Racine County Economic Development Corporation
- Assets
- $13.2m
- Revenue
- $3.3m
- Investments
- $0.0
- Employees
- 19
- Location
- Sturtevant, WI
- Founding
- 06/1996
- Data as of
- 12/2022
- EIN
- 93-0846583
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 12/2022, Racine County Economic Development Corporation employed 19 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 12/2022, Racine County Economic Development Corporation generated $3.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $1.9m during the year ending 12/2022. While expenses have increased by 3.1% per year over the past 8 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.
Since 2022, Racine County Economic Development Corporation has awarded 26 individual grants totaling $295,075. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
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) | Role | Hours | Compensation |
|---|---|---|---|
Lisa Just Chairman | OfficerTrustee | 1 | $0 |
Gregory Barron President | OfficerTrustee | 1 | $0 |
David Griffith 1st VP | OfficerTrustee | 1 | $0 |
Scott Menke 2nd VP | OfficerTrustee | 1 | $0 |
Landon Wirth 3rd VP | OfficerTrustee | 1 | $0 |
Wesley Ricchio Secretary | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Stafford Rosenbaum Llp Legal | 12/30/21 | $102,965 |
Cliftonlarsonallen Llp Accounting | 12/30/21 | $120,535 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $162,795 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,195,059 |
| All other contributions, gifts, grants, and similar amounts not included above | $32,610 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,390,464 |
| Total Program Service Revenue | $877,193 |
| Investment income | $15,561 |
| 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 | $3,305,317 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $379,395 |
| 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. | $358,006 |
| Compensation of current officers, directors, key employees. | $37,803 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $739,247 |
| Pension plan accruals and contributions | $38,199 |
| Other employee benefits | $72,921 |
| Payroll taxes | $80,617 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $22,298 |
| Fees for services: Accounting | $155,970 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $82,925 |
| Advertising and promotion | $20,736 |
| Office expenses | $18,812 |
| Information technology | $43,771 |
| Royalties | $0 |
| Occupancy | $32,814 |
| Travel | $24,357 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $29,163 |
| Interest | $12,075 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,576 |
| Insurance | $31,860 |
| All other expenses | -$267,978 |
| Total functional expenses | $1,941,358 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,939,741 |
| Savings and temporary cash investments | $250,952 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $178,551 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $6,409,982 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $44,845 |
| Net Land, buildings, and equipment | $18,642 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $217,551 |
| Other assets | $147,807 |
| Total assets | $13,208,071 |
| Accounts payable and accrued expenses | $146,908 |
| Grants payable | $0 |
| Deferred revenue | $14,325 |
| 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 | $201,426 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,727,769 |
| Total liabilities | $2,090,428 |
| Net assets without donor restrictions | $11,008,004 |
| Net assets with donor restrictions | $109,639 |
| 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 | $13,208,071 |
Grants Awarded
Over the last fiscal year, Racine County Economic Development Corporation has awarded $295,075 in support to 26 organizations.
| Grant Recipient | Amount |
|---|---|
MICHELLE'S PARLOR LLC PURPOSE: ECONOMIC RELIEF | $8,024 |
WINGS STUDIO AND BOUTIQUE LLC PURPOSE: ECONOMIC RELIEF | $8,815 |
GRAPHIC SIGN SHOP INC PURPOSE: ECONOMIC RELIEF | $9,824 |
BEAUTY & BROW ARTISTRY LLC PURPOSE: ECONOMIC RELIEF | $11,647 |
MARIE ALISE BEAUTY PURPOSE: ECONOMIC RELIEF | $5,768 |
LIBERTY PRINTING PURPOSE: ECONOMIC RELIEF | $11,997 |