2024-08-05T16:39:48-04:00 2023-09-30 300003878 BENNING GROUP LLC 6815 WEAVER RD STE 300 ROCKFORD IL 611148060 990 2022-10-01 363038678 ROCKFORD LOCAL DEVELOPMENT CORPORATION ROCK 8159878675 120 WEST STATE STREET ROCKFORD IL 611011437 JOHN PHELPS EXECUTIVE DIRECTOR 8159878675 2024-03-26 false JAKOB J THOMPSON P01272205 8153162375 2024-03-26 2022 2024-08-08 14:25:15Z JOHN PHELPS 120 WEST STATE STREET SUITE 306 ROCKFORD IL 61101 1914300 false X X 1979 IL 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 18 17 9 17 0 690600 1042400 806015 869926 1859 1974 0 1498474 1914300 0 0 620354 636277 0 0 248866 488245 869220 1124522 629254 789778 2794433 3867454 363317 646560 2431116 3220894 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 false false SBA 504 LOAN PROGRAM: ROCKFORD LOCAL DEVELOPMENT CORPORATION IS A CERTIFIED DEVELOPMENT COMPANY (CDC) UNDER THE U.S. SMALL BUSINESS ADMINISTRATION'S SBA 504 PROGRAM. ROCKFORD LOCAL DEVELOPMENT CORPORATION SERVES THE STATE OF ILLINOIS. CERTIFICATION THROUGH SBA FOR THIS PROGRAM REQUIRES THAT THE CDC BE A NOT-FOR-PROFIT ORGANIZATION. SBA 504 PROVIDES LONG TERM, FIXED RATE, SUBORDINATED DEBT TO ELIGIBLE SMALL BUSINESSES. THE ROCKFORD LOCAL DEVELOPMENT CORPORATION CURRENTLY MANAGES A 57.3 MILLION PORTFOLIO OF LOANS TO 147 BUSINESSES. IN FY 2023, ROCKFORD LOCAL DEVELOPMENT CORPORATION CLOSED 4 SBA 504 LOANS IN THE AMOUNT OF 5,626,000 AND APPROVED 9 NEW SBA 504 LOANS FOR AN ADDITIONAL 11,375,000. RLF PROGRAM: ROCKFORD LOCAL DEVELOPMENT CORPORATION ALSO MANAGES SIX REVOLVING LOAN PROGRAMS SERVING FOUR COUNTIES IN NORTHERN ILLINOIS (STEPHENSON, MCHENRY, WINNEBAGO AND BOONE). TOTALING 6,177,220, THESE LOAN FUNDS ARE TARGETED TO SERVE LOW-INCOME COMMUNITIES, DISADVANTAGED BUSINESSES AND MANUFACTURING EMPLOYMENT. PRESENTLY, THERE ARE APPROXIMATELY 147 LOANS OUTSTANDING TO SMALL BUSINESSES. IN FY 2023, ROCKFORD LOCAL DEVELOPMENT CORPORATION, THROUGH ITS MANAGEMENT OF THESE SIX REVOLVING LOAN PROGRAMS, CLOSED 51 LOANS FOR ELIGIBLE PROJECTS TOTALING 2,889,850. false false false false false false false false true true false false false true false false true false false false false false false false false false false false true false false false false false false false false false false true true true true false true 10 0 false 9 true false false false false false false false false X 18 17 false false false false true true false true true false false true true true true true true true false false X X JOHN PHELPS 8159878675 120 WEST STATE STREET ROCKFORD IL 611011437 DONALD BANKS DIRECTOR 1.00 X 0 0 0 TODD CAGNONI DIRECTOR 1.00 0.25 X 0 0 0 EARL DOTSON JR DIRECTOR 1.00 0.25 X 0 0 0 JEFF FAHRENWALD DIRECTOR 1.00 0.25 X 0 0 0 LINDA HECKERT CHAIR 1.00 0.75 X X 0 0 0 KENT KOHLBACHER DIRECTOR 1.00 X 0 0 0 AUDRA MONCUR DIRECTOR 1.00 X 0 0 0 ED MUNGUIA VICE CHAIR 1.00 0.25 X X 0 0 0 J DANIEL O'BOYLE DIRECTOR 1.00 X 0 0 0 MICHELE PETRIE DIRECTOR 1.00 X 0 0 0 BRIAN PETERSON PAST CHAIRMA 1.00 X X 0 0 0 JAMES RYAN SECRETARY 1.00 X X 0 0 0 KARL SWANSON ASSISTANT TR 1.00 X X 0 0 0 MICHAEL SCHULTZ TREASURER 1.00 X X 0 0 0 KAREN WALSH DIRECTOR 1.00 X 0 0 0 BRENTEN WITHERBY ASSISTANT SE 1.00 X 0 0 0 JANESSA WILKINS EX OFFICIO 1.00 X 0 0 0 JOHN PHELPS EXECUTIVE DI 35.00 6.00 X X 180962 0 51526 180962 51526 1 false true false 1042400 1042400 PROGRAM RELATED LOAN FEES 525990 443590 443590 PROGRAM RELATED INTEREST 525990 239335 239335 MANAGEMENT FEES 551114 111570 111570 SERVICE CONTRACTS 551114 54563 54563 LOAN DOCUMENTATION FEE 525990 20868 20868 869926 1974 1974 1974 1974 1914300 869926 1974 231658 306790 13415 47134 37280 19750 25 1150 42832 64076 38759 25491 5266 17018 BAD DEBT EXPENSE 252267 LOAN SVC FEES 11045 DUES/SUBSCRIPTIONS 7670 2896 1124522 0 0 0 100 100 165178 248456 2593887 3486109 17566 15164 137840 111004 4326 26836 53943 13376 36846 2794433 3867454 54060 61366 84257 87033 225000 419218 78943 363317 646560 X 2431116 918742 2302152 2431116 3220894 2794433 3867454 789778 X false true X true true true 622004 45000 30933 128000 23381 546556 1.00000 false false 108058 81222 26836 29782 29782 26836 LEASE LIABILITY 53943 DUE TO NICDC 25000 78943 SCHEDULE D, PAGE 2, PART V, LINE 4 THE BOARD OF DIRECTORS HAS DESIGNATED 546,556 AS OF SEPTEMBER 2023, TO BE EXPENDED ONLY FOR CERTAIN PROGRAMS AS SPECIFIED BY THE GOVERNMENT GRANTOR AGENCIES. false false false JOHN PHELPS EXECUTIVE DIRECTOR 180962 9048 42478 232488 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. KEITH CREEK DEVELOPMENT LLC 120 WEST STATE STREET ROCKFORD IL 61101 FLOOD PREV IL RLDC SOUTH MAIN SHOPPING CENTER 120 WEST STATE STREET ROCKFORD IL 61101 020552826 ECO DEV IL 501C2 RLDC true ROCKFORD COMMUNITY INVESTMENT FUND 120 WEST STATE STREET ROCKFORD IL 61101 874616912 ECO DEV IL 501C3 N/A false false false false true false false false false false false false true false false false false false false false SOUTH MAIN SHOPPING CENTER L 6000 FAIR MARKET ROCKFORD COMMUNITY INVESTMENT FUND D 95721 FAIR MARKET