Civic Intelligence

Rockford Area Economic Development

EIN 36-3055858 • 501(c)6 • Rockford, IL

View Organization Page

Profile

The rockford area economic development council cultivates opportunities for primary job growth that increase the economic well-being of our region

308 W State Street Suite 350Rockford, IL 61101

rockfordil.com

Siviq Scores

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

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on the latest valid filing.

Source year 2023

Liabilities / Revenue

26th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)6 • $500k-$1M nonprofits • Source year 2023

Net Margin

87th percentile

25%

Higher net margin than 87% of similar nonprofits.

501(c)6 • $500k-$1M nonprofits • Source year 2023

Top Officer Pay

81st percentile

$128,128

Higher top officer pay than 81% of similar nonprofits.

Top officer pay equals 18.9% of source-year revenue.

501(c)6 • $500k-$1M nonprofits • Source year 2023

Asset Growth

2nd percentile

-100%

Faster asset growth than 2% of similar nonprofits.

501(c)6 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Revenue Growth

71st percentile

15%

Faster revenue growth than 71% of similar nonprofits.

501(c)6 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / AssetsScore unavailable

Assets

Down

$0

Down $393,923 (-100%) from 2022

Liabilities

Down

$0

Down $618,554 (-100%) from 2022

Net Assets

Up

$0

Up $224,631 (+100%) from 2022

Operations
Liabilities / Revenue26th percentileNet Margin87th percentile

Revenue

Up

$676,959

Up $88,298 (+15%) from 2022

Expenses

Down

$507,963

Down $672,681 (-57%) from 2022

Net Income

Up

$168,996

Up $760,979 (+129%) from 2022

Trend Graphs

Balance Sheet Trend

Asset Growth2nd percentile

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

$1.5M$1.0M$500K$0-$500KAssets 2010: $1,110,258Liabilities 2010: $215,483Net Assets 2010: $894,7752010Assets 2011: $944,441Liabilities 2011: $90,189Net Assets 2011: $854,2522011Assets 2012: $1,120,190Liabilities 2012: $222,972Net Assets 2012: $897,2182012Assets 2013: $985,498Liabilities 2013: $62,063Net Assets 2013: $923,4352013Assets 2014: $1,079,730Liabilities 2014: $77,254Net Assets 2014: $1,002,4762014Assets 2015: $1,000,116Liabilities 2015: $106,071Net Assets 2015: $894,0452015Assets 2016: $645,217Liabilities 2016: $159,835Net Assets 2016: $485,3822016Assets 2017: $722,995Liabilities 2017: $95,749Net Assets 2017: $627,2462017Assets 2019: $752,724Liabilities 2019: $335,770Net Assets 2019: $416,9542019Assets 2020: $547,217Liabilities 2020: $196,253Net Assets 2020: $350,9642020Assets 2021: $522,903Liabilities 2021: $155,552Net Assets 2021: $367,3512021Assets 2022: $393,923Liabilities 2022: $618,554Net Assets 2022: -$224,6312022Assets 2023: $0Liabilities 2023: $0Net Assets 2023: $02023

Highlighted filing

2023

Assets$0
Liabilities$0
Net Assets$0
Open 2023 Filing

Operations Trend

Revenue Growth71st percentile

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

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2010: $1,905,3242010Expenses 2011: $1,865,0132011Expenses 2012: $2,017,3852012Revenue 2013: $1,957,486Expenses 2013: $1,931,269Net Income 2013: $26,2172013Revenue 2014: $2,136,274Expenses 2014: $2,057,308Net Income 2014: $78,9662014Revenue 2015: $1,840,299Expenses 2015: $1,948,731Net Income 2015: -$108,4322015Revenue 2016: $1,496,778Expenses 2016: $1,905,441Net Income 2016: -$408,6632016Revenue 2017: $1,720,666Expenses 2017: $1,578,802Net Income 2017: $141,8642017Revenue 2019: $1,496,100Expenses 2019: $1,575,145Net Income 2019: -$79,0452019Revenue 2020: $1,237,789Expenses 2020: $1,303,779Net Income 2020: -$65,9902020Revenue 2021: $987,648Expenses 2021: $971,261Net Income 2021: $16,3872021Revenue 2022: $588,661Expenses 2022: $1,180,644Net Income 2022: -$591,9832022Revenue 2023: $676,959Expenses 2023: $507,963Net Income 2023: $168,9962023

Highlighted filing

2023

Revenue$676,959
Expenses$507,963
Net Income$168,996
Open 2023 Filing

Filings

Most recent year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$0
Liabilities
$0
Net assets
$0
Revenue
$676,959
Expenses
$507,963
Net income
$168,996
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.68$0.51$0.17
2022Detailed filing. Detailed filing data is available for this year.$0.39$0.62$0.22$0.59$1.18$0.59
2021Detailed filing. Detailed filing data is available for this year.$0.52$0.16$0.37$0.99$0.97$0.02
2020Detailed filing. Detailed filing data is available for this year.$0.55$0.20$0.35$1.24$1.30$0.07
2019Detailed filing. Detailed filing data is available for this year.$0.75$0.34$0.42$1.50$1.58$0.08
2017Detailed filing. Detailed filing data is available for this year.$0.72$0.10$0.63$1.72$1.58$0.14
2016Detailed filing. Detailed filing data is available for this year.$0.65$0.16$0.49$1.50$1.91$0.41
2015Detailed filing. Detailed filing data is available for this year.$1.00$0.11$0.89$1.84$1.95$0.11
2014Detailed filing. Detailed filing data is available for this year.$1.08$0.08$1.00$2.14$2.06$0.08
2013Detailed filing. Detailed filing data is available for this year.$0.99$0.06$0.92$1.96$1.93$0.03
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.12$0.22$0.90$2.02
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.94$0.09$0.85$1.87
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.11$0.22$0.89$1.91
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 15, 2024
Return Version
2023v5.0
Gross Receipts
$676,959
Mission and Program Overview

Mission

The primary role of the rockford area economic development council is to enhance wealth creation in the rockford region by marketing the area and helping employers retain and create quality jobs. The raedc works closely with many partners to serve as a one-stop resource for clients to improve the competitiveness of the region and to engage the community in the work of economic development.

The rockford area economic development council cultivates opportunities for primary job growth that increase the economic well-being of our region

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$186,510--
Accounts Receivable$95,750--
Intangible Assets$93,775--
Savings and Temporary Cash Investments$11,784--
Land, Buildings, and Equipment, Net$3,326--
Prepaid Expenses and Deferred Charges$2,778--
Total Assets$393,923$0▼ $393,923
Liabilities
Deferred Revenue$385,604--
Accounts Payable and Accrued Expenses$138,419--
Other Liabilities$94,531--
Total Liabilities$618,554$0▼ $618,554
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-224,631--
Total Net Assets Fund Balance$-224,631$0▲ $224,631
Total Liabilities and Net Assets / Fund Balance$393,923$0▼ $393,923
Compensation and Service Providers
Top Officer Pay81st percentile

Employees

NameTitleFull / Part TimeOtherTotal
Therese ThillPresident/ceFT$128,128$128,128

Board Members and Trustees

NameTitle
James RozinskyChair
Dan GiovanettiVice Chair
Alan GoldenDirector
Caitlin PusateriDirector
Christopher AndersonDirector
Conor BrownDirector
David AnspaughDirector
David ForwardDirector
Edward BergDirector
Eric CunninghamDirector
George GaulrappDirector
Gina CaronnaDirector
Grant SjostromDirector
James Richter IiDirector
John GrohDirector
Karl FranzenDirector
Rebecca EppersonDirector
Sully CadengaDirector
Thomas GreenDirector
Wendy AlsteenDirector
Michael GronewoldSecretary/tr
Revenue and Support

Revenue Composition

Contributions and Grants
$647,410
Program Service Revenue
$0
Investment Income
$265
Other Revenue
$29,284
Change in Net Assets
$168,996

Audited Revenue Reconciliation

Revenue per Audited Statements
$676,959
Total Revenue per Audited Statements
$676,959
Total Revenue per Form 990
$676,959
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$313,479
Other Expenses$194,484
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$154,326
Current Officers, Directors, Trustees, and Key Employees---$125,365
Fees for Services Other---$94,793
Occupancy---$57,795
Payroll Taxes---$18,256
Other Employee Benefits---$10,156
Office Expenses---$9,675
Advertising---$6,000
Conferences and Meetings---$5,785
Travel---$5,461
Pension Plan Contributions---$5,376
Fees for Services Legal---$3,915
All Other Expenses---$2,732
Depreciation Depletion---$1,614
Insurance---$827
Other Expenses---$293
Total Functional Expenses$0$0$0$507,963

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$507,963
Total Expenses per Audited Statements$507,963
Total Expenses per Form 990$507,963
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
In-house lobbying only
Yes
Subject to proxy tax
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
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
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“The organization is comprised of investors/stockholders.”

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

“The investors/stockholders are able to review the candidates for the board and vote on the selection as each board member term comes to a close.”

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

“Each year, the investors/stockholders are able to vote on how a portion of the general budget is spent to fund raedc programs.”

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

“Review and approval of the 990 will be done by senior staff and board officers prior to filing.”

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

“Conflict of interest forms are completed by staff and the board of directors when their respective term begins. Conflicts are noted on said form and board of directors abstain from voting on any issue in which conflicts may occur.”

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

“The president's annual compensation plan, including base salary and any bonus payment, is reviewed and approved by the executive committee.”

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

“The president recommends all officer salary and bonus adjustments using comparable salaries and national peers published by national economic development organizations such as iedc, cost of living statistics, and extraordinary performance. Those recommendations are then reviewed and approved by the executive committee. All non-officer staff compensation changes are recommended by the president and reviewed and approved by the board chair.”

Form 990, Page 6, Part VI, Line 19

“Rockford area economic developement council has made its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Rockford Area Economic Development
EIN
36-3055858
Phone
8159878100
Address
308 W STATE STREET SUITE 350, ROCKFORD, IL 61101

Signing Officer

Name
Angela Larson
Title
Grcc CEO
Phone
8159878118
Signed
2024-11-15

Organization Details

Principal Officer
Michael Gronewold
Formed
1980
Legal Domicile
Il
Voting Board Members
21
Independent Board Members
21
Employees
0
Volunteers
22

Preparer

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

Additional Explanations

Form 990, Part IX, Line 11G

“Other fees 0 18,461 76,332”

Form 990, Part XI, Line 9

“Prior period adjustment 88,606 transfer of net assets to grcc -32,971 total 55,635”

Raw XML AppendixShowing 400 of 493 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.

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IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16SECRETARY/TR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19CHAIR
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IRS990/PrincipalOfficerNm0MICHAEL GRONEWOLD
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IRS990/ProgSrvcAccomActy3Grp/Desc0BUSINESS CLIMATE SERVICES: WORK WITH CURRENT AND POTENTIAL RAEDC INVESTORS REGARDING ECONOMIC DEVELOPMENT ISSUES.
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IRS990ScheduleN/DispositionOfAssetsDetail/AssetsDistriOrExpnssPaidDesc0BANK ACCOUNTS
IRS990ScheduleN/DispositionOfAssetsDetail/AssetsDistriOrExpnssPaidDesc1ACCOUNTS RECEIVABLE
IRS990ScheduleN/DispositionOfAssetsDetail/AssetsDistriOrExpnssPaidDesc2PREPAID EXPENSES
IRS990ScheduleN/DispositionOfAssetsDetail/AssetsDistriOrExpnssPaidDesc3FIXED ASSETS, NET
IRS990ScheduleN/DispositionOfAssetsDetail/AssetsDistriOrExpnssPaidDesc4RIGHT OF USE, NET
IRS990ScheduleN/DispositionOfAssetsDetail/BusinessName/BusinessNameLine1Txt0GREATER ROCKFORD CHAMBER OF COMMERC
IRS990ScheduleN/DispositionOfAssetsDetail/BusinessName/BusinessNameLine1Txt1GREATER ROCKFORD CHAMBER OF COMMERC
IRS990ScheduleN/DispositionOfAssetsDetail/BusinessName/BusinessNameLine1Txt2GREATER ROCKFORD CHAMBER OF COMMERC
IRS990ScheduleN/DispositionOfAssetsDetail/BusinessName/BusinessNameLine1Txt3GREATER ROCKFORD CHAMBER OF COMMERC
IRS990ScheduleN/DispositionOfAssetsDetail/BusinessName/BusinessNameLine1Txt4GREATER ROCKFORD CHAMBER OF COMMERC
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IRS990ScheduleN/SupplementalInformationDetail/ExplanationTxt0THE FOLLOWING BOARD MEMBERS OF THE ROCKFORD AREA ECONOMIC DEVELOPMENT CORPORATION BECAME BOARD MEMBERS OF THE MERGED ENTITY (GREATER ROCKFORD CHAMBER OF COMMERCE), EFFECTIVE 10/01/2023: 1. WENDY ALSTEEN 2. CONOR BROWN 3. THOMAS GREEN 4. JOHN GROH 5. MICHAEL GRONEWOLD
IRS990ScheduleN/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE N, PART II, PAGE 2, LINE 2E
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS COMPRISED OF INVESTORS/STOCKHOLDERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE INVESTORS/STOCKHOLDERS ARE ABLE TO REVIEW THE CANDIDATES FOR THE BOARD AND VOTE ON THE SELECTION AS EACH BOARD MEMBER TERM COMES TO A CLOSE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2EACH YEAR, THE INVESTORS/STOCKHOLDERS ARE ABLE TO VOTE ON HOW A PORTION OF THE GENERAL BUDGET IS SPENT TO FUND RAEDC PROGRAMS.

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