Greater Sterling Development Corp
- Assets
- $10.3m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 3
- Location
- Sterling, IL
- Founding
- 10/1990
- Data as of
- 04/2022
- EIN
- 36-3706308
Organization Overview
Greater Sterling Development Corp is located in Sterling, IL. The organization was established in 1990. 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 04/2022, Greater Sterling Development Corp employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Sterling 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 04/2022, Greater Sterling Development Corp generated $1.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 12.0% each year . All expenses for the organization totaled $927.0k during the year ending 04/2022. While expenses have increased by 4.7% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO CREATE ECONOMIC AND JOB GROWTH IN THE STERLING AREA THROUGH BUSINESS EXPANSION, NEW INVESTMENT AND RETENTION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INCUBATOR MANAGEMENT - OPERATE 50,000 SQ FT INDUSTRIAL FACILITY FOR THE CITY OF STERLING, ILLINOIS. RECRUIT AND ASSIST START-UP BUSINESSES, MARKETING AND PLANNING. RENT AND MAINTAIN REAL ESTATE FOR LOCAL BUSINESSES. ALSO PROVIDE LOANS TO START-UP BUSINESSES IN CONJUNCTION WITH THE CITY OF STERLING'S REVOLVING LOAN FUND. THE ORGANIZATION LEASES ONE OF ITS BUILDINGS TO VARIOUS LOCAL NON-PROFIT ORGANIZATIONS AT NO COST. THE IN-KIND RENT CONTRIBUTION IS ESTIMATED TO BE $108,000 FOR THE CURRENT YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Heather Sotelo Executive Director | Officer | 40 | $87,484 |
Ed Andersen Chairman | OfficerTrustee | 1 | $0 |
Dick Baumann Treasurer | OfficerTrustee | 1 | $0 |
Peter W Dillon Vice Chairman | OfficerTrustee | 1 | $0 |
Cindy Zander Secretary | OfficerTrustee | 1 | $0 |
Jennifer Dallas Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hibbard Builders Construction | 4/29/22 | $447,231 |
Martin And Company Construction | 4/29/22 | $393,140 |
Sterling Commercial Roofing Construction | 4/29/22 | $345,668 |
Mrt Electric Construction | 4/29/22 | $294,897 |
Koja Construction Company Construction | 4/29/22 | $165,450 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $53,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $666,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $719,000 |
| Total Program Service Revenue | $457,285 |
| Investment income | $1,462 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $111,893 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,289,640 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,500 |
| 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. | $99,587 |
| Compensation of current officers, directors, key employees. | $50,140 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $76,893 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $11,241 |
| Payroll taxes | $12,641 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,456 |
| Fees for services: Accounting | $13,151 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $254 |
| Advertising and promotion | $0 |
| Office expenses | $34,368 |
| Information technology | $1,490 |
| Royalties | $0 |
| Occupancy | $187,215 |
| Travel | $5,237 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $140 |
| Interest | $174,307 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $186,164 |
| Insurance | $39,772 |
| All other expenses | $210 |
| Total functional expenses | $927,045 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $211,727 |
| Savings and temporary cash investments | $507,317 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $9,606,553 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,325,597 |
| Accounts payable and accrued expenses | $1,106 |
| 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 | $4,842,825 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $18,400 |
| Total liabilities | $4,862,331 |
| Net assets without donor restrictions | $5,445,266 |
| Net assets with donor restrictions | $18,000 |
| 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 | $10,325,597 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Greater Sterling Development Corp has recieved totaling $649,000.
| Awarding Organization | Amount |
|---|---|
Dillon Foundation Sterling, IL PURPOSE: TO SUPPORT COMMUNITY IMPROVEMENT | $649,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
The Center Of Workforce Innovations Inc Valparaiso, IN | $2,958,255 | $14,608,336 |
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 |
West Central Indiana Economic Development District Inc Terre Haute, IN | $2,629,970 | $4,624,225 |
Common Wealth Development Inc Madison, WI | $16,900,042 | $3,774,568 |
Evansville Vanderburgh County Convention & Visitors Bureau Inc Evansville, IN | $5,490,585 | $3,551,749 |
Milwaukee Urban Strategic Investment Corp Milwaukee, WI | $23,035,863 | $4,044,506 |
Far South Cdc Chicago, IL | $4,303,074 | $2,694,787 |
Northwest Side Community Development Corporation Milwaukee, WI | $11,140,702 | $4,254,876 |