Nonprofit · EIN 36-3038678
ROCKFORD LOCAL DEVELOPMENT CORPORATION
Tax-exempt · ROCKFORD, IL 61101
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| September 30, 2025 | 990 | $1,114,739 | $1,255,172 | -$140,433 | $5,225,946 | $2,165,779 | $3,060,167 |
| September 30, 2024 | 990 | $1,052,933 | $1,073,227 | -$20,294 | $4,737,897 | $1,537,297 | $3,200,600 |
| September 30, 2023 | 990 | $1,914,300 | $1,124,522 | $789,778 | $3,867,454 | $646,560 | $3,220,894 |
Financial details: 990 for the year ended September 30, 2025
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $1,113,608
- Investment income
- $1,131
- Net gain from sales of assets
- $1,131
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $221,590
- Other salaries and wages
- $395,127
- Salaries, compensation and benefits (total)
- $742,440
- Professional fundraising fees
- $0
- Accounting fees
- $32,350
- Occupancy
- $68,640
- Depreciation
- $9,817
Balance sheet and other
- Total assets, start of year
- $4,737,897
- Total assets, end of year
- $5,225,946
- Total liabilities, end of year
- $2,165,779
- Net assets, end of year
- $3,060,167
- Land, buildings and equipment
- $45,608
- Net assets without donor restrictions
- $490,128
- Net assets with donor restrictions
- $2,570,039
- Gross receipts
- $1,114,739
- Employees
- 7
- Volunteers
- 15
- Year formed
- 1979
- State of legal domicile
- IL
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 September 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| JOHN PHELPS | EXECUTIVE DI Trustee or director, Officer | 35 | $177,344 | $23,262 |
| KARL SWANSON | CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| MICHAEL SCHULTZ | VICE CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| J DANIEL O'BOYLE | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| LESLY COOPER | ASSISTANT SE Trustee or director, Officer | 1 | $0 | $0 |
| BRIAN PETERSON | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| TODD CAGNONI | ASSISTANT TR Trustee or director, Officer | 1 | $0 | $0 |
| JEFF FAHRENWALD | DIRECTOR Trustee or director | 1 | $0 | $0 |
| LINDA HECKERT | PAST CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| AUDRA MONCUR | DIRECTOR Trustee or director | 1 | $0 | $0 |
| KAREN WALSH | DIRECTOR Trustee or director | 1 | $0 | $0 |
| MICHELE PETRIE | DIRECTOR Trustee or director | 1 | $0 | $0 |
| ROBERT YOUNG | DIRECTOR Trustee or director | 1 | $0 | $0 |
| ED MUNGUIA | DIRECTOR Trustee or director | 1 | $0 | $0 |
990 for the year ended September 30, 2024: 15 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| JOHN PHELPS | EXECUTIVE DI Trustee or director, Officer | 35 | $184,150 | $41,524 |
| TODD CAGNONI | ASSISTANT TR Trustee or director, Officer | 1 | $0 | $0 |
| EARL DOTSON JR | DIRECTOR Trustee or director | 1 | $0 | $0 |
| JEFF FAHRENWALD | DIRECTOR Trustee or director | 1 | $0 | $0 |
| LINDA HECKERT | CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| AUDRA MONCUR | DIRECTOR Trustee or director | 1 | $0 | $0 |
| ED MUNGUIA | VICE CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| J DANIEL O'BOYLE | DIRECTOR Trustee or director | 1 | $0 | $0 |
| MICHELE PETRIE | DIRECTOR Trustee or director | 1 | $0 | $0 |
| BRIAN PETERSON | PAST CHAIRMA Trustee or director, Officer | 1 | $0 | $0 |
| JAMES RYAN | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| KARL SWANSON | VICE CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| MICHAEL SCHULTZ | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| KAREN WALSH | DIRECTOR Trustee or director | 1 | $0 | $0 |
| BRENTEN WITHERBY | ASSISTANT SE Trustee or director | 1 | $0 | $0 |
990 for the year ended September 30, 2023: 18 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| JOHN PHELPS | EXECUTIVE DI Trustee or director, Officer | 35 | $180,962 | $51,526 |
| DONALD BANKS | DIRECTOR Trustee or director | 1 | $0 | $0 |
| TODD CAGNONI | DIRECTOR Trustee or director | 1 | $0 | $0 |
| EARL DOTSON JR | DIRECTOR Trustee or director | 1 | $0 | $0 |
| JEFF FAHRENWALD | DIRECTOR Trustee or director | 1 | $0 | $0 |
| LINDA HECKERT | CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| KENT KOHLBACHER | DIRECTOR Trustee or director | 1 | $0 | $0 |
| AUDRA MONCUR | DIRECTOR Trustee or director | 1 | $0 | $0 |
| ED MUNGUIA | VICE CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| J DANIEL O'BOYLE | DIRECTOR Trustee or director | 1 | $0 | $0 |
| MICHELE PETRIE | DIRECTOR Trustee or director | 1 | $0 | $0 |
| BRIAN PETERSON | PAST CHAIRMA Trustee or director, Officer | 1 | $0 | $0 |
| JAMES RYAN | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| KARL SWANSON | ASSISTANT TR Trustee or director, Officer | 1 | $0 | $0 |
| MICHAEL SCHULTZ | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| KAREN WALSH | DIRECTOR Trustee or director | 1 | $0 | $0 |
| BRENTEN WITHERBY | ASSISTANT SE Trustee or director | 1 | $0 | $0 |
| JANESSA WILKINS | EX OFFICIO Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 120 W STATE ST STE 306, ROCKFORD, IL 61101-1199
- Principal officer (990 for 2024)
- JOHN PHELPS, 120 WEST STATE STREET SUITE 306, ROCKFORD, IL 61101
- Signed the 990
- JOHN PHELPS, EXECUTIVE DIRECTOR
- Phone
- (815) 987-8675
- Return prepared by
- BENNING GROUP LLC
Mission
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
Program accomplishments
- 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 57.0 MILLION PORTFOLIO OF LOANS TO 128 BUSINESSES. IN FY 2025, ROCKFORD LOCAL DEVELOPMENT CORPORATION CLOSED 7 SBA 504 LOANS IN THE AMOUNT OF 6,852,000 AND APPROVED 8 NEW SBA 504 LOANS FOR AN ADDITIONAL 3,042,000.
- RLF PROGRAM: ROCKFORD LOCAL DEVELOPMENT CORPORATION ALSO MANAGES SIX REVOLVING LOAN PROGRAMS SERVING FOUR COUNTIES IN NORTHERN ILLINOIS (OGLE, MCHENRY, WINNEBAGO AND BOONE). TOTALING 7,632,378, THESE LOAN FUNDS ARE TARGETED TO SERVE LOW-INCOME COMMUNITIES, DISADVANTAGED BUSINESSES AND MANUFACTURING EMPLOYMENT. PRESENTLY, THERE ARE APPROXIMATELY 159 LOANS OUTSTANDING TO SMALL BUSINESSES. IN FY 2025, ROCKFORD LOCAL DEVELOPMENT CORPORATION, THROUGH ITS MANAGEMENT OF THESE SIX REVOLVING LOAN PROGRAMS, CLOSED 40 LOANS FOR ELIGIBLE PROJECTS TOTALING 2,427,146.
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 September, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | September 30, 2026 | February 16, 2027 | Not due yet |
| 2024 | September 30, 2025 | February 17, 2026 | 990 on file |
| 2023 | September 30, 2024 | February 18, 2025 | 990 on file |
IRS record
- EIN
- 36-3038678
- Tax-exempt status
- 501(c)(6): Business league or chamber of commerce
- Accounting year ends
- September
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $5,225,946
- Income (IRS master file)
- $1,114,739
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | September 2025 | $1,114,739 | $1,255,172 | $5,225,946 | XML |
| 990 | September 2024 | $1,052,933 | $1,073,227 | $4,737,897 | XML |
| 990 | September 2023 | $1,914,300 | $1,124,522 | $3,867,454 | XML |
| 990 | September 2022 | $1,498,474 | $869,220 | $2,794,433 | IRS |
| 990 | September 2021 | – | – | – | IRS |
| 990 | September 2020 | – | – | – | 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 36-3038678).
Questions about ROCKFORD LOCAL DEVELOPMENT CORPORATION
- What is the EIN of ROCKFORD LOCAL DEVELOPMENT CORPORATION?
- The employer identification number (EIN) of ROCKFORD LOCAL DEVELOPMENT CORPORATION is 36-3038678.
- Is ROCKFORD LOCAL DEVELOPMENT CORPORATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(6).
- Which annual return does ROCKFORD LOCAL 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 ROCKFORD LOCAL DEVELOPMENT CORPORATION due?
- The return for tax year 2025 (the year ending September 30, 2026) is due February 16, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did ROCKFORD LOCAL DEVELOPMENT CORPORATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended September 2025.
- Who is the principal officer of ROCKFORD LOCAL DEVELOPMENT CORPORATION?
- The 990 for the year ended September 30, 2025 names JOHN PHELPS.
- Who are the officers and directors of ROCKFORD LOCAL DEVELOPMENT CORPORATION?
- The 990 for the year ended September 30, 2025 lists 14 people; 1 received compensation from the organization, the highest $177,344 (JOHN PHELPS, EXECUTIVE DI).
- How much revenue does ROCKFORD LOCAL DEVELOPMENT CORPORATION have?
- On its 990 for the year ended September 30, 2025 it reported revenue of $1,114,739, expenses of $1,255,172 and total assets of $5,225,946 at year end.
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