Loading organization details...
Loading organization details...
MEDC PROVIDES GAP FINANCING TO BUSINESSES IN ORDER TO CREATE EMPLOYMENT OPPORTUNITIES AND INCREASE LOCAL INCOMES THROUGH THE RETENTION, EXPANSION AND DEVELOPMENT OF MANUFACTURING, SERVICE AND OTHER COMMERCIAL ESTABLISHMENTS LOCATED IN MILWAUKEE, WAUKESHA, WASHINGTON, WALWORTH, RACINE, KENOSHA AND OZAUKEE COUNTIES (COLLECTIVELY M7 REGION).
Source: IRS Form 990 (Tax Year 2024)
Source: IRS e-Filed Form 990 (from the IRS e-File system), Tax Year 2024
Total Revenue
▼$7.2M
Program Spending
95%
of total expenses go to program services
Total Contributions
$1.8M
Total Expenses
▼$7.1M
Total Assets
$139.5M
Total Liabilities
▼$51.6M
Net Assets
$87.9M
Officer Compensation
→$579.5K
Other Salaries
$764K
Investment Income
$833.8K
Fundraising
▼N/A
Source: USAspending.gov · Searched by organization name
Total Federal Funding
$15.4M
Awards Found
9
Department of the Treasury
$3.7M
PURPOSE: TO PROVIDE GRANTS TO COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS (CDFIS) FOR THE FOLLOWING PURPOSES 1) TO EXPAND LENDING, GRANT MAKING AND INVESTMENT ACTIVITIES IN LOW OR MODERATE INCOME COMMUNITIES AND TO BORROWERS THAT HAVE HISTORICALLY EXPERIENCED SIGNIFICANT UNMET CAPITAL AND FINANCIAL SERVICES NEEDS AND WERE DISPROPORTIONATELY IMPACTED BY THE COVID 19 PANDEMIC; AND 2) TO ENABLE CDFIS TO BUILD ORGANIZATIONAL CAPACITY AND ACQUIRE TECHNOLOGY, STAFF, AND OTHER TOOLS NECESSARY TO ACCOMPLISH THE ACTIVITIES UNDER A CDFI ERP AWARD. PLANNED ACTIVITIES: ELIGIBLE ACTIVITIES INCLUDE FINANCIAL PRODUCTS, FINANCIAL SERVICES, DEVELOPMENT SERVICES, GRANTS, LOAN LOSS RESERVES AND CAPITAL RESERVES THAT MAY BE USED TO MITIGATE THE IMPACT OF THE COVID 19 PANDEMIC ON UNEMPLOYMENT, CHILDCARE, HEALTHCARE, MENTAL HEALTHCARE, AFFORDABLE HOUSING, AFFORDABLE HOUSING FINANCE, SMALL BUSINESS, SMALL FARMS, BROADBAND INTERNET, AND FOOD SUFFICIENCY. IN ADDITION, TO SUPPORT CDFIS IN BUILDING THEIR CAPACITY TO RESPOND TO THE ECONOMIC IMPACT OF COVID 19, CDFI ERP AWARDS MAY BE USED FOR COMPENSATION PERSONAL SERVICES; COMPENSATION FRINGE BENEFITS; PROFESSIONAL SERVICE COSTS; TRAVEL COSTS; TRAINING AND EDUCATION COSTS; EQUIPMENT; SUPPLIES. END GOALS: EXPANDED FINANCING FOR LOW TO MODERATE INCOME COMMUNITIES AND INDIVIDUALS THAT HAVE HISTORICALLY EXPERIENCED SIGNIFICANT UNMET CAPITAL AND FINANCIAL SERVICES NEEDS AND WERE DISPROPORTIONATELY IMPACTED BY THE COVID 19 PANDEMIC INCLUDING SPECIFIC DESIGNATED COVID IMPACTED CDFI ERP ELIGIBLE GEOGRAPHIES AS AREAS THAT MAY BENEFIT FROM CDFI ERP ASSISTANCE. BENEFICIARIES: CERTIFIED CDFIS WHICH MAY BE FOR PROFIT ORGANIZATION, PRIVATE NONPROFIT INSTITUTION/ORGANIZATION, AND OTHER PRIVATE INSTITUTION/ORGANIZATION, AS DEFINED IN 12 C.F.R. 1805, AND LOW AND MODERATE INCOME INDIVIDUALS AND FAMILIES. SUBRECIPIENTS: THERE ARE NO SUBRECIPIENTS FOR THIS PROGRAM. BROADBAND: SPECIFIC ACTIVITIES RELATING TO BROADBAND USAGE ARE NOT KNOWN AT THE TIME OF AWARD. REASON/PURPOSE OF MODIFICATION: NOT APPLICABLE.
Department of the Treasury
$1.4M
PURPOSE: TO PROMOTE ECONOMIC REVITALIZATION AND COMMUNITY DEVELOPMENT THROUGH INVESTMENT IN AND FINANCIAL ASSISTANCE TO COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS (CDFIS). PLANNED ACTIVITIES: FINANCIAL ASSISTANCE MUST BE USED FOR FINANCIAL PRODUCTS, FINANCIAL SERVICES (REGULATED INSTITUTIONS ONLY), DEVELOPMENT SERVICES, LOAN LOSS RESERVES, AND CAPITAL RESERVES (REGULATED INSTITUTIONS ONLY), IN AN ELIGIBLE MARKET OR THE RECIPIENT’S APPROVED TARGET MARKET. END GOALS: THE GOAL OF THE FINANCIAL ASSISTANCE IS FOR CDFIS TO BUILD THEIR FINANCIAL CAPACITY TO LEND TO ELIGIBLE MARKETS AND/OR THEIR TARGET MARKETS, IN ORDER TO SERVE RURAL AND URBAN LOW INCOME PEOPLE, AND COMMUNITIES ACROSS THE NATION THAT LACK ADEQUATE ACCESS TO AFFORDABLE FINANCIAL PRODUCTS AND FINANCIAL SERVICES. BENEFICIARIES: PROFIT ORGANIZATION, PRIVATE NONPROFIT INSTITUTION/ORGANIZATION, OTHER PRIVATE INSTITUTION/ORGANIZATION INVESTMENT AREAS AND TARGETED POPULATIONS, AS DEFINED IN 12 C.F.R. 1805. SUBRECIPIENTS: THERE ARE NO SUBRECIPIENTS FOR THIS PROGRAM. BROADBAND: SPECIFIC ACTIVITIES RELATING TO BROADBAND USAGE ARE NOT KNOWN AT THE TIME OF AWARD. REASON/PURPOSE OF MODIFICATION: THE RIEGLE ACT (P.L. 103 325), THE STATUTE WHICH AUTHORIZES THE CDFI PROGRAM, REQUIRES THAT FINANCIAL ASSISTANCE AWARDS, INCLUDING BASE FINANCIAL ASSISTANCE (BASE FA), DISABILITY FUNDS FINANCIAL ASSISTANCE (DF FA), AND PERSISTENT POVERTY COUNTIES FINANCIAL ASSISTANCE (PPC FA), BE MATCHED WITH FUNDS FROM NON FEDERAL GOVERNMENT SOURCES AND COMPARABLE IN FORM AND VALUE TO THE FA AWARD. MODIFICATIONS WOULD BE REQUIRED IF THERE IS A CHANGE IN THE FORM AND/OR AMOUNT ORIGINALLY OBLIGATED FOR THE AWARD, BASED ON APPROVED MATCHING FUNDS. NOTE: MATCHING FUNDS ARE REQUIRED ONLY FOR ORGANIZATIONS APPLYING AS CATEGORY II/CORE FA APPLICANTS UNDER THE CDFI PROGRAM. MATCHING FUNDS ARE NOT REQUIRED FOR ANY NATIVE CDFI APPLICANTS OR HOUSING PRODUCTION FINANCIAL ASSISTANCE AWARDS (HP FA). ADDITIONALLY, MATCHING FUNDS ARE NOT REQUIRED FOR SMALL AND EMERGING CDFI ASSISTANCE (SECA) FA APPLICANTS AND HEALTHY FOOD FINANCING INITIATIVES (HFFI) FA APPLICANTS, PENDING FINAL FY 2025 APPROPRIATIONS LANGUAGE.
Source: Federal Audit Clearinghouse (fac.gov)
Total Audits
10
Clean Audits
9
Material Weakness
No
Noncompliance Issues
No
| Year | Status | Financial Report | Federal Expenditure | Low Risk | Accepted |
|---|---|---|---|---|---|
| 2025 | Minor Findings | Unmodified (Clean) | $14.4M | Yes | 2026-07-18 |
| 2024 | Clean | Unmodified (Clean) | $17.1M | Yes | 2025-06-17 |
| 2023 | Clean | Unmodified (Clean) | $27.1M | Yes | 2024-07-26 |
| 2022 | Clean | Unmodified (Clean) | $33.2M | No | 2023-07-27 |
| 2021 | Clean | Unmodified (Clean) | $12.6M | Yes | 2022-08-01 |
| 2020 | Clean | Unmodified (Clean) | $2.6M | Yes | 2021-09-23 |
| 2019 | Clean | Unmodified (Clean) | $3.5M | Yes | 2020-06-16 |
| 2018 | Clean | Unmodified (Clean) | $1.7M | Yes | 2019-06-20 |
| 2017 | Clean | Unmodified (Clean) | $2.2M | Yes | 2018-06-24 |
| 2016 | Clean | Unmodified (Clean) | $2M | No | 2017-09-14 |
Financial Report
Unmodified (Clean)
Federal Expenditure
$14.4M
Financial Report
Unmodified (Clean)
Federal Expenditure
$17.1M
Financial Report
Unmodified (Clean)
Federal Expenditure
$27.1M
Financial Report
Unmodified (Clean)
Federal Expenditure
$33.2M
Financial Report
Unmodified (Clean)
Federal Expenditure
$12.6M
Financial Report
Unmodified (Clean)
Federal Expenditure
$2.6M
Financial Report
Unmodified (Clean)
Federal Expenditure
$3.5M
Financial Report
Unmodified (Clean)
Federal Expenditure
$1.7M
Financial Report
Unmodified (Clean)
Federal Expenditure
$2.2M
Financial Report
Unmodified (Clean)
Federal Expenditure
$2M
Tax Year 2024 · Source: IRS e-Filed Form 990Schedule J available
Individuals serving as officers, directors, or trustees of the organization.
| Name | Title | Hrs/Wk | Compensation | Related Orgs | Other |
|---|
Source: IRS Publication 78, Auto-Revocation List & e-Postcard Data
Tax-deductible contributions: Yes
Deductibility code: PC
Sources: IRS e-Filed Form 990 (XML) & ProPublica Nonprofit Explorer
Scroll →
| Year | Revenue | Contributions | Expenses | Assets | Net Assets |
|---|---|---|---|---|---|
| 2024IRS e-File | $7.2M | $1.8M | $7.1M | $139.5M | $87.9M |
| 2023IRS e-File | $5M | $0 | $5.2M | $133M | $86.6M |
| 2022 | $4M | $0 | $3.9M | $134.2M | $94.1M |
| 2021 | $4.5M |
Sources: ProPublica Nonprofit Explorer & IRS e-File Index
| Tax Year | Form Type | Source | Documents |
|---|---|---|---|
| 2024 | 990 | IRS e-File | PDF not yet published by IRSView Filing → |
| 2023 | 990 | DataIRS e-File | PDF not yet published by IRSView Filing → |
| 2022 | 990 | DataIRS e-File |
Financial data: IRS e-Filed Form 990 (Tax Year 2024)
Leadership & compensation: IRS e-Filed Form 990, Part VII (Tax Year 2024)
Federal grants: USAspending.gov (live)
Organization info: IRS Business Master File
Tax-deductibility: IRS Publication 78
| Total |
|---|
| David Latona | President & Secretary | 40 | $295.1K | $0 | $58K | $353.1K |
| John Miller | Vice President & Treasurer | 40 | $184.9K | $0 | $41.4K | $226.3K |
| Thomas O'Neill | Chairman | 1 | $0 | $0 | $0 | $0 |
| James Roemer | Vice Chair | 1 | $0 | $0 | $0 | $0 |
David Latona
President & Secretary
$353.1K
Hrs/Wk
40
Compensation
$295.1K
Related Orgs
$0
Other
$58K
John Miller
Vice President & Treasurer
$226.3K
Hrs/Wk
40
Compensation
$184.9K
Related Orgs
$0
Other
$41.4K
Thomas O'Neill
Chairman
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
James Roemer
Vice Chair
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Highest compensated employees who are not officers or directors.
| Name | Title | Hrs/Wk | Compensation | Related Orgs | Other | Total |
|---|---|---|---|---|---|---|
| Susan Eick | Relationship Manager | 40 | $101.5K | $0 | $16.6K | $118K |
Susan Eick
Relationship Manager
$118K
Hrs/Wk
40
Compensation
$101.5K
Related Orgs
$0
Other
$16.6K
Members of the governing board. Board members often serve without compensation.
| Name | Title | Hrs/Wk | Compensation | Related Orgs | Other | Total |
|---|---|---|---|---|---|---|
| Amelia Macareno | Director | 1 | $0 | $0 | $0 | $0 |
| Andy Melvin | Director | 1 | $0 | $0 | $0 | $0 |
| Cavalier Johnson | Director | 1 | $0 | $0 | $0 | $0 |
| Craig Schmutzer | Director | 1 | $0 | $0 | $0 | $0 |
| D Patrick O'Brien | Director | 1 | $0 | $0 | $0 | $0 |
| Edward Hillmuth | Director |
Amelia Macareno
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Andy Melvin
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Cavalier Johnson
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
| $282.6K |
| $17.7M |
| $129.9M |
| $103.5M |
| 2020 | $4.7M | $225.6K | $3.5M | $156.9M | $134.8M |
| 2019 | $4.8M | $0 | $4.4M | $156.6M | $133.5M |
| 2018 | $4.6M | $33K | $7.9M | $164.9M | $146.4M |
| 2017 | $4.9M | $23.4K | $6.6M | $207.3M | $168.6M |
| 2016 | $6.1M | $38K | $3.2M | $242.1M | $212.1M |
| 2015 | $5.7M | $67.2K | $4.2M | $236.6M | $210.7M |
| 2014 | $5.1M | $115.5K | $2.6M | $216.6M | $197.2M |
| 2013 | $8.7M | $3.6M | $7.5M | $171.1M | $152.1M |
| 2012 | $7M | $1.8M | $4.6M | $178.8M | $159M |
| 2011 | $7M | $1.7M | $5.5M | $63.6M | $57.2M |
| 2021 | 990 | Data |
| 2020 | 990 | Data |
| 2019 | 990 | Data |
| 2018 | 990 | Data |
| 2017 | 990 | Data | PDF not yet published by IRS |
| 2016 | 990 | Data |
| 2015 | 990 | Data |
| 2014 | 990 | Data |
| 2013 | 990 | Data |
| 2012 | 990 | Data |
| 2011 | 990 | Data |
| 2010 | 990 | — |
| 2009 | 990 | — |
| 2008 | 990 | — |
| 2007 | 990 | — |
| 2006 | 990 | — |
| 2005 | 990 | — |
| 2004 | 990 | — |
| 2003 | 990 | — |
| 2002 | 990 | — |
| 2001 | 990 | — |
| 1 |
| $0 |
| $0 |
| $0 |
| $0 |
| Gina Stilp | Director | 1 | $0 | $0 | $0 | $0 |
| Greg Bauer | Director | 1 | $0 | $0 | $0 | $0 |
| Ivan Gamboa | Director | 1 | $0 | $0 | $0 | $0 |
| John Hazod | Director | 1 | $0 | $0 | $0 | $0 |
| John Zanghi | Director | 1 | $0 | $0 | $0 | $0 |
| Kelsey Brenn | Director | 1 | $0 | $0 | $0 | $0 |
| Kermaith Mcclendon | Director | 1 | $0 | $0 | $0 | $0 |
| Nate Zastrow | Director | 1 | $0 | $0 | $0 | $0 |
| Paul Kleiner | Director | 1 | $0 | $0 | $0 | $0 |
| Rebecca Mitich | Director | 1 | $0 | $0 | $0 | $0 |
| Roger Sandell | Director | 1 | $0 | $0 | $0 | $0 |
| Sarah Lutz | Director | 1 | $0 | $0 | $0 | $0 |
| Steve Barth | Director | 1 | $0 | $0 | $0 | $0 |
| Thomas Zale | Director | 1 | $0 | $0 | $0 | $0 |
| Tom Fotsch | Director | 1 | $0 | $0 | $0 | $0 |
Craig Schmutzer
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
D Patrick O'Brien
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Edward Hillmuth
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Gina Stilp
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Greg Bauer
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Ivan Gamboa
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
John Hazod
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
John Zanghi
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Kelsey Brenn
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Kermaith Mcclendon
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Nate Zastrow
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Paul Kleiner
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Rebecca Mitich
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Roger Sandell
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Sarah Lutz
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Steve Barth
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Thomas Zale
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Tom Fotsch
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0