Legacy Redevelopment Corporation
- Assets
- $10.6m
- Revenue
- $972.7k
- Investments
- $0.0
- Employees
- 6
- Location
- Milwaukee, WI
- Founding
- 01/2001
- Data as of
- 12/2021
- EIN
- 31-1724109
Organization Overview
Legacy Redevelopment Corporation is located in Milwaukee, WI. The organization was established in 2001. According to its NTEE Classification (L25) the organization is classified as: Housing Rehabilitation, under the broad grouping of Housing & Shelter and related organizations. As of 12/2021, Legacy Redevelopment Corporation employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Legacy Redevelopment 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, Legacy Redevelopment Corporation generated $972.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.6% each year. All expenses for the organization totaled $808.0k during the year ending 12/2021. While expenses have increased by 1.6% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ENHANCE NEIGHBORHOOD VITALITY, FACILITATE A SUSTAINABLE AND ECONOMICALLY DIVERSE COMMUNITY, AND BUILD WEALTH THROUGH THE DESIGN AND IMPLEMENTATION OF INNOVATIVE FINANCE PROGRAMS IN THE CITY OF MILWAUKEE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LEGACY REDEVELOPMENT CORPORATION CONTINUED TO PROVIDE LOAN CAPITAL AND TECHNICAL ASSISTANCE TO ITS LOAN CLIENTS WITH THE GOAL TO STRENGTHEN THE BUSINESSES IN THE AREAS WHERE IMPROVEMENTS WERE IDENTIFIED. THE GOAL, TO GET THE LOAN CLIENTS BANKABLE. IN 2021, LRC PROVIDED 45 LOANS TO SMALL BUSINESSES AND NON-PROFIT ORGANIZATIONS EXCEEDING $1.88MM. THE 2021 PORTFOLIO WAS COMPRISED OF DIRECT LENDING TO SMALL BUSINESSES EFFECTED BY THE PANDEMIC, AN EXPANSION INTO THE RACINE MARRKET, A PARTNERSHIP WITH THE GREATER MILWAUKEE FOUNDATION AND NEW LOAN DEALS AS A RESULT OF THE ECONOMIC TURNAROUND, POST PANDEMIC. JOB RETENTION AND CREATION WAS ATTAINED IN ADDITION TO WORKING WITH MINORITY OWNED BUSINESSES AS A FOCUS OF OUR MISSION. OVER 95% OF THE LOANS SERVE THE LOW TO MODERATE INCOME COMMUNITY.WE PROVIDED ONE-ON-ONE TECHNICAL ASSISTANCE (TA) TO BUSINESS STARTUPS AND EXPANSIONS THAT ARE CUSTOMIZED TO THE NEEDS OF THE BORROWERS. THE TA PROVIDED RANGED FROM FINANCIAL EDUCATION TO SUCCESSION PLANNING, ETC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Terese Caro CEO | Officer | 40 | $100,697 |
Michael S D'amato Treasurer | OfficerTrustee | 1 | $0 |
Abra E Fortson Secretary | OfficerTrustee | 1 | $0 |
John A Erich ESQ Vice Chair | OfficerTrustee | 1 | $0 |
Richard W Lincoln Chair | OfficerTrustee | 1 | $0 |
Troy L Reese Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $243,115 |
| All other contributions, gifts, grants, and similar amounts not included above | $228,263 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $471,378 |
| Total Program Service Revenue | $84,412 |
| Investment income | $418,012 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,950 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $972,706 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $40 |
| Grants and other assistance to domestic individuals. | $1,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $124,548 |
| Compensation of current officers, directors, key employees. | $14,125 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $119,315 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $47,923 |
| Payroll taxes | $15,504 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $37,350 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,530 |
| Advertising and promotion | $9,353 |
| Office expenses | $5,744 |
| Information technology | $13,130 |
| Royalties | $0 |
| Occupancy | $18,777 |
| Travel | $361 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $556 |
| Interest | $319,597 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,607 |
| Insurance | $6,754 |
| All other expenses | $2,726 |
| Total functional expenses | $808,006 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $714,517 |
| Savings and temporary cash investments | $1,472,902 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $76,996 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $8,324,537 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $15,432 |
| Net Land, buildings, and equipment | $5,226 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $24,894 |
| Total assets | $10,634,504 |
| Accounts payable and accrued expenses | $26,974 |
| Grants payable | $0 |
| Deferred revenue | $1,278,029 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $597 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $8,217,315 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $9,522,915 |
| Net assets without donor restrictions | $1,060,022 |
| Net assets with donor restrictions | $51,567 |
| 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 | $10,634,504 |
Grants Awarded
Over the last fiscal year, Legacy Redevelopment Corporation has awarded $61,802 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
CRAFTSMAN RESTORATION GUILD PURPOSE: COVID RELIEF FUNDS | $18,599 |
BUFFALO BOSS MIDWEST PURPOSE: COVID RELIEF FUNDS | $11,640 |
TOGO DISPOSAL INC PURPOSE: COVID RELIEF FUNDS | $9,050 |
RL DAVIS CONTRACTING SERVICES PURPOSE: COVID RELIEF FUNDS | $8,910 |
NEXT SESSIONS PURPOSE: COVID RELIEF FUNDS | $6,883 |
OPTIONS SALON & SPA LLC PURPOSE: COVID RELIEF FUNDS | $6,720 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Legacy Redevelopment Corporation has recieved totaling $709,500.
| Awarding Organization | Amount |
|---|---|
Local Initiatives Support Corporation New York, NY PURPOSE: SEE PART IV | $590,000 |
Greater Milwaukee Foundation Inc Milwaukee, WI PURPOSE: THRIVEON SMALL BUSINESS LOAN TECHNICAL ASSISTANCE PROGRAM | $50,000 |
Greater Milwaukee Foundation Inc Milwaukee, WI PURPOSE: THRIVEON SMALL BUSINESS LOAN TECHNICAL ASSISTANCE PROGRAM | $50,000 |
Greater Green Bay Community Foundation Inc Green Bay, WI PURPOSE: PUBLIC BENEFIT & COMMUNITY IMPROVEMENT PROGRAM SUPPORT | $19,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Future Wisconsin Housing Fund Inc Middleton, WI | $105,291,826 | $25,347,927 |
Center For Veterans Issues Inc Milwaukee, WI | $5,642,001 | $8,532,002 |
Neighborworks Home Partners Saint Paul, MN | $22,327,379 | $11,840,532 |
Full Circle Communities Inc Chicago, IL | $146,223,116 | $65,892,596 |
Humble Design Inc Pontiac, MI | $2,806,742 | $4,815,118 |
Little Earth Of United Tribes Housing Corporation Minneapolis, MN | $16,435,271 | $3,915,477 |
Heartland Housing Inc Chicago, IL | $62,362,364 | $6,250,781 |
Iccf Nonprofit Housing Corporation Grand Rapids, MI | $1,860,617 | $4,091,908 |
Habitat For Humanity International Inc Wheaton, IL | $6,181,970 | $4,027,950 |
Invest Dsm Des Moines, IA | $13,108,701 | $110,576 |
Daytons Bluff Neighborhood Housing Services Inc Saint Paul, MN | $22,257,418 | $1,487,305 |
Neighborhood Development Corp Des Moines, IA | $6,803,177 | $2,495,754 |