Rock River Development Partnership Inc
- Assets
- $8.3m
- Revenue
- $593.9k
- Investments
- -$149.2k
- Employees
- 20
- Location
- Rockford, IL
- Founding
- 02/2011
- Data as of
- 12/2023
- EIN
- 27-1153597
Organization Overview
Rock River Development Partnership Inc is located in Rockford, IL. The organization was established in 2011. 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 12/2023, Rock River Development Partnership Inc employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rock River Development Partnership Inc 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 12/2023, Rock River Development Partnership Inc generated $593.9k in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 15.8% each year . All expenses for the organization totaled $804.9k during the year ending 12/2023. While expenses have increased by 20.5% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ORGANIZE AND COORDINATE REDEVELOPMENT EFFORTS WITHIN THE CITY OF ROCKFORD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OUR MARKETS BRING BUSINESS AND CUSTOMERS TOGETHER TO ENRICH THE COMMUNITY, BUSINESS, AND REVIVE THE HISTORIC DOWNTOWN AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Provenzano Chairman | OfficerTrustee | 2 | $0 |
Catherine Mcdermott Executive Director | OfficerTrustee | 50 | $63,003 |
Thomas Budd Director | Trustee | 2 | $0 |
Lorayne Logan Director | Trustee | 2 | $0 |
Douglas Mark Director | Trustee | 2 | $0 |
Tyler Smith Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $132,477 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $132,477 |
| Total Program Service Revenue | $275,446 |
| Investment income | $45,308 |
| 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 | $90,224 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $593,936 |
| 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. | $106,140 |
| Compensation of current officers, directors, key employees. | $53,070 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $92,264 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $710 |
| Payroll taxes | $17,252 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,643 |
| Fees for services: Accounting | $62,345 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $10,361 |
| Office expenses | $16,357 |
| Information technology | $9,985 |
| Royalties | $0 |
| Occupancy | $169,610 |
| Travel | $1,448 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $145,923 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $25,796 |
| All other expenses | $25,633 |
| Total functional expenses | $804,902 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $150,857 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $2,205,257 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,530,800 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | -$149,186 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,541,159 |
| Total assets | $8,278,887 |
| Accounts payable and accrued expenses | $287,974 |
| 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 | $3,519,275 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,634,849 |
| Total liabilities | $5,442,098 |
| Net assets without donor restrictions | $0 |
| 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 | $2,836,789 |
| Total liabilities and net assets/fund balances | $8,278,887 |