Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jul 1974.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
97 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
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Who runs it and what they're paid
31 people listed on the 990; $461K paid to officers and key staff.
David Latona’s $295K as President & Secretary is at the 85th percentile of top reported officer pay among 2832 $1–10M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.
Compensation history total reportable pay by year · 7 named individuals · Part VII
| Name | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| David Latona | $295,100 | $273,583 | — | — | — |
| Latona David E | — | — | $250,395 | $217,731 | $200,025 |
| John Miller | $184,870 | $204,005 | — | — | — |
| Miller John | — | — | $155,606 | $142,421 | $133,849 |
| Baka Lisa | — | — | — | $100,873 | $106,968 |
| Susan Eick | $101,472 | $105,554 | — | — | — |
| Eick Susan | — | — | $103,857 | — | — |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
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Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2No
- Top official's pay set by an independent reviewPt VI · Ln 15aYes
Programs and updates
Finances businesses to create jobs and boost local incomes in seven Wisconsin counties.
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Lending
Medc provides gap loans at below market interest rates to milwaukee area businesses. Most times there is a partner bank which provides some of the project financing. Medc's approach to lending revolves around two fundamental principles: sharing risk with all participants in a project and provide loans where there is a gap between…
Medc provided grant review services to the milwaukee development corporation for a program it was running for the wedc, the wi tomorrow main street bounceback grant. Medc provided services of grant review, payment processing. It is expected to run the program into 2022.
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2021 990, line by line.
Download 990
| Line | Start FY21 | End FY21 |
|---|---|---|
| Cash and savingsLn 1–2 | $24.2M | $35.6M |
| InvestmentsLn 11–13 | $185K | $151K |
| Land, buildings, equipmentLn 10c | $218K | $199K |
| Total assetsLn 16 | $156.9M | $129.9M |
| LiabilitiesLn 26 | $22.1M | $26.4M |
| Net assetsLn 32 | $134.8M | $103.5M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Pay of current officers, directors and key staffLn 5 | $425K | $382K | $42K | |
| Other salaries and wagesLn 7 | $700K | $630K | $70K | |
| Pension plan contributionsLn 8 | $88K | $79K | $9K | |
| Other employee benefitsLn 9 | $276K | $248K | $28K | |
| Payroll taxesLn 10 | $67K | $60K | $7K | |
| Legal feesLn 11b | $114K | $114K | ||
| Accounting feesLn 11c | $129K | $129K | ||
| Advertising and promotionLn 12 | $21K | $21K | ||
| Office expensesLn 13 | $872K | $785K | $87K | |
| InterestLn 20 | $596K | $596K | ||
| Depreciation, depletion and amortizationLn 22 | $75K | $67K | $7K | |
| InsuranceLn 23 | $67K | $60K | $7K | |
| Other expenses (24a–d)Ln 24 | $14.3M | $14.3M | ||
| Total functional expensesLn 25 | $17.7M | $17.2M | $500K | $0 |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2024 Latest | $7.2M | $7.1M | $170K | $87.9M | 990 PDF |
| FY2023 | $5.0M | $5.2M | −$132K | $86.6M | 990 PDF |
| FY2022 | $4.0M | $3.9M | $148K | $94.1M | 990 PDF |
| FY2021 Viewing | $4.5M | $17.7M | −$13.2M | $103.5M | 990 PDF |
| FY2020 | $4.7M | $3.5M | $1.2M | $134.8M | 990 PDF |
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Schedules filed Part IV
See the full FY2021 990 (4 parts)
Part VIII · Statement of revenue $4,507,113 across 5 lines filed
Part IX · Statement of functional expenses $17,683,799 across 13 lines filed
Part X · Balance sheet $129,937,785 assets, 14 lines filed
Part XI · Reconciliation of net assets $103,509,115 net assets at year end
Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File
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