Nonprofit · EIN 31-1724109
LEGACY REDEVELOPMENT CORPORATION
Tax-exempt · MILWAUKEE, WI 53205
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $2,366,182 | $1,911,924 | $454,258 | $11,440,598 | $8,335,384 | $3,105,214 |
| December 31, 2023 | 990 | $2,559,769 | $1,365,633 | $1,194,136 | $13,951,507 | $11,300,551 | $2,650,956 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $1,796,026
- of which government grants
- $1,210,285
- Program service revenue
- $72,802
- Investment income
- $496,811
- Other revenue
- $543
Expenses
- Grants and similar amounts paid
- $771,733
- Other salaries and wages
- $361,178
- Salaries, compensation and benefits (total)
- $441,275
- Professional fundraising fees
- $0
- Legal fees
- $13,341
- Accounting fees
- $104,690
- Occupancy
- $24,587
- Travel
- $1,608
- Depreciation
- $1,020
- Program services (functional)
- $1,711,895
- Management and general (functional)
- $191,466
- Fundraising (functional)
- $8,563
Balance sheet and other
- Total assets, start of year
- $13,951,507
- Total assets, end of year
- $11,440,598
- Total liabilities, end of year
- $8,335,384
- Net assets, end of year
- $3,105,214
- Land, buildings and equipment
- $1,132
- Net assets without donor restrictions
- $3,078,105
- Net assets with donor restrictions
- $27,109
- Gross receipts
- $2,366,182
- Employees
- 0
- Volunteers
- 15
- Year formed
- 2000
- State of legal domicile
- WI
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| TERESE CARO | CEO Officer | 40 | $125,000 | $18,607 |
| TROY L REESE | CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| MARJORIE RUCKER | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| RICHARD W LINCOLN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| NICOLE L ROBBINS | DIRECTOR Trustee or director | 1 | $0 | $0 |
| NIKKI PURVIS | DIRECTOR Trustee or director | 1 | $0 | $0 |
| BRIAN MAYS | DIRECTOR Trustee or director | 1 | $0 | $0 |
| DARIAN LUCKETT | DIRECTOR Trustee or director | 1 | $0 | $0 |
| SALLY R PELTZ | DIRECTOR Trustee or director | 1 | $0 | $0 |
990 for the year ended December 31, 2023: 12 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| TERESE CARO | EX OFFICER Officer | 40 | $117,733 | $19,754 |
| TROY L REESE | CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| JOHN A ERICH ESQ | VICE CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| MARJORIE RUCKER | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| MIKE KATZ | EX TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| RICHARD W LINCOLN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| DR GEORGE HINTON | DIRECTOR Trustee or director | 1 | $0 | $0 |
| NICOLE L ROBBINS | DIRECTOR Trustee or director | 1 | $0 | $0 |
| NIKKI PURVIS | DIRECTOR Trustee or director | 1 | $0 | $0 |
| BRIAN MAYS | DIRECTOR Trustee or director | 1 | $0 | $0 |
| DARIAN LUCKETT | DIRECTOR Trustee or director | 1 | $0 | $0 |
| SALLY R PELTZ | DIRECTOR Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 1536 W NORTH AVE, MILWAUKEE, WI 53205-1703
- In care of
- % SALLY R PELTZ
- Principal officer (990 for 2024)
- TERESE CARO, 1915 N DR MARTIN LUTHER KING DRIVE, MILWAUKEE, WI 53212
- Signed the 990
- TERESE CARO, CEO/PRESIDENT
- Phone
- (414) 343-0163
- Website
- WWW.LRCMKE.COM/
- Return prepared by
- RITZ HOLMAN LLP
Mission
LEGACY REDEVELOPMENT CORPORATION (LRC) IS A NON-PROFIT COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) REVOLVING LOAN FUND WHOSE MISSION IS TO ENHANCE NEIGHBORHOOD VITALITY, FACILITATE A SUSTAINABLE AND ECONOMICALLY DIVERSE COMMUNITY, AND BUILD WEALTH THROUGH THE DESIGN AND IMPLEMENTATION OF INNOVATIVE FINANCE PROGRAMS IN THE CITY OF MILWAUKEE.
Program accomplishments
- LEGACY REDEVELOPMENT CORPORATION (LRC) CONTINUED TO PROVIDE LOAN CAPITAL AND TECHNICAL ASSISTANCE TO ITS LOAN CLIENTS WITH THE GOAL TO STRENGTHEN THE BUSINESSES IN THE AREAS WHERE IMPROVEMENTS WERE IDENTIFIED. JOB RETENTION AND CREATION WAS ATTAINED IN ADDITION TO WORKING WITH MINORITY OWNED BUSINESSES AS A FOCUS OF OUR MISSION. THE GOAL IS TO GET THE LOAN CLIENTS BANKABLE. IN 2024,LRC PROVIDED LOANS TO SMALL BUSINESSES AND NON-PROFIT ORGANIZATIONS INJECTED INTO DISADVANTAGED COMMUNITIES AND TO SOCIALLY AND ECONOMICALLY DISADVANTAGED INDIVIDUALS (SEDI). THE LOAN PORTFOLIO IS COMPRISED OF DIRECT LENDING TO DIVERSE INDUSTRIES OF SMALL BUSINESSES INCLUDING THE EXPANSION INTO THE RACINE MARKET. LRC HAS CONTINUED TO BE A COMMUNITY PARTNER WITH THE GREATER MILWAUKEE FOUNDATION, EXPANDING OUR REACH TO EARLY CHILDHOOD EDUCATION SMALL BUSINESSES. IN ADDITION, WE'VE PARTNERED WITH ANOTHER LOCAL CDFI ON A PROJECT THAT WILL PROVIDE AFFORDABLE GROCERIES IN A FOOD DESERT IN A CHALLENGED AREA OF MILWAUKEE. THE PROJECT WILL PROVIDE JOB'S AND HOUSING. OVER 95% OF THE LOANS SERVE THE LOW TO MODERATE INCOME COMMUNITY. WE PROVIDED ONE-ON-ONE TECHNICAL ASSISTANCE (TA) TO BUSINESS STARTUPS AND EXPANSIONS THAT ARE CUSTOMIZED TO THE NEEDS OF THE BORROWERS. THE TA PROVIDED RANGED FROM FINANCIAL EDUCATION TO SUCCESSION PLANNING.Expenses $1,711,895 · grants $771,733 · revenue $531,201
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 31-1724109
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2001
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Housing and shelter (L25)
- Assets (IRS master file)
- $11,440,598
- Income (IRS master file)
- $2,366,182
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $2,366,182 | $1,911,924 | $11,440,598 | XML |
| 990 | December 2023 | $2,559,769 | $1,365,633 | $13,951,507 | XML |
| 990 | December 2022 | $1,699,010 | $1,353,779 | $10,893,308 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 31-1724109).
Questions about LEGACY REDEVELOPMENT CORPORATION
- What is the EIN of LEGACY REDEVELOPMENT CORPORATION?
- The employer identification number (EIN) of LEGACY REDEVELOPMENT CORPORATION is 31-1724109.
- Is LEGACY REDEVELOPMENT CORPORATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2001.
- Are donations to LEGACY REDEVELOPMENT CORPORATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does LEGACY REDEVELOPMENT CORPORATION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of LEGACY REDEVELOPMENT CORPORATION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did LEGACY REDEVELOPMENT CORPORATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of LEGACY REDEVELOPMENT CORPORATION?
- The 990 for the year ended December 31, 2024 names TERESE CARO.
- Who are the officers and directors of LEGACY REDEVELOPMENT CORPORATION?
- The 990 for the year ended December 31, 2024 lists 9 people; 1 received compensation from the organization, the highest $125,000 (TERESE CARO, CEO).
- How much revenue does LEGACY REDEVELOPMENT CORPORATION have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $2,366,182, expenses of $1,911,924 and total assets of $11,440,598 at year end.
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