Beloit 2020 Corporation

The information for Beloit 2020 Corporation is as of the organization's most recent filing in December 2019. This organization is located in Beloit, WI and has been in existence for 29 years, following its founding in 1990.

Organization Classification

The IRS classifies organizations according to the National Taxonomy of Exempt Entities (NTEE) system. The NTEE system helps the IRS assign a 3-character code to each organization to describe the organization's activities.

The Beloit 2020 Corporation's NTEE code is S20. The "S" tells us that the organization is classified along with Community Improvement & Capacity Building. The "20" tells us that the organization is a Community & Neighborhood Development organization. The NTEE describes Community & Neighborhood Development organizations as those that focus broadly on strengthening, unifying and building the economic, cultural, educational and social services of an urban community or neighborhood.

Every organization is also governed by a specific section of the Internal Revenue Code. The most common type is a 501(c)(3) organization. However, there are actually 29 different types of organizations that are identified by the Internal Revenue Code. This organization happens to be a 501(c)(3) organization. The IRS describes these organizations as those engaged in Religious, Educational, Charitable, Scientific, Literary, Public Safety, Amateur Sports, or Prevention of Cruelty to Children or Animals work.

Perhaps the most accurate way to get a sense of what the organization hopes to achieve is by looking at its mission. The mission of the Beloit 2020 Corporation is to improve the civic areas of Beloit, WI, such as the riverfront, confluence, city center and other community projects.

Program Areas

Through the current year, the organization has expended consulting fees to further develop and improve the Beloit City Center. This initiative includes working with ACTS Housing to support home rehabilitation and ownership to qualifying families, continuing Nature at the Confluence activities in South Beloit, and assisting the Beloit School District with performance improvement and the establishment of a charter school in the community.

Organization Staffing

Beloit 2020 Corporation is run by Rob Gerbitz, who is the President. The organization has no paid employees, however it is supported by 19 volunteers.

Board Governance

Beloit 2020 Corporation has a strong governance structure with 16 voting members and 16 independent members. The organization does not have any potential conflicts of interest and has not delegated management to an outside firm. Board meetings are documented, as are committee meetings, and the organization provides copies of the 990 to the board prior to filing. Unfortunately, Beloit 2020 Corporation does not have a conflict of interest policy, a written whistleblower policy, or a document retention policy. Furthermore, there is no substantiation or review of leadership or officer salaries. Despite these shortcomings, Beloit 2020 Corporation is well-governed with strong oversight and clear documentation of its meetings.

Grant History

Our dataset has three years of grant history for the Beloit 2020 Corporation. In that time, they have awarded nine grants, with an average check size of $318,960. Five of these grants were awarded in the Community Improvement & Capacity Building sector, and two in the Education sector. Additionally, the organization most frequently awards grants in the state of Wisconsin (4) and Illinois (5).

Organization Growth

Beloit 2020 Corporation has experienced mixed results in terms of growth over the past four years. Contributions and grants received have decreased significantly, while investment income and other revenue have increased. Total revenue has decreased overall, but grants paid have become meaningful and total expenses have increased. The number of volunteers has increased, indicating that the organization is growing in terms of its community involvement.