Civic Intelligence

Racine County Economic Development Corporation

990 • Fiscal year 2023 • EIN 93-0846583

Jan 01, 2023 to Dec 31, 2023 • Filed on May 08, 2024

Organization ProfileWWW.RACINECOUNTYEDC.ORG

View Organization Page

2320 Renaissance BlvdSturtevant, WI 53177

(262) 898-7424

Siviq Scores

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

Liabilities / Assets

40th percentile

0.11x

Higher debt load relative to assets than 40% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

69th percentile

0.54x

Higher debt load relative to revenue than 69% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

77th percentile

22%

Higher net margin than 77% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

61st percentile

$214,018

Higher top officer pay than 61% of similar nonprofits.

Top officer pay equals 8.3% of source-year revenue.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Asset Growth

26th percentile

-1.1%

Faster asset growth than 26% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

15th percentile

-22%

Faster revenue growth than 15% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets40th percentile

Assets

Down

$13,068,523

Down $139,548 (-1.1%) from 2022

Net Assets

Up

$11,675,129

Up $557,486 (+5.0%) from 2022

Liabilities

Down

$1,393,394

Down $697,034 (-33%) from 2022

Revenue And Expenses
Liabilities / Revenue69th percentileNet Margin77th percentile

Revenue

Down

$2,577,707

Down $727,610 (-22%) from 2022

Expenses

Up

$2,020,221

Up $78,863 (+4.1%) from 2022

Net Income

Down

$557,486

Down $806,473 (-59%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth26th percentile

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

$20M$15M$10M$5.0M$0Assets 2010: $5,235,595Liabilities 2010: $564,748Net Assets 2010: $4,670,8472010Assets 2011: $5,646,055Liabilities 2011: $556,121Net Assets 2011: $5,089,9342011Assets 2012: $9,862,919Liabilities 2012: $5,102,445Net Assets 2012: $4,760,4742012Assets 2013: $11,896,440Liabilities 2013: $5,995,815Net Assets 2013: $5,900,6252013Assets 2014: $12,878,586Liabilities 2014: $5,723,397Net Assets 2014: $7,155,1892014Assets 2015: $14,314,532Liabilities 2015: $5,784,307Net Assets 2015: $8,530,2252015Assets 2016: $13,019,827Liabilities 2016: $4,301,007Net Assets 2016: $8,718,8202016Assets 2017: $16,094,143Liabilities 2017: $3,096,055Net Assets 2017: $12,998,0882017Assets 2018: $16,401,815Liabilities 2018: $3,249,785Net Assets 2018: $13,152,0302018Assets 2019: $16,629,514Liabilities 2019: $3,904,963Net Assets 2019: $12,724,5512019Assets 2020: $14,555,295Liabilities 2020: $2,514,385Net Assets 2020: $12,040,9102020Assets 2021: $11,510,127Liabilities 2021: $1,758,182Net Assets 2021: $9,751,9452021Assets 2022: $13,208,071Liabilities 2022: $2,090,428Net Assets 2022: $11,117,6432022Assets 2023: $13,068,523Liabilities 2023: $1,393,394Net Assets 2023: $11,675,1292023Assets 2024: $13,581,008Liabilities 2024: $2,006,484Net Assets 2024: $11,574,5242024

Highlighted filing

2023

Assets$13,068,523
Liabilities$1,393,394
Net Assets$11,675,129
Open 2023 Filing

Operations Trend

Revenue Growth15th percentile

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $1,587,8472010Expenses 2011: $1,523,8922011Expenses 2012: $1,605,0702012Revenue 2013: $2,827,960Expenses 2013: $1,687,809Net Income 2013: $1,140,1512013Revenue 2014: $3,057,412Expenses 2014: $1,802,848Net Income 2014: $1,254,5642014Revenue 2015: $2,801,852Expenses 2015: $1,517,235Net Income 2015: $1,284,6172015Revenue 2016: $2,608,894Expenses 2016: $2,420,299Net Income 2016: $188,5952016Revenue 2017: $6,385,533Expenses 2017: $2,106,265Net Income 2017: $4,279,2682017Revenue 2018: $1,918,897Expenses 2018: $1,764,955Net Income 2018: $153,9422018Revenue 2019: $1,765,171Expenses 2019: $2,192,650Net Income 2019: -$427,4792019Revenue 2020: $2,026,860Expenses 2020: $2,249,222Net Income 2020: -$222,3622020Revenue 2021: $4,460,005Expenses 2021: $2,311,711Net Income 2021: $2,148,2942021Revenue 2022: $3,305,317Expenses 2022: $1,941,358Net Income 2022: $1,363,9592022Revenue 2023: $2,577,707Expenses 2023: $2,020,221Net Income 2023: $557,4862023Revenue 2024: $2,025,635Expenses 2024: $2,126,240Net Income 2024: -$100,6052024

Highlighted filing

2023

Revenue$2,577,707
Expenses$2,020,221
Net Income$557,486
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
May 8, 2024
Return Version
2023v5.0
Gross Receipts
$2,577,707
Mission and Program Overview

Mission

To provide Economic Development services including business recruitment, expansion, business financing, community and workforce developement.

Economic development services including business recruitment, expansion, and financing.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$6,409,982$6,825,454▲ $415,472
Cash and Non-Interest-Bearing Accounts$5,939,741$5,516,642▼ $423,099
Savings and Temporary Cash Investments$250,952$257,756▲ $6,804
Intangible Assets$217,551$217,551→ $0
Accounts Receivable$178,551$81,529▼ $97,022
Prepaid Expenses and Deferred Charges$44,845$43,857▼ $988
Land, Buildings, and Equipment, Net$18,642$12,802▼ $5,840
Total Assets$13,208,071$13,068,523▼ $139,548
Other Assets Total$147,807$112,932▼ $34,875
Liabilities
Other Liabilities$1,727,769$1,215,889▼ $511,880
Mortgage Notes Payable Secured by Investment Property$201,426--
Accounts Payable and Accrued Expenses$146,908$172,380▲ $25,472
Deferred Revenue$14,325$5,125▼ $9,200
Total Liabilities$2,090,428$1,393,394▼ $697,034
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$11,008,004$11,598,999▲ $590,995
Net Assets With Donor Restrictions$109,639$76,130▼ $33,509
Total Net Assets Fund Balance$11,117,643$11,675,129▲ $557,486
Total Liabilities and Net Assets / Fund Balance$13,208,071$13,068,523▼ $139,548

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$12,802$79,551$92,353
Compensation and Service Providers
Top Officer Pay61st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jenny TrickExecutive DirectorFT$180,153$33,865$214,018

Board Members and Trustees

NameTitle
Gregory BarronChairman
David GriffithPresident
Cory MasonDirector
Jonathan DelagraveDirector
Landon Wirth1st VP
Wesley Ricchio2nd VP
Karla Krehbiel3rd VP
Brian Agen4th VP
Brett NielsenSecretary
Sheronda GlassTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Cliftonlarsonallen LLPAccounting220 S 6TH ST STE 300, Minneapolis, MN 55402$137,088
Revenue and Support

Revenue Composition

Contributions and Grants
$1,523,154
Program Service Revenue
$964,086
Investment Income
$82,539
Other Revenue
$7,928
All Other Contributions
$70,947
Change in Net Assets
$557,486

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,577,707
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$2,577,707
Total Revenue per Form 990
$2,577,707
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,278,526
Other Expenses$618,784
Grants and Similar Amounts Paid$122,911
Total Fundraising Expense$31,680
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$766,190$88,337$4,878$859,405
Current Officers, Directors, Trustees, and Key Employees$192,652$23,180$1,239$217,071
Fees for Services Accounting-$154,850-$154,850
Grants to Domestic Orgs$122,911--$122,911
Advertising$84,997$1,497-$86,494
Fees for Services Other$70,788$14,466-$85,254
Other Employee Benefits$71,746$12,093$524$84,363
Payroll Taxes$68,797$9,272$408$78,477
Information Technology$47,473$3,401-$50,874
Occupancy$39,839$6,222$139$46,200
Travel$35,339$5,323-$40,662
Pension Plan Contributions$34,048$4,948$214$39,210
Insurance$25,586$9,433-$35,019
Conferences and Meetings--$24,181$24,181
Office Expenses$13,935$5,454$19$19,408
Fees for Services Legal$12,375$4,303-$16,678
Other Expenses$11,669$310-$11,979
Interest$8,838$951$53$9,842
Depreciation Depletion$5,265$459$25$5,749
All Other Expenses$-36,875$2-$-36,873
Total Functional Expenses$1,640,574$347,967$31,680$2,020,221

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,020,221
Total Expenses per Audited Statements$2,020,221
Total Expenses per Form 990$2,020,221
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Baylon Inc Dba Belle City FireRacine, WI-Economic Relief$0
M&j Krueger Trucking LLCKansasville, WI-Econcomic Relief$0
Reservoir VideoRacine, WI-Mount Pleasant Tourism$0
Ultimate Home MakeoversRacine, WI-Economic Relief$0
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Undisbursed Loan Fund Capital$1,205,827
Operating Lease-current$9,279
Operating Lease-long-term$783
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
Yes
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, Part VI, Section B, Line 11B

“The form 990 is reviewed by an outside accountant, executive director, and the board of directors which is the governing body of rcedc.”

Form 990, Part VI, Section B, Line 12C

“All officers, directors, and key employees are required to report conflict of interest as they arise. Additionally, they must annually complete a conflict of interest form.”

Form 990, Part VI, Section B, Line 15

“The board of directors adopted a compensation policy for the executive director and staff that includes the engagement of a third-party consultant to review salaries and market conditions. The board directs the executive director to incorporate the salary recommendations within the next year's budget. Once the budget is adopted by the board, the executive director prepares and signs individual memos for each staff indicating any salary changes. The executive director also prepares a similar memo for the executive director, which is reviewed and signed by the board president. The executive director also sends required paperwork to its payroll company to make the approved changes.”

Form 990, Part VI, Section C, Line 19

“The 990 and other documents are available at the rcedc offices for inspection upon request.”

Filing and Contact Details

Filer

Filer Name
Racine County Economic Development
EIN
93-0846583
Phone
2628987424
Address
2320 RENAISSANCE BLVD, STURTEVANT, WI 53177

Signing Officer

Name
David Griffith
Title
President
Phone
2628987424
Signed
2024-05-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
David Griffith
Formed
1983
Legal Domicile
Wi
Voting Board Members
10
Independent Board Members
10
Employees
17
Volunteers
56

Preparer

Firm
Ritz Holman Llp
Address
330 E KILBOURN AVE SUITE 550, MILWAUKEE, WI 53202
Preparer
Diana G Luttmann
Phone
4142711451
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“The organization is exempt from income tax under section 501(c)(3) of internal revenue code and is classified as other than a private foundation. Management has reviewed all tax positions recognized in previously filed tax returns and those expected to be taken in future tax returns. As of december 31, 2023, the organization had no amounts related to unrecognized income tax benefits and no amounts related to accrued interest and penalties.”

Raw XML AppendixShowing 400 of 613 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/TitleTxt7TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10EXECUTIVE DIRECTOR
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt2310
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IRS990/OtherExpensesGrp/ProgramServicesAmt216549
IRS990/OtherExpensesGrp/ProgramServicesAmt311669
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IRS990/OtherExpensesGrp/TotalAmt117704
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IRS990/OtherSalariesAndWagesGrp/FundraisingAmt04878
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IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0766190
IRS990/OtherSalariesAndWagesGrp/TotalAmt0859405
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IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/FundraisingAmt0408
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt09272
IRS990/PayrollTaxesGrp/ProgramServicesAmt068797
IRS990/PayrollTaxesGrp/TotalAmt078477
IRS990/PensionPlanContributionsGrp/FundraisingAmt0214
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt04948
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt034048
IRS990/PensionPlanContributionsGrp/TotalAmt039210
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt044845
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IRS990/ProgramServiceRevenueGrp/Desc0SBA SERVICE FEES
IRS990/ProgramServiceRevenueGrp/Desc1REVOLVING LOAN ADMIN
IRS990/ProgramServiceRevenueGrp/Desc2CEO ROUNDTABLE
IRS990/ProgramServiceRevenueGrp/Desc3MGT FEES REAL RACINE
IRS990/ProgramServiceRevenueGrp/Desc4REVOLVING LOAN PREP
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1254016
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt237400
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt333269
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt416805
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1254016
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt416805
IRS990/ProgSrvcAccomActy2Grp/Desc0BUSINESS DEVELOPMENT: CONDUCTS VARIOUS 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. IT ALSO CONDUCTS BUSINESS RECRUITMENT FOR COMPANIES THAT ARE SEEKING A LOCATION FOR BUSINESS IN RACINE COUNTY.COMMUNITY DEVELOPMENT: PROVIDES A VARIETY OF COMMUNITY DEVELOPMENT ASSISTANCE, SUCH AS BROWNFIELD AND GENERAL PROPERTY REDEVELOPMENT, DOWNTOWN AND COMMERCIAL CORRIDOR ASSISTANCE, THE CREATION AND EXPANSION OF BUSINESS PARKS, AND THE PROVISION OF SANITARY SEWER AND PUBLIC WATER TO AREAS THAT WILL ENABLE FUTURE BUSINESS DEVELOPMENT.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0632822
IRS990/ProgSrvcAccomActy2Grp/GrantAmt013892
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt051325
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IRS990/PYBenefitsPaidToMembersAmt00
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IRS990/PYOtherExpensesAmt0272973
IRS990/PYOtherRevenueAmt022099
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IRS990/QuidProQuoContributionsInd00
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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$13,068,523
Liabilities
$1,393,394
Net assets
$11,675,129
Revenue
$2,577,707
Expenses
$2,020,221
Net income
$557,486
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.6$2.01$11.6$2.03$2.13$0.10
2023Detailed filing. Detailed filing data is available for this year.$13.1$1.39$11.7$2.58$2.02$0.56
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.2$2.09$11.1$3.31$1.94$1.36
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.5$1.76$9.75$4.46$2.31$2.15
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$14.6$2.51$12.0$2.03$2.25$0.22
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$16.6$3.90$12.7$1.77$2.19$0.43
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$16.4$3.25$13.2$1.92$1.76$0.15
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$16.1$3.10$13.0$6.39$2.11$4.28
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$13.0$4.30$8.72$2.61$2.42$0.19
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$14.3$5.78$8.53$2.80$1.52$1.28
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.9$5.72$7.16$3.06$1.80$1.25
2013Detailed filing. Detailed filing data is available for this year.$11.9$6.00$5.90$2.83$1.69$1.14
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.86$5.10$4.76$1.61
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.65$0.56$5.09$1.52
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.24$0.56$4.67$1.59