Business Development Corporation
- Assets
- $6.0m
- Revenue
- $887.6k
- Investments
- $0.0
- Employees
- 3
- Location
- South Bend, IN
- Founding
- 03/1983
- Data as of
- 12/2023
- EIN
- 35-1548607
Organization Overview
Business Development Corporation, operating under the name Bdc, is located in South Bend, IN. The organization was established in 1983. 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, Bdc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bdc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2023, Bdc generated $887.6k in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (3.0%) each year. All expenses for the organization totaled $620.4k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (3.4%) per year over the past 9 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2022, Bdc has awarded 11 individual grants totaling $104,171. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO FURTHER ECONOMIC DEVELOPMENT,PRINCIPALLY WITHIN ANY AND ALL COUNTIES LOCATED IN NORTH CENTRAL INDIANA AND SOUTHWEST MICHIGAN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT. GENERATED 11 LOAN TOTALING 8,353,000 AS OF FISCAL YEAR ENDING 9/30/2023 AND CLOSED 14 LOANS TOTALING 14,942,000 AS OF YEAR- END 2023, AND ALSO GENERATED 1 DIRECT LOAN FOR 171,830. IN ADDITION, ALSO PROVIDED 6,500 IN GRANTS TO SEVERAL SMALL LOCAL NONPROFIT ORGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Elizabeth J Wittling President/co | Officer | 40 | $171,600 |
Kalin Miller Accountant/c | Officer | 40 | $81,250 |
Peter Gillin Director | Trustee | 1 | $0 |
Ryan Hoffman Director | Trustee | 1 | $0 |
Nick Matthews Director | Trustee | 1 | $0 |
Bruce Piekarski Director | Trustee | 1 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $715,963 |
| Investment income | $212,002 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$40,335 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $887,630 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,500 |
| 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. | $299,314 |
| Compensation of current officers, directors, key employees. | $40,246 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $62,400 |
| Pension plan accruals and contributions | $1,873 |
| Other employee benefits | $12,946 |
| Payroll taxes | $22,846 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $31,128 |
| Fees for services: Accounting | $14,150 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $19,096 |
| Fees for services: Other | $4,613 |
| Advertising and promotion | $7,997 |
| Office expenses | $29,949 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $55,179 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,724 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $620,367 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $145,816 |
| Savings and temporary cash investments | $1,020,789 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $582,767 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $18,991 |
| Net Land, buildings, and equipment | $7,106 |
| Investments—publicly traded securities | $3,555,266 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $681,980 |
| Total assets | $6,012,715 |
| Accounts payable and accrued expenses | $2,478 |
| Grants payable | $0 |
| Deferred revenue | $500,000 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $172,738 |
| Total liabilities | $675,216 |
| Net assets without donor restrictions | $5,337,499 |
| 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 | $6,012,715 |
Grants Awarded
Over the last fiscal year, Business Development Corporation has awarded $104,171 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
CULTIVATE FOOD RESCUE PURPOSE: SPEED RACKS | $10,000 |
THE CENTER FOR GROWTH & INDEPENDENC PURPOSE: PASSENGER VAN | $10,000 |
HUMANE SOCIETY OF ST JOSEPH COUNT PURPOSE: INDUSTRIAL DRYER | $8,883 |
LIFE TREATMENT CENTERS INC PURPOSE: MODERNIZE ELEVATOR | $10,000 |
LAYMEN CHAPEL CME CHURCH PURPOSE: FOUNDATION REPAIRS | $10,000 |
MAPLE CITY HEALTH CARE CENTER PURPOSE: COPIERS | $5,288 |