Milwaukee Development Corporation

Nonprofit profile at a glance

EIN
930828687
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Milwaukee, WI, USA
Phone
4142874126
Rating
67
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Single Organization Support

Reported finances

Revenue
$4,248,510
Expenses
$1,853,429
Assets
$16,826,694
Liabilities
$9,460,299

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

24 people listed

Executive titles in this filing

  • D PATRICK O'BRIEN (PRESIDENT)
  • JAMES PAETSCH (SENIOR VP AND EXECUTIVE DIRECTOR M7)
  • REBECCA GRIES (EXECUTIVE DIRECTOR M7)

Highest reported compensation

  • THIMOTHY R SHEEHY (EMERITUS): $860,272 total reported compensation
  • DALE KOOYENGA (SECRETARY/TREASURER): $372,371 total reported compensation
  • D PATRICK O'BRIEN (PRESIDENT): $316,524 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

-instigate, implement, participate in and promote such activities as shall, in the judgment of mdc, tend to support the general community interest in a strong, vital, aesthetically exciting and economically viable greater milwaukee community.-develop for community consideration such studies, surveys and plans as may be necessary for consideration of alternative land and space use for business, residential and recreation activities.-encourage, support and participate in cooperative planning and investment efforts of government agencies, academic institutions and private enterprise in a strong greater milwaukee community.

What it reported doing in 2024

Promoted economic development through catalytic real estate developments and regional business retention, expansion and attraction working in partnership with both public and private like-minded organizations.

Operating model

Revenue model
Earned-program. 77% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% 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 some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 39
  • Transparency & Controls: 84
  • Accountability: 87
  • Sustainability: 73
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 29.5%; rating input score 29
  • Program expense ratio: 70.2%; rating input score 70
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 86.4%; rating input score 86; 18th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 56.4%; rating input score 94; 94th percentile among comparable filings
  • Total-asset coverage ratio: 9.08; rating input score 90; 90th percentile among comparable filings
  • Liabilities to assets ratio: 0.56; rating input score 18; 18th percentile among comparable filings
  • Officer compensation ratio: 45%; rating input score 2; 2nd percentile among comparable filings

Growth

  • Program expense growth: 16.3% per year; rating input score 100; 80th percentile among comparable filings
  • Revenue growth: 16.2% per year; rating input score 100; 84th percentile among comparable filings
  • Asset growth: 9.7% per year; rating input score 100; 57th percentile among comparable filings

Details

  • Where the money goes: 29.5% of revenue deployed · 70.2% of spending went to programs
  • Governance: 19 of 22 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $1.3M in reported program spending
  • Leadership: top reported pay $860K · 24 people listed · 4 of 6 pay-setting controls reported
  • Consistency: 30 of 30 current checks pass
  • Schedules: 7 filed schedules · includes major donors and executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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.

  • High — Financial Efficiency: Mission deployment rate scored 29/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Officer compensation ratio scored 2/100.
  • High — Sustainability: Liabilities to assets ratio scored 18/100.