Nonprofit · EIN 35-1548607
BUSINESS DEVELOPMENT CORPORATION
Tax-exempt · SOUTH BEND, IN 46601
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2025 | 990 | $1,100,442 | $783,320 | $317,122 | $6,671,192 | $565,709 | $6,105,483 |
| December 31, 2024 | 990 | $1,001,719 | $672,095 | $329,624 | $6,491,579 | $697,210 | $5,794,369 |
| December 31, 2023 | 990 | $887,630 | $620,367 | $267,263 | $6,012,715 | $675,216 | $5,337,499 |
Financial details: 990 for the year ended December 31, 2025
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $537,272
- Investment income
- $563,170
- Net gain from sales of assets
- $327,917
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $51,500
- Compensation of officers, directors and key employees
- $330,903
- Other salaries and wages
- $91,999
- Salaries, compensation and benefits (total)
- $492,808
- Professional fundraising fees
- $0
- Legal fees
- $29,141
- Accounting fees
- $16,070
- Occupancy
- $51,348
- Depreciation
- $4,352
- Program services (functional)
- $481,362
- Management and general (functional)
- $301,958
Balance sheet and other
- Total assets, start of year
- $6,491,579
- Total assets, end of year
- $6,671,192
- Total liabilities, end of year
- $565,709
- Net assets, end of year
- $6,105,483
- Land, buildings and equipment
- $5,126
- Publicly traded securities
- $4,304,778
- Net assets without donor restrictions
- $6,105,483
- Gross receipts
- $1,672,274
- Employees
- 5
- Volunteers
- 14
- Year formed
- 1983
- State of legal domicile
- IN
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, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| CARRIE KOSAC | PRESIDENT Officer | 40 | $160,000 | $21,023 |
| KALIN MILLER | ACCOUNTANT/C Officer | 40 | $83,873 | $19,540 |
| ELIZABETH J WITTLING | PRESIDENT/CO Officer | 40 | $46,467 | $0 |
| PETER GILLIN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| RYAN HOFFMAN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| JILL SCICCHITANO | DIRECTOR Trustee or director | 1 | $0 | $0 |
| ALAN STEELE | DIRECTOR Trustee or director | 1 | $0 | $0 |
| BRYAN OLUND | DIRECTOR Trustee or director | 1 | $0 | $0 |
| PATTY MCNARNEY | DIRECTOR Trustee or director | 1 | $0 | $0 |
| HEATHER OBERMEYER | DIRECTOR Trustee or director | 1 | $0 | $0 |
| MATT WETZEL | DIRECTOR Trustee or director | 1 | $0 | $0 |
| TEDD SCHAFFER | DIRECTOR Trustee or director | 1 | $0 | $0 |
| PATTY WHEELER | DIRECTOR Trustee or director | 1 | $0 | $0 |
| WILLIAM HEFFELFINGER CPA | TREASURER Trustee or director, Officer | 2 | $0 | $0 |
| RYAN BELL | SECRETARY Trustee or director, Officer | 2 | $0 | $0 |
1 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| TOM ROSS | CHAIRMAN Trustee or director, Officer | 2 | $0 |
990 for the year ended December 31, 2024: 16 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| ELIZABETH J WITTLING | PRESIDENT/CO Officer | 40 | $169,880 | $34,758 |
| KALIN MILLER | ACCOUNTANT/C Officer | 40 | $82,600 | $19,082 |
| CARRIE KOSAC | PRESIDENT Officer | 40 | $31,635 | $0 |
| PETER GILLIN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| RYAN HOFFMAN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| NICK MATTHEWS | DIRECTOR Trustee or director | 1 | $0 | $0 |
| JILL SCICCHITANO | DIRECTOR Trustee or director | 1 | $0 | $0 |
| ALAN STEELE | DIRECTOR Trustee or director | 1 | $0 | $0 |
| BRYAN OLUND | DIRECTOR Trustee or director | 1 | $0 | $0 |
| PATTY MCNARNEY | DIRECTOR Trustee or director | 1 | $0 | $0 |
| HEATHER OBERMEYER | DIRECTOR Trustee or director | 1 | $0 | $0 |
| MATT WETZEL | DIRECTOR Trustee or director | 1 | $0 | $0 |
| PATTY WHEELER | DIRECTOR Trustee or director | 1 | $0 | $0 |
| WILLIAM HEFFELFINGER CPA | TREASURER Trustee or director, Officer | 2 | $0 | $0 |
| RYAN BELL | SECRETARY Trustee or director, Officer | 2 | $0 | $0 |
| TOM ROSS | CHAIRMAN Trustee or director, Officer | 2 | $0 | $0 |
990 for the year ended December 31, 2023: 19 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| ELIZABETH J WITTLING | PRESIDENT/CO Officer | 40 | $171,600 | $29,592 |
| KALIN MILLER | ACCOUNTANT/C Officer | 40 | $81,250 | $16,872 |
| PETER GILLIN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| RYAN HOFFMAN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| NICK MATTHEWS | DIRECTOR Trustee or director | 1 | $0 | $0 |
| BRUCE PIEKARSKI | DIRECTOR Trustee or director | 1 | $0 | $0 |
| JILL SCICCHITANO | DIRECTOR Trustee or director | 1 | $0 | $0 |
| ALAN STEELE | DIRECTOR Trustee or director | 1 | $0 | $0 |
| DANA TROWBRIDGE | DIRECTOR Trustee or director | 1 | $0 | $0 |
| AMY VARGA | DIRECTOR Trustee or director | 1 | $0 | $0 |
| GARY WETZEL | DIRECTOR Trustee or director | 1 | $0 | $0 |
| PATTY MCNARNEY | DIRECTOR Trustee or director | 1 | $0 | $0 |
| MICHAEL WARGO | DIRECTOR Trustee or director | 1 | $0 | $0 |
| HEATHER OBERMEYER | DIRECTOR Trustee or director | 1 | $0 | $0 |
| MATT WETZEL | DIRECTOR Trustee or director | 1 | $0 | $0 |
| PATTY WHEELER | DIRECTOR Trustee or director | 1 | $0 | $0 |
| WILLIAM HEFFELFINGER CPA | TREASURER Trustee or director, Officer | 2 | $0 | $0 |
| RYAN BELL | SECRETARY Trustee or director, Officer | 2 | $0 | $0 |
| TOM ROSS | CHAIRMAN Trustee or director, Officer | 2 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 218 WEST WASHINGTON STREET 10TH FLO, SOUTH BEND, IN 46601-1800
- Principal officer (990 for 2025)
- CARRIE KOSAC, 218 W WASHINGTON STREET 10TH FL, SOUTH BEND, IN 46601
- Signed the 990
- CARRIE KOSAC, PRESIDENT
- Phone
- (574) 288-5758
- Website
- WWW.BDCLOAN.COM
- Return prepared by
- DWC CPAS LLC
Mission
TO FURTHER ECONOMIC DEVELOPMENT,PRINCIPALLY WITHIN ANY AND ALL COUNTIES LOCATED IN NORTH CENTRAL INDIANA AND SOUTHWEST MICHIGAN.
Program accomplishments
- ECONOMIC DEVELOPMENT. CLOSED AND FUNDED 10 SBA 504 LOANS TOTALING 2,357,000 AS OF FISCAL YEAR ENDING 12/31/2025 AND ALSO APPROVED 17 LOANS TOTALING 9,254,000. IN 2025, WE ALSO FUNDED 1 DIRECT LOAN IN THE AMOUNT OF 100,000 AND ONE VACANT BUILDING CREDIT ENHANCEMENT LOAN IN THE AMOUNT OF 500,000. IN ADDITION, ALSO PROVIDED 51,500 IN GRANTS TO SEVERAL SMALL LOCAL NONPROFIT ORGANIZATIONS.Expenses $481,362 · grants $51,500 · revenue $537,272
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 | 990 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
- 35-1548607
- Tax-exempt status
- 501(c)(4): Social welfare organization
- Donations deductible (Pub 78)
- Organization other than a public charity or private foundation
- Exempt since
- 1983
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $6,671,192
- Income (IRS master file)
- $1,672,274
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2025 | $1,100,442 | $783,320 | $6,671,192 | IRS |
| 990 | December 2024 | $1,001,719 | $672,095 | $6,491,579 | XML |
| 990 | December 2023 | $887,630 | $620,367 | $6,012,715 | XML |
| 990 | December 2022 | $816,472 | $699,236 | $4,829,222 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2019 | – | – | – | 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 35-1548607).
Questions about BUSINESS DEVELOPMENT CORPORATION
- What is the EIN of BUSINESS DEVELOPMENT CORPORATION?
- The employer identification number (EIN) of BUSINESS DEVELOPMENT CORPORATION is 35-1548607.
- Is BUSINESS DEVELOPMENT CORPORATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(4) since 1983.
- Are donations to BUSINESS DEVELOPMENT CORPORATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Organization other than a public charity or private foundation).
- Which annual return does BUSINESS DEVELOPMENT CORPORATION 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 BUSINESS DEVELOPMENT CORPORATION due?
- The return for tax year 2026 (the year ending December 31, 2026) is due May 17, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did BUSINESS DEVELOPMENT CORPORATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2025.
- Who is the principal officer of BUSINESS DEVELOPMENT CORPORATION?
- The 990 for the year ended December 31, 2025 names CARRIE KOSAC.
- Who are the officers and directors of BUSINESS DEVELOPMENT CORPORATION?
- The 990 for the year ended December 31, 2025 lists 16 people; 3 received compensation from the organization, the highest $160,000 (CARRIE KOSAC, PRESIDENT).
- How much revenue does BUSINESS DEVELOPMENT CORPORATION have?
- On its 990 for the year ended December 31, 2025 it reported revenue of $1,100,442, expenses of $783,320 and total assets of $6,671,192 at year end.
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