Racine County Economic Development Corporation

Organization Overview

Racine County Economic Development Corporation is located in Sturtevant, WI. The organization was established in 1996. According to its NTEE Classification (P40) the organization is classified as: Family Services, under the broad grouping of Human Services and related organizations. As of 12/2021, Racine County Economic Development Corporation employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Racine County Economic 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 12/2021, Racine County Economic Development Corporation generated $4.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.9% each year. All expenses for the organization totaled $2.3m during the year ending 12/2021. While expenses have increased by 6.2% 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

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO PROVIDE ECONOMIC DEVELOPMENT SERVICES INCLUDING BUSINESS RECRUITMENT, EXPANSION, BUSINESS FINANCING, COMMUNITY AND WORKFORCE DEVELOPMENT.

Describe the Organization's Program Activity:

Part 3 - Line 4a

BUSINESS FINANCE: MANAGES A NUMBER OF GOVERNMENT AND QUASI-GOVENRMENT BUSINESS FINANCING PROGRAMS THAT PROVIDE LOW-INTEREST LOANS TO RACINE COUNTY BUSINESSES. RCEDC IS ALSO A SMALL BUSINESS ADMINISTRATION (SBA)CERTIFIED DEVELOPMENT COMPANY, AND AS A RESULT, PROVIDES SBA 504 FIXED ASSET LOANS THROUGHOUT THE STATE OF WISCONSIN. ALSO, UTILIZES THEIR RESOURCES TO MANAGE CERTAIN COMMUNITY-BASED REVOLVING LOAN FUNDS IN SOUTHEAST WISCONSIN.


BUSINESS DEVELOPMENT: CONDUCTS VARIOUS BUSINESS DEVELOPMENT PROGRAMS AS PART OF ITS ECONOMIC DEVELOPMENT PLAN DIVISION. THESE PROGRAMS INCLUDE BUSINESS RETENTION AND EXPANSION AND TALENT ATTRACTION TO IDENTIFY AND IMPLEMENT STRATEGIES TO ADDRESS THE NEEDS OF EXISTING BUSINESSES THROUGHOUT RACINE COUNTY. IT ALSO CONDUCTS BUSINESS RECRUITMENT FOR COMPANIES THAT ARE SEEKING A LOCATION FOR BUSINESS IN RACINE COUNTY.COMMUNITY DEVELOPMENT: PROVIDES A VARIETY OF COMMUNITY DEVELOPMENT ASSISTANCE, SUCH AS BROWNFIELD AND GENERAL PROPERTY REDEVELOPMENT, DOWNTOWN AND COMMERCIAL CORRIDOR ASSISTANCE, THE CREATION AND EXPANSION OF BUSINESS PARKS, AND THE PROVISION OF SANITARY SEWER AND PUBLIC WATER TO AREAS THAT WILL ENABLE FUTURE BUSINESS DEVELOPMENT.


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Board, Officers & Key Employees

Name (title)Compensation
Jenny Trick
Executive Director
$163,177
Carolyn Engel
Business Finance Manager
$102,982
Gregory Barron
President
$0
Lisa Just
Chairman
$0
Wesley Ricchio
Secretary
$0
David Griffith
1st VP
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Cliftonlarsonallen Llp
Accounting
$120,535
Stafford Rosenbaum Llp
Legal
$102,965
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$143,385
Fundraising events$0
Related organizations$0
Government grants $3,300,344
All other contributions, gifts, grants, and similar amounts not included above$83,000
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$3,526,729
Total Program Service Revenue$924,651
Investment income $815
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $4,460,005

Grants Recieved

Over the last fiscal year, we have identified 5 grants that Racine County Economic Development Corporation has recieved totaling $145,000.

Awarding OrganizationAmount
Andis Foundation Inc

Sturtevant, WI

PURPOSE: UNRESTRICTED OPERATING FUNDS

$57,500
Andis Foundation Inc

Sturtevant, WI

PURPOSE: UNRESTRICTED OPERATING FUNDS

$57,500
Racine Community Foundation Inc

Racine, WI

PURPOSE: GREATER RACINE COUNTY TALENT RECRUITMENT PROGRAM

$10,000
Racine Community Foundation Inc

Racine, WI

PURPOSE: GREATER RACINE COUNTY TALENT RECRUITMENT PROGRAM

$10,000
Racine Community Foundation Inc

Racine, WI

PURPOSE: GREATER RACINE COUNTY TALENT RECRUITMENT PROGRAM

$10,000
View Grant Recipient Profile

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