Legacy Redevelopment Corporation: Nonprofit Profile, Financials & Form 990 (EIN 31-1724109)

Terese Caro’s $125K as CEO is at the 56th percentile of top reported officer pay among 2036 $1–10M housing 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 · 2 named individuals · Part VII

Name	FY2024	FY2023	FY2022	FY2021	FY2020
Terese Caro	$125,000	$117,733	$104,067	$100,697	$91,960
Jose a Mantilla	—	—	—	—	$9,293

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

Provides loan capital and technical assistance to small businesses and nonprofits in Milwaukee's disadvantaged communities to foster economic growth and job creation.

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1 program · $1.7M · in their own filed words · FY2024

01

Legacy redevelopment corporation (LRC) continued to provide loan capital and technical assistance to its loan clients with the goal to strengthen the businesses in the areas where improvements were identified. Job retention and creation was attained in addition to working with minority owned businesses as a focus of our mission.

$1.7Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid

Grants received · FY2025

National Center for Housing Management INCFY2025$10K

Total grants receivedfrom 1 funder$10K

Grants paid · 66 grants · $1.5M · 2020–2024

Cyndy Johnson LLCFY2024$100,000

Zdh Holdings LLCFY2024$79,133

Coffee Makes You BlackFY2024$62,314

Zim Knives LLCFY2024$40,000

Unitemized GrantFY2024$35,297

Courier Communications CorporationFY2024$34,744

Favorites LLCFY2024$34,744

1700 Pullup LLCFY2024$30,266

I & Cj's LLCFY2024$28,845

Trilogy Behavioral Health ServicesFY2024$26,667

African American Chamber of CommerceWI · FY2024$26,436

Buffalo Boss Midwest LLCFY2024$20,000

Ivory Hills Family Child Care Center LLCFY2024$18,287

Grind Season LLCFY2024$15,000

The Branch at 1501 LLCFY2024$15,000

The Plant Lady LLCFY2024$15,000

I Love Tamales LLCFY2024$15,000

Mrs Betty's KitchenFY2024$15,000

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By the numbers

The FY2024 990, line by line.

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from philanthropy.org

1The main four

Money inPt VIII

$2.4M

Ln 12

Gifts and grantsLn 1h$1.8M

Investment incomeLn 3$497K

Fees for servicesLn 2g$73K

Money outPt IX

$1.9M

Ln 25

Programscol B$1.7M

Managementcol C$191K

Fundraisingcol D$9K

Owns and owesPt X

$3.1M

net assets · Ln 32

Cash and savingsLn 1–2$6.4M

Total assetsLn 16$11.4M

LiabilitiesLn 26$8.3M

PeoplePt VI, VII

9

listed · VII A

PaidVII A1

Voting boardVI 1a8

IndependentVI 1b8

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$1.8M

Government grantsLn 1e$1.2M

Fees for servicesLn 2g$73K

Investment incomeLn 3$497K

Other incomeLn 4–11$543

Total revenueLn 12$2.4M

Assets in detailPt X, end of year

CashLn 1$4.8M

SavingsLn 2$1.5M

Cash and savings togetherLn 1–2$6.4M

Land, buildings, equipmentLn 10c$1K

Other assetsLn 15$175K

Total assetsLn 16$11.4M

LiabilitiesLn 26$8.3M

Net assetsLn 32$3.1M

OperationsPt I, VI

EmployeesI 56

VolunteersI 615

Fiscal year endsHeaderDecember

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY24	End FY24
Cash and savingsLn 1–2	$4.2M	$6.4M
Land, buildings, equipmentLn 10c	$2K	$1K
Total assetsLn 16	$14.0M	$11.4M
LiabilitiesLn 26	$11.3M	$8.3M
Net assetsLn 32	$2.7M	$3.1M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$736K	$736K
Grants to domestic individualsLn 2	$35K	$35K
Other salaries and wagesLn 7	$361K	$338K	$20K	$3K
Other employee benefitsLn 9	$54K	$55K	−$2K	$589
Payroll taxesLn 10	$27K	$26K	$243	$344
Legal feesLn 11b	$13K	$13K
Accounting feesLn 11c	$105K	$28K	$77K
Other fees for servicesLn 11g	$21K	$6K	$15K
Advertising and promotionLn 12	$28K		$28K
Office expensesLn 13	$6K	$614	$5K	$197
Information technologyLn 14	$17K	$3K	$14K
OccupancyLn 16	$25K	$24K	$531	$346
TravelLn 17	$2K	$1K	$608
Conferences, conventions and meetingsLn 19	$23K	$12K	$7K	$4K
InterestLn 20	$255K	$255K
Depreciation, depletion and amortizationLn 22	$1K		$1K
InsuranceLn 23	$9K	$5K	$4K	$62
Other expenses (24a–d)Ln 24	$175K	$164K	$11K	$289
All other expensesLn 24e	$19K	$9K	$9K
Total functional expensesLn 25	$1.9M	$1.7M	$191K	$9K

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2024 Latest Viewing	$2.4M	$1.9M	$454K	$3.1M	990 PDF
FY2023	$2.6M	$1.4M	$1.2M	$2.7M	990 PDF
FY2022	$1.7M	$1.4M	$345K	$1.5M	990 PDF
FY2021	$973K	$808K	$165K	$1.1M	990 PDF
FY2020	$946K	$861K	$85K	$947K	990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations

See the full FY2024 990 (6 parts)

Part I · Summary $2,366,182 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $2,042,917$1,796,026

I-9 Program service revenuePrior year $83,080$72,802

I-10 Investment incomePrior year $433,347$496,811

I-11 Other revenuePrior year $425$543

I-12 Total revenuePrior year $2,559,769$2,366,182

I-13 Grants and similar amounts paidPrior year $322,971$771,733

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $469,434$441,275

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $573,228$698,916

I-18 Total expensesPrior year $1,365,633$1,911,924

I-19 Revenue less expensesPrior year $1,194,136$454,258

Part VI · Governance 8 of 8 board members independent, no flags

VI-1a Voting members of the governing body8

VI-1b Independent voting members8

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $2,366,182 across 7 lines filed

VIII-1e Government grants$1,210,285

VIII-1f All other contributions, gifts and grants$585,741

VIII-1h Total contributions, gifts and grants$1,796,026

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $72,802$72,802

VIII-3 Investment incomeRelated to mission $458,399 · Excluded from tax $38,412$496,811

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $543$543

VIII-12 Total revenueRelated to mission $531,201 · Unrelated business $0 · Excluded from tax $38,955$2,366,182

Part IX · Statement of functional expenses $1,911,924 across 19 lines filed

IX-1 Grants to domestic organizationsPrograms $736,436$736,436

IX-2 Grants to domestic individualsPrograms $35,297$35,297

IX-7 Other salaries and wagesPrograms $338,191 · Management $20,001 · Fundraising $2,986$361,178

IX-9 Other employee benefitsPrograms $54,599 · Management −$1,636 · Fundraising $589$53,552

IX-10 Payroll taxesPrograms $25,958 · Management $243 · Fundraising $344$26,545

IX-11b Legal feesPrograms $13,341$13,341

IX-11c Accounting feesPrograms $27,648 · Management $77,042$104,690

IX-11g Other fees for servicesPrograms $5,930 · Management $14,738$20,668

IX-12 Advertising and promotionManagement $28,483$28,483

IX-13 Office expensesPrograms $614 · Management $5,391 · Fundraising $197$6,202

IX-14 Information technologyPrograms $3,220 · Management $14,168$17,388

IX-16 OccupancyPrograms $23,710 · Management $531 · Fundraising $346$24,587

IX-17 TravelPrograms $1,000 · Management $608$1,608

IX-19 Conferences, conventions and meetingsPrograms $12,447 · Management $7,084 · Fundraising $3,750$23,281

IX-20 InterestPrograms $254,664$254,664

IX-22 Depreciation, depletion and amortizationManagement $1,020$1,020

IX-23 InsurancePrograms $5,178 · Management $3,643 · Fundraising $62$8,883

IX-24 Other expenses (24a–d)Programs $164,292 · Management $10,916 · Fundraising $289$175,497

IX-24e All other expensesPrograms $9,370 · Management $9,234$18,604

IX-25 Total functional expensesPrograms $1,711,895 · Management $191,466 · Fundraising $8,563$1,911,924

Part X · Balance sheet $11,440,598 assets, 14 lines filed

Asset lines not itemized here account for $4,769,512; see the IRS return.

X-1 Cash, non-interest-bearingStart of year $2,708,154$4,845,855

X-2 Savings and temporary cash investmentsStart of year $1,525,216$1,510,753

X-4 Accounts receivableStart of year $52,391$127,647

X-9 Prepaid expenses and deferred chargesStart of year $20,925$11,147

X-10c Land, buildings and equipment, netStart of year $2,152$1,132

X-15 Other assetsStart of year $178,157$174,552

X-16 Total assetsStart of year $13,951,507$11,440,598

X-17 Accounts payable and accrued expensesStart of year $38,932$3,376,441

X-19 Deferred revenueStart of year $2,899,646$1,785,419

X-26 Total liabilitiesStart of year $11,300,551$8,335,384

X-27 Net assets without donor restrictionsStart of year $2,621,189$3,078,105

X-28 Net assets with donor restrictionsStart of year $29,767$27,109

X-32 Total net assets or fund balancesStart of year $2,650,956$3,105,214

X-33 Total liabilities and net assetsStart of year $13,951,507$11,440,598

Part XI · Reconciliation of net assets $3,105,214 net assets at year end

XI-1 Total revenue$2,366,182

XI-2 Total expenses$1,911,924

XI-3 Revenue less expenses$454,258

XI-4 Net assets at start of year$2,650,956

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$3,105,214

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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Legacy Redevelopment Corporation

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