LEGACY REDEVELOPMENT CORPORATION

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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

2000

Legal Domicile

Principal Officer

TERESE CARO

Phone

4143430163

Tax Period

2023-01-01 to 2023-12-31

LEGACY REDEVELOPMENT CORPORATION, founded in 2000, is a community nonprofit in the Housing & Shelter sector that reported $2.6M in total revenue in fiscal year 2023. Revenue surged 51% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.2M, a strong 47% operating margin.

Mission

LEGACY REDEVELOPMENT CORPORATION (LRC) IS A NON-PROFIT COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) REVOLVING LOAN FUND WHOSE MISSION IS TO ENHANCE NEIGHBORHOOD VITALITY, FACILITATE A SUSTAINABLE AND ECONOMICALLY DIVERSE COMMUNITY, AND BUILD WEALTH THROUGH THE DESIGN AND IMPLEMENTATION OF INNOVATIVE FINANCE PROGRAMS IN THE CITY OF MILWAUKEE.

Program Service Accomplishments

Program 1

Expenses: $1,254,860 Revenue: $506,680

1. LEGACY REDEVELOPMENT CORPORATION CONTINUED TO PROVIDE LOAN CAPITAL AND TECHNICAL ASSISTANCE TO ITS LOAN CLIENTS WITH THE GOAL TO STRENGTHEN THE BUSINESSES IN THE AREAS WHERE IMPROVEMENTS WERE...

1. LEGACY REDEVELOPMENT CORPORATION CONTINUED TO PROVIDE LOAN CAPITAL AND TECHNICAL ASSISTANCE TO ITS LOAN CLIENTS WITH THE GOAL TO STRENGTHEN THE BUSINESSES IN THE AREAS WHERE IMPROVEMENTS WERE IDENTIFIED. JOB RETENTION AND CREATION WAS ATTAINED IN ADDITION TO WORKING WITH MINORITY OWNED BUSINESSES AS A FOCUS OF OUR MISSION. THE GOAL IS TO GET THE LOAN CLIENTS BANKABLE. IN 2023,LRC PROVIDED 15 LOANS TO SMALL BUSINESSES AND NON-PROFIT ORGANIZATIONS AT APPROXIMATELY $2MM INJECTED INTO DISADVANTAGED COMMUNITIES AND TO SOCIALLY AND ECONOMICALLY DISADVANTAGED INDIVIDUALS (SEDI). THE 2023 LRC'S PORTFOLIO IS COMPRISED OF DIRECT LENDING TO DIVERSE INDUSTRIES OF SMALL BUSINESSES INCLUDING THE EXPANSION INTO THE RACINE MARKET. LRC HAS CONTINUED TO BE A COMMUNITY PARTNER WITH THE GREATER MILWAUKEE FOUNDATION, EXPANDING OUR REACH TO EARLY CHILDHOOD EDUCATION SMALL BUSINESSES. IN ADDITION, WE'VE PARTNERED WITH ANOTHER LOCAL CDFI ON A PROJECT THAT WILL PROVIDE AFFORDABLE GROCERIES IN A FOOD DESERT IN A CHALLENGED AREA OF MILWAUKEE. THE PROJECT WILL PROVIDE JOB'S AND HOUSING. OVER 95% OF THE LOANS SERVE THE LOW TO MODERATE INCOME COMMUNITY. WE PROVIDED ONE-ON-ONE TECHNICAL ASSISTANCE (TA) TO BUSINESS STARTUPS AND EXPANSIONS THAT ARE CUSTOMIZED TO THE NEEDS OF THE BORROWERS. THE TA PROVIDED RANGED FROM FINANCIAL EDUCATION TO SUCCESSION PLANNING, ETC.

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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 $2,042,917

Program Service Revenue $83,080

Investment Income $433,347

Other Revenue $425

TOTAL REVENUE $2,559,769

Expense Breakdown

Grants Paid $322,971

Salaries & Benefits $469,434

Fundraising Expenses $9,510

Program Expenses $1,254,860

Other Expenses $573,228

TOTAL EXPENSES $1,365,633

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,559,769	$1,699,010	+0.5%
Expenses	$1,365,633	$1,353,779	+0.0%
Net Income	$1,194,136	$345,231	+2.5%

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

$137,487

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
TROY L REESE	CHAIR	1.00	Officer Director	$0	$0	$0
JOHN A ERICH ESQ	VICE CHAIR	1.00	Officer Director	$0	$0	$0
MARJORIE RUCKER	SECRETARY	1.00	Officer Director	$0	$0	$0
TERESE CARO	EX OFFICER	40.00	Officer	$117,733	$19,754	$137,487
MIKE KATZ	EX TREASURER	1.00	Officer Director	$0	$0	$0
RICHARD W LINCOLN	DIRECTOR	1.00	Director	$0	$0	$0
DR GEORGE HINTON	DIRECTOR	1.00	Director	$0	$0	$0
NICOLE L ROBBINS	DIRECTOR	1.00	Director	$0	$0	$0
NIKKI PURVIS	DIRECTOR	1.00	Director	$0	$0	$0
BRIAN MAYS	DIRECTOR	1.00	Director	$0	$0	$0
DARIAN LUCKETT	DIRECTOR	1.00	Director	$0	$0	$0
SALLY R PELTZ	DIRECTOR	1.00	Director	$0	$0	$0

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	$2,559,769	$1,365,633	$13,951,507	$1,194,136
2022	$1,699,010	$1,353,779	$10,893,308	$345,231
2021	$972,706	$808,006	$10,634,504	$164,700
2020	$945,824	$860,606	$10,090,089	$85,218
2019	$827,961	$916,206	$9,482,830	$-88,245
2018	$639,932	$648,584	$9,705,966	$-8,652