RACINE COUNTY ECONOMIC DEVELOPMENT… - 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

1983

Legal Domicile

Principal Officer

LANDON WIRTH

Phone

2628987424

Tax Period

2025-01-01 to 2025-12-31

RACINE COUNTY ECONOMIC DEVELOPMENT CORPORATION, founded in 1983, is a community nonprofit in the Human Services sector that reported $3.0M in total revenue in fiscal year 2025. Revenue surged 48% from the prior year, signaling strong growth momentum. Expenses of $2.6M left a modest 12% surplus.

Mission

TO PROVIDE ECONOMIC DEVELOPMENT SERVICES INCLUDING BUSINESS RECRUITMENT, EXPANSION, BUSINESS FINANCING, COMMUNITY AND WORKFORCE DEVELOPMENT.

Program Service Accomplishments

Program 1

Expenses: $1,703,852 Revenue: $1,136,767

BUSINESS FINANCE: RCEDC MANAGES GOVERNMENT AND QUASI-GOVERNMENT BUSINESS FINANCING PROGRAMS THAT PROVIDE LOW-INTEREST LOANS TO RACINE COUNTY BUSINESSES. RCEDC IS A SMALL BUSINESS ADMINISTRATION (SBA) CERTIFIED DEVELOPMENT COMPANY, AND AS A RESULT, PROVIDES SBA 504 FIXED ASSET LOANS THROUGHOUT THE STATE OF WISCONSIN. RCEDC UTILIZES ITS RESOURCES TO MANAGE CERTAIN COMMUNITY-BASED REVOLVING LOAN FUNDS IN SOUTHEAST WISCONSIN.

Program 2

Expenses: $480,086 Revenue: $43,144

BUSINESS DEVELOPMENT: RCEDC CONDUCTS BUSINESS DEVELOPMENT PROGRAMS AS PART OF ITS ECONOMIC DEVELOPMENT PLAN DIVISION. THESE PROGRAMS INCLUDE BUSINESS RETENTION AND EXPANSION AND TALENT ATTRACTION TO IDENTIFY AND IMPLEMENT STRATEGIES TO ADDRESS THE NEEDS OF EXISTING BUSINESSES THROUGHOUT RACINE COUNTY. RCEDC CONDUCTS BUSINESS RECRUITMENT FOR COMPANIES THAT ARE SEEKING A LOCATION FOR BUSINESS IN RACINE COUNTY.COMMUNITY DEVELOPMENT: RCEDC PROVIDES COMMUNITY DEVELOPMENT ASSISTANCE, SUCH AS BROWNFIELD AND GENERAL PROPERTY REDEVELOPMENT, DOWNTOWN AND COMMERCIAL CORRIDOR ASSISTANCE, CREATION AND EXPANSION OF BUSINESS PARKS, AND PROVISION OF SANITARY SEWER AND PUBLIC WATER TO AREAS THAT WILL ENABLE FUTURE BUSINESS DEVELOPMENT.

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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 (2025)

Revenue Breakdown

Contributions & Grants $1,718,386

Program Service Revenue $1,179,911

Investment Income $103,571

Other Revenue $0

TOTAL REVENUE $3,001,868

Expense Breakdown

Grants Paid $68,046

Salaries & Benefits $1,459,879

Fundraising Expenses $35,670

Program Expenses $2,183,938

Other Expenses $1,110,898

TOTAL EXPENSES $2,638,823

Year-over-Year Comparison

	2025	2024	Change
Revenue	$3,001,868	$2,025,635	+0.5%
Expenses	$2,638,823	$2,126,240	+0.2%
Net Income	$363,045	$-100,605	-4.6%

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

$231,922

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DAVID GRIFFITH	CHAIRMAN	1.00	Officer Director	$0	$0	$0
WESLEY RICCHIO	PRESIDENT	1.00	Officer Director	$0	$0	$0
LANDON WIRTH	1ST VP	1.00	Officer Director	$0	$0	$0
THOMAS MOORE	2ND VP	1.00	Officer Director	$0	$0	$0
BRIAN AGEN	3RD VP	1.00	Officer Director	$0	$0	$0
MARCHELLE GONZALES	4TH VP	1.00	Officer Director	$0	$0	$0
JEFF GRUHN	SECRETARY	1.00	Officer Director	$0	$0	$0
SHERONDA GLASS	TREASURER	1.00	Officer Director	$0	$0	$0
RALPH MALICKI	DIRECTOR	1.00	Director	$0	$0	$0
CORY MASON	DIRECTOR	1.00	Director	$0	$0	$0
JENNY TRICK	EXECUTIVE DIRECTOR	40.00	Officer	$202,416	$29,506	$231,922
LAURA MILLION	EMPLOYEE	40.00	Highest	$125,684	$6,284	$131,968
WESLEY WALSH	EMPLOYEE	40.00	Highest	$129,291	$13,516	$142,807

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	$3,001,868	$2,638,823	$13,125,614	$363,045
2024	No data	No data	No data	No data
2023	$2,577,707	$2,020,221	$13,068,523	$557,486
2022	$3,305,317	$1,941,358	$13,208,071	$1,363,959
2021	$4,460,005	$2,311,711	$11,510,127	$2,148,294
2020	$2,026,860	$2,249,222	$14,555,295	$-222,362
2019	$1,765,171	$2,192,650	$16,629,514	$-427,479
2018	$1,918,897	$1,764,955	$16,401,815	$153,942

RACINE COUNTY ECONOMIC DEVELOPMENT CORPORATION