Overview
What is Madison Development Corporation?
Madison Development Corporation, based in Madison, Wisconsin, serves as a bridge between the public and private sectors to foster economic growth. Their primary focus is to constructively utilize resources from both sectors, aiming to enhance the local economy. Additionally, they are committed to providing high-quality, affordable housing and improving neighborhoods within the Madison and Dane County areas. Furthermore, the organization offers gap financing to small businesses, aiming to create job opportunities. A significant portion of the housing units they offer is intended for households with incomes below the HUD very low income limit, contributing to the overall affordability within the community.
Official website here: www.mdcorp.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81%, Three-Star out of Four Star rating
Madison Development Corporation has earned a Three-Star rating from Charity Navigator, reflecting its strong performance in accountability and finance. The overall score of 81% is primarily driven by its excellent governance practices, including having a fully independent board and comprehensive financial oversight measures in place. This indicates a commitment to transparency and responsible financial management.
The organization shows particular strength in several key areas, such as achieving a perfect score for its audit and oversight committee, material diversion of assets, and having a robust conflict of interest and whistleblower policies. Additionally, the program expense ratio stands at an impressive 91.77%, suggesting that a significant portion of its funds is directed towards its programs rather than administrative costs.
While the rating highlights Madison Development Corporation's solid governance and financial accountability, it also serves as a reminder that continuous improvement in other operational areas might enhance its overall effectiveness. The organization's commitment to maintaining these high standards is essential for sustaining donor trust and achieving its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Madison Development Corporation legitimate?
Madison Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Madison 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: $328,344
Professional Fundraising Fees: $0
Other Salaries and Wages: $646,707
For more financial information, click here
Official website here: www.mdcorp.org
What is the mission statement of Madison Development Corporation?
The Madison Development Corporation's mission is focused on facilitating economic growth by bridging the financing gap for small businesses and developing affordable housing units. Their primary objective is to create job opportunities while ensuring the availability of quality, reasonably priced housing units. The corporation actively participates in coordinating efforts between the public and private sectors, utilizing the resources of both sectors to achieve this goal. Moreover, a significant portion of the housing units provided by the corporation are occupied by households with income levels below the HUD very low income limit, contributing to economic equity in the community.
Official website here: www.mdcorp.org
Who is the CEO of Madison Development Corporation?
Lorrine Heinemann is the Chair of Madison Development Corporation. The CEO's salary of Madison Development Corporation is $180,215 and their total compensation is $205,720.
Official website here: www.mdcorp.org
What is the revenue of Madison Development Corporation?
Madison Development Corporation's revenue in 2022 was $4,946,557.
Official website here: www.mdcorp.org
Who are the executives of Madison Development Corporation and what are their salaries?
There 42 volunteers at Madison Development Corporation.
Here are 17 key members and their salaries (Madison Development Corporation's CEO's salary is $180,215 and their total compensation is $205,720):
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- Compensation: $180,215
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- Other: $8,236
- Compensation: $114,487
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- Other: $10,009
Official website here: www.mdcorp.org
Where can I find the form 990 for Madison Development Corporation?
Madison Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.mdcorp.org
Learn more at the official website: www.mdcorp.org
Mission Statement of Madison Development Corporation
Madison Development Corporation, a notable entity, is committed to facilitating collaboration between the public and private sectors. Their primary objective is to leverage the resources of both sectors to foster economic growth on a larger scale, specifically in Madison and Dane County. Beyond this, the organization is dedicated to providing high-quality, affordable housing and improving local neighborhoods.
In addition, Madison Development Corporation serves an essential role in financing small businesses by offering gap financing. This strategic approach helps create job opportunities within the community. Furthermore, the corporation is actively involved in the development and financing of workforce housing units. These units are designed to be affordable, catering to households with incomes below the HUD very low income limit, which is 50% of the county median income. A significant number of these units are also occupied by households with incomes below 120% of the HUD very-low income limit, equating to 60% of the county median income. This commitment to affordable housing and small business financing plays a significant role in promoting economic growth and social equity within the community.
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Impact
July, 2024
Madison Development Corporation plays a crucial role in coordinating the activities of the public and private sectors to achieve greater economic growth in Madison and Dane County. It focuses on providing high-quality and affordable housing, as well as local neighborhood improvement. Additionally, MDC assists in financing both housing and small businesses, ultimately contributing to job creation and the development of affordable workforce housing units in the area. Through its efforts, Madison Development Corporation positively impacts the community by addressing housing needs and supporting economic development initiatives.
This information is meant to be a general summary of Madison 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: $28,300
- Program Service Revenue: $4,767,393
- Gross Receipts: $4,959,450
Assets and Liabilities:
- Total Assets: $33,284,348
- Total Liabilities: $24,132,877
- Net Assets: $9,151,471
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$4,278,469
INTEREST ON CAPITAL
Revenue
$248,160
MANAGEMENT SERVICE FEE
Revenue
$158,948
LOAN CLOSING FEES
Revenue
$81,816
Organization Details
Founding Year
1977
Phone
(608) 256-2799Principal Officer
Lorrine Heinemann
Main Address
550 W WASHINGTON AVE, MADISON, WI, 537032616
Website
www.mdcorp.orgNTEE Category
Code: S300 - Community improvement
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