Member | Trustee | 1 | $0 |
Phil Dennis Former Board Member | Trustee | 1 | $0 |
Brandy Donaldson Former Board Member | Trustee | 1 | $0 |
Daryl Empen Treasurer/past Chairperson | OfficerTrustee | 1 | $0 |
Linda Golden Board Member | Trustee | 1 | $0 |
Ryan Hatten Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bi-state Masonry Masonry Repair | 12/30/20 | $259,202 |
Sterling Commercial Roofing Roof Repair | 12/30/20 | $209,203 |
Jl Brady Company Llc Hvac Installation | 12/30/20 | $229,195 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,171,512 |
| All other contributions, gifts, grants, and similar amounts not included above | $396,481 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,567,993 |
| Total Program Service Revenue | $0 |
| Investment income | $302,225 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,695,017 |
| Net Gain/Loss on Asset Sales | -$1,961,062 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,442,309 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $44,524 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $517,905 |
| Compensation of current officers, directors, key employees. | $105,768 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $465,804 |
| Pension plan accruals and contributions | $37,217 |
| Other employee benefits | $151,852 |
| Payroll taxes | $148,942 |
| Fees for services: Management | $21,066 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $172,899 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,802 |
| Advertising and promotion | $25,902 |
| Office expenses | $119,488 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $989,745 |
| Travel | $15,660 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $22,715 |
| Interest | $856,606 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $818,400 |
| Insurance | $176,765 |
| All other expenses | $0 |
| Total functional expenses | $5,200,710 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $596,860 |
| Savings and temporary cash investments | $1,414,732 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,942,134 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $14,628,879 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $32,068 |
| Net Land, buildings, and equipment | $14,178,804 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $206,277 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,645,831 |
| Total assets | $42,645,585 |
| Accounts payable and accrued expenses | $1,474,122 |
| Grants payable | $0 |
| Deferred revenue | $2,144,649 |
| 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 | $29,984,121 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $116,371 |
| Total liabilities | $33,719,263 |
| Net assets without donor restrictions | $8,925,322 |
| Net assets with donor restrictions | $1,000 |
| 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 | $42,645,585 |
Grants Awarded
Over the last fiscal year, Rock Island Economic Growth Corporation has awarded $36,500 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
ROCK ISLAND COMMUNITY CARING CONFERENCE PURPOSE: UNRESTRICTED PROGRAM SUPPORT | $6,500 |
ROBERT YOUNG CENTER FOR COMMUNITY MENTAL HEALTH PURPOSE: UNRESTRICTED PROGRAM SUPPORT | $10,000 |
ROCK ISLAND-MILAN EDUCATION FOUNDATION PURPOSE: UNRESTRICTED PROGRAM SUPPORT | $5,000 |
SAL FAMILY & COMMUNITY SERVICES PURPOSE: UNRESTRICTED PROGRAM SUPPORT | $5,000 |
RIVER MUSIC EXPERIENCE PURPOSE: UNRESTRICTED PROGRAM SUPPORT | $5,000 |
QUAD CITIES BALLET FOLKLORICO PURPOSE: UNRESTRICTED PROGRAM SUPPORT | $5,000 |