THE GREATER BELOIT ECONOMIC DEVELOPMENT CORPORATION Charity Report

Public IRS 990 nonprofit record

THE GREATER BELOIT ECONOMIC DEVELOPMENT CORPORATION

EIN 39-1981445 · Community & Neighborhood Development (S20)

What they do

THE MISSION of THE GREATER BELOIT ECONOMIC DEVELOPMENT CORPORATION ("CORPORATION") is to FOSTER INVESTMENT and JOB GROWTH IN THE ECONOMY THEREBY IMPROVING THE QUALITY of LIFE, EDUCATIONAL ATTAINMENT, HOUSING AVAILABILITY and PROSPERITY for ALL IN THE GREATER BELOIT REGION.

Before you give

Should I give to this charity?

Easy charity check

Look at where the money went

Of every $100 spent, about $64.20 was reported for mission work. Use the spending picture below and ask what results that work produced.

Plain answer: A tax form cannot prove that a charity is doing good. It can show how the charity says it spent its money—and point out questions you should ask.

Basic facts we verified

IRS warning checkNo IRS revocation warning appears in this data.

Money report from 2024The charity has a recent tax report to read.

They explain their jobThe charity tells us what it is trying to do.

They name their leaders45 people are listed in the latest report.

You can reach themThey list contact information, so you can ask questions.

Money made simple

70.43%of revenue went to mission work64.2% of expenses · Program services

3.49%of revenue went to fundraising3.2% of expenses

$109.75spent for every $100 of revenueSpending was higher than revenue this year.

35.83%of revenue went to management and office costs32.6% of expenses

$7.10in assets for every $1 spent this yearSome assets cannot be spent right away.

6.2%of its money came from giftsOther money may come from services or investments.

Ask these three easy questions

Who did you help? Ask for a recent story or report that shows real results.
What will my money do? Ask exactly what your gift will pay for.
Is this really the charity? Give only through its official website or confirmed phone number.

Worth asking: Expenses exceeded revenue by $15,771 this year. Ask whether that was planned or caused by a one-time event.

Pay context: The highest compensation shown in this filing is $40,293 for DREW PENNINGTON (PRESIDENT/CEO). Compare pay with organizations of similar size and complexity.

Bottom line: Do not decide from a name, mission statement, or tax status alone. Look at where the money went, then ask what changed, who was helped, and what your gift will do. YouCanGiveBack does not endorse or grade organizations.

Money

Financial picture

Tax year 2024

A plain-language look at the latest Form 990 figures available. These numbers help you ask better questions; they do not, by themselves, rate whether a charity is good or bad.

$100revenue

How each $100 of revenue was used

The large number compares each expense with revenue. The smaller number shows its share of total expenses.

Total reported revenue$161,789

Mission workProgram services$113,94670.43% of revenue64.2% of expenses

ManagementOffice and general costs$57,97135.83% of revenue32.6% of expenses

FundraisingAsking for donations$5,6433.49% of revenue3.2% of expenses

Total expenses$177,560109.75% of revenue

Expenses were greater than revenue, so the colored ring fills the available $100 and the total above 100% is shown below.

Has the pattern changed?

Colored bars = expense mix: how each year’s expenses were divided. Total expenses vs. revenue shows whether the charity spent less or more than it received. The current filing is first.

YearExpense mixDetails

2024CurrentExpense mix: 64.2% mission · 32.6% management · 3.2% fundraisingTotal expenses: 109.75% of revenue

2023Expense mix: 61.7% mission · 34.5% management · 3.8% fundraisingTotal expenses: 82.68% of revenue

2022Expense mix: 71.8% mission · 25.7% management · 2.4% fundraisingTotal expenses: 69.52% of revenue

2021Expense mix: 87.6% mission · 11.8% management · 0.6% fundraisingTotal expenses: 428.81% of revenue

2020Expense mix: 95.3% mission · 4.1% management · 0.6% fundraisingTotal expenses: 603.05% of revenue

2019Expense mix: 64.5% mission · 31.8% management · 3.7% fundraisingTotal expenses: 66.66% of revenue

2018Expense mix: 60.2% mission · 35.3% management · 4.4% fundraisingTotal expenses: 53.40% of revenue

2017Expense mix: 28.3% mission · 71.7% management · 0.0% fundraisingTotal expenses: 86.74% of revenue

Money in and money out

Revenue$161,789

Expenses$177,560

Annual shortfall $15,771 Expenses were higher than revenue for this filing year.

Reported spending amounts

Mission work means the Form 990 category called program services. These are reported accounting categories—not an independent measurement of results.

Mission work (program services)$113,946 · 64.2% of expenses

Management and office costs$57,971 · 32.6% of expenses

Fundraising$5,643 · 3.2% of expenses

See all reported dollar amounts

Revenue$161,789

Expenses$177,560

Assets$1,261,016

Income$162,228

Contributions$10,000

Mission work (program services)$113,946

Fundraising$5,643

Grants given$823,884

Average grant$164,777

Management and general$57,971

Accounting fees$13,013

People

Leadership and board

Tax year 2024

Names, titles, time, and compensation below are reported by the organization on its Form 990.

People reported as paid

Person and titleCompensation

DREW PENNINGTONPRESIDENT/CEO · 20 hrs/week $40,293Base · Other $40,293

Compensation alone does not tell whether pay is reasonable. Consider the charity’s size, work, location, and results.

See everyone listed on the board or leadership roster (45)

DREW PENNINGTONPRESIDENT/CEO

SHAWN SULLIVANDIRECTOR

MIKE POKELSECRETARY/TREASURER

NANCY CLARK-MATHERDIRECTOR

NICK DIMASSISDIRECTOR

PETER MARSINGDIRECTOR

REGINA DUNKINIMMEDIATE PAST CHAIR

ROB GERBITZDIRECTOR

ROB RAMERDIRECTOR

RYAN STEUCKDIRECTOR

SCOTT FISHERDIRECTOR

SCOTT KUNESDIRECTOR

SETH FRISBEEDIRECTOR

MARC PERRYDIRECTOR

SHELBY VISINTINDIRECTOR

SONYA HOPPESDIRECTOR

TAMI SCARPETTADIRECTOR

TARA TINDERDIRECTOR

TIM OSWALDCHAIR

TIM WELLNITZDIRECTOR

TOM FINLEYDIRECTOR

TOM GILBANKDIRECTOR

TOM VALENTYNDIRECTOR

ERICA DANIELSDIRECTOR

ANN HANKINSVICE-CHAIR

COLE WEISERDIRECTOR

COLLIN KEETONDIRECTOR

DAN RISSEDIRECTOR

DR DENNIS MCCARTHYDIRECTOR

DR FRANK SCHOLZDIRECTOR

DR KRISTI COLEDIRECTOR

DR TRACY PIERNERDIRECTOR

DR WILLIE GARRISON IIDIRECTOR

ELIZABETH HORVATHDIRECTOR

MARK RANDDIRECTOR

HOMER AUGEDIRECTOR

JEFF VOHSDIRECTOR

JERRY GABRIELATOSDIRECTOR

JERRY KLOBUCARDIRECTOR

JERRY RITZERTDIRECTOR

JOE CONTARINODIRECTOR

KEITH ROZOLISDIRECTOR

KEVIN KINGDIRECTOR

KIMBERLY MUELLERDIRECTOR

ALISON HESSDIRECTOR

About this charity

Recognized since: January 2000
Location: 100 STATE STREET, BELOIT, WI 53511
County: Rock
In care of: DREW PENNINGTON
Primary officer: DREW PENNINGTON, PRESIDENT/CEO

How to reach them

WebsiteVisit the charity’s website Emaildrewpennington@greaterbeloitworks.com Phone(608) 364-6748

Filing and classification

Latest tax year: 2024
Tax period began: January 1, 2024
Return type: 990
Tax preparer: WEGNER CPAS LLP
NTEE classification: Community & Neighborhood Development (S20)
IRS tax category: Community & Neighborhood Development
Grant-giving organization: Yes