2025-08-07T12:30:24-05:00 2024-12-31 390974031 WEGNER CPAS LLP 2921 LANDMARK PL STE 300 MADISON WI 537134236 990 2024-01-01 391277471 MADISON DEVELOPMENT CORPORATION MADI 6082562799 550 W WASHINGTON AVE MADISON WI 53703 LORRINE HEINEMANN PRESIDENT - CEO 6082562799 2025-07-31 1 0 JASON STEPHENS CPA P01263225 6082744020 2025-07-31 2024 2025-03-06 01:10:19Z LORRINE HEINEMANN 550 W WASHINGTON AVE MADISON WI 53703 6388304 0 X 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 WORKFORCE HOUSING AND ASSIST IN THE FINANCING OF BOTH. 10 10 0 42 0 0 1261214 16215 5104166 6177385 71395 194704 0 0 6436775 6388304 0 0 0 0 1354288 1276942 0 0 0 3740289 4467754 5094577 5744696 1342198 643608 53059209 56169986 42565540 45057953 10493669 11112033 MADISON DEVELOPMENT CORPORATION (MDC)'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 4658635 0 5409066 HOUSING: OF THE 429 UNITS OFFERED BY MDC, 191 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 294 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). 654236 0 768319 ECONOMIC DEVELOPMENT: IN 2024, MDC APPROVED AND CLOSED 6 NEW TECHNOLOGY-BASED LOANS THROUGH ITS VENTURE DEBT LOAN FUND, 5 LOANS THROUGH ITS BUSINESS LOAN PROGRAM AND 5 THROUGH ITS SMALL CAP TIF 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 21 NEW JOBS OVER THE NEXT 2 YEARS. 5312871 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 0 1 1 1 0 0 1 X 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 10 10 0 0 0 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 53703 MIKE KOLLATH CHAIRPERSON & TREASURER (BEG JULY) 1.00 X X 0 0 0 MARY STRICKLAND VICE-CHAIRPERSON 1.00 X X 0 0 0 RON TRACHTENBERG SECRETARY 1.00 X X 0 0 0 JOHN GRANSEE TREASURER (THRU JUNE) 1.00 X X 0 0 0 SCOTT RESNICK DIRECTOR 1.00 X 0 0 0 JULIA STONE DIRECTOR (THRU JUNE) 1.00 X 0 0 0 RICH ARNESEN DIRECTOR 1.00 X 0 0 0 STUART LEVITAN DIRECTOR 1.00 X 0 0 0 ROB BERGENTHAL 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 REBECCA PROCHESKA DIRECTOR 1.00 X 0 0 0 LORRINE HEINEMANN PRESIDENT - CEO 40.00 X 193625 0 44196 ABIGAIL WALLHAUS VP OF FINANCE & CFO 40.00 X 146238 0 17728 CASHTON LAUFENBERG VP OF HOUSING 40.00 X 106397 0 16967 446260 0 78891 3 0 1 0 0 665 15550 16215 RENTAL INCOME 531110 5409066 5409066 MANAGEMENT SERVICE FEES 531311 308108 308108 INTEREST ON LOANS RECEIVABLE 523000 281288 281288 PROGRAM FEES AND OTHER 522390 178923 178923 6177385 165757 165757 28947 0 28947 28947 28947 6388304 6177385 0 194704 525151 418150 107001 494739 393933 100806 38755 30859 7896 142876 113765 29111 75421 60054 15367 30365 30365 34872 34872 142846 139447 3399 26458 20976 5482 40961 25463 15498 65816 52179 13637 1358945 1339883 19062 1259142 1259142 1394707 1394707 DUES AND SUBSCRIPTIONS 70674 64313 6361 CREDIT LOSS EXPENSE 42968 42968 5744696 5312871 431825 0 226222 123104 13958857 4957950 222325 0 23613 81374 89330 106445 59302860 14188251 35169021 45114609 3369841 5738679 0 47825 53059209 56169986 754850 1042065 452002 528076 37271149 37494148 1246681 109732 2840858 5883932 42565540 45057953 X 10493669 11112033 10493669 11112033 53059209 56169986 X 643608 -25244 X 0 1 X 1 1 1 X 60500 382132 150864 1261214 16215 1870925 60500 382132 150864 1261214 16215 1870925 58449 1812476 7068 5285 19884 70261 165757 268255 2139180 24946099 0.84730 0.91160 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3963335 3963335 54492832 13687736 40805096 700053 500515 199538 146640 146640 45114609 INVESTMENTS IN SMALL BUSINESSES 318460 C BUSINESS LOAN PROGRAM 2056834 C VENTURE DEBT LOAN PROGRAM 2276922 C ACCURED INTEREST RECEIVABLE 68963 C TAX INCREMENTAL DISTRICT PROGRAM 1017500 C 5738679 DUE TO COMMUNITY DEVELOPMENT OFFICE 3157038 DUE TO VENTURE DEBT LENDERS 2176894 DUE TO CENTURY AVE INVESTOR LLC 550000 5883932 X X X X 0 0 0 0 0 0 0 1 0 LORRINE HEINEMANN PRESIDENT - CEO 181678 0 10000 0 1947 0 29776 0 14420 0 237821 0 0 0 ABIGAIL WALLHAUS VP OF FINANCE & CFO 128204 0 17500 0 534 0 16336 0 1392 0 163966 0 0 0 PART I, LINE 7 THE BOARD VOTES QUARTERLY ON WHETHER AN ADDITIONAL 5.2% 401K CONTRIBUTION BEYOND THE 3% AGREED UPON MATCH SHOULD BE MADE TO EMPLOYEES. FORM 990, PART V, LINE 2A: MADISON DEVELOPMENT CORPORATION LEASES EMPLOYEES FROM A PROFESSIONAL EMPLOYMENT ORGANIZATION, TANDEM PROF EMP SERVICES LLC. THE EMPLOYEES ARE CONSIDERED COMMON LAW EMPLOYEES OF MADISON DEVELOPMENT CORPORATION, HOWEVER, TANDEM PROF EMP SERVICES LLC IS THE EMPLOYER OF RECORD AND EMPLOYEES GET THEIR W2S FROM TANDEM PROF EMP SERVICES LLC. 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 XI, LINE 9: LOSS ON INVESTMENTS IN SMALL BUSINESSES -25,244. CENTURY AVE INVESTOR LLC 550 W WASHINGTON AVE MADISON WI 53703 884414428 TO HOLD INVESTMENT PROPERTY WI MADISON DEVELOPMENT CORPORATION EXCLUDED 2 59 0 1 0.00010 DANE COUNTY DEVELOPMENT COMPANY INC 550 W WASHINGTON AVE MADISON WI 53703 391673902 SMALL BUSINESSES LENDING WI C 4106 47828 1.00000 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CENTURY AVE INVESTOR LLC E 550000 BOOK VALUE