Civic Intelligence

Business Development Corporation

EIN 35-1548607 • 501(c)4 • South Bend, IN

Profile

To further economic development,

218 W Washington StreetSouth Bend, IN 46601

www.bdcloan.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

55th percentile

0.11x

Higher debt load relative to assets than 55% of similar nonprofits.

501(c)4 • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

80th percentile

0.70x

Higher debt load relative to revenue than 80% of similar nonprofits.

501(c)4 • $5M-$10M nonprofits • Source year 2024

Net Margin

76th percentile

33%

Higher net margin than 76% of similar nonprofits.

501(c)4 • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2024

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2024

Balance Sheet
Liabilities / Assets55th percentile

Assets

Up

$6,491,579

Up $478,864 (+8.0%) from 2023

Liabilities

Up

$697,210

Up $21,994 (+3.3%) from 2023

Net Assets

Up

$5,794,369

Up $456,870 (+8.6%) from 2023

Operations
Liabilities / Revenue80th percentileNet Margin76th percentile

Revenue

Up

$1,001,719

Up $114,089 (+13%) from 2023

Expenses

Up

$672,095

Up $51,728 (+8.3%) from 2023

Net Income

Up

$329,624

Up $62,361 (+23%) from 2023

Trend Graphs

Balance Sheet Trend

Asset GrowthScore unavailable

Grouped bars show assets, liabilities, and net assets across loaded filings.

$8.0M$6.0M$4.0M$2.0M$0Assets 2010: $5,148,480Liabilities 2010: $2,298,925Net Assets 2010: $2,849,5552010Assets 2011: $4,732,605Liabilities 2011: $1,910,455Net Assets 2011: $2,822,1502011Assets 2012: $4,415,000Liabilities 2012: $1,202,648Net Assets 2012: $3,212,3522012Assets 2013: $4,797,389Liabilities 2013: $1,282,717Net Assets 2013: $3,514,6722013Assets 2014: $5,039,276Liabilities 2014: $1,354,982Net Assets 2014: $3,684,2942014Assets 2015: $4,094,907Liabilities 2015: $290,717Net Assets 2015: $3,804,1902015Assets 2016: $4,013,763Liabilities 2016: $165,936Net Assets 2016: $3,847,8272016Assets 2017: $4,103,945Liabilities 2017: $206,938Net Assets 2017: $3,897,0072017Assets 2018: $4,135,430Liabilities 2018: $184,491Net Assets 2018: $3,950,9392018Assets 2019: $4,385,229Liabilities 2019: $95,962Net Assets 2019: $4,289,2672019Assets 2020: $4,739,263Liabilities 2020: $73,897Net Assets 2020: $4,665,3662020Assets 2021: $5,106,992Liabilities 2021: $61,523Net Assets 2021: $5,045,4692021Assets 2022: $4,829,222Liabilities 2022: $67,052Net Assets 2022: $4,762,1702022Assets 2023: $6,012,715Liabilities 2023: $675,216Net Assets 2023: $5,337,4992023Assets 2024: $6,491,579Liabilities 2024: $697,210Net Assets 2024: $5,794,3692024

Highlighted filing

2024

Assets$6,491,579
Liabilities$697,210
Net Assets$5,794,369
Open 2024 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.5M$1.0M$500K$0-$500KExpenses 2010: $622,9822010Expenses 2011: $589,0842011Expenses 2012: $342,6672012Revenue 2013: $749,766Expenses 2013: $613,972Net Income 2013: $135,7942013Revenue 2014: $808,462Expenses 2014: $629,371Net Income 2014: $179,0912014Revenue 2015: $1,167,021Expenses 2015: $847,644Net Income 2015: $319,3772015Revenue 2016: $620,846Expenses 2016: $603,228Net Income 2016: $17,6182016Revenue 2017: $693,386Expenses 2017: $755,817Net Income 2017: -$62,4312017Revenue 2018: $763,667Expenses 2018: $561,886Net Income 2018: $201,7812018Revenue 2019: $664,581Expenses 2019: $517,072Net Income 2019: $147,5092019Revenue 2020: $952,041Expenses 2020: $576,261Net Income 2020: $375,7802020Revenue 2021: $872,254Expenses 2021: $611,577Net Income 2021: $260,6772021Revenue 2022: $816,472Expenses 2022: $699,236Net Income 2022: $117,2362022Revenue 2023: $887,630Expenses 2023: $620,367Net Income 2023: $267,2632023Revenue 2024: $1,001,719Expenses 2024: $672,095Net Income 2024: $329,6242024

Highlighted filing

2024

Revenue$1,001,719
Expenses$672,095
Net Income$329,624
Open 2024 Filing

Filings

Most recent year

2024 • Form 990XML pending. An XML filing is linked for this year, but detailed extraction is still pending.

Open filing
Assets
$6,491,579
Liabilities
$697,210
Net assets
$5,794,369
Revenue
$1,001,719
Expenses
$672,095
Net income
$329,624
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.49$0.70$5.79$1.00$0.67$0.33
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.01$0.68$5.34$0.89$0.62$0.27
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.83$0.07$4.76$0.82$0.70$0.12
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.11$0.06$5.05$0.87$0.61$0.26
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.74$0.07$4.67$0.95$0.58$0.38
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.39$0.10$4.29$0.66$0.52$0.15
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.14$0.18$3.95$0.76$0.56$0.20
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.10$0.21$3.90$0.69$0.76$0.06
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.01$0.17$3.85$0.62$0.60$0.02
2015Detailed filing. Detailed filing data is available for this year.$4.09$0.29$3.80$1.17$0.85$0.32
2014Detailed filing. Detailed filing data is available for this year.$5.04$1.35$3.68$0.81$0.63$0.18
2013Detailed filing. Detailed filing data is available for this year.$4.80$1.28$3.51$0.75$0.61$0.14
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.42$1.20$3.21$0.34
2011XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.73$1.91$2.82$0.59
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.15$2.30$2.85$0.62
Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2018 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Apr 18, 2019
Return Version
2018v3.1
Gross Receipts
$1,289,505
Mission and Program Overview

Mission

To further economic development,

To further economic development, principally within any and all counties located in North Central Indiana and Southwest Michigan.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$2,154,504$1,778,159▼ $376,345
Investments in Publicly Traded Securities$1,129,360$1,239,735▲ $110,375
Savings and Temporary Cash Investments$459,222$607,619▲ $148,397
Cash and Non-Interest-Bearing Accounts$334,806$487,177▲ $152,371
Prepaid Expenses and Deferred Charges$16,840$12,891▼ $3,949
Land, Buildings, and Equipment, Net$3,283$2,353▼ $930
Total Assets$4,103,945$4,135,430▲ $31,485
Other Assets Total$5,930$7,496▲ $1,566
Liabilities
Mortgage Notes Payable Secured by Investment Property$166,248$138,766▼ $27,482
Accounts Payable and Accrued Expenses$36,690$45,725▲ $9,035
Deferred Revenue$4,000--
Total Liabilities$206,938$184,491▼ $22,447
Net Assets / Fund Balance
Unrestricted Net Assets$3,897,007$3,950,939▲ $53,932
Total Net Assets Fund Balance$3,897,007$3,950,939▲ $53,932
Total Liabilities and Net Assets / Fund Balance$4,103,945$4,135,430▲ $31,485

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$2,353$40,206$42,559
Other Land Buildings$0$2,000$2,000
Land$0--
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Elizabeth WittlingPresident/COO (part year)FT$98,089$16,704$114,793
Joseph KuzmitzPresident/COO (part year)FT$71,132$11,416$82,548

Board Members and Trustees

NameTitle
Todd BruceChair
Christine CotterDirector
Dan CarrollDirector
Dana TrowbridgeDirector
David B BehrDirector
Donald FischesserDirector
Garey KaserDirector
Gary WetzelDirector
James LewisDirector
John SeidlDirector
Michael WargoDirector
Michael ZappiaDirector
Paul LaskowskiDirector
Robert JamiesonDirector
Shawn ToddDirector
Stephen HenryDirector
Terry PloetzDirector
Todd ObrenDirector
Donald FozoSecretary
Kevin Kruggel CPATreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$641,156
Investment Income
$122,511
Other Revenue
$0
Change in Net Assets
$201,781

Audited Revenue Reconciliation

Revenue per Audited Statements
$763,667
Revenue Not Reported on Form 990
$-147,849
Total Revenue per Audited Statements
$615,818
Total Revenue per Form 990
$763,667
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$386,465
Other Expenses$175,421
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$157,873$39,468$0$197,341
Other Salaries and Wages$144,584$6,319$0$150,903
Occupancy$43,668$7,404$0$51,072
Office Expenses$0$23,061$0$23,061
Payroll Taxes$19,810$2,842$0$22,652
Fees for Services Accounting$0$13,925$0$13,925
Advertising$13,430$0$0$13,430
Fees for Service Investment Mgmnt Fees$0$11,903$0$11,903
Other Employee Benefits$12,098$-201$0$11,897
Interest$8,026$0$0$8,026
Fees for Services Legal$0$4,545$0$4,545
Other Expenses$0$4,201$0$4,201
Pension Plan Contributions$3,614$58$0$3,672
Fees for Services Other$0$2,985$0$2,985
Information Technology$0$2,875$0$2,875
Depreciation Depletion$0$930$0$930
Total Functional Expenses$441,571$120,315$0$561,886

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$561,886
Total Expenses per Audited Statements$561,886
Total Expenses per Form 990$561,886
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Business Development Corporation
EIN
35-1548607
Phone
5742885758
Address
218 W Washington Street, South Bend, IN 46601
Doing Business As
Bdc

Signing Officer

Name
Elizabeth Wittling
Title
President/Chief Operating Officer
Phone
5742885758
Signed
2019-04-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Elizabeth Wittling
Formed
1983
Legal Domicile
In
Voting Board Members
18
Independent Board Members
18
Employees
5
Volunteers
20

Preparer

Firm
CULLAR & ASSOCIATES PC CPA'S
Address
218 W WASHINGTON ST SUITE 300, SOUTH BEND, IN 46601
Preparer
Richard J Cullar CPA
Phone
5742888320
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

“A copy of Form 990 was provided to all Board members for approval in October 2019 prior to filing.”

Pt VI, Line 12C

“The conflict of interest policy is monitored and enforced by dissemination of the policy to all Board members, by the annual signing of a statement by Board members listing any conflicts, and by the recusal of a member on any matter in which the member has a conflict of interest.”

Pt VI, Line 15A

“The Organization's independent Compensation Committee reviews the compensation of the President and all other key employees, along with suitable comparability data, and recommends compensation packages to the Board of Directors. Their deliberations are documented by contemporaneous minutes. This was last done in June 2018.”

Pt VI, Line 15B

“See above answer to Line 15a.”

Pt VI, Line 19

“The Organization's governing documents, conflict of interest policy, and financial statements are made available to the public upon request.”

Financial Statement Notes

Pt X, Line 2

“We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the position will be sustained on examination by taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Examples of tax positions include the tax-exempt status of our positions related to the potential sources of unrelated business taxable income. We have not identified any uncertain tax positions taken or expected to be taken in a tax return, and there are no unrecognized tax benefits recorded as liabilities in the accompanying financial statements. We classify interest and penalties, if any, associated with uncertain tax positions as a component of income tax expense. There was no accrued interest or any penalties related to unrecognized tax benefits at either December 31, 2018 or 2017, or any interest or penalties expense related to unrecognized tax benefits for the years then ended. We are no longer subject to examination by the Internal Revenue Service or the State of Indiana for years ended prior to December 31, 2015.”

Raw XML AppendixShowing 400 of 528 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

Path#Value
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IRS990/AdvertisingGrp/FundraisingAmt00
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IRS990/AdvertisingGrp/TotalAmt013430
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IRS990/BooksInCareOfDetail/PhoneNum05742885758
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IRS990/BooksInCareOfDetail/USAddress/ZIPCd046601
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IRS990/CompCurrentOfcrDirectorsGrp/TotalAmt0197341
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IRS990/CompensationProcessCEOInd0true
IRS990/CompensationProcessOtherInd0true
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IRS990/ConservationEasementsInd0false
IRS990/ConsolidatedAuditFinclStmtInd0false
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IRS990/CYTotalRevenueAmt0763667
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IRS990/Desc0Generated 20 new SBA-guaranteed loans totaling $11,146,000, and and serviced 166 SBA-guaranteed loans and 16 direct loans.
IRS990/DescribedInSection501c3Ind0false
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IRS990/Form990PartVIISectionAGrp/PersonNm0David B Behr
IRS990/Form990PartVIISectionAGrp/PersonNm1Dan Carroll
IRS990/Form990PartVIISectionAGrp/PersonNm2Christine Cotter
IRS990/Form990PartVIISectionAGrp/PersonNm3Donald Fischesser
IRS990/Form990PartVIISectionAGrp/PersonNm4Stephen Henry
IRS990/Form990PartVIISectionAGrp/PersonNm5Robert Jamieson
IRS990/Form990PartVIISectionAGrp/PersonNm6Garey Kaser
IRS990/Form990PartVIISectionAGrp/PersonNm7Paul Laskowski
IRS990/Form990PartVIISectionAGrp/PersonNm8James Lewis
IRS990/Form990PartVIISectionAGrp/PersonNm9Todd Obren
IRS990/Form990PartVIISectionAGrp/PersonNm10Terry Ploetz
IRS990/Form990PartVIISectionAGrp/PersonNm11John Seidl
IRS990/Form990PartVIISectionAGrp/PersonNm12Shawn Todd
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IRS990/Form990PartVIISectionAGrp/PersonNm14Michael Wargo
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IRS990/Form990PartVIISectionAGrp/PersonNm17Donald Fozo
IRS990/Form990PartVIISectionAGrp/PersonNm18Kevin Kruggel CPA
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IRS990/Form990PartVIISectionAGrp/PersonNm20Joseph Kuzmitz
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