Nonprofit · EIN 23-7129398
MILWAUKEE ECONOMIC DEVELOPMENT CORP
Tax-exempt · MILWAUKEE, WI 53202
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $7,243,827 | $7,074,229 | $169,598 | $139,494,155 | $51,614,291 | $87,879,864 |
| December 31, 2023 | 990 | $5,024,369 | $5,156,100 | -$131,731 | $133,022,594 | $46,441,388 | $86,581,206 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $1,826,265
- of which government grants
- $1,826,265
- Program service revenue
- $4,583,719
- Investment income
- $833,843
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $579,452
- Other salaries and wages
- $764,025
- Salaries, compensation and benefits (total)
- $1,845,221
- Professional fundraising fees
- $0
- Legal fees
- $175,913
- Accounting fees
- $111,900
- Depreciation
- $65,512
- Program services (functional)
- $6,685,352
- Management and general (functional)
- $388,877
Balance sheet and other
- Total assets, start of year
- $133,022,594
- Total assets, end of year
- $139,494,155
- Total liabilities, end of year
- $51,614,291
- Net assets, end of year
- $87,879,864
- Land, buildings and equipment
- $73,721
- Net assets without donor restrictions
- $78,692,402
- Net assets with donor restrictions
- $9,187,462
- Gross receipts
- $7,243,827
- Employees
- 15
- Volunteers
- 23
- Year formed
- 1971
- State of legal domicile
- WI
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| DAVID LATONA | PRESIDENT & SECRETARY Trustee or director, Officer | 40 | $295,100 | $58,036 |
| JOHN MILLER | VICE PRESIDENT & TREASURER Officer | 40 | $184,870 | $41,446 |
| SUSAN EICK | RELATIONSHIP MANAGER Highest-paid employee | 40 | $101,472 | $16,560 |
| THOMAS O'NEILL | CHAIRMAN Trustee or director, Officer | 1 | $0 | $0 |
| JAMES ROEMER | VICE CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| AMELIA MACARENO | DIRECTOR Trustee or director | 1 | $0 | $0 |
| ANDY MELVIN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| CAVALIER JOHNSON | DIRECTOR Trustee or director | 1 | $0 | $0 |
| CRAIG SCHMUTZER | DIRECTOR Trustee or director | 1 | $0 | $0 |
| D PATRICK O'BRIEN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| EDWARD HILLMUTH | DIRECTOR Trustee or director | 1 | $0 | $0 |
| GINA STILP | DIRECTOR Trustee or director | 1 | $0 | $0 |
| GREG BAUER | DIRECTOR Trustee or director | 1 | $0 | $0 |
| IVAN GAMBOA | DIRECTOR Trustee or director | 1 | $0 | $0 |
| JOHN HAZOD | DIRECTOR Trustee or director | 1 | $0 | $0 |
11 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| JOHN ZANGHI | DIRECTOR Trustee or director | 1 | $0 |
| KELSEY BRENN | DIRECTOR Trustee or director | 1 | $0 |
| KERMAITH MCCLENDON | DIRECTOR Trustee or director | 1 | $0 |
| NATE ZASTROW | DIRECTOR Trustee or director | 1 | $0 |
| PAUL KLEINER | DIRECTOR Trustee or director | 1 | $0 |
| REBECCA MITICH | DIRECTOR Trustee or director | 1 | $0 |
| ROGER SANDELL | DIRECTOR Trustee or director | 1 | $0 |
| SARAH LUTZ | DIRECTOR Trustee or director | 1 | $0 |
| STEVE BARTH | DIRECTOR Trustee or director | 1 | $0 |
| THOMAS ZALE | DIRECTOR Trustee or director | 1 | $0 |
| TOM FOTSCH | DIRECTOR Trustee or director | 1 | $0 |
990 for the year ended December 31, 2023: 29 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| DAVID LATONA | PRESIDENT & SECRETARY Trustee or director, Officer | 40 | $273,583 | $46,056 |
| JOHN MILLER | VICE PRESIDENT & TREASURER Officer | 40 | $204,005 | $36,166 |
| SUSAN EICK | RELATIONSHIP MANAGER Highest-paid employee | 40 | $105,554 | $16,700 |
| THOMAS O'NEILL | CHAIRMAN Trustee or director, Officer | 1 | $0 | $0 |
| AMELIA MACARENO | DIRECTOR Trustee or director | 1 | $0 | $0 |
| ANDY MELVIN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| CAVALIER JOHNSON | DIRECTOR Trustee or director | 1 | $0 | $0 |
| CRAIG SCHMUTZER | DIRECTOR Trustee or director | 1 | $0 | $0 |
| D PATRICK O'BRIEN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| DEBRA KESSLAR | DIRECTOR (TERM 08/2023) Trustee or director | 1 | $0 | $0 |
| DR EVE HALL | DIRECTOR (TERM 08/2023) Trustee or director | 1 | $0 | $0 |
| GINA STILP | DIRECTOR Trustee or director | 1 | $0 | $0 |
| GREG BAUER | DIRECTOR Trustee or director | 1 | $0 | $0 |
| IVAN GAMBOA | DIRECTOR Trustee or director | 1 | $0 | $0 |
| JAMES ROEMER | DIRECTOR Trustee or director | 1 | $0 | $0 |
| JOHN HAZOD | DIRECTOR Trustee or director | 1 | $0 | $0 |
| JOHN ZANGHI | DIRECTOR Trustee or director | 1 | $0 | $0 |
| KELSEY BRENN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| KENNETH ROBERTSON | DIRECTOR Trustee or director | 1 | $0 | $0 |
| MICHAEL MURPHY | DIRECTOR Trustee or director | 1 | $0 | $0 |
| NATE ZASTROW | DIRECTOR Trustee or director | 1 | $0 | $0 |
| PAUL KLEINER | DIRECTOR Trustee or director | 1 | $0 | $0 |
| PERFECTO RIVERA | DIRECTOR Trustee or director | 1 | $0 | $0 |
| REBECCA MITICH | DIRECTOR Trustee or director | 1 | $0 | $0 |
| SARAH LUTZ | DIRECTOR Trustee or director | 1 | $0 | $0 |
| STEVE BARTH | DIRECTOR Trustee or director | 1 | $0 | $0 |
| THOMAS ZALE | DIRECTOR Trustee or director, Officer | 1 | $0 | $0 |
| TOM FOTSCH | DIRECTOR (START 04/2023) Trustee or director | 1 | $0 | $0 |
| WILLIAM FEAGLES | DIRECTOR Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 757 N BROADWAY STE 600, MILWAUKEE, WI 53202-3612
- In care of
- % DAVID LATONA
- Principal officer (990 for 2024)
- DAVID E LATONA, 757 NORTH BROADWAY 600, MILWAUKEE, WI 53202
- Signed the 990
- DAVID E LATONA, PRESIDENT
- Phone
- (414) 269-1440
- Website
- WWW.MEDCONLINE.COM
- Return prepared by
- BAKER TILLY ADVISORY GROUP LP
Mission
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).
Program accomplishments
- LENDING: MEDC PROVIDES GAP LOANS AT BELOW MARKET INTEREST RATES TO MILWAUKEE AREA BUSINESSES. MOST TIMES THERE IS A PARTNER BANK WHICH PROVIDES SOME OF THE PROJECT FINANCING. MEDC'S APPROACH TO LENDING REVOLVES AROUND TWO FUNDAMENTAL PRINCIPLES: SHARING RISK WITH ALL PARTICIPANTS IN A PROJECT AND PROVIDE LOANS WHERE THERE IS A GAP BETWEEN AVAILABLE DEBT AND EQUITY.Expenses $6,513,824 · revenue $4,412,191
- MEDC PROVIDED GRANT REVIEW SERVICES TO THE MILWAUKEE DEVELOPMENT CORPORATION FOR A PROGRAM IT WAS RUNNING FOR THE WEDC, THE WI TOMORROW MAIN STREET BOUNCEBACK GRANT. MEDC PROVIDED SERVICES OF GRANT REVIEW, PAYMENT PROCESSING.Expenses $171,528 · revenue $171,528
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 23-7129398
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (509(a)(2))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1974
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S31)
- Assets (IRS master file)
- $139,494,155
- Income (IRS master file)
- $7,243,827
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $7,243,827 | $7,074,229 | $139,494,155 | XML |
| 990 | December 2023 | $5,024,369 | $5,156,100 | $133,022,594 | XML |
| 990 | December 2022 | $4,043,772 | $3,895,449 | $134,203,800 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990-T | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990-T | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 23-7129398).
Questions about MILWAUKEE ECONOMIC DEVELOPMENT CORP
- What is the EIN of MILWAUKEE ECONOMIC DEVELOPMENT CORP?
- The employer identification number (EIN) of MILWAUKEE ECONOMIC DEVELOPMENT CORP is 23-7129398.
- Is MILWAUKEE ECONOMIC DEVELOPMENT CORP tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1974.
- Are donations to MILWAUKEE ECONOMIC DEVELOPMENT CORP tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does MILWAUKEE ECONOMIC DEVELOPMENT CORP file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of MILWAUKEE ECONOMIC DEVELOPMENT CORP due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did MILWAUKEE ECONOMIC DEVELOPMENT CORP last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of MILWAUKEE ECONOMIC DEVELOPMENT CORP?
- The 990 for the year ended December 31, 2024 names DAVID E LATONA.
- Who are the officers and directors of MILWAUKEE ECONOMIC DEVELOPMENT CORP?
- The 990 for the year ended December 31, 2024 lists 26 people; 3 received compensation from the organization, the highest $295,100 (DAVID LATONA, PRESIDENT & SECRETARY).
- How much revenue does MILWAUKEE ECONOMIC DEVELOPMENT CORP have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $7,243,827, expenses of $7,074,229 and total assets of $139,494,155 at year end.
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All nonprofits in MILWAUKEE · Wisconsin · Community improvement and capacity building