Madison Development Corporation
- Assets
- $34.3m
- Revenue
- $5.2m
- Investments
- $0.0
- Employees
- 17
- Location
- Madison, WI
- Founding
- 05/1980
- Data as of
- 12/2021
- EIN
- 39-1277471
Organization Overview
Madison Development Corporation is located in Madison, WI. The organization was established in 1980. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Madison Development Corporation employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Madison 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 12/2021, Madison Development Corporation generated $5.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $4.6m during the year ending 12/2021. While expenses have increased by 9.8% 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 COORDINATE THE ACTIVITIES OF THE PUBLIC AND PRIVATE SECTORS SO AS TO CONSTRUCTIVELY USE THE RESOURCES OF EACH TO ACHIEVE GREATER MADISON AND DANE COUNTY WIDE ECONOMIC GROWTH, TO PROVIDE HIGH-QUALITY AFFORDABLE HOUSING AS WELL AS LOCAL NEIGHBORHOOD IMPROVEMENT, AND ASSIST IN THE FINANCING OF BOTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOUSING - OF THE 348 UNITS OFFERED BY MDC, 188 WERE OCCUPIED BY HOUSEHOLDS AT OR BELOW THE HUD VERY LOW INCOME LIMIT (WITH INCOMES AT OR BELOW 50% OF THE COUNTY MEDIAN INCOME). INCLUDING THESE UNITS, A TOTAL OF 268 UNITS WERE OCCUPIED BY HOUSEHOLDS AT OR BELOW 120% OF THE HUD VERY-LOW INCOME LIMIT (WITH INCOMES AT OR BELOW 60% OF THE COUNTY MEDIAN INCOME).
ECONOMIC DEVELOPMENT - IN 2021, MDC APPROVED AND CLOSED 3 NEW TECHNOLOGY-BASED LOANS THROUGH ITS VENTURE DEBT LOAN FUND. THESE LOANS WILL BE USED TO LEVERAGE EQUITY CAPITAL THAT THESE SMALL BUSINESSES HAVE RAISED AND WILL ALLOW THE COMPANIES TO REACH ADDITIONAL MILESTONES IN THEIR DEVELOPMENT. THESE BUSINESSES ARE PROJECTED TO CREATE 12 NEW JOBS OVER THE NEXT 2 YEARS. MDC MANAGES THE DANE WORKFORCE HOUSING FUND WHOSE PURPOSE IS TO HELP CREATE NEW AFFORDABLE WORKFORCE HOUSING UNITS IN DANE COUNTY BY FOCUSING ON THE MISSING MIDDLE - WORKING ADULTS WHOSE HOUSEHOLD INCOMES FALL BETWEEN 40% TO 80% OF THE AREA MEDIAN INCOME AND THAT CANNOT AFFORD TO LIVE IN DANE COUNTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lorrine Heinemann President & CEO | Officer | 40 | $166,340 |
Abigail Wallhaus VP Of Finance | 35 | $107,131 | |
Vicki Bankston Vice Chair | OfficerTrustee | 1 | $0 |
Anne Neujahr Morrison Secretary | OfficerTrustee | 1 | $0 |
Mike Kollath Treasurer | OfficerTrustee | 1 | $0 |
Rich Arnesen Chair | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ryan's Renovations Llc Remodeling | 12/30/21 | $155,580 |
Boley Tree & Landscape Landscaping/snow Plowing | 12/30/21 | $127,093 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $173,361 |
| All other contributions, gifts, grants, and similar amounts not included above | $208,771 |
| Noncash contributions included in lines 1a–1f | $102,881 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $382,132 |
| Total Program Service Revenue | $4,692,629 |
| Investment income | $5,285 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $101,186 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,181,232 |
| 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. | $198,576 |
| Compensation of current officers, directors, key employees. | $41,235 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $690,707 |
| Pension plan accruals and contributions | $62,859 |
| Other employee benefits | $118,581 |
| Payroll taxes | $77,676 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,992 |
| Fees for services: Accounting | $36,854 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $53,177 |
| Advertising and promotion | $25,137 |
| Office expenses | $31,925 |
| Information technology | $45,255 |
| Royalties | $0 |
| Occupancy | $1,130,264 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $874,232 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,151,074 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $4,617,963 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $108,665 |
| Savings and temporary cash investments | $4,290,478 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,087 |
| 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 | $72,829 |
| Net Land, buildings, and equipment | $25,018,971 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $4,797,493 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $34,294,523 |
| Accounts payable and accrued expenses | $266,520 |
| Grants payable | $0 |
| Deferred revenue | $367,191 |
| 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 | $19,700,506 |
| Unsecured mortgages and notes payable | $2,456,633 |
| Other liabilities | $2,674,308 |
| Total liabilities | $25,465,158 |
| Net assets without donor restrictions | $8,829,365 |
| 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 | $34,294,523 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Madison Development Corporation has recieved totaling $2,000.
| Awarding Organization | Amount |
|---|---|
Alliant Energy Foundation Inc Madison, WI PURPOSE: COMMUNITY GRANT | $1,000 |
Alliant Energy Foundation Inc Madison, WI PURPOSE: COMMUNITY GRANT | $1,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Financial Health Network Inc Chicago, IL | $19,686,455 | $18,603,239 |
Southern Minnesota Initiative Foundation Owatonna, MN | $74,043,196 | $20,001,758 |
Vocational Development Center Inc Council Bluffs, IA | $12,984,673 | $16,204,305 |
Southern Iowa Economic Development Association Ottumwa, IA | $4,848,905 | $15,262,424 |
Crosswalk Community Action Agency Inc West Frankfort, IL | $2,780,027 | $11,762,821 |
Wisconsin Dells Visitor & Convention Bureau Wisconsin Dells, WI | $26,952,168 | $17,110,395 |
Metropolitan Detroit Convention & Vistors Bureau Detroit, MI | $36,765,048 | $14,015,809 |
Detroit Economic Growth Corp Detroit, MI | $7,209,211 | $10,420,774 |
Wbd Inc Madison, WI | $14,868,892 | $9,399,155 |
Metropolitan Economic Development Association Minneapolis, MN | $45,113,584 | $12,064,856 |
Southwest Michigan First Corporation Kalamazoo, MI | $10,945,070 | $8,560,798 |
Wenonah Park Properties Inc Bay City, MI | $22,411,152 | $7,079,713 |