Milwaukee Development Corporation
- Assets
- $4.4m
- Revenue
- $23.2m
- Investments
- $0.0
- Employees
- 7
- Location
- Milwaukee, WI
- Founding
- 11/2006
- Data as of
- 06/2022
- EIN
- 93-0828687
Organization Overview
Milwaukee Development Corporation is located in Milwaukee, WI. The organization was established in 2006. According to its NTEE Classification (S11) the organization is classified as: Single Organization Support, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Milwaukee Development Corporation employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Milwaukee 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 06/2022, Milwaukee Development Corporation generated $23.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 26.1% each year . All expenses for the organization totaled $27.3m during the year ending 06/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
REGIONAL ECONOMIC DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTED ECONOMIC DEVELOPMENT THROUGH CATALYTIC REAL ESTATE DEVELOPMENTS AND REGIONAL BUSINESS RETENTION, EXPANSION AND ATTRACTION WORKING IN PARTNERSHIP WITH BOTH PUBLIC AND PRIVATE LIKE-MINDED ORGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
D Patrick O'brien President | OfficerTrustee | 40 | $319,067 |
James Paetsch Vice President (former) | 40 | $165,432 | |
Timothy Sheehy Secretary | OfficerTrustee | 1 | $0 |
Steve Chernof Co-Chair | OfficerTrustee | 1 | $0 |
Frank J Krejci Co-Chair | OfficerTrustee | 1 | $0 |
Craig Kammholz Treasurer | OfficerTrustee | 40 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Thinc Design Exhibit Design Fees | 6/29/22 | $637,799 |
Kahler Slater Inc Architect Fees | 6/29/22 | $644,499 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $18,671,556 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,079,113 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $22,750,669 |
| Total Program Service Revenue | $206,343 |
| Investment income | $114,413 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $134,956 |
| Net Gain/Loss on Asset Sales | -$95 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $23,219,043 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $18,162,515 |
| 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. | $475,944 |
| Compensation of current officers, directors, key employees. | $95,189 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $324,518 |
| Pension plan accruals and contributions | $6,542 |
| Other employee benefits | $63,802 |
| Payroll taxes | $48,201 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,880 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $4,888 |
| Fees for services: Other | $15,308 |
| Advertising and promotion | $0 |
| Office expenses | $1,275 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $86,036 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $44,504 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,282 |
| Insurance | $1,252 |
| All other expenses | $0 |
| Total functional expenses | $27,315,181 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $110,315 |
| Savings and temporary cash investments | $2,837,858 |
| Pledges and grants receivable | $31,250 |
| Accounts receivable, net | $5,000 |
| 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 | $1,663 |
| Net Land, buildings, and equipment | $32,160 |
| Investments—publicly traded securities | $1,415,984 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,000 |
| Total assets | $4,444,230 |
| Accounts payable and accrued expenses | $10,711 |
| 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 | $10,000 |
| Total liabilities | $20,711 |
| Net assets without donor restrictions | $3,273,183 |
| Net assets with donor restrictions | $1,150,336 |
| 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 | $4,444,230 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Milwaukee Development Corporation has recieved totaling $25,000.
| Awarding Organization | Amount |
|---|---|
American Endowment Foundation Hudson, OH PURPOSE: GENERAL OPERATING SUPPORT | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Milwaukee Development Corporation Milwaukee, WI | $4,444,230 | $23,219,043 |
Genesee Area Focus Fund Inc Flint, MI | $3,053,813 | $7,388,265 |
Minnesota Continuing Legal Education St Paul, MN | $8,925,576 | $6,672,774 |
National Community Investment Fund Irrv Tr Chicago, IL | $49,874,763 | $9,294,920 |
Cedar Valley Friends Of The Family Inc Waterloo, IA | $2,837,799 | $5,986,099 |
Dairy Lab Services Inc Dubuque, IA | $2,147,827 | $2,967,894 |
Northfield Healthy Community Initiative Northfield, MN | $2,436,956 | $3,116,991 |
Encourage Bc Battle Creek, MI | $929,727 | $1,806,363 |
Greater Green Bay Chamber Of Commerce Foundation Inc Green Bay, WI | $2,890,843 | $1,952,883 |
St Joseph Services Inc Chicago, IL | $1,123,789 | $1,648,775 |
Right Place Foundation Grand Rapids, MI | $1,899,566 | $1,296,715 |
Association Of Equipment Management Professionals Inc Middleton, WI | $87,248 | $1,345,748 |