2024-10-30T15:24:39-05:00 2023-12-31 390859910 BAKER TILLY ADVISORY GROUP LP 790 N WATER ST SUITE 2000 MILWAUKEE WI 53202 990 2023-01-01 237380888 NEIGHBORHOOD IMPROVEMENT DEVELOPMENT CORPORATION NEIG 4142865608 809 N BROADWAY THIRD FLOOR MILWAUKEE WI 53202 DAVID SCHROEDER DIRECTOR OF FINANCE & ADMIN 4142865608 2024-10-30 1 1 TROY MARINE CPA P00187863 4147775500 2024-10-29 2023 2024-10-15 13:58:12Z DAVID SCHROEDER 809 N BROADWAY THIRD FLOOR MILWAUKEE WI 53202 325873 0 X HTTPS://CITY.MILWAUKEE.GOV/DCD/NIDC X 1973 WI ENCOURAGE PRIVATE LENDING INSTITUTIONS AND PROPERTY OWNERS TO MAKE IMPROVEMENTS TO THE COMMUNITY'S HOMES AND BUSINESSES. THE CORPORATION IS MANAGED BY A BOARD OF DIRECTORS MADE UP OF MEMBERS FORM THE PUBLIC AND PRIVATE SECTORS. THE CITY OF MILWAUKEE INCLUDES THE CORPORATION AS A COMPONENT UNIT ENTERPRISE FUND IN ITS COMPREHENSIVE ANNUAL FINANCIAL REPORT. THIS COMPONENT UNITY DESIGNATION IS BASED ON THE OVERSIGHT RESPONSIBILITIES AND FINANCIAL ACCOUNTABILITY OF THE CITY IN CONNECTION WITH THE GRANT PROGRAMS ADMINISTRATED BY THE CORPORATION. 8 7 0 8 0 0 169242 149332 56499 41400 24775 -14251 14751 18822 265267 195303 201531 119407 0 0 0 0 0 0 0 109825 116184 311356 235591 -46089 -40288 3890340 4175584 950371 1275903 2939969 2899681 X THE NEIGHBORHOOD IMPROVEMENT DEVELOPMENT CORPORATION (THE CORPORATION) IS A NONPROFIT CORPORATION ESTABLISHED BY THE CITY OF MILWAUKEE, WISCONSIN (THE CITY), TO PROMOTE REINVESTMENT IN BOTH HOUSING AND COMMERCIAL STRUCTURES WITHIN THE CITY. THE CORPORATION'S PROGRAMS ENCOURAGE PRIVATE LENDING INSTITUTIONS AND PROPERTY OWNERS TO MAKE IMPROVEMENTS TO THE COMMUNITY'S HOMES AND BUSINESSES. THE CORPORATION IS MANAGED BY A BOARD OF DIRECTORS MADE UP OF MEMBERS FROM THE PUBLIC AND PRIVATE SECTORS. THE CITY OF MILWAUKEE INCLUDES THE CORPORATION AS A COMPONENT UNIT ENTERPRISE FUND IN ITS COMPREHENSIVE ANNUAL FINANCIAL REPORT. THIS COMPONENT UNIT DESIGNATION IS BASED ON THE OVERSIGHT RESPONSIBILITIES AND FINANCIAL ACCOUNTABILITY OF THE CITY IN CONNECTION WITH THE GRANT PROGRAMS ADMINISTERED BY THE CORPORATION. 0 0 147159 119407 4753 NEIGHBORHOOD REVITALIZATION - ENCOURAGE PRIVATE LENDING INSTITUTIONS AND PROPERTY OWNERS TO MAKE IMPROVEMENTS TO THE COMMUNITY'S HOMES AND BUSINESSES. 26218 36647 HOUSING PRODUCTION - ALL EXPENSES RELATED TO THE REHABILITATION AND RESALE OF HOUSES IN LOW-INCOME AREAS TO LOW-INCOME INDIVIDUALS WHO OTHERWISE WOULD LIKELY NOT QUALIFY FOR BANK FINANCING. 173377 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 15 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 8 7 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 WI X DAVID SCHROEDER 4142865608 809 N BROADWAY THIRD FLOOR MILWAUKEE WI 53202 MILELE COGGS BOARD MEMBER 0.50 40.00 X 0 78802 0 JAMES WITKOWIAK CHAIR 0.50 X X 0 0 0 DARRYL JOHNSON VICE CHAIR 0.50 X X 0 0 0 MIGUEL PASQUEIRA SECRETARY/TREASURER 0.50 X 0 0 0 CARLA CROSS BOARD MEMBER 0.50 X 0 0 0 FRANK CUMBERBATCH BOARD MEMBER 0.50 X 0 0 0 FRED CURZAN BOARD MEMBER 0.50 X 0 0 0 OBIAGELI NWABUZOR BOARD MEMBER 0.50 X 0 0 0 0 78802 0 0 0 0 0 0 89332 60000 149332 FEES INCOME 531390 39050 39050 INTEREST ON LOANS 531390 1459 1459 LOAN LOSS PROVISION 531390 891 891 41400 7856 7856 72236 83463 -11227 -11227 -11227 25000 47107 -22107 -22107 -22107 MISCELLANEOUS REVENUE 900099 30049 30049 30049 195303 41400 0 4571 119407 119407 19500 19500 40 40 5667 5667 11606 11606 11445 11445 1275 1275 VALUATION & HOLDING EXP 25954 25954 SERVICE FEES 15950 15950 BANK FEES 12681 12681 PROVISION FOR LOAN LOSS 12066 12066 235591 173377 62214 0 1413047 1717651 776366 740012 56887 37873 41317 36291 473711 0 505011 473711 1097712 1170046 3890340 4175584 50838 56229 164211 104211 735322 1115463 950371 1275903 X 2322300 2269910 617669 629771 2939969 2899681 3890340 4175584 -40288 0 X 0 1 X 1 0 X 73145 102046 157334 169242 149332 651099 73145 102046 157334 169242 149332 651099 651099 182003 175189 164000 117854 80092 719138 29900 36210 924 30049 97083 1467320 295654 0.44370 0.40010 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 473711 473711 473711 RESTRICTED CASH 1146962 INTEREST RECEIVABLE 19850 LATE FEES RECEIVABLE 3234 1170046 DEPOSITS HELD IN ESCROW 513052 DUE TO THE CITY OF MILWAUKEE 597911 OTHER LIABILITIES 4500 1115463 X 433848 107975 130570 238545 195303 0 195303 474136 107975 130570 238545 235591 0 235591 PART X, LINE 2: THE INTERNAL REVENUE SERVICE HAS DETERMINED THAT THE CORPORATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. HOWEVER, ANY UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. THE CORPORATION IS ALSO EXEMPT FROM STATE INCOME TAXES. UNDER THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (ASC) 740, INCOME TAXES, AN ORGANIZATION MUST RECOGNIZE THE TAX LIABILITY ASSOCIATED WITH THE TAX POSITIONS TAKEN FOR TAX RETURN PURPOSES WHEN IT IS MORE-LIKELY-THAN-NOT THE POSITION WILL NOT BE SUSTAINED. THE CORPORATION DOES NOT BELIEVE THERE ARE ANY MATERIAL UNCERTAIN TAX POSITIONS AND, ACCORDINGLY, DID NOT RECOGNIZE ANY LIABILITY FOR UNRECOGNIZED TAX BENEFITS. FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022, THERE WERE NO INTEREST OR PENALTIES RECORDED OR INCLUDED IN THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: COSTS OF REAL ESTATE SALES 83,463. RENTAL EXPENSE 47,107. PART XII, LINE 2D - OTHER ADJUSTMENTS: COSTS OF REAL ESTATE SALES 83,463. RENTAL EXPENSE 47,107. 0 SUSTAINABLE DEVELOPMENT LLC 1545 S LAYTON BLVD MILWAUKEE WI 53215 60000 0 REHAB ASSISTANCE 0 1 FORM 990, PART VI, SECTION B, LINE 11B THERE IS NO FORMAL POLICY OR PROCESS IN PLACE FOR THE REVIEW OF THE FORM 990. FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE UPON REQUEST NORTH MEADOWS LLC(S) #1 - #5 809 N BROADWAY 3RD FLOOR MILWAUKEE WI 53202 237380888 CONDO REHAB WI 49828 235216 NEIGHBORHOOD IMPROVEMENT DEVELOPMENT CORPORATION REDEVLOPMENT AUTHORITY OF THE CITY OF MILWAUKEE 809 N BROADWAY THIRD FLOOR MILWAUKEE WI 53202 391186734 ECONOMIC DEVELOPMENT WI GOV'T LINE 6 N/A 0 CITY OF MILWAUKEE 200 E WELLS ST MILWAUKEE WI 53202 396005532 MUNICIPAL GOVERNMENT WI GOV'T LINE 6 N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 CITY OF MILWAUKEE O 78802 FMV