MILWAUKEE ECONOMIC DEVELOPMENT COR… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1971

Legal Domicile

Principal Officer

DAVID E LATONA

Phone

4142691440

Tax Period

2023-01-01 to 2023-12-31

MILWAUKEE ECONOMIC DEVELOPMENT CORPORATION, founded in 1971, is a community nonprofit in the Community Improvement sector that reported $5.0M in total revenue in fiscal year 2023. Revenue surged 24% from the prior year, signaling strong growth momentum. Net assets of $86.6M represent 207 months of operating reserves.

Mission

MEDC PROVIDES GAP FINANCING TO BUSINESSES IN ORDER TO CREATE EMPLOYMENT OPPORTUNITIES AND INCREASE LOCAL INCOMES THROUGH THE RETENTION, EXPANSION AND DEVELOPMENT OF MANUFACTURING, SERVICE AND OTHER COMMERCIAL ESTABLISHMENTS LOCATED IN MILWAUKEE, WAUKESHA, WASHINGTON, WALWORTH, RACINE, KENOSHA AND OZAUKEE COUNTIES (COLLECTIVELY M7 REGION).

Program Service Accomplishments

Program 1

Expenses: $4,400,861 Revenue: $3,485,935

LENDING: MEDC PROVIDES GAP LOANS AT BELOW MARKET INTEREST RATES TO MILWAUKEE AREA BUSINESSES. MOST TIMES THERE IS A PARTNER BANK WHICH PROVIDES SOME OF THE PROJECT FINANCING. MEDC'S APPROACH TO...

LENDING: MEDC PROVIDES GAP LOANS AT BELOW MARKET INTEREST RATES TO MILWAUKEE AREA BUSINESSES. MOST TIMES THERE IS A PARTNER BANK WHICH PROVIDES SOME OF THE PROJECT FINANCING. MEDC'S APPROACH TO LENDING REVOLVES AROUND TWO FUNDAMENTAL PRINCIPLES: SHARING RISK WITH ALL PARTICIPANTS IN A PROJECT AND PROVIDE LOANS WHERE THERE IS A GAP BETWEEN AVAILABLE DEBT AND EQUITY.

Program 2

Expenses: $189,744 Revenue: $189,744

MEDC PROVIDED GRANT REVIEW SERVICES TO THE MILWAUKEE DEVELOPMENT CORPORATION FOR A PROGRAM IT WAS RUNNING FOR THE WEDC, THE WI TOMORROW MAIN STREET BOUNCEBACK GRANT. MEDC PROVIDED SERVICES OF GRANT...

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $3,675,679

Investment Income $1,342,180

Other Revenue $6,510

TOTAL REVENUE $5,024,369

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,825,387

Fundraising Expenses $0

Program Expenses $4,590,605

Other Expenses $3,330,713

TOTAL EXPENSES $5,156,100

Year-over-Year Comparison

	2023	2022	Change
Revenue	$5,024,369	$4,043,772	+0.2%
Expenses	$5,156,100	$3,895,449	+0.3%
Net Income	$-131,731	$148,323	-1.9%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$559,810

Total Directors

$319,639

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DAVID LATONA	PRESIDENT & SECRETARY	40.00	Officer Director	$273,583	$46,056	$319,639
THOMAS O'NEILL	CHAIRMAN	1.00	Officer Director	$0	$0	$0
AMELIA MACARENO	DIRECTOR	1.00	Director	$0	$0	$0
ANDY MELVIN	DIRECTOR	1.00	Director	$0	$0	$0
CAVALIER JOHNSON	DIRECTOR	1.00	Director	$0	$0	$0
CRAIG SCHMUTZER	DIRECTOR	1.00	Director	$0	$0	$0
D PATRICK O'BRIEN	DIRECTOR	1.00	Director	$0	$0	$0
DEBRA KESSLAR	DIRECTOR (TERM 08/2023)	1.00	Director	$0	$0	$0
DR EVE HALL	DIRECTOR (TERM 08/2023)	1.00	Director	$0	$0	$0
GINA STILP	DIRECTOR	1.00	Director	$0	$0	$0
GREG BAUER	DIRECTOR	1.00	Director	$0	$0	$0
IVAN GAMBOA	DIRECTOR	1.00	Director	$0	$0	$0
JAMES ROEMER	DIRECTOR	1.00	Director	$0	$0	$0
JOHN HAZOD	DIRECTOR	1.00	Director	$0	$0	$0
JOHN ZANGHI	DIRECTOR	1.00	Director	$0	$0	$0
KELSEY BRENN	DIRECTOR	1.00	Director	$0	$0	$0
KENNETH ROBERTSON	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL MURPHY	DIRECTOR	1.00	Director	$0	$0	$0
NATE ZASTROW	DIRECTOR	1.00	Director	$0	$0	$0
PAUL KLEINER	DIRECTOR	1.00	Director	$0	$0	$0
PERFECTO RIVERA	DIRECTOR	1.00	Director	$0	$0	$0
REBECCA MITICH	DIRECTOR	1.00	Director	$0	$0	$0
SARAH LUTZ	DIRECTOR	1.00	Director	$0	$0	$0
STEVE BARTH	DIRECTOR	1.00	Director	$0	$0	$0
THOMAS ZALE	DIRECTOR	1.00	Officer Director	$0	$0	$0
TOM FOTSCH	DIRECTOR (START 04/2023)	1.00	Director	$0	$0	$0
WILLIAM FEAGLES	DIRECTOR	1.00	Director	$0	$0	$0
JOHN MILLER	VICE PRESIDENT & TREASURER	40.00	Officer	$204,005	$36,166	$240,171
SUSAN EICK	RELATIONSHIP MANAGER	40.00	Highest	$105,554	$16,700	$122,254

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$5,024,369	$5,156,100	$133,022,594	$-131,731
2022	$4,043,772	$3,895,449	$134,203,800	$148,323
2021	$4,507,113	$17,683,799	$129,937,785	$-13,176,686
2020	$4,689,021	$3,456,264	$156,884,808	$1,232,757
2019	$4,767,789	$4,431,646	$156,590,034	$336,143
2018	$4,617,324	$7,869,738	$164,881,387	$-3,252,414

MILWAUKEE ECONOMIC DEVELOPMENT CORPORATION