Business Development Corporation

Nonprofit profile at a glance

EIN
351548607
IRS 990 coverage
2010–2025
Official website data refreshed
Sep 2026
Forms available
Form 990 2025
Location
South Bend, IN, US
Phone
(574) 288-5758
Rating
68
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$1,100,442
Expenses
$783,320
Assets
$6,671,192
Liabilities
$565,709

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

16 people listed

Executive titles in this filing

  • CARRIE KOSAC (PRESIDENT)
  • ELIZABETH J WITTLING (PRESIDENT/CO)

Highest reported compensation

  • CARRIE KOSAC (PRESIDENT): $181,023 total reported compensation
  • KALIN MILLER (ACCOUNTANT/C): $103,413 total reported compensation
  • ELIZABETH J WITTLING (PRESIDENT/CO): $46,467 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

BDC encourages small business start-ups and business expansions by offering supplemental long-term, fixed-rate loans in partnership with traditional lenders.

What it reported doing in 2025

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. In addition, also provided 51,500 in grants to several small local nonprofit organizations.

Operating model

Revenue model
Earned-program. 70% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 89% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and reported officer compensation is a large share of total spending, which may reflect staffing concentration.

Rating breakdown

  • Financial Efficiency: 44
  • Transparency & Controls: 73
  • Accountability: 100
  • Sustainability: 69
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 43.3%; rating input score 43
  • Program expense ratio: 61.5%; rating input score 61
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 78th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 28.8%; rating input score 81; 81st percentile among comparable filings
  • Total-asset coverage ratio: 8.52; rating input score 90; 90th percentile among comparable filings
  • Liabilities to assets ratio: 0.08; rating input score 37; 37th percentile among comparable filings
  • Officer compensation ratio: 42.2%; rating input score 3; 3rd percentile among comparable filings

Growth

  • Program expense growth: 0.8% per year; rating input score 100; 18th percentile among comparable filings
  • Revenue growth: 2.7% per year; rating input score 100; 24th percentile among comparable filings
  • Asset growth: 2% per year; rating input score 100; 23rd percentile among comparable filings

Details

  • What they do: 2 programs and campaigns described on the official site · 2 operating locations identified
  • Where the money goes: 43.3% of revenue deployed · 61.5% of spending went to programs
  • Governance: 13 of 13 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $481K in reported program spending
  • Leadership: top reported pay $181K · 16 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 30 of 30 current checks pass
  • Schedules: 4 filed schedules · includes grants and executive pay
  • Filing history: 16 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: 7 filed money-flow records
  • Related organizations: 3 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Financial Efficiency: Mission deployment rate scored 43/100.
  • High — Sustainability: Officer compensation ratio scored 3/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 37/100.