Civic Intelligence

Rockford Local Development

EIN 36-3038678 • 501(c)6 • Rockford, IL

Profile

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

120 West State StreetRockford, IL 61101-1437

n/A

Siviq Scores

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

Liabilities / Assets

74th percentile

0.41x

Higher debt load relative to assets than 74% of similar nonprofits.

501(c)6 • $5M-$10M nonprofits • Source year 2025

Liabilities / Revenue

96th percentile

1.94x

Higher debt load relative to revenue than 96% of similar nonprofits.

501(c)6 • $5M-$10M nonprofits • Source year 2025

Net Margin

10th percentile

-13%

Higher net margin than 10% of similar nonprofits.

501(c)6 • $5M-$10M nonprofits • Source year 2025

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 2025

Revenue Growth

Score unavailable

No value available

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

Source year 2025

Assets

Up

$5,225,946

Up $488,049 (+10%) from 2024

Liabilities

Up

$2,165,779

Up $628,482 (+41%) from 2024

Net Assets

Down

$3,060,167

Down $140,433 (-4.4%) from 2024

Revenue

Up

$1,114,739

Up $61,806 (+5.9%) from 2024

Expenses

Up

$1,255,172

Up $181,945 (+17%) from 2024

Net Income

Down

-$140,433

Down $120,139 (-592%) from 2024

Trend Graphs

Balance Sheet Trend

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

$6.0M$4.0M$2.0M$0Assets 2020: $1,534,022Liabilities 2020: $203,433Net Assets 2020: $1,330,5892020Assets 2021: $1,946,396Liabilities 2021: $144,534Net Assets 2021: $1,801,8622021Assets 2022: $2,794,433Liabilities 2022: $363,317Net Assets 2022: $2,431,1162022Assets 2023: $3,867,454Liabilities 2023: $646,560Net Assets 2023: $3,220,8942023Assets 2024: $4,737,897Liabilities 2024: $1,537,297Net Assets 2024: $3,200,6002024Assets 2025: $5,225,946Liabilities 2025: $2,165,779Net Assets 2025: $3,060,1672025

Highlighted filing

2025

Assets$5,225,946
Liabilities$2,165,779
Net Assets$3,060,167

Operations Trend

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

$2.0M$1.0M$0-$1.0MRevenue 2020: $954,486Expenses 2020: $835,195Net Income 2020: $119,2912020Revenue 2021: $1,268,852Expenses 2021: $797,579Net Income 2021: $471,2732021Revenue 2022: $1,498,474Expenses 2022: $869,220Net Income 2022: $629,2542022Revenue 2023: $1,914,300Expenses 2023: $1,124,522Net Income 2023: $789,7782023Revenue 2024: $1,052,933Expenses 2024: $1,073,227Net Income 2024: -$20,2942024Revenue 2025: $1,114,739Expenses 2025: $1,255,172Net Income 2025: -$140,4332025

Highlighted filing

2025

Revenue$1,114,739
Expenses$1,255,172
Net Income-$140,433

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Oct 1, 2024 to Sep 30, 2025
Signed
Feb 7, 2026
Return Version
2024v5.0
Gross Receipts
$1,114,739
Mission and Program Overview

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$3,978,236$4,697,160▲ $718,924
Savings and Temporary Cash Investments$348,237$211,985▼ $136,252
Intangible Assets$233,203$193,842▼ $39,361
Land, Buildings, and Equipment, Net$55,425$45,608▼ $9,817
Prepaid Expenses and Deferred Charges$84,315$29,837▼ $54,478
Cash and Non-Interest-Bearing Accounts$100$100→ $0
Total Assets$4,737,897$5,225,946▲ $488,049
Other Assets Total$38,381$47,414▲ $9,033
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,158,804$1,822,826▲ $664,022
Other Liabilities$237,363$211,040▼ $26,323
Deferred Revenue$80,271$71,600▼ $8,671
Accounts Payable and Accrued Expenses$60,859$60,313▼ $546
Total Liabilities$1,537,297$2,165,779▲ $628,482
Net Assets / Fund Balance
Net Assets With Donor Restrictions$2,448,440$2,570,039▲ $121,599
Net Assets Without Donor Restrictions$752,160$490,128▼ $262,032
Total Net Assets Fund Balance$3,200,600$3,060,167▼ $140,433
Total Liabilities and Net Assets / Fund Balance$4,737,897$5,225,946▲ $488,049

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$31,720$7,930-
Equipment$13,888$94,170-

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$358,910-▲ $19,678$66,295$297,213
2023$546,556-▲ $30,280$182,232$358,910
2022$622,004$45,000▲ $30,933$128,000$546,556
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
John PhelpsExecutive DiFT$177,344$23,262$200,606
John PhelpsExecutive Director-$177,344$23,262$200,606

Board Members and Trustees

NameTitle
Karl SwansonChair
Linda HeckertPast Chair
Michael SchultzVice Chair
Audra MoncurDirector
Ed MunguiaDirector
Jeff FahrenwaldDirector
Karen WalshDirector
Michele PetrieDirector
Robert YoungDirector
Lesly CooperAssistant Se
Todd CagnoniAssistant Tr
J DANIEL O'BOYLESecretary
Brian PetersonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,113,608
Investment Income
$1,131
Other Revenue
$0
Change in Net Assets
$-140,433
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$742,440
Other Expenses$512,732
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$395,127
Current Officers, Directors, Trustees, and Key Employees---$221,590
Interest---$115,112
Occupancy---$68,640
Other Employee Benefits---$62,568
Office Expenses---$47,676
Payroll Taxes---$45,182
Fees for Services Accounting---$32,350
Conferences and Meetings---$32,242
Insurance---$19,693
Pension Plan Contributions---$17,973
Depreciation Depletion---$9,817
Other Expenses---$8,387
All Other Expenses---$2,941
Advertising---$1,100
Fees for Services Other---$10
Total Functional Expenses$0$0$0$1,255,172
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liability$194,067
Due to Nicdc$16,973
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

As stated in the organization's bylaws - the corporation shall have as its members a self-perpetuating group consisting of at least 25 persons to be known as members chosen and selected in accordance with the by-laws. The membership of the corporation shall be representative of the community and include at least one representative from each of the following groups: local government; the private sector; lending institutions; community organizations; and, business organizations.

Form 990, Page 6, Part VI, Line 7A

As stated in the organization's bylaws, each member shall be entitled to cast one vote at any election of directors of the corporation. Members shall have no other voting rights and there shall be no cumulative voting rights.

Form 990, Page 6, Part VI, Line 11B

The executive committee is provided a copy of the tax return to review and approve before submitting to the irs.

Form 990, Page 6, Part VI, Line 12C

If a matter comes before the board of directors or any committee, the conflict is disclosed and the director(s) or member(s) abstains from voting.

Form 990, Page 6, Part VI, Line 15A

The executive committee meets annually to review the past year's performance and determine the compensation of the executive director. This committee consists of bankers and other business professionals from the community who are acutely aware of current market conditions. In addition, the national association of development companies (nadco) conducts a bi- annual compensation survey that the committee uses as a source of comparable data.

Form 990, Page 6, Part VI, Line 19

The governing documents, financial statements and tax returns are available to the general public upon request at the organization's office during normal business hours. The federal tax return is available on the guidestar website.

Filing and Contact Details

Filer

Filer Name
Rockford Local Development
EIN
36-3038678
Phone
8159878675
Address
120 WEST STATE STREET, ROCKFORD, IL 61101-1437

Signing Officer

Name
John Phelps
Title
Executive Director
Phone
8159878675
Signed
2026-02-07

Organization Details

Principal Officer
John Phelps
Formed
1979
Legal Domicile
Il
Voting Board Members
15
Independent Board Members
14
Employees
7
Volunteers
15

Preparer

Firm
Benning Group LLC
Address
6815 WEAVER RD STE 300, ROCKFORD, IL 61114-8060
Preparer
Heather Nondorf
Phone
8153162375
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

The board of directors has designated 297,213 as of september 2025, to be expended only for certain programs as specified by the government grantor agencies.

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IRS990/ProgSrvcAccomActy2Grp/Desc0RLF 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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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE BOARD OF DIRECTORS HAS DESIGNATED 297,213 AS OF SEPTEMBER 2025, TO BE EXPENDED ONLY FOR CERTAIN PROGRAMS AS SPECIFIED BY THE GOVERNMENT GRANTOR AGENCIES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 2, PART V, LINE 4
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0AS STATED IN THE ORGANIZATION'S BYLAWS - THE CORPORATION SHALL HAVE AS ITS MEMBERS A SELF-PERPETUATING GROUP CONSISTING OF AT LEAST 25 PERSONS TO BE KNOWN AS MEMBERS CHOSEN AND SELECTED IN ACCORDANCE WITH THE BY-LAWS. THE MEMBERSHIP OF THE CORPORATION SHALL BE REPRESENTATIVE OF THE COMMUNITY AND INCLUDE AT LEAST ONE REPRESENTATIVE FROM EACH OF THE FOLLOWING GROUPS: LOCAL GOVERNMENT; THE PRIVATE SECTOR; LENDING INSTITUTIONS; COMMUNITY ORGANIZATIONS; AND, BUSINESS ORGANIZATIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1AS STATED IN THE ORGANIZATION'S BYLAWS, EACH MEMBER SHALL BE ENTITLED TO CAST ONE VOTE AT ANY ELECTION OF DIRECTORS OF THE CORPORATION. MEMBERS SHALL HAVE NO OTHER VOTING RIGHTS AND THERE SHALL BE NO CUMULATIVE VOTING RIGHTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE EXECUTIVE COMMITTEE IS PROVIDED A COPY OF THE TAX RETURN TO REVIEW AND APPROVE BEFORE SUBMITTING TO THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3IF A MATTER COMES BEFORE THE BOARD OF DIRECTORS OR ANY COMMITTEE, THE CONFLICT IS DISCLOSED AND THE DIRECTOR(S) OR MEMBER(S) ABSTAINS FROM VOTING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE EXECUTIVE COMMITTEE MEETS ANNUALLY TO REVIEW THE PAST YEAR'S PERFORMANCE AND DETERMINE THE COMPENSATION OF THE EXECUTIVE DIRECTOR. THIS COMMITTEE CONSISTS OF BANKERS AND OTHER BUSINESS PROFESSIONALS FROM THE COMMUNITY WHO ARE ACUTELY AWARE OF CURRENT MARKET CONDITIONS. IN ADDITION, THE NATIONAL ASSOCIATION OF DEVELOPMENT COMPANIES (NADCO) CONDUCTS A BI- ANNUAL COMPENSATION SURVEY THAT THE COMMITTEE USES AS A SOURCE OF COMPARABLE DATA.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND TAX RETURNS ARE AVAILABLE TO THE GENERAL PUBLIC UPON REQUEST AT THE ORGANIZATION'S OFFICE DURING NORMAL BUSINESS HOURS. THE FEDERAL TAX RETURN IS AVAILABLE ON THE GUIDESTAR WEBSITE.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 6
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