Overview
What is Milwaukee Economic Development Corporation?
The Milwaukee Economic Development Corporation (MEDC) is a nonprofit organization situated in Milwaukee, Wisconsin. With a team of 16 dedicated individuals, MEDC provides gap loans to businesses in the Milwaukee area at lower-than-market interest rates. Typically, these loans are complemented by financing from a partner bank. The organization adheres to two fundamental principles in its lending approach: sharing risk amongst all project participants and offering loans when there exists a financing gap between debt and equity. MEDC's primary objective is to stimulate employment opportunities and boost local incomes by assisting in the retention, expansion, and development of manufacturing, service, and commercial establishments in Milwaukee, Waukesha, Washington, Walworth, Racine, Kenosha, and Ozaukee counties. Collectively referred to as the M7 region, these counties benefit from MEDC's financial support, aiming to foster a thriving and prosperous business environment.
Official website here: www.medconline.com
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 92% (Four-Star out of Four Star rating)
The Milwaukee Economic Development Corporation has achieved a strong 92% rating, reflecting its commitment to accountability and financial health. The organization boasts a fully independent board, which enhances its governance, and it has a high program expense ratio, indicating that a significant portion of its resources is directed towards its mission-related expenses.
Strengths highlighted in the data include exemplary scores in areas such as audit oversight and the absence of material asset diversion, which underscores the organization's integrity and transparency. Additionally, the presence of comprehensive policies, including conflict of interest and whistleblower protections, further demonstrates a robust governance framework.
While the organization shows strong performance metrics, continual monitoring and engagement with stakeholders will be essential to maintain transparency and effectiveness. Overall, the Milwaukee Economic Development Corporation stands out for its financial stewardship and commitment to community development.
This AI summary has been generated from information found on Charity Navigator.
Is Milwaukee Economic Development Corporation legitimate?
Milwaukee Economic Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Milwaukee Economic Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $533,704
Professional Fundraising Fees: $0
Other Salaries and Wages: $851,156
For more financial information, click here
Official website here: www.medconline.com
What is the mission statement of Milwaukee Economic Development Corporation?
The Milwaukee Economic Development Corporation (MEDC) is dedicated to providing gap financing to businesses with the aim of creating employment opportunities and increasing local incomes. This is achieved through the retention, expansion, and development of various commercial establishments, such as manufacturing, service, and other commercial ventures, within Milwaukee, Waukesha, Washington, Walworth, Racine, Kenosha, and Ozaukee Counties, collectively known as the M7 region. The corporation lends at below-market interest rates to businesses in the Milwaukee area, often partnering with a bank to provide project financing. MEDC's approach to lending is based on two fundamental principles: sharing risk with all project participants and providing loans where there is a gap between available debt and equity.
Official website here: www.medconline.com
Who is the CEO of Milwaukee Economic Development Corporation?
David E Latona is the President & Secretary/Director of Milwaukee Economic Development Corporation.
Official website here: www.medconline.com
What is the revenue of Milwaukee Economic Development Corporation?
Milwaukee Economic Development Corporation's revenue in 2022 was $4,043,772.
Official website here: www.medconline.com
Who are the executives of Milwaukee Economic Development Corporation and what are their salaries?
The average compensation at Milwaukee Economic Development Corporation during 2022 was $86,554. There are 16 employees and 24 volunteers at Milwaukee Economic Development Corporation.
Here are 27 key members and their salaries:
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- Compensation: $155,606
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- Other: $59,367
- Compensation: $103,857
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- Other: $17,784
Official website here: www.medconline.com
Where can I find the form 990 for Milwaukee Economic Development Corporation?
Milwaukee Economic Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.medconline.com
Learn more at the official website: www.medconline.com
Mission Statement of Milwaukee Economic Development Corporation
The Milwaukee Economic Development Corporation, often referred to as MEDC, is committed to supporting businesses in the Milwaukee area and surrounding counties. Their primary mission is to provide gap financing, which is essential for creating employment opportunities and boosting local incomes. This financing is crucial for the retention, expansion, and development of various commercial establishments, including manufacturing, service, and other businesses. By doing so, MEDC aims to support the growth of businesses within the M7 region, which encompasses Milwaukee, Waukesha, Washington, Walworth, Racine, Kenosha, and Ozaukee counties.
In achieving this mission, MEDC adheres to two fundamental principles. Firstly, they share risk with all participants in a project, ensuring a balanced distribution of potential losses and benefits. Secondly, they offer loans when there is a gap between the available debt and equity. This gap financing is typically provided at below-market interest rates, making it more accessible for local businesses. Often, a partner bank contributes to the project financing, further strengthening the support system for Milwaukee area businesses. MEDC's lending approach is strategic and targeted, aiming to foster growth and development within the local business community.
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Impact
October, 2024
The Milwaukee Economic Development Corporation (MEDC) plays a crucial role in fostering economic growth within the M7 region, which encompasses Milwaukee, Waukesha, Washington, Walworth, Racine, Kenosha, and Ozaukee counties. By providing gap financing, MEDC helps businesses secure the necessary funding to retain, expand, and develop manufacturing, service, and other commercial establishments.
MEDC specializes in offering gap loans at below-market interest rates, often in collaboration with partner banks that contribute to project financing. This approach not only facilitates access to critical financial resources for local businesses but also promotes shared risk among all stakeholders involved in a project. As a result, MEDC creates valuable employment opportunities and increases local incomes, thereby enhancing the overall economic landscape of the region.
Through its efforts, MEDC contributes significantly to community improvement and the long-term sustainability of the local economy, making it a vital entity in advancing the economic prosperity of the M7 region.
This information is meant to be a general summary of Milwaukee Economic Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $457,351
- Program Service Revenue: $3,586,421
- Gross Receipts: $4,043,772
Assets and Liabilities:
- Total Assets: $134,203,800
- Total Liabilities: $40,101,532
- Net Assets: $94,102,268
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST
Revenue
$3,383,167
MANAGEMENT AND SERVICI
Revenue
$203,254
Organization Details
Founding Year
1971
Phone
(414) 269-1440Principal Officer
David E Latona
Main Address
757 NORTH BROADWAY 600, MILWAUKEE, WI, 53202
Website
www.medconline.comNTEE Category
Code: S31 - Community improvement
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