Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Mar 1983.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
61 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
Something off? Claim to add context
Who runs it and what they're paid
16 people listed on the 990; $290K paid to officers and key staff (Part VII, Section A).
Compensation history total reportable pay by year · 4 named individuals · Part VII
| Name | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Elizabeth J Wittling | $46,467 | $169,880 | $171,600 | $174,875 | $162,500 | — |
| Carrie Kosac | $160,000 | $31,635 | — | — | — | — |
| Elizabeth Wittling | — | — | — | — | — | $157,643 |
| Kalin Miller | $83,873 | $82,600 | $81,250 | $70,752 | $68,650 | $67,750 |
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.
See Business Development Corporation executive salaries →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
Promotes economic growth in North Central Indiana and Southwest Michigan counties.
Questions for Business Development Corporation
Your first name shows with your question. Business Development Corporation answers here, for everyone.
Economic development. Closed and funded 10 sba 504 loans totaling 2,357,000 as of fiscal year ending 12/31/2025 and also approved 17 loans totaling 9,254,000. In 2025, we also funded 1 direct loan in the amount of 100,000 and one vacant building credit enhancement loan in the amount of 500,000.
Form 990 Part III, line 4, FY2025. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 35-1548607) · Dispute this lineFunders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2025 990, line by line.
Download 990
| Line | Start FY25 | End FY25 |
|---|---|---|
| Cash and savingsLn 1–2 | $1.4M | $1.4M |
| InvestmentsLn 11–13 | $3.9M | $4.3M |
| Land, buildings, equipmentLn 10c | $9K | $5K |
| Total assetsLn 16 | $6.5M | $6.7M |
| LiabilitiesLn 26 | $697K | $566K |
| Net assetsLn 32 | $5.8M | $6.1M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Grants to domestic organizationsLn 1 | $52K | $52K | ||
| Pay of officers and key staff (Part IX, line 5)Ln 5 | $331K | $275K | $56K | |
| Other salaries and wagesLn 7 | $92K | $6K | $86K | |
| Pension plan contributionsLn 8 | $3K | $870 | $3K | |
| Other employee benefitsLn 9 | $40K | $19K | $21K | |
| Payroll taxesLn 10 | $27K | $17K | $10K | |
| Legal feesLn 11b | $29K | $27K | $3K | |
| Accounting feesLn 11c | $16K | $16K | ||
| Investment management feesLn 11f | $22K | $22K | ||
| Other fees for servicesLn 11g | $8K | $8K | ||
| Advertising and promotionLn 12 | $15K | $15K | ||
| Office expensesLn 13 | $41K | $41K | ||
| OccupancyLn 16 | $51K | $33K | $18K | |
| Depreciation, depletion and amortizationLn 22 | $4K | $4K | ||
| Other expenses (24a–d)Ln 24 | $52K | $37K | $15K | |
| Total functional expensesLn 25 | $783K | $481K | $302K | $0 |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2025 Latest ViewingFiled with the IRS May 15, 2026 | $1.1M | $783K | $317K | $6.1M | 990 PDF |
| FY2024Filed with the IRS May 30, 2025 | $1.0M | $672K | $330K | $5.8M | 990 PDF |
| FY2023Filed with the IRS Jun 21, 2024 | $888K | $620K | $267K | $5.3M | 990 PDF |
| FY2022Filed with the IRS Mar 17, 2023 | $816K | $699K | $117K | $4.8M | 990 PDF |
| FY2021Filed with the IRS Mar 17, 2022 | $872K | $612K | $261K | $5.0M | 990 PDF |
| FY2020Filed with the IRS Mar 23, 2021 | $952K | $576K | $376K | $4.7M | 990 PDF |
Schedules filed Part IV
See the full FY2025 990
Part I · Summary $1,100,442 revenue, 12 lines filed
Part VI · Governance 13 of 13 board members independent, no flags
Part VIII · Statement of revenue $1,100,442 across 4 lines filed
Part IX · Statement of functional expenses $783,320 across 15 lines filed
Part X · Balance sheet $6,671,192 assets, 14 lines filed
Part XI · Reconciliation of net assets $6,105,483 net assets at year end
Form 990 e-file FY2025 from the IRS (about our sources) · Classification, formation year and address from the IRS Business Master File
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