Downers Grove Economic Development Corporation
- Assets
- $265.2k
- Revenue
- $564.2k
- Investments
- $0.0
- Employees
- 3
- Location
- Downers Grove, IL
- Founding
- 02/2007
- Data as of
- 12/2021
- EIN
- 87-0772222
Organization Overview
Downers Grove Economic Development Corporation is located in Downers Grove, IL. The organization was established in 2007. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Downers Grove Economic Development Corporation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Downers Grove Economic Development Corporation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Downers Grove Economic Development Corporation generated $564.2k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.2% each year. All expenses for the organization totaled $543.6k during the year ending 12/2021. 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 THE ECONOMIC VITALITY AND ATTRACT NEW BUSINESS TO THE VILLAGE OF DOWNERS GROVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
2021 PROGRAM SERVICE ACCOMPLISHMENTSACTIVITIES OF THE DGEDC INCLUDE BUSINESS ATTRACTION (FACILITATING NEW BUSINESS TO OPEN IN THE VILLAGE), BUSINESS RETENTION (WORKING WITH EXISTING BUSINESSES TO ENSURE SATISFACTION), VISITORS ATTRACTION (PROMOTING DOWNERS GROVE AS A DESTINATION FOR VISITORS), AND MARKETING (CREATION OF MATERIALS, WEBSITES, ETC., PARTICIPATION IN TRADE SHOWS, AND ADVERTISING). FOLLOWING ARE HIGHLIGHTS OF THE MANY PROGRAM SERVICE ACCOMPLISHMENTS OF THE DGEDC DURING 2021:
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Cassa President & CEO | Officer | 40 | $166,176 |
Robert L Fernandez Director & Chairman | OfficerTrustee | 1 | $0 |
Michael Riordan Director & Treasurer | OfficerTrustee | 1 | $0 |
Ken Malinowski Director & Vice-Chairman | OfficerTrustee | 1 | $0 |
Scott Miller Director | Trustee | 0.2 | $0 |
Mark Cosenza Director | Trustee | 0.2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $501,372 |
| 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 | $501,372 |
| Total Program Service Revenue | $62,680 |
| Investment income | $127 |
| 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 | $564,179 |
| 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. | $188,186 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $146,942 |
| Pension plan accruals and contributions | $14,066 |
| Other employee benefits | $29,872 |
| Payroll taxes | $22,702 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $8,546 |
| Advertising and promotion | $14,954 |
| Office expenses | $14,370 |
| Information technology | $7,479 |
| Royalties | $0 |
| Occupancy | $42,213 |
| Travel | $463 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,192 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,413 |
| All other expenses | $0 |
| Total functional expenses | $543,598 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $147,185 |
| Savings and temporary cash investments | $110,974 |
| 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 | $7,065 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $265,224 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $265,224 |
| 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 | $265,224 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Downers Grove Economic Development Corporation has recieved totaling $7,500.
| Awarding Organization | Amount |
|---|---|
Advocate Health And Hospitals Corporation Downers Grove, IL PURPOSE: SUPPORT EXEMPT MISSION | $7,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Statewide Energy Efficiency Andrenewables Administration Inc Madison, WI | $63,794,129 | $99,926,553 |
Information Systems Audit And Control Association Inc Schaumburg, IL | $168,414,298 | $101,751,321 |
International Code Council Inc Country Club Hills, IL | $173,275,221 | $89,069,791 |
American Property Casualty Insurance Association Chicago, IL | $156,045,230 | $59,541,606 |
Healthcare Information And Management Systems Society Chicago, IL | $52,722,997 | $65,054,367 |
Inter-Industry Conference On Auto Collision Repairs Hoffman Estates, IL | $98,841,828 | $60,778,547 |
Iowa Soybean Association Ankeny, IA | $41,040,308 | $49,594,198 |
Society Of Actuaries Professional Association Schaumburg, IL | $48,907,069 | $54,354,624 |
Association Of Equipment Manufacturers Milwaukee, WI | $65,690,987 | $35,929,615 |
Ipc International Inc Bannockburn, IL | $35,069,140 | $30,776,508 |
Apics Inc Chicago, IL | $42,029,595 | $30,789,675 |
International Sanitary Supply Association Rosemont, IL | $73,095,156 | $16,343,711 |