DOWNERS GROVE ECONOMIC DEVELOPMENT CORPORATION

EIN: 870772222 Community Improvement

DOWNERS GROVE, IL

Total Revenue
$719,538
Total Expenses
$693,950
Total Assets
$594,122
Net Assets
$347,047
🔒

Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

Sign in with your work email to view Tuckman-Chang indicators

Sign In — Free (10 views/day)

Financial Trends

Organization Details

Formation Year
2006
Legal Domicile
IL
Principal Officer
BRYAN GAY
Phone
6307290380
Tax Period
2024-01-01 to 2024-12-31

DOWNERS GROVE ECONOMIC DEVELOPMENT CORPORATION, founded in 2006, is a small nonprofit in the Community Improvement sector that reported $720K in total revenue in fiscal year 2024. Expenses of $694K left a modest 4% surplus.

Mission

TO ENHANCE THE ECONOMIC VITALITY OF THE VILLAGE OF DOWNERS GROVE THROUGH THE RETENTION, EXPANSION, AND ATTRACTION OF BUSINESS THAT IS CONDUCIVE TO IMPROVING THE QUALITY OF LIFE IN DOWNERS GROVE.

Program Service Accomplishments

Program 1
Expenses: $596,506 Revenue: $711,724

2024 PROGRAM SERVICE ACCOMPLISHMENTS ACTIVITIES OF THE DOWNERS GROVE ECONOMIC DEVELOPMENT CORPORATION INCLUDE BUSINESS ATTRACTION (FACILITATING NEW BUSINESS TO OPEN IN THE VILLAGE), BUSINESS...

Read more

2024 PROGRAM SERVICE ACCOMPLISHMENTS ACTIVITIES OF THE DOWNERS GROVE ECONOMIC DEVELOPMENT CORPORATION INCLUDE BUSINESS ATTRACTION (FACILITATING NEW BUSINESS TO OPEN IN THE VILLAGE), BUSINESS RETENTION (WORKING WITH EXISTING BUSINESSES TO ENSURE SATISFACTION), VISITORS ATTRACTION (PROMOTING DOWNERS GROVE AS A DESTINATION FOR VISITORS), AND MARKETING (CREATION OF MATERIALS, WEBSITES, ETC., PARTICIPATION IN TRADE SHOWS, AND ADVERTISING). THE FOLLOWING ARE HIGHLIGHTS OF THE MANY PROGRAM SERVICE ACCOMPLISHMENTS OF THE DGEDC DURING 2024: ATI PHYSICAL THERAPY COMPLETED THE BUILDOUT OF THEIR NEW CORPORATE HEADQUARTERS AT 2001 BUTTERFIELD ROAD. BALES METALS SURFACE SOLUTIONS AT 2824 HITCHCOCK AVENUE COMPLETED THE EXPANSION OF THEIR EXISTING BUILDING WITH NEW PLATING EQUIPMENT. BUBBLY SIDE OF LIFE AT 5131 MAIN STREET COMPLETED THE BUILDOUT OF THEIR NEW RETAIL CHAMPAGNE AND WINE TASTING STORE IN THE DOWNTOWN. BUFFALO WILD WINGS GO COMPLETED THEIR QUICK SERVICE RESTAURANT BUILD-OUT AT 945 OGDEN AVENUE. CHEMRING ENERGETIC DEVICES COMPLETED A MAJOR RENOVATION OF THEIR NEW MANUFACTURING FACILITY AT 2525 CURTISS STREET. CHEMRING NOW FULLY OCCUPIES THE 100,000 SF FACILITY. ELEVEN26 CONTINUED CONSTRUCTION OF THEIR NEW RESTAURANT SPACE AT 5126 MAIN STREET IN THE DOWNTOWN. THE RESTAURANT IS LOOKING FORWARD TO A GRAND OPENING IN 2025. CNA COMPLETED THE BUILD-OUT OF THEIR CORPORATE OFFICE EXPANSION AT 3333 FINLEY ROAD. ENTOURAGE COMPLETED THE BUILD-OUT OF THEIR NEW RESTAURANT AT 5101 MAIN STREET. ESCAPOLOGY DOWNERS GROVE OPENED FOR BUSINESS AT 1250 75TH STREET. ESCAPOLOGY IS AN ESCAPE ROOM / ENTERTAINMENT VENUE. EVEREST ASIAN FUSION BEGAN BUILD-OUT OF THEIR NEW RESTAURANT 1550 75TH STREET. HIME CHA BOBA TEA COMPLETED THE BUILD-OUT OF THEIR NEW JUICE AND TEA SHOP AT 436 75TH STREET. CASTLE CARS GENESIS OF DOWNERS GROVE CONTINUED CONSTRUCTION OF THEIR NEW DEALERSHIP AT CROSS AND ODGEN AVENUE IN OCTOBER. CONSTRUCTION IS TO BE COMPLETED IN 2025. GOLDFINGER BREWING COMPANY COMPLETED CONSTRUCTION ON A MAJOR EXPANSION OF THEIR BREWING FACILITY AT 513 ROGERS STREET INCLUDING AN EXPANDED BREWHOUSE. LYTLE HOUSE COMPLETED CONSTRUCTION IN 2024 AT 4919 BELMONT ROAD WHICH HOUSES A NEW PHOTOGRAPHY STUDIO AND SPECIAL EVENT SPACE. FEDERAL SIGNAL COMPLETED SIGNED A LEASE AND COMPLETED THE BUILD-OUT OF THEIR NEW CORPORATE OFFICES AT 1333 BUTTERFIELD ROAD. HOME GOODS AND MARSHALLS BEGAN RENOVATING THEIR NEW RETAIL SPACES AT 1548 BUTTERFIELD ROAD IN THE FINLEY SQUARE SHOPPING CENTER. BOTH RETAILERS ARE SCHEDULED TO OPEN IN LATE 2025. MCALLISTER'S DELI OPENED FOR BUSINESS IN FEBRUARY AFTER COMPLETING THEIR RESTAURANT BUILD-OUT AT 933 OGDEN AVENUE. THE DOWNERS GROVE PARK DISTRICT COMPLETED CONSTRUCTION AT MCCOLLUM PARK FOR NEW SPRAY PADS, NEW TENNIS AND PICKLEBALL COURTS, RECONSTRUCTION OF PATHWAYS, NEW SHELTERS AND STORM SEWER IMPROVEMENTS. MEADOWBROOK SHOPPING CENTER CONTINUED WORKING THROUGH THE TIF CREATION PROCESS WITH THE VILLAGE FOR THE REHABILITATION OF THE CENTER. TIF CREATION AND RE-DEVELOPMENT PLAN TO BE ADOPTED IN 2025. MIDWESTERN UNIVERSITY CONTINUED CONSTRUCTION ON THEIR NEWEST BUILDING AT 555 31ST STREET. THIS NEW 122,000 SF BUILDING WILL INCLUDE ADMINISTRATIVE OFFICES, CLASSROOMS AND STATE-OF-THE-ART LAB SPACES. CONSTRUCTION IS SCHEDULED FOR COMPLETION IN 2025. OAK TRACE COMPLETED CONSTRUCTION OF A MAJOR EXPANSION OF THEIR COMMUNITY AT 270 VILLAGE DRIVE. CONSTRUCTION WILL INCLUDE A TWO NEW 5-STORY APARTMENT BUILDING AND PARKING COMPLEX. ROASTED ELEMENTS AT 4955 FAIRVIEW AVENUE BEGAN THE BUILD-OUT OF THEIR COFFEE SHOP AND ROASTERY. SKYWAY HEALTH COMPLETED THE BUILD-OUT OF THEIR NEW CORPORATE OFFICES AT 2001 BUTTERFIELD ROAD IN THE ESPLANADE LAKES OFFICE PARK. VINTAGE CHARM COMPLETED THE BUILD-OUT OF THEIR SEVENTH RETAIL LOCATION AT 5114 MAIN STREET IN THE DOWNTOWN. WOODCRAFT RELOCATED FROM WOODRIDGE TO 504 OGDEN AVENUE. WOODCRAFT IS A SPECIALTY WOODWORKING AND TOOL RETAIL STORE.

🔒

Trantor Score

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

Sign in to view Trantor Score and financial metrics

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

Sign In — Free (10 views/day)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $595,000
Program Service Revenue $116,724
Investment Income $7,814
Other Revenue $0
TOTAL REVENUE $719,538

Expense Breakdown

Grants Paid $0
Salaries & Benefits $414,718
Fundraising Expenses $0
Program Expenses $596,506
Other Expenses $279,232
TOTAL EXPENSES $693,950

Year-over-Year Comparison

2024 2023 Change
Revenue $719,538 $678,276 +0.1%
Expenses $693,950 $623,806 +0.1%
Net Income $25,588 $54,470 -0.5%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
🔒

Financial Health Indicators

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

Financial Distress Indicator

Liquidity & Cash Position

Sign in to view all financial metrics

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

Sign In

Governance

Voting Members
28
Independent Members
28
Employees
3
Volunteers
1

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
4
$167,723
Total Directors
28
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ROBERT L FERNANDEZ DIRECTOR & C 1.00
Officer Director
$0 $0 $0
KEN MALINOWSKI DIRECTOR/VIC 1.00
Officer Director
$0 $0 $0
MICHAEL RIORDAN DIRECTOR 0.20
Director
$0 $0 $0
SCOTT MILLER DIRECTOR 0.20
Director
$0 $0 $0
JOHN LUKA DIRECTOR 0.20
Director
$0 $0 $0
MARK COSENZA DIRECTOR 0.20
Director
$0 $0 $0
LORI RITZERT DIRECTOR/TRE 1.00
Director
$0 $0 $0
BETH GONCHER DIRECTOR 0.20
Director
$0 $0 $0
KATHLEEN GOEPPINGER PHD DIRECTOR 0.20
Director
$0 $0 $0
GARY MORI DIRECTOR 0.20
Director
$0 $0 $0
RICHARD M GATTO DIRECTOR 0.20
Director
$0 $0 $0
EDWARD SITAR III DIRECTOR 0.20
Director
$0 $0 $0
DR MAUREEN DUNNE DIRECTOR 0.20
Director
$0 $0 $0
ERIN VENEZIA DIRECTOR 0.20
Director
$0 $0 $0
LISA RASIN DIRECTOR 0.20
Director
$0 $0 $0
JENNIFER SCHINKE DIRECTOR 0.20
Director
$0 $0 $0
ALLISON WYLER DIRECTOR 0.20
Director
$0 $0 $0
ROBERT BARNETT DIRECTOR 0.20
Director
$0 $0 $0
DAVID FIELDMAN DIRECTOR 0.20
Director
$0 $0 $0
MICHAEL BAKER DIRECTOR 0.20
Director
$0 $0 $0
FADI OSMANO DIRECTOR 0.20
Director
$0 $0 $0
BRYAN GAY PRESIDENT & 40.00
Officer
$155,299 $12,424 $167,723
CHRIS GILMARTIN DIRECTOR 0.20
Director
$0 $0 $0
THERESA SCHULZ DIRECTOR/SEC 1.00
Officer Director
$0 $0 $0
MARY LYNN FAYOUMI DIRECTOR N/A
Director
$0 $0 $0
THOMAS BECKMANN DIRECTOR 0.20
Director
$0 $0 $0
CLAUDIO GUTIERREZ DIRECTOR 0.20
Director
$0 $0 $0
MARC IOZZO DIRECTOR 0.20
Director
$0 $0 $0
ERIC RHODES DIRECTOR 0.20
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 $719,538 $693,950 $594,122 $25,588
2023 $678,276 $623,806 $591,459 $54,470
2022 $477,738 $475,973 $557,515 $1,765
2021 $564,179 $543,598 $265,224 $20,581
2020 $595,862 $487,356 $244,643 $108,506
Explore More Nonprofits
Top 100 Nonprofits in Illinois Largest U.S. Nonprofits Best Rated Nonprofits Most Efficient Nonprofits

Compare DOWNERS GROVE ECONOMIC DEVELOPMENT CORPORATION with other nonprofits in Illinois and across the country.