Greater Sterling Development Corp
- Assets
- $9.6m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 3
- Location
- Sterling, IL
- Founding
- 10/1990
- Data as of
- 04/2024
- EIN
- 36-3706308
Organization Overview
Greater Sterling Development Corp is located in Sterling, IL. The organization was established in 1990. 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 04/2024, Greater Sterling Development Corp employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Sterling Development Corp 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 04/2024, Greater Sterling Development Corp generated $1.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 7.1% each year. All expenses for the organization totaled $1.3m during the year ending 04/2024. While expenses have increased by 7.3% 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO CREATE ECONOMIC AND JOB GROWTH IN THE STERLING AREA THROUGH BUSINESS EXPANSION, NEW INVESTMENT AND RETENTION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INCUBATOR MANAGEMENT - OPERATE 50,000 SQ FT INDUSTRIAL FACILITY FOR THE CITY OF STERLING, ILLINOIS. RECRUIT AND ASSIST START-UP BUSINESSES, MARKETING AND PLANNING. RENT AND MAINTAIN REAL ESTATE FOR LOCAL BUSINESSES. ALSO PROVIDE LOANS TO START-UP BUSINESSES IN CONJUNCTION WITH THE CITY OF STERLING'S REVOLVING LOAN FUND. THE ORGANIZATION LEASES ONE OF ITS BUILDINGS TO VARIOUS LOCAL NON-PROFIT ORGANIZATIONS AT NO COST. THE IN-KIND RENT CONTRIBUTION IS ESTIMATED TO BE $108,000 FOR THE CURRENT YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ed Andersen Chairman | OfficerTrustee | 1 | $0 |
Peter W Dillon Vice Chairman | OfficerTrustee | 1 | $0 |
Dick Baumann Treasurer | OfficerTrustee | 1 | $0 |
Cindy Zander Secretary | OfficerTrustee | 1 | $0 |
Jennifer Dallas Director | Trustee | 1 | $0 |
Craig Froeter Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Martin And Company Construction | 4/29/22 | $393,140 |
Koja Construction Company Construction | 4/29/22 | $165,450 |
Mrt Electric Construction | 4/29/22 | $294,897 |
Sterling Commercial Roofing Construction | 4/29/22 | $345,668 |
Hibbard Builders Construction | 4/29/22 | $447,231 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $203,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $124,200 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $327,200 |
| Total Program Service Revenue | $746,956 |
| Investment income | $4,832 |
| 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 | $1,078,988 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $153,500 |
| 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. | $120,460 |
| Compensation of current officers, directors, key employees. | $57,821 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $86,007 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $11,822 |
| Payroll taxes | $14,892 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,090 |
| Fees for services: Accounting | $22,614 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $15 |
| Advertising and promotion | $0 |
| Office expenses | $182 |
| Information technology | $2,099 |
| Royalties | $0 |
| Occupancy | $224,206 |
| Travel | $7,891 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $159,323 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $318,920 |
| Insurance | $27,860 |
| All other expenses | $7,379 |
| Total functional expenses | $1,266,657 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $119,332 |
| Savings and temporary cash investments | $513,001 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $8,997,635 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $9,629,968 |
| Accounts payable and accrued expenses | $2,613 |
| 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 | $4,579,861 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $23,400 |
| Total liabilities | $4,605,874 |
| Net assets without donor restrictions | $4,937,149 |
| Net assets with donor restrictions | $86,945 |
| 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 | $9,629,968 |