ROCK ISLAND ECONOMIC GROWTH CORPOR… - 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

1982

Legal Domicile

Principal Officer

BRIAN HOLLENBACK

Phone

3097946711

Tax Period

2024-01-01 to 2024-12-31

ROCK ISLAND ECONOMIC GROWTH CORPORATION, founded in 1982, is a mid-sized nonprofit in the Housing & Shelter sector that reported $20.0M in total revenue in fiscal year 2024. Revenue surged 342% from the prior year, signaling strong growth momentum. The organization ran a surplus of $11.4M, a strong 57% operating margin.

Mission

THE MISSION OF ROCK ISLAND ECONOMIC GROWTH CORPORATION IS TO RENOVATE AND BUILD NEW SINGLE FAMILY OR MULTI-FAMILY HOUSING IN THE MIDWEST REGION; TO FOSTER LOW-INCOME HOUSING THAT: ENHANCES THE OVERALL IMAGE AND ECONOMIC VITALITY OF THE REGION; IMPROVES HOUSING MARKET DYNAMICS IN THE REGION, ESPECIALLY IN ITS OLDER, BLIGHTED NEIGHBORHOODS; ENCOURAGES HOME OWNERSHIP; IS COMMITTED TO DEVELOPING AFFORDABLE HOUSING; PROMOTES BUILDING CONSTRUCTION AND MAINTENANCE, TRAINING OF HOMEBUYERS AND NEIGHBORHOOD RESIDENTS.

Program Service Accomplishments

Program 1

Expenses: $8,141,969 Revenue: $2,889,957

ROCK ISLAND ECONOMIC GROWTH CORPORATION STABILIZES AND REHABILITATES RESIDENTIAL NEIGHBORHOODS IN THE MIDWEST REGION BY DEVELOPING HOUSING, MANAGING HOUSING AND PROVIDING ASSISTANCE TO HOMEBUYERS...

ROCK ISLAND ECONOMIC GROWTH CORPORATION STABILIZES AND REHABILITATES RESIDENTIAL NEIGHBORHOODS IN THE MIDWEST REGION BY DEVELOPING HOUSING, MANAGING HOUSING AND PROVIDING ASSISTANCE TO HOMEBUYERS INCLUDING, BUT NOT LIMITED TO, HOMEBUYER AND HOMEOWNER EDUCATION, CLOSING COST AND DOWN PAYMENT ASSISTANCE, REHABILITATION COST ASSISTANCE AND FORECLOSURE PREVENTION.

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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 (2024)

Revenue Breakdown

Contributions & Grants $11,369,461

Program Service Revenue $4,771,278

Investment Income $529,324

Other Revenue $3,300,175

TOTAL REVENUE $19,970,238

Expense Breakdown

Grants Paid $3,059,336

Salaries & Benefits $1,367,319

Fundraising Expenses $0

Program Expenses $8,141,969

Other Expenses $4,172,866

TOTAL EXPENSES $8,599,521

Year-over-Year Comparison

	2024	2023	Change
Revenue	$19,970,238	$4,521,470	+3.4%
Expenses	$8,599,521	$5,707,859	+0.5%
Net Income	$11,370,717	$-1,186,389	-10.6%

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

$705,659

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
AMETRA CARROL	BOARD MEMBER	1.00	Director	$0	$0	$0
DAMITA DAVIS-WREN	BOARD MEMBER	1.00	Director	$0	$0	$0
RYAN HATTEN	BOARD MEMBER	1.00	Director	$0	$0	$0
DENISE ISAAC	BOARD MEMBER	1.00	Director	$0	$0	$0
AMY JONES	FORMER BOARD MEMBER	1.00	Director	$0	$0	$0
ALVARO MACIAS	BOARD MEMBER	1.00	Director	$0	$0	$0
LOREDIA NUNN-DIXON	BOARD MEMBER	1.00	Director	$0	$0	$0
STEVE OLLENBURG	VICE CHAIRPERSON	1.00	Officer Director	$0	$0	$0
LINDSEY RAMOS	BOARD MEMBER	1.00	Director	$0	$0	$0
STELLA SCHNEEKLOTH	BOARD MEMBER	1.00	Director	$0	$0	$0
JANE SCHNEIDER	TREASURER/PAST CHAIRPERSON	1.00	Officer Director	$0	$0	$0
PHYLLIS SCHWINDT	SECRETARY	1.00	Officer Director	$0	$0	$0
SHELLEY SHEEHY	BOARD MEMBER	1.00	Director	$0	$0	$0
KATHY SPRINGER	CHAIRPERSON	1.00	Officer Director	$0	$0	$0
DARRYL THOMPSON	BOARD MEMBER	1.00	Director	$0	$0	$0
SHELLY TUCCIARELLI	BOARD MEMBER	1.00	Director	$0	$0	$0
BRIAN HOLLENBACK	PRESIDENT AND CEO	40.00	Officer	$112,798	$35,572	$481,453
CYNTHIA BERG	CHIEF FINANCIAL OFFICER	40.00	Officer	$154,629	$19,161	$224,206
CAREY JORGENSEN	DIRECTOR OF PROPERTY MANAGEMENT	40.00	Highest	$101,579	$15,387	$116,966
ELIZABETH PAYNE	VICE PRESIDENT	40.00	Highest	$103,330	$3,897	$122,721
ANDREW FISHER	CONSTRUCTION DIRECTOR	40.00	Highest	$113,392	$12,596	$125,988

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	$19,970,238	$8,599,521	$48,614,036	$11,370,717
2023	$4,521,470	$5,707,859	$42,717,661	$-1,186,389
2022	$2,442,309	$5,200,710	$42,645,585	$-2,758,401
2021	$2,050,446	$4,795,222	$40,516,929	$-2,744,776
2020	$3,732,413	$4,478,931	$30,458,325	$-746,518
2019	$2,817,955	$3,577,972	$30,020,623	$-760,017
2018	$13,825,139	$3,761,098	$31,046,046	$10,064,041

ROCK ISLAND ECONOMIC GROWTH CORPORATION