ROCKFORD LOCAL DEVELOPMENT CORPORATION

EIN: 363038678

ROCKFORD, IL

Total Revenue
$1,114,739
Total Expenses
$1,255,172
Total Assets
$5,225,946
Net Assets
$3,060,167
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1979
Legal Domicile
IL
Principal Officer
JOHN PHELPS
Phone
8159878675
Tax Period
2024-10-01 to 2025-09-30

ROCKFORD LOCAL DEVELOPMENT CORPORATION, founded in 1979, is a community nonprofit that reported $1.1M in total revenue in fiscal year 2024. Expenses of $1.3M exceeded revenue, resulting in a 13% operating deficit.

Mission

TO ADVANCE THE COMMERCIAL, INDUSTRIAL AND GENERAL WELFARE OF THE CITY OF ROCKFORD, ILLINOIS AND NORTHERN ILLINOIS AND TO ASSIST IN DEVELOPING AND IMPLEMENTING STRATEGIES TO STIMULATE BUSINESS DEVELOPMENT

Program Service Accomplishments

Program 1

SBA 504 LOAN PROGRAM: ROCKFORD LOCAL DEVELOPMENT CORPORATION IS A CERTIFIED DEVELOPMENT COMPANY (CDC) UNDER THE U.S. SMALL BUSINESS ADMINISTRATION'S SBA 504 PROGRAM. ROCKFORD LOCAL DEVELOPMENT...

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SBA 504 LOAN PROGRAM: ROCKFORD LOCAL DEVELOPMENT CORPORATION IS A CERTIFIED DEVELOPMENT COMPANY (CDC) UNDER THE U.S. SMALL BUSINESS ADMINISTRATION'S SBA 504 PROGRAM. ROCKFORD LOCAL DEVELOPMENT CORPORATION SERVES THE STATE OF ILLINOIS. CERTIFICATION THROUGH SBA FOR THIS PROGRAM REQUIRES THAT THE CDC BE A NOT-FOR-PROFIT ORGANIZATION. SBA 504 PROVIDES LONG TERM, FIXED RATE, SUBORDINATED DEBT TO ELIGIBLE SMALL BUSINESSES. THE ROCKFORD LOCAL DEVELOPMENT CORPORATION CURRENTLY MANAGES A 57.0 MILLION PORTFOLIO OF LOANS TO 128 BUSINESSES. IN FY 2025, ROCKFORD LOCAL DEVELOPMENT CORPORATION CLOSED 7 SBA 504 LOANS IN THE AMOUNT OF 6,852,000 AND APPROVED 8 NEW SBA 504 LOANS FOR AN ADDITIONAL 3,042,000.

Program 2

RLF PROGRAM: ROCKFORD LOCAL DEVELOPMENT CORPORATION ALSO MANAGES SIX REVOLVING LOAN PROGRAMS SERVING FOUR COUNTIES IN NORTHERN ILLINOIS (OGLE, MCHENRY, WINNEBAGO AND BOONE). TOTALING 7,632,378, THESE...

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RLF PROGRAM: ROCKFORD LOCAL DEVELOPMENT CORPORATION ALSO MANAGES SIX REVOLVING LOAN PROGRAMS SERVING FOUR COUNTIES IN NORTHERN ILLINOIS (OGLE, MCHENRY, WINNEBAGO AND BOONE). TOTALING 7,632,378, THESE LOAN FUNDS ARE TARGETED TO SERVE LOW-INCOME COMMUNITIES, DISADVANTAGED BUSINESSES AND MANUFACTURING EMPLOYMENT. PRESENTLY, THERE ARE APPROXIMATELY 159 LOANS OUTSTANDING TO SMALL BUSINESSES. IN FY 2025, ROCKFORD LOCAL DEVELOPMENT CORPORATION, THROUGH ITS MANAGEMENT OF THESE SIX REVOLVING LOAN PROGRAMS, CLOSED 40 LOANS FOR ELIGIBLE PROJECTS TOTALING 2,427,146.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $1,113,608
Investment Income $1,131
Other Revenue $0
TOTAL REVENUE $1,114,739

Expense Breakdown

Grants Paid $0
Salaries & Benefits $742,440
Fundraising Expenses $0
Other Expenses $512,732
TOTAL EXPENSES $1,255,172

Year-over-Year Comparison

2024 2023 Change
Revenue $1,114,739 $1,052,933 +0.1%
Expenses $1,255,172 $1,073,227 +0.2%
Net Income $-140,433 $-20,294 +5.9%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Governance

Voting Members
15
Independent Members
14
Employees
7
Volunteers
15

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
8
$200,606
Total Directors
14
$200,606
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
KARL SWANSON CHAIR 1.00
Officer Director
$0 $0 $0
MICHAEL SCHULTZ VICE CHAIR 1.00
Officer Director
$0 $0 $0
J DANIEL O'BOYLE SECRETARY 1.00
Officer Director
$0 $0 $0
LESLY COOPER ASSISTANT SE 1.00
Officer Director
$0 $0 $0
BRIAN PETERSON TREASURER 1.00
Officer Director
$0 $0 $0
TODD CAGNONI ASSISTANT TR 1.00
Officer Director
$0 $0 $0
JEFF FAHRENWALD DIRECTOR 1.00
Director
$0 $0 $0
LINDA HECKERT PAST CHAIR 1.00
Officer Director
$0 $0 $0
AUDRA MONCUR DIRECTOR 1.00
Director
$0 $0 $0
KAREN WALSH DIRECTOR 1.00
Director
$0 $0 $0
MICHELE PETRIE DIRECTOR 1.00
Director
$0 $0 $0
ROBERT YOUNG DIRECTOR 1.00
Director
$0 $0 $0
ED MUNGUIA DIRECTOR 1.00
Director
$0 $0 $0
JOHN PHELPS EXECUTIVE DI 35.00
Officer Director
$177,344 $23,262 $200,606
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
2025 $1,114,739 $1,255,172 $5,225,946 $-140,433
2024 $1,052,933 $1,073,227 $4,737,897 $-20,294
2023 $1,914,300 $1,124,522 $3,867,454 $789,778
2022 $1,498,474 $869,220 $2,794,433 $629,254
2021 $1,268,852 $797,579 $1,946,396 $471,273
2020 $954,486 $835,195 $1,534,022 $119,291
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