Civic Intelligence

The Greater Beloit Economic Development Corporation

990 • Fiscal year 2014 • EIN 39-1981445

Jan 01, 2014 to Dec 31, 2014 • Filed on Aug 21, 2015

Organization ProfileWWW.GREATERBELOITWORKS.COM
500 Public AveBeloit, WI 53511

(608) 364-6600

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

85th percentile

0.59x

Higher debt load relative to assets than 85% of similar nonprofits.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2014

Liabilities / Revenue

94th percentile

2.90x

Higher debt load relative to revenue than 94% of similar nonprofits.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2014

Net Margin

2nd percentile

-150%

Higher net margin than 2% of similar nonprofits.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2014

Top Officer Pay

47th percentile

$0

Higher top officer pay than 47% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2014

Asset Growth

38th percentile

-0.9%

Faster asset growth than 38% of similar nonprofits.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2013 to 2014

Revenue Growth

30th percentile

-4.8%

Faster revenue growth than 30% of similar nonprofits.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets85th percentile

Assets

Down

$628,074

Down $5,738 (-0.9%) from 2013

Net Assets

Down

$256,976

Down $191,624 (-43%) from 2013

Liabilities

Up

$371,098

Up $185,886 (+100%) from 2013

Revenue And Expenses
Liabilities / Revenue94th percentileNet Margin2nd percentile

Revenue

Down

$128,098

Down $6,487 (-4.8%) from 2013

Expenses

Up

$319,722

Up $210,042 (+192%) from 2013

Net Income

Down

-$191,624

Down $216,529 (-869%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth38th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$4.0M$3.0M$2.0M$1.0M$0Assets 2010: $565,772Liabilities 2010: $148,342Net Assets 2010: $417,4302010Assets 2011: $524,592Liabilities 2011: $144,546Net Assets 2011: $380,0462011Assets 2012: $581,329Liabilities 2012: $157,634Net Assets 2012: $423,6952012Assets 2013: $633,812Liabilities 2013: $185,212Net Assets 2013: $448,6002013Assets 2014: $628,074Liabilities 2014: $371,098Net Assets 2014: $256,9762014Assets 2015: $429,041Liabilities 2015: $165,759Net Assets 2015: $263,2822015Assets 2016: $449,023Liabilities 2016: $174,679Net Assets 2016: $274,3442016Assets 2017: $3,501,714Liabilities 2017: $144,171Net Assets 2017: $3,357,5432017Assets 2018: $3,545,786Liabilities 2018: $127,179Net Assets 2018: $3,418,6072018Assets 2019: $2,826,496Liabilities 2019: $100,356Net Assets 2019: $2,726,1402019Assets 2020: $1,541,749Liabilities 2020: $15,985Net Assets 2020: $1,525,7642020Assets 2021: $1,185,539Liabilities 2021: $9,157Net Assets 2021: $1,176,3822021Assets 2022: $1,249,106Liabilities 2022: $0Net Assets 2022: $1,249,1062022Assets 2023: $1,278,083Liabilities 2023: $1,296Net Assets 2023: $1,276,7872023Assets 2024: $1,261,016Liabilities 2024: $0Net Assets 2024: $1,261,0162024

Highlighted filing

2014

Assets$628,074
Liabilities$371,098
Net Assets$256,976
Open 2014 Filing

Operations Trend

Revenue Growth30th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.0M$500K$0-$500K-$1.0MExpenses 2010: $110,1112010Expenses 2011: $128,0842011Expenses 2012: $95,7392012Revenue 2013: $134,585Expenses 2013: $109,680Net Income 2013: $24,9052013Revenue 2014: $128,098Expenses 2014: $319,722Net Income 2014: -$191,6242014Revenue 2015: $121,846Expenses 2015: $115,540Net Income 2015: $6,3062015Revenue 2016: $117,498Expenses 2016: $106,436Net Income 2016: $11,0622016Revenue 2017: $170,741Expenses 2017: $148,840Net Income 2017: $21,9012017Revenue 2018: $131,030Expenses 2018: $69,965Net Income 2018: $61,0652018Revenue 2019: $119,016Expenses 2019: $79,340Net Income 2019: $39,6762019Revenue 2020: $101,293Expenses 2020: $610,851Net Income 2020: -$509,5582020Revenue 2021: $106,256Expenses 2021: $455,638Net Income 2021: -$349,3822021Revenue 2022: $238,569Expenses 2022: $165,845Net Income 2022: $72,7242022Revenue 2023: $159,854Expenses 2023: $132,173Net Income 2023: $27,6812023Revenue 2024: $161,789Expenses 2024: $177,560Net Income 2024: -$15,7712024

Highlighted filing

2014

Revenue$128,098
Expenses$319,722
Net Income-$191,624
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Aug 21, 2015
Return Version
2014v5.0
Gross Receipts
$128,098
Mission and Program Overview

Mission

Greater beloit economic development corporation (gbedc) is to act as the primary organization coordinating, facilitating and implementing economic development activities in the greater beloit area. Gbedc was organized to relieve poverty, eliminate prejudice, lessen neighborhood tensions and combat community deterioraton in the greater beloit area by fostering retention, recruitment, development, and the expansion of greater beloit area businesses through a program of financial assistance, education and other aid designed to improve economic conditions and economic opportunities within the greater beloit region.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$281,231$279,382▼ $1,849
Cash and Non-Interest-Bearing Accounts$199,649$195,305▼ $4,344
Savings and Temporary Cash Investments$151,972$152,426▲ $454
Prepaid Expenses and Deferred Charges$960$961▲ $1
Total Assets$633,812$628,074▼ $5,738
Liabilities
Grants Payable-$200,000-
Mortgage Notes Payable Secured by Investment Property$126,291$125,698▼ $593
Deferred Revenue$49,950$38,800▼ $11,150
Accounts Payable and Accrued Expenses$3,044$6,600▲ $3,556
Other Liabilities$5,927--
Total Liabilities$185,212$371,098▲ $185,886
Net Assets / Fund Balance
Unrestricted Net Assets$448,600$256,976▼ $191,624
Total Net Assets Fund Balance$448,600$256,976▼ $191,624
Total Liabilities and Net Assets / Fund Balance$633,812$628,074▼ $5,738

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$239,506$97,762$337,268
Land$25,000-$25,000
Other Land Buildings$14,000$6,000$20,000
Equipment$876$19,098$19,974
Compensation and Service Providers
Top Officer Pay47th percentile

Board Members and Trustees

NameTitle
Jeff KlettChairman
Keith KruseVice Chair
Arlyn EdrmannDirector
Brian MorelloDirector
Brian WilsonDirector
Dr Thomas EckertDirector
Ed HansenDirector
Frank MckearnDirector
Fred BuggsDirector
James EganDirector
Jerry KlobucarDirector
Jim ZisserDirector
Joe StadelmanDirector
Joel PatchDirector
John PatchDirector
Kent EymannDirector
Kevin DayDirector
Larry ArftDirector
Mike BuaDirector
Mike DuffyDirector
Pete UnderwoodDirector
Rick BarderDirector
Rick BastianDirector
Rob GerbitzDirector
Roger AnclamDirector
Steve McnealDirector
Tom FinleyDirector
Brian AndersonSecretary/tr
Revenue and Support

Revenue Composition

Contributions and Grants
$60,650
Program Service Revenue
$0
Investment Income
$806
Other Revenue
$66,642
Change in Net Assets
$-191,624

Audited Revenue Reconciliation

Revenue per Audited Statements
$128,098
Total Revenue per Audited Statements
$128,098
Total Revenue per Form 990
$128,098
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$200,000
Other Expenses$119,722
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$200,000--$200,000
Fees for Services Management-$26,400-$26,400
Advertising$9,529$12,730-$22,259
Occupancy$18,028$2,315-$20,343
Depreciation Depletion-$12,938-$12,938
Fees for Services Other$1,039$8,263-$9,302
Interest-$6,948-$6,948
Fees for Services Accounting$152$5,190-$5,342
Insurance-$3,724-$3,724
Conferences and Meetings$33$3,013-$3,046
Travel-$2,673-$2,673
Office Expenses-$2,343-$2,343
All Other Expenses$100$797-$897
Other Expenses$500$774-$500
Total Functional Expenses$231,614$88,108$0$319,722

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$319,722
Total Expenses per Audited Statements$319,722
Total Expenses per Form 990$319,722
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Pratt Industries IncConyers, GA-Construction Assist.$200,000
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
Lobbying 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
Backup withholding compliance
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“Staff reviews and approves the form 990, which is prepared by the auditor, prior to filing.”

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

“Executive comittee members are required to review and sign a conflict of interest policy when they become members of that committee. The monitoring of the policy is done on a quarterly basis.”

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

“N/a - no paid officers or employees.”

Form 990, Page 6, Part VI, Line 19

“Documents are made available upon the request of interested parties via mail or email.”

Filing and Contact Details

Filer

Filer Name
Greater Beloit Economic Development
EIN
39-1981445
Address
500 PUBLIC AVE, BELOIT, WI 53511

Signing Officer

Name
Jeff Klett
Title
Chairman
Signed
2015-08-21

Organization Details

Legal Domicile
Wi
Voting Board Members
28
Independent Board Members
28
Employees
0
Volunteers
36

Preparer

Firm
Siepert & Co Llp
Address
1920 WEST HART ROAD, BELOIT, WI 53511
Preparer
Gary L Meier
Phone
6083652266
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“Greater beloit economic development corporation (gbedc) is to act as the primary organization coordinating, facilitating and implementing economic development activities in the greater beloit area. Gbedc was organized to relieve poverty, eliminate prejudice, lessen neighborhood tensions and combat community deterioraton in the greater beloit area by fostering retention, recruitment, development, and the expansion of greater beloit area businesses through a program of financial assistance, education and other aid designed to improve economic conditions and economic opportunities within the greater beloit region.”

Form 990, Page 2, Part III, Line 4D

“The organization does not maintain separate programs. All activities are directly related to the primary exempt purpose.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt0DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt25VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt26SECRETARY/TR
IRS990/Form990PartVIISectionAGrp/TitleTxt27CHAIRMAN
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IRS990/FormerOfcrEmployeesListedInd0false
IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
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IRS990/GamingActivitiesInd0false
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IRS990/InfoInScheduleOPartIIIInd0X
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IRS990/LegalDomicileStateCd0WI
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IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0false
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IRS990/MembershipDuesAmt060650
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IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
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IRS990/MissionDesc0GREATER BELOIT ECONOMIC DEVELOPMENT CORPORATION (GBEDC) IS TO ACT AS THE PRIMARY ORGANIZATION COORDINATING, FACILITATING AND IMPLEMENTING ECONOMIC DEVELOPMENT ACTIVITIES IN THE GREATER BELOIT AREA. GBEDC WAS ORGANIZED TO RELIEVE POVERTY, ELIMINATE PREJUDICE, LESSEN NEIGHBORHOOD TENSIONS AND COMBAT COMMUNITY DETERIORATON IN THE GREATER BELOIT AREA BY FOSTERING RETENTION, RECRUITMENT, DEVELOPMENT, AND THE EXPANSION OF GREATER BELOIT AREA BUSINESSES THROUGH A PROGRAM OF FINANCIAL ASSISTANCE, EDUCATION AND OTHER AID DESIGNED TO IMPROVE ECONOMIC CONDITIONS AND ECONOMIC OPPORTUNITIES WITHIN THE GREATER BELOIT REGION.
IRS990/MoreThan5000KToIndividualsInd0false
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IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd0false
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IRS990/OccupancyGrp/TotalAmt020343
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IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherExpensesGrp/Desc0BUS. EDUC. SUMMIT & CONNE
IRS990/OtherExpensesGrp/Desc1REPAIRS - 520 E. GRAND
IRS990/OtherExpensesGrp/Desc2SUBSCRIPTIONS & REPORTS-M
IRS990/OtherExpensesGrp/Desc3SUBSCRIPTIONS & REPORTS
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IRS990/OtherExpensesGrp/ProgramServicesAmt01423
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IRS990/OtherRevenueTotalAmt01443
IRS990/PartialLiquidationInd0false
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0960
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0961
IRS990/ProfessionalFundraisingInd0false
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IRS990/ProhibitedTaxShelterTransInd0false
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IRS990/PYExcessBenefitTransInd0false
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt048011
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt066033
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt058080
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IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt0239506
IRS990ScheduleD/BuildingsGrp/DepreciationAmt097762
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0337268
IRS990ScheduleD/EquipmentGrp/BookValueAmt0876
IRS990ScheduleD/EquipmentGrp/DepreciationAmt019098

Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$628,074
Liabilities
$371,098
Net assets
$256,976
Revenue
$128,098
Expenses
$319,722
Net income
-$191,624
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.26$0.00$1.26$0.16$0.18$0.02
2023Detailed filing. Detailed filing data is available for this year.$1.28$0.00$1.28$0.16$0.13$0.03
2022Detailed filing. Detailed filing data is available for this year.$1.25$0.00$1.25$0.24$0.17$0.07
2021Detailed filing. Detailed filing data is available for this year.$1.19$0.01$1.18$0.11$0.46$0.35
2020Detailed filing. Detailed filing data is available for this year.$1.54$0.02$1.53$0.10$0.61$0.51
2019Detailed filing. Detailed filing data is available for this year.$2.83$0.10$2.73$0.12$0.08$0.04
2018Detailed filing. Detailed filing data is available for this year.$3.55$0.13$3.42$0.13$0.07$0.06
2017Detailed filing. Detailed filing data is available for this year.$3.50$0.14$3.36$0.17$0.15$0.02
2016Detailed filing. Detailed filing data is available for this year.$0.45$0.17$0.27$0.12$0.11$0.01
2015Detailed filing. Detailed filing data is available for this year.$0.43$0.17$0.26$0.12$0.12$0.01
2014Detailed filing. Detailed filing data is available for this year.$0.63$0.37$0.26$0.13$0.32$0.19
2013Detailed filing. Detailed filing data is available for this year.$0.63$0.19$0.45$0.13$0.11$0.02
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.58$0.16$0.42$0.10
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.52$0.14$0.38$0.13
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.57$0.15$0.42$0.11