Greater Waukegan Development Coalition
- Assets
- $553.2k
- Revenue
- $267.7k
- Investments
- $0.0
- Employees
- 6
- Location
- Waukegan, IL
- Founding
- 02/2014
- Data as of
- 06/2022
- EIN
- 45-4807745
Organization Overview
Greater Waukegan Development Coalition, operating under the name Gwdc, is located in Waukegan, IL. The organization was established in 2014. 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. As of 06/2022, Gwdc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Gwdc 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 06/2022, Gwdc generated $267.7k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 57.3% each year . All expenses for the organization totaled $334.1k during the year ending 06/2022. While expenses have increased by 2.7% 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
WE STRENGTHEN COMMUNITIES THROUGH LOCAL ENTREPRENEURSHIP, TRANSFORMATIVE REAL ESTATE DEVELOPMENT, AND ACCESS TO CAPITAL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROGRAM/ORGANIZATIONAL DEVELOPMENT: THIS PROGRAM DESIGNS NEW INITIATIVES TO IMPROVE THE GREATER WAUKEGAN ECONOMY AND ALSO WORKS TO CONTINUALLY IMPROVE THE GREATER WAUKEGAN DEVELOPMENT COALITION, AS AN ORGANIZATION. KEY ACCOMPLISHMENTS THIS YEAR INCLUDED DEVELOPING THE COMMUNITY CONTRACTING AND BUSINESS INCUBATOR INITIATIVES (WITHIN THE SMALL BUSINESS SUPPORT PROGRAM) AND HIRING NEW STAFF, INCLUDING PROGRAM STAFF TO SUPPORT THE SMALL BUSINESS AND CELEBRATES PROGRAMS AND A GRANT WRITER TO SUPPORT FUNDRAISING.
SELECTCHICAGO - HELPS LOCAL BUSINESSES AND ECONOMIES GROW THROUGH PARTNERSHIPS WITH FOREIGN COMPANIES AND CAPITAL FROM FOREIGN INVESTORS IN COLLABORATION WITH COMMUNITIES IN THE GREATER CHICAGO REGION.
INNOVATES: THE GWDC FACILITY IS A REMODELED, REPURPOSED 8,000 SQUARE FOOT FORMER POLICE SUB-STATION IN DOWNTOWN WAUKEGAN CONTAINING CONFERENCE/TRAINING ROOMS, MEETING SPACES, AND STATE-OF-THE-ART NETWORKING AND TELECOMMUNICATIONS SYSTEMS. THIS FACILITY CURRENTLY SERVES AS AN ECONOMIC DEVELOPMENT CENTER. IN THIS FISCAL YEAR, IT HOUSED ALL OF GWDC'S PROGRAMS, AS WELL AS OFFICE SPACE THAT WAS RENTED OUT (AT AN AFFORDABLE RATE) OR DONATED TO LOCAL NONPROFITS AND SMALL BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Caryn Kahn Treasurer | OfficerTrustee | 20 | $0 |
Shai Lothan Secretary | OfficerTrustee | 10 | $0 |
Michael Edgar President | OfficerTrustee | 20 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $4,970 |
| Related organizations | $0 |
| Government grants | $95,220 |
| All other contributions, gifts, grants, and similar amounts not included above | $160,357 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $260,547 |
| Total Program Service Revenue | $12,850 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$5,652 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $267,745 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $103,309 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $7,373 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $28,225 |
| Fees for services: Accounting | $25,710 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $7,500 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $45,955 |
| Advertising and promotion | $21,934 |
| Office expenses | $9,429 |
| Information technology | $9,031 |
| Royalties | $0 |
| Occupancy | $38,535 |
| Travel | $4,801 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,647 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,603 |
| Insurance | $4,771 |
| All other expenses | $0 |
| Total functional expenses | $334,061 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $257,284 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $40,342 |
| 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 | $255,545 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $553,171 |
| Accounts payable and accrued expenses | $38,186 |
| Grants payable | $0 |
| Deferred revenue | $5,000 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $735,826 |
| Secured mortgages and notes payable | $809,800 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,588,812 |
| Net assets without donor restrictions | -$1,035,641 |
| Net assets with donor restrictions | $0 |
| 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 | $553,171 |
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