Nonprofit · EIN 39-1277471
MADISON DEVELOPMENT CORPORATION
Tax-exempt · MADISON, WI 53703
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2025 | 990 | $12,216,790 | $6,627,624 | $5,589,166 | $63,261,950 | $46,560,751 | $16,701,199 |
| December 31, 2024 | 990 | $6,388,304 | $5,744,696 | $643,608 | $56,169,986 | $45,057,953 | $11,112,033 |
| December 31, 2023 | 990 | $6,436,775 | $5,094,577 | $1,342,198 | $53,059,209 | $42,565,540 | $10,493,669 |
Financial details: 990 for the year ended December 31, 2025
Revenue
- Contributions, gifts and grants
- $47,640
- of which government grants
- $22,648
- Program service revenue
- $6,738,261
- Investment income
- $5,430,889
- Net gain from sales of assets
- $5,185,986
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $584,523
- Other salaries and wages
- $449,590
- Salaries, compensation and benefits (total)
- $1,345,832
- Professional fundraising fees
- $0
- Legal fees
- $49,516
- Accounting fees
- $179,510
- Occupancy
- $1,374,885
- Depreciation
- $1,608,121
- Program services (functional)
- $6,203,983
- Management and general (functional)
- $423,641
Balance sheet and other
- Total assets, start of year
- $56,169,986
- Total assets, end of year
- $63,261,950
- Total liabilities, end of year
- $46,560,751
- Net assets, end of year
- $16,701,199
- Land, buildings and equipment
- $51,013,829
- Net assets without donor restrictions
- $16,701,199
- Gross receipts
- $13,330,804
- Employees
- 0
- Volunteers
- 39
- Year formed
- 1977
- 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, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| LORRINE HEINEMANN | PRESIDENT - CEO Officer | 40 | $220,060 | $38,677 |
| ABIGAIL WALLHAUS | VP OF FINANCE & CFO Officer | 40 | $159,073 | $19,007 |
| CASHTON LAUFENBERG | VP OF HOUSING Officer | 40 | $115,941 | $18,999 |
| MIKE KOLLATH | CHAIRPERSON & TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| MARY STRICKLAND | DIRECTOR Trustee or director | 1 | $0 | $0 |
| RON TRACHTENBERG | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| SCOTT RESNICK | DIRECTOR Trustee or director | 1 | $0 | $0 |
| RICH ARNESEN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| STUART LEVITAN | DIRECTOR (THRU 01/25) Trustee or director | 1 | $0 | $0 |
| ROB BERGENTHAL | DIRECTOR Trustee or director | 1 | $0 | $0 |
| PAUL AYLESWORTH | DIRECTOR Trustee or director | 1 | $0 | $0 |
| ED LEE | DIRECTOR Trustee or director | 1 | $0 | $0 |
| REBECCA PROCHESKA | VICE-CHAIRPERSON Trustee or director, Officer | 1 | $0 | $0 |
| JULIAN WALTERS | DIRECTOR (FROM 03/25) Trustee or director | 1 | $0 | $0 |
990 for the year ended December 31, 2024: 15 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| LORRINE HEINEMANN | PRESIDENT - CEO Officer | 40 | $193,625 | $44,196 |
| ABIGAIL WALLHAUS | VP OF FINANCE & CFO Officer | 40 | $146,238 | $17,728 |
| CASHTON LAUFENBERG | VP OF HOUSING Officer | 40 | $106,397 | $16,967 |
| MIKE KOLLATH | CHAIRPERSON & TREASURER (BEG JULY) Trustee or director, Officer | 1 | $0 | $0 |
| MARY STRICKLAND | VICE-CHAIRPERSON Trustee or director, Officer | 1 | $0 | $0 |
| RON TRACHTENBERG | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| JOHN GRANSEE | TREASURER (THRU JUNE) Trustee or director, Officer | 1 | $0 | $0 |
| SCOTT RESNICK | DIRECTOR Trustee or director | 1 | $0 | $0 |
| JULIA STONE | DIRECTOR (THRU JUNE) Trustee or director | 1 | $0 | $0 |
| RICH ARNESEN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| STUART LEVITAN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| ROB BERGENTHAL | DIRECTOR Trustee or director | 1 | $0 | $0 |
| PAUL AYLESWORTH | DIRECTOR Trustee or director | 1 | $0 | $0 |
| ED LEE | DIRECTOR Trustee or director | 1 | $0 | $0 |
| REBECCA PROCHESKA | DIRECTOR Trustee or director | 1 | $0 | $0 |
990 for the year ended December 31, 2023: 18 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| LORRINE HEINEMANN | PRESIDENT & CEO Officer | 40 | $184,645 | $25,452 |
| ABIGAIL WALLHAUS | VP OF FINANCE & CFO Officer | 35 | $130,431 | $9,367 |
| JUAN GOMEZ | VP OF LENDING & INVESTMENT Highest-paid employee | 40 | $117,710 | $14,564 |
| HARRY IRWIN | FACILITIES MANAGER Highest-paid employee | 40 | $113,108 | $7,508 |
| RICH ARNESEN | CHAIR (THRU JUNE) & DIRECTOR Trustee or director, Officer | 1 | $0 | $0 |
| MIKE KOLLATH | TREASURER (THRU JUNE)/CHAIR (FROM JULY) Trustee or director, Officer | 1 | $0 | $0 |
| VICKI BANKSTON | VICE CHAIR (THRU JUNE) Trustee or director, Officer | 1 | $0 | $0 |
| MARY STRICKLAND | VICE CHAIR (FROM JULY) Trustee or director, Officer | 1 | $0 | $0 |
| ANNE NEUJAHR MORRISON | SECRETARY (THRU JUNE) Trustee or director, Officer | 1 | $0 | $0 |
| RON TRACHTENBERG | SECRETARY (FROM JULY) Trustee or director, Officer | 1 | $0 | $0 |
| JOHN GRANSEE | TREASURER (FROM JULY) Trustee or director, Officer | 1 | $0 | $0 |
| SCOTT RESNICK | DIRECTOR Trustee or director | 1 | $0 | $0 |
| ROB BERGENTHAL | DIRECTOR Trustee or director | 1 | $0 | $0 |
| DANTE VISCARRA | DIRECTOR (THRU JUNE) Trustee or director | 1 | $0 | $0 |
| JULIA STONE | DIRECTOR Trustee or director | 1 | $0 | $0 |
| STUART LEVITAN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| PAUL AYLESWORTH | DIRECTOR Trustee or director | 1 | $0 | $0 |
| ED LEE | DIRECTOR Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 550 W WASHINGTON AVE, MADISON, WI 53703-2616
- Principal officer (990 for 2025)
- LORRINE HEINEMANN, 550 W WASHINGTON AVE, MADISON, WI 53703
- Signed the 990
- LORRINE HEINEMANN, PRESIDENT - CEO
- Phone
- (608) 256-2799
- Website
- MDCORP.ORG
- Return prepared by
- WEGNER CPAS LLP
Mission
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.
Program accomplishments
- HOUSING: OF THE 361 UNITS OFFERED BY MDC AS OF 12/31/25, 152 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 233 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).Expenses $5,387,857 · revenue $5,768,234
- ECONOMIC DEVELOPMENT: IN 2025, MDC APPROVED AND CLOSED 3 NEW TECHNOLOGY-BASED LOANS THROUGH ITS VENTURE DEBT LOAN FUND, 3 LOANS THROUGH ITS BUSINESS LOAN PROGRAM AND 2 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 22 NEW JOBS OVER THE NEXT 2 YEARS.Expenses $816,126 · revenue $970,027
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
- 39-1277471
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1980
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S300)
- Assets (IRS master file)
- $63,261,950
- Income (IRS master file)
- $13,330,804
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2025 | $12,216,790 | $6,627,624 | $63,261,950 | IRS |
| 990 | December 2024 | $6,388,304 | $5,744,696 | $56,169,986 | XML |
| 990-T | December 2024 | – | – | – | IRS |
| 990 | December 2023 | $6,436,775 | $5,094,577 | $53,059,209 | XML |
| 990 | December 2022 | $4,946,557 | $4,624,451 | $33,284,348 | 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 39-1277471).
Questions about MADISON DEVELOPMENT CORPORATION
- What is the EIN of MADISON DEVELOPMENT CORPORATION?
- The employer identification number (EIN) of MADISON DEVELOPMENT CORPORATION is 39-1277471.
- Is MADISON DEVELOPMENT CORPORATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1980.
- Are donations to MADISON DEVELOPMENT CORPORATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does MADISON 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 MADISON 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 MADISON 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 MADISON DEVELOPMENT CORPORATION?
- The 990 for the year ended December 31, 2025 names LORRINE HEINEMANN.
- Who are the officers and directors of MADISON DEVELOPMENT CORPORATION?
- The 990 for the year ended December 31, 2025 lists 14 people; 3 received compensation from the organization, the highest $220,060 (LORRINE HEINEMANN, PRESIDENT - CEO).
- How much revenue does MADISON DEVELOPMENT CORPORATION have?
- On its 990 for the year ended December 31, 2025 it reported revenue of $12,216,790, expenses of $6,627,624 and total assets of $63,261,950 at year end.
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All nonprofits in MADISON · Wisconsin · Community improvement and capacity building