Madison Development Corporation

Organization Overview

Madison Development Corporation is located in Madison, WI. The organization was established in 1980. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Madison Development 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, Madison Development Corporation generated $4.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.2% each year. All expenses for the organization totaled $4.6m during the year ending 12/2022. While expenses have increased by 9.0% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

TO COORDINATE THE ACTIVITIES OF THE PUBLIC AND PRIVATE SECTORS SO AS TO CONSTRUCTIVELY USE THE RESOURCES OF EACH TO ACHIEVE GREATER MADISON AND DANE COUNTY WIDE ECONOMIC GROWTH, TO PROVIDE HIGH-QUALITY AFFORDABLE HOUSING AS WELL AS LOCAL NEIGHBORHOOD IMPROVEMENT, AND ASSIST IN THE FINANCING OF BOTH.

Describe the Organization's Program Activity:

Part 3 - Line 4a

HOUSING: OF THE 349 UNITS OFFERED BY MDC, 183 WERE OCCUPIED BY HOUSEHOLDS AT OR BELOW THE HUD VERY LOW INCOME LIMIT (WITH INCOMES AT OR BELOW 50% OF THE COUNTY MEDIAN INCOME). INCLUDING THESE UNITS, A TOTAL OF 268 UNITS WERE OCCUPIED BY HOUSEHOLDS AT OR BELOW 120% OF THE HUD VERY-LOW INCOME LIMIT (WITH INCOMES AT OR BELOW 60% OF THE COUNTY MEDIAN INCOME).


ECONOMIC DEVELOPMENT: IN 2022, MDC APPROVED AND CLOSED 2 NEW TECHNOLOGY-BASED LOANS THROUGH ITS VENTURE DEBT LOAN FUND. THESE LOANS WILL BE USED TO LEVERAGE EQUITY CAPITAL THAT THESE SMALL BUSINESSES HAVE RAISED AND WILL ALLOW THE COMPANIES TO REACH ADDITIONAL MILESTONES IN THEIR DEVELOPMENT. THESE BUSINESSES ARE PROJECTED TO CREATE 10 NEW JOBS OVER THE NEXT 2 YEARS.


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Board, Officers & Key Employees

Name (title)Compensation
Rich Arnesen
Chair
$0
Vicki Bankston
Vice Chair
$0
Anne Neujahr Morrison
Secretary
$0
Mike Kollath
Treasurer
$0
Mary Strickland
Director
$0
Stuart Levitan
Director
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Boley Tree & Landscape
Landscaping/snow Plowing
$129,752
Ryan's Renovations Llc
Remodeling
$107,951
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $125,000
All other contributions, gifts, grants, and similar amounts not included above$25,864
Noncash contributions included in lines 1a–1f $6,584
Total Revenue from Contributions, Gifts, Grants & Similar$150,864
Total Program Service Revenue$4,767,393
Investment income $19,884
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $8,416
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $4,946,557

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Minneapolis - St Paul Regional Economic Development Partnership
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Southwest Michigan First Corporation
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Greater Madison Convention & Visitor Bureau Inc
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Detroit Regional Partnership Foundation
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