2024-05-14T16:54:28-05:00 2023-12-31 390974031 WEGNER CPAS LLP 2921 LANDMARK PL STE 300 MADISON WI 537134236 990 2023-01-01 391277471 MADISON DEVELOPMENT CORPORATION MADI 6082562799 550 W WASHINGTON AVE MADISON WI 537032616 LORRINE HEINEMANN PRESIDENT & CEO 6082562799 2024-05-14 1 LORRINE HEINEMANN 999009999 0 JASON STEPHENS CPA P01263225 6082744020 2024-05-03 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z LORRINE HEINEMANN 550 W WASHINGTON AVE MADISON WI 537032616 6446775 0 X WWW.MDCORP.ORG X 1977 WI TO COORDINATE THE ACTIVITIES OF THE PUBLIC AND PRIVATE SECTORS SO AS TO CONSTRUCTIVELY USE THE RESOURCES OF EACH TO ACHIEVE GREATER MADISON AND DANE COUNTY WIDE ECONOMIC GROWTH, TO PROVIDE HIGH-QUALITY AFFORDABLE HOUSING AS WELL AS LOCAL NEIGHBORHOOD IMPROVEMENT, AND ASSIST IN THE FINANCING OF BOTH. 11 11 0 42 0 0 150864 1261214 4767393 5104166 28300 71395 0 0 4946557 6436775 0 0 0 0 1225492 1354288 0 0 0 3398959 3740289 4624451 5094577 322106 1342198 33284348 53059209 24132877 42565540 9151471 10493669 MADISON DEVELOPMENT CORPORATION'S MISSION IS TO HELP CREATE JOBS BY PROVIDING GAP FINANCING TO SMALL BUSINESSES AND TO DEVELOP AND FINANCE QUALITY, AFFORDABLE WORKFORCE HOUSING UNITS IN MADISON AND THE DANE COUNTY AREA. 0 0 3970533 0 4603672 HOUSING: OF THE 377 UNITS OFFERED BY MDC, 179 WERE OCCUPIED BY HOUSEHOLDS AT OR BELOW THE HUD VERY LOW-INCOME LIMIT (WITH INCOMES AT OR BELOW 50% OF THE COUNTY MEDIAN INCOME). INCLUDING THESE UNITS, A TOTAL OF 267 UNITS WERE OCCUPIED BY HOUSEHOLDS AT OR BELOW 120% OF THE HUD VERY-LOW-INCOME LIMIT (WITH INCOMES AT OR BELOW 60% OF THE COUNTY MEDIAN INCOME). 674148 0 500494 ECONOMIC DEVELOPMENT: IN 2023, MDC APPROVED AND CLOSED 1 NEW TECHNOLOGY-BASED LOAN THROUGH ITS VENTURE DEBT LOAN FUND AND 5 LOANS THROUGH ITS BUSINESS LOAN PROGRAM. THESE LOANS WILL BE USED TO LEVERAGE EQUITY CAPITAL THAT THESE SMALL BUSINESSES HAVE RAISED AND WILL ALLOW THE COMPANIES TO REACH ADDITIONAL MILESTONES IN THEIR DEVELOPMENT. THESE BUSINESSES ARE PROJECTED TO CREATE 19 NEW JOBS OVER THE NEXT 2 YEARS. 4644681 1 1 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 1 0 0 1 0 1 1 0 0 0 1 1 1 1 1 1 1 0 WI X ABIGAIL WALLHAUS 6085713232 550 W WASHINGTON AVE MADISON WI 537032616 RICH ARNESEN CHAIR (THRU JUNE) & DIRECTOR 1.00 X X 0 0 0 MIKE KOLLATH TREASURER (THRU JUNE)/CHAIR (FROM JULY) 1.00 X X 0 0 0 VICKI BANKSTON VICE CHAIR (THRU JUNE) 1.00 X X 0 0 0 MARY STRICKLAND VICE CHAIR (FROM JULY) 1.00 X X 0 0 0 ANNE NEUJAHR MORRISON SECRETARY (THRU JUNE) 1.00 X X 0 0 0 RON TRACHTENBERG SECRETARY (FROM JULY) 1.00 X X 0 0 0 JOHN GRANSEE TREASURER (FROM JULY) 1.00 X X 0 0 0 SCOTT RESNICK DIRECTOR 1.00 X 0 0 0 ROB BERGENTHAL DIRECTOR 1.00 X 0 0 0 DANTE VISCARRA DIRECTOR (THRU JUNE) 1.00 X 0 0 0 JULIA STONE DIRECTOR 1.00 X 0 0 0 STUART LEVITAN DIRECTOR 1.00 X 0 0 0 PAUL AYLESWORTH DIRECTOR 1.00 X 0 0 0 ED LEE DIRECTOR 1.00 X 0 0 0 LORRINE HEINEMANN PRESIDENT & CEO 40.00 X 184645 0 25452 ABIGAIL WALLHAUS VP OF FINANCE & CFO 35.00 X 130431 0 9367 HARRY IRWIN FACILITIES MANAGER 40.00 X 113108 0 7508 JUAN GOMEZ VP OF LENDING & INVESTMENT 40.00 X 117710 0 14564 545894 0 56891 4 0 1 0 CONNERY CONSTRUCTION 3234 COUNTY RD N COTTAGE GROVE WI 53527 CONSTRUCTION 5737407 BOLEY TREE & LANDSCAPE 2305 PARVIEW RD MIDDLETON WI 53562 LANDSCAPING/SNOW PLOWING 184950 2 1144012 117202 1261214 RENTAL INCOME 531110 4603672 4603672 INTEREST ON CAPITAL 523000 240158 240158 MANAGEMENT SERVICE FEE 531311 163882 163882 LOAN CLOSING FEES 522390 96454 96454 5104166 70261 70261 11134 10000 1134 1134 1134 6436775 5104166 0 71395 349895 287047 62848 760567 623952 136615 84163 69046 15117 74275 60934 13341 85388 70050 15338 52879 52879 28087 28087 44325 41014 3311 16158 13348 2810 121385 92599 28786 59231 48931 10300 1319401 1302998 16403 866704 866704 1119103 1119103 CREDIT LOSS EXPENSE 59219 59219 DUES AND SUBSCRIPTIONS 53797 48955 4842 5094577 4644681 449896 0 285538 226222 3242619 13958857 0 222325 26791 23613 78130 89330 47962564 12793543 26251957 35169021 3399313 3369841 33284348 53059209 431926 754850 215063 452002 19882370 37271149 1477863 1246681 2125655 2840858 24132877 42565540 X 9151471 10493669 9151471 10493669 33284348 53059209 1342198 0 X 0 1 X 1 1 1 X 125984 60500 382132 150864 1261214 1980694 125984 60500 382132 150864 1261214 1980694 59729 1920965 24029 7068 5285 19884 70261 126527 2107221 22846273 0.91160 0.78100 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3963335 3963335 40059310 12329011 27730299 667924 464532 203392 3271995 3271995 35169021 INVESTMENTS IN SMALL BUSINESSES 374351 C BUSINESS LOAN PROGRAM 1752004 C VENTURE DEBT LOAN PROGRAM 1218754 C INTEREST RECEIVABLE 24732 C 3369841 TENANT SECURITY DEPOSITS 313158 DUE TO COMMUNITY DEVELOPMENT OFFICE 2527700 2840858 X X X 0 0 0 0 0 0 0 0 0 LORRINE HEINEMANN PRESIDENT & CEO 174645 0 10000 0 0 0 20311 0 5141 0 210097 0 0 0 FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION AMENDED ITS BYLAWS TO ALLOW FOR EMERITUS DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A 8 MEMBERS OF THE BOARD OF DIRECTORS SHALL BE APPOINTED BY THE MAYOR OF THE CITY OF MADISON SUBJECT TO CONFIRMATION BY THE COMMON COUNCIL AND SHALL SERVE AT THE DISCRETION OF THE MAYOR OF THE CITY OF MADISON. FORM 990, PART VI, SECTION B, LINE 11B THE PREPARED FORM 990 IS REVIEWED AND APPROVED BY THE ORGANIZATION'S PRESIDENT & CEO AND TREASURER BEFORE THE RETURN IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, ALL MEMBERS OF THE GOVERNING BODY COMPLETE AND SIGN A STATEMENT THAT DISCLOSES ALL POTENTIAL CONFLICTS OF INTEREST. THE CONFLICT OF INTEREST STATEMENTS ARE SUBMITTED TO AND KEPT BY THE CITY OF MADISON. NO DIRECTOR, OFFICER OR EMPLOYEE OF THE CORPORATION SHALL HAVE OR ACQUIRE ANY INTEREST, DIRECT OR INDIRECT, IN ANY PROJECT WHICH THE CORPORATION IS PROMOTING, OR ANY CONTRACT RELATING TO ANY SUCH PROJECT OF THE CORPORATION, WITHOUT MAKING WRITTEN DISCLOSURE TO THE CORPORATION OF THE NATURE AND EXTENT OF HIS OR HER INTEREST; SUCH DISCLOSURE SHALL BE ENTERED IN THE MINUTE BOOK OF THE CORPORATION. NO DIRECTOR WHO HAS SUCH INTEREST SHALL PARTICIPATE IN THE DISCUSSION OR VOTING ON ANY MATTER RELATING TO SUCH INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE MEMBERS OF THE GOVERNING BODY'S EXECUTIVE COMMITTEE CONDUCT AN ANNUAL REVIEW OF THE PRESIDENT & CEO, REVIEW COMPENSATION DATA FOR COMPARABLE POSITIONS AT SIMILAR AGENCIES, AND RECOMMEND A COMPENSATION LEVEL TO THE MEMBERS OF THE GOVERNING BODY FOR APPROVAL. THE PRESIDENT & CEO CONDUCTS AN ANNUAL REVIEW OF THE VP OF FINANCE & CFO, REVIEWS COMPENSATION DATA FOR COMPARABLE POSITIONS AT SIMILAR AGENCIES, AND RECOMMENDS A COMPENSATION LEVEL TO THE EXECUTIVE COMMITTEE BODY FOR APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MADE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART V, LINE 2A: MADISON DEVELOPMENT CORPORATION LEASES EMPLOYEES FROM A PROFESSIONAL EMPLOYMENT ORGANIZATION, QTI HUMAN RESOURCES, LLC. THE EMPLOYEES ARE CONSIDERED COMMON LAW EMPLOYEES OF MADISON DEVELOPMENT CORPORATION, HOWEVER, QTI HUMAN RESOURCES, LLC IS THE EMPLOYER OF RECORD AND EMPLOYEES GET THEIR W2S FROM QTI HUMAN RESOURCES, LLC. 6908 CENTURY AVE LLC 550 W WASHINGTON AVE MADISON WI 53703 880748603 TO HOLD INVESTMENT PROPERTY WI 0 0 MADISON DEVELOPMENT CORPORATION CENTURY AVE INVESTOR LLC 550 W WASHINGTON AVE MADISON WI 53703 884414428 TO HOLD INVESTMENT PROPERTY WI MADISON DEVELOPMENT CORPORATION EXCLUDED 0 570379 1 0.00010 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0