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
67 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; $284K 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 9 loans totaling 9,552,320 as of fiscal year ending 9/30/2024 and also approved 11 loans totaling 7,087,000. In addition, also provided 7,500 in grants to several small local nonprofit organizations.
Form 990 Part III, line 4, FY2024. 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 FY2024 990, line by line.
Download 990
| Line | Start FY24 | End FY24 |
|---|---|---|
| Cash and savingsLn 1–2 | $1.2M | $1.4M |
| InvestmentsLn 11–13 | $3.6M | $3.9M |
| Land, buildings, equipmentLn 10c | $7K | $9K |
| Total assetsLn 16 | $6.0M | $6.5M |
| LiabilitiesLn 26 | $675K | $697K |
| Net assetsLn 32 | $5.3M | $5.8M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Grants to domestic organizationsLn 1 | $8K | $8K | ||
| Pay of officers and key staff (Part IX, line 5)Ln 5 | $338K | $281K | $57K | |
| Other salaries and wagesLn 7 | $70K | $25K | $44K | |
| Pension plan contributionsLn 8 | $3K | $1K | $1K | |
| Other employee benefitsLn 9 | $14K | $6K | $8K | |
| Payroll taxesLn 10 | $25K | $19K | $7K | |
| Legal feesLn 11b | $18K | $17K | $455 | |
| Accounting feesLn 11c | $18K | $18K | ||
| Investment management feesLn 11f | $21K | $21K | ||
| Other fees for servicesLn 11g | $4K | $4K | ||
| Advertising and promotionLn 12 | $2K | $2K | ||
| Office expensesLn 13 | $35K | $35K | ||
| OccupancyLn 16 | $50K | $37K | $13K | |
| Depreciation, depletion and amortizationLn 22 | $4K | $4K | ||
| Other expenses (24a–d)Ln 24 | $62K | $57K | $6K | |
| Total functional expensesLn 25 | $672K | $453K | $220K | $0 |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2025 LatestFiled with the IRS May 15, 2026 | $1.1M | $783K | $317K | $6.1M | 990 PDF |
| FY2024 ViewingFiled 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 FY2024 990
Part I · Summary $1,001,719 revenue, 12 lines filed
Part VI · Governance 13 of 13 board members independent, no flags
Part VIII · Statement of revenue $1,001,719 across 4 lines filed
Part IX · Statement of functional expenses $672,095 across 15 lines filed
Part X · Balance sheet $6,491,579 assets, 15 lines filed
Part XI · Reconciliation of net assets $5,794,369 net assets at year end
Form 990 e-file FY2024 from the IRS (about our sources) · Classification, formation year and address from the IRS Business Master File
Similar organizations you could support · Compare with another nonprofit
The names, titles, and financial information shown on this page are reproduced from IRS Form 990 filings, which are public records. More
Philanthropy.org does not alter the content of those filings. All information appears exactly as reported by the filing organization for the tax year shown. A filing can only be corrected by the organization filing an amended return with the IRS; the corrected information appears here at our next update.
We publish only information contained in the public IRS filing, and less than the filing contains. Our pages do not display home addresses, telephone numbers, personal email addresses, or other personal contact information, even where the filing includes them.
Many people share the same name. A name shown on this page reflects only what one organization reported in one IRS filing for one tax year. It should not be interpreted as identifying any other individual with the same or a similar name.
If you are no longer affiliated with the organization, your name will generally stop appearing in future IRS filings once the organization no longer reports you. Pages for tax years in which you were reported remain published because those filings remain part of the public record.
Philanthropy.org does not alter or remove IRS filing records. Removing a page from this website would not remove the underlying IRS filing, which remains publicly available from the IRS and other publishers of the same information.
If you believe the IRS filing itself is inaccurate, contact the filing organization or the IRS directly.