2024-03-06T14:41:08-06:00 2023-04-30 410746749 CLIFTONLARSONALLEN LLP 1614 SOUTH GALENA AVENUE DIXON IL 61021 990 2022-05-01 363706308 GREATER STERLING DEVELOPMENT CORPORATION GREA 8156255255 1741 INDUSTRIAL DRIVE STERLING IL 61081 CINDY ZANDER SECRETARY 8156255255 2024-02-27 1 CINDY ZANDER 999009999 1 LAURA FOLTZ P01252174 8152859300 2024-02-27 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z HEATHER SOTELO 1741 INDUSTRIAL DRIVE STERLING IL 61081 949916 0 X WWW.STERLINGDEVELOPMENT.ORG X 1990 IL TO CREATE ECONOMIC AND JOB GROWTH IN THE STERLING AREA THROUGH BUSINESS EXPANSION, NEW INVESTMENT AND RETENTION. 10 10 3 10 0 0 719000 258850 457285 562833 113355 3217 0 0 1289640 824900 1500 1320 0 0 200362 221391 0 0 12229 725183 853692 927045 1076403 362595 -251503 10325597 9982638 4862331 4770875 5463266 5211763 THE GREATER STERLING DEVELOPMENT CORPORATION (GSDC) WAS CREATED TO COORDINATE AND STREAMLINE ECONOMIC DEVELOPMENT EFFORTS IN THE CITY OF STERLING, WHITESIDE COUNTY AND THE SURROUNDING AREAS. 0 0 934966 1320 562833 INCUBATOR MANAGEMENT - OPERATE 50,000 SQ FT INDUSTRIAL FACILITY FOR THE CITY OF STERLING, ILLINOIS. RECRUIT AND ASSIST START-UP BUSINESSES, MARKETING AND PLANNING. RENT AND MAINTAIN REAL ESTATE FOR LOCAL BUSINESSES. ALSO PROVIDE LOANS TO START-UP BUSINESSES IN CONJUNCTION WITH THE CITY OF STERLING'S REVOLVING LOAN FUND. THE ORGANIZATION LEASES ONE OF ITS BUILDINGS TO VARIOUS LOCAL NON-PROFIT ORGANIZATIONS AT NO COST. THE IN-KIND RENT CONTRIBUTION IS ESTIMATED TO BE $108,000 FOR THE CURRENT YEAR. 934966 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 2 0 1 3 1 0 0 0 0 0 0 0 0 0 0 0 0 X 10 10 1 0 0 0 1 0 0 1 1 0 0 0 0 0 0 1 0 0 IL X HEATHER SOTELO 8156255255 1741 INDUSTRIAL DRIVE STERLING IL 61081 ED ANDERSEN CHAIRMAN 1.00 X X 0 0 0 PETER W DILLON VICE CHAIRMAN 1.00 X X 0 0 0 DICK BAUMANN TREASURER 1.00 X X 0 0 0 CINDY ZANDER SECRETARY 1.00 X X 0 0 0 JENNIFER DALLAS DIRECTOR 1.00 X 0 0 0 CRAIG FROETER DIRECTOR 1.00 X 0 0 0 SCOTT SHUMARD DIRECTOR 1.00 X 0 0 0 JOHN ROSENGREN DIRECTOR 1.00 X 0 0 0 DAVE HURLESS DIRECTOR 1.00 X 0 0 0 DIRK MEMINGER DIRECTOR 1.00 X 0 0 0 HEATHER SOTELO EXECUTIVE DIRECTOR 40.00 X 97026 0 11242 97026 0 11242 0 0 0 0 0 53000 205850 258850 RENTAL REVENUE 531120 501393 501393 MANAGEMENT FEES 541610 53000 53000 MISCELLANEOUS PROGRAM 900099 8440 8440 562833 853 853 127380 125016 2364 2364 2364 824900 562833 0 3217 1320 1320 110737 50330 55357 5050 85278 39350 42121 3807 11241 5109 5620 512 14135 5821 7577 737 1092 874 218 17183 13746 3437 15 12 3 182 146 27 9 1600 1440 160 166855 166855 4749 4274 475 165639 165639 323819 323819 35954 32359 3595 MEADOWLANDS STEEL EXPEN 66106 66106 MISCELLANEOUS 39092 31274 5864 1954 SDIC PROJECTS 8000 8000 REAL ESTATE TAXES 7798 7798 15608 12134 3474 1076403 934966 129208 12229 211727 164918 507317 508170 12140732 2831182 9606553 9309550 10325597 9982638 1106 1287 4842825 4729188 18400 40400 4862331 4770875 X 5445266 5193763 18000 18000 5463266 5211763 10325597 9982638 -251503 0 X X 0 1 X 1 0 X 216035 783796 800725 719000 258850 2778406 216035 783796 800725 719000 258850 2778406 2058717 719689 1949 11968 3049 1462 853 19281 2797687 2444368 0.25720 0.29140 X 0.31690 0.00340 GREATER STERLING DEVELOPMENT CORPORATOIN FAILS TO MEET THE 33 1/3 PERCENT-OF-SUPPORT TEST, BUT STILL QUALIFIES FOR TREATMENT AS A PUBLICLY SUPPORTED ORGANIZATION DUE TO THE FOLLOWING FACTS AND CIRCUMSTANCES:A. THE TOTAL GOVERNMENTAL AND PUBLIC SUPPORT FOR THE TAX YEAR 2022 IS 25.72% OF TOTAL SUPPORT, WHICH EXCEEDS THE 10% MINIMUM. B. THE ORGANIZATION IS ORGANIZED AND OPERATED TO ATTRACT NEW AND ADDITIONAL PUBLIC OR GOVERNMENTAL SUPPORT ON A CONTINUOUS BASIS. THE ORGANIZATION'S PRINCIPAL OBJECTIVE IS TO COORDINATE VARIOUS DEVELOPMENT ACTIVITIES TO INCREASE THE ECONOMIC BASE AND THEREBY THE WELL-BEING OF CITIZENS OF THE CITY OF STERLING, WHITESIDE COUNTY, AND SURROUNDING AREAS, AND CREATE EMPLOYMENT AND ENRICHMENT OPPORTUNITIES FOR ALL RESIDENTS OF SAID AREAS. C. THE ORGANIZATION MAINTAINS A BROADLY REPRESENTED BOARD OF DIRECTORS WITH 10 MEMBERS. THE MISSION OF THE ORGANIZATION IS TO BRING JOBS TO THE COMMUNITY. WHEN THE GLOBAL ECONOMIC CONDITIONS ARE POOR FOR EXPANSION AND GROWTH, IT BECOMES DIFFICULT TO BRING JOBS. SCHEDULE A, PART VI, LIST OF UNUSUAL GRANTS: DESCRIPTION: MEADOWLANDS INDUSTRIAL PARK PROJECT DATE: 01/01/19 AMOUNT: 700000. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 614496 614496 11207590 2539089 8668501 293896 289618 4278 24750 2475 22275 9309550 LEASE DEPOSIT 40400 40400 X 824900 0 824900 0 824900 1076403 0 1076403 0 1076403 PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM FEDERAL AND STATE INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND AS SUCH IS NOT LIABLE FOR INCOME TAXES. THE ORGANIZATION IS CLASSIFIED BY THE INTERNAL REVENUE SERVICE AS OTHER THAN A PRIVATE FOUNDATION. FORM 990, PART VI, SECTION A, LINE 2 PETER W. DILLON AND HEATHER SOTELO - FAMILY RELATIONSHIP FORM 990, PART VI, SECTION A, LINE 6 THE CORPORATION SHALL HAVE TWO CLASSES OF MEMBERS, VOTING MEMBERS AND CONTRIBUTING MEMBERS. THE VOTING MEMBERS OF THE CORPORATION SHALL BE THE THEN ACTING BOARD OF DIRECTORS OF THE CORPORATION. THE CONTRIBUTING MEMBERS OF THE CORPORATION SHALL CONSIST OF INDIVIDUAL PERSONS, CORPORATIONS AND OTHER PERSONS OR ASSOCIATIONS INTERESTED IN THE GOALS AND PURPOSES FOR WHICH THIS CORPORATION WAS ESTABLISHED. CONTRIBUTING MEMBERSHIP IS DETERMINED BY AN ANNUAL DONATION OF FIVE HUNDRED DOLLARS TO THE CORPORATION. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM. NO FORMAL REVIEW PROCESS IS IN PLACE RELATED TO THE BOARD OF DIRECTORS. THE EXECUTIVE DIRECTOR OF THE ORGANIZATION REVIEWS THE RETURN PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 15A THE EXECUTIVE BOARD REVIEWS AND APPROVES THE COMPENSATION OF THE EXECUTIVE DIRECTOR. THIS PROCESS INCLUDES A REVIEW OF COMPARABILITY DATA, AS SEVERAL DIRECTORS ARE INVOLVED IN THE MANAGEMENT OF OTHER CHARITABLE ENTITIES. CURRENTLY, THE EXECUTIVE DIRECTOR IS THE ONLY OFFICER/KEY EMPLOYEE OF THE ORGANIZATION. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE PROVIDED UPON REQUEST. PART XIII, LINE 1, OTHER ACCOUNTING METHOD OR CHANGE IN ACCOUNTING METHOD THE ACCOMPANYING FINANCIAL STATEMENTS AND FORM 990 HAVE BEEN PREPARED ON THE MODIFIED CASH BASIS OF ACCOUNTING, WHICH IS A COMPREHENSIVE BASIS OF ACCOUNTING OTHER THAN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. THE CASH BASIS OF ACCOUNTING HAS BEEN MODIFIED FOR THE FOLLOWING: -PROPERTY AND EQUIPMENT PURCHASED, INCLUDING LAND HELD FOR SALE -DEPRECIATION EXPENSE AND ACCUMULATED DEPRECIATION -UNREMITTED PAYROLL TAX, OTHER WITHHOLDINGS, AND OTHER TAXES -NOTES PAYABLE -LEASE DEPOSITS PART XIII, LINE 2C EXPLANATION THE ACCOMPANYING FINANCIAL STATEMENTS AND FORM 990 HAVE BEEN PREPARED ON THE MODIFIED CASH BASIS OF ACCOUNTING, WHICH IS A COMPREHENSIVE BASIS OF ACCOUNTING OTHER THAN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. THE CASH BASIS OF ACCOUNTING HAS BEEN MODIFIED FOR THE FOLLOWING: -PROPERTY AND EQUIPMENT PURCHASED, INCLUDING LAND HELD FOR SALE -DEPRECIATION EXPENSE AND ACCUMULATED DEPRECIATION -UNREMITTED PAYROLL TAX, OTHER WITHHOLDINGS, AND OTHER TAXES -NOTES PAYABLE -LEASE DEPOSITS GREATER STERLING DEVELOPMENT REALTY LLC 1741 INDUSTRIAL DRIVE STERLING IL 61081 PURCHASE OF PROPERTY FOR DEVELOPMENT PURPOSES IL GREATER STERLING DEVELOPMENT CORPORATION