2023-11-15T17:59:25-05:00 2022-12-31 300003878 BENNING GROUP LLC 6815 WEAVER RD STE 300 ROCKFORD IL 611148060 990 2022-01-01 363055858 ROCKFORD AREA ECONOMIC DEVELOPMENT COUNCIL INC ROCK 8159878118 308 W STATE STREET SUITE 350 ROCKFORD IL 61101 JAMES ROZINSKY VICE CHAIR 8159878118 2023-11-15 JAMES ROZINSKY 999009999 false CURTIS D KLECKLER P00641247 8153162375 2023-11-15 2022 2023-04-26 12:10:37Z JAMES ROZINSKY 308 W STATE STREET SUITE 350 ROCKFORD IL 61101 588661 false X ROCKFORDIL.COM X 1980 IL THE ROCKFORD AREA ECONOMIC DEVELOPMENT COUNCIL CULTIVATES OPPORTUNITIES FOR PRIMARY JOB GROWTH THAT INCREASE THE ECONOMIC WELL-BEING OF OUR REGION 22 22 10 22 0 928369 538084 10500 45500 145 581 48634 4496 987648 588661 0 0 537426 796440 0 0 433835 384204 971261 1180644 16387 -591983 522903 393923 155552 618554 367351 -224631 THE ROCKFORD AREA ECONOMIC DEVELOPMENT COUNCIL CULTIVATES OPPORTUNITIES FOR PRIMARY JOB GROWTH THAT INCREASE THE ECONOMIC WELL-BEING OF OUR REGION false false BUSINESS ATTRACTION: ATTRACTING BUSINESSES TO LOCATE OR RELOCATE TO THE ROCKFORD AREA. BUSINESS EXPANSION & RETENTION: ASSISTING EXISTING AREA BUSINESSES TO RETAIN OR EXPAND. BUSINESS CLIMATE SERVICES: WORK WITH CURRENT AND POTENTIAL RAEDC INVESTORS REGARDING ECONOMIC DEVELOPMENT ISSUES. false true false true false false false false false true false false false true true true false false false false false false false false false false false false true false false false false false false false false false false false false false false true 5 0 10 true false false false false true true false false false X 22 22 false false true false true true true true true false false false true false true true true true true false IL X X DOUG RAND 8159878118 308 W STATE STREET SUITE 350 ROCKFORD IL 61101 WENDY ALSTEEN DIRECTOR 5.00 X 0 0 0 CHRISTOPHER ANDERSON DIRECTOR 5.00 X 0 0 0 DAVID ANSPAUGH DIRECTOR 5.00 X 0 0 0 EDWARD BERG DIRECTOR 5.00 X 0 0 0 CONOR BROWN DIRECTOR 5.00 X 0 0 0 SULLY CADENGA DIRECTOR 5.00 X 0 0 0 GINA CARONNA DIRECTOR 5.00 X 0 0 0 ERIC CUNNINGHAM CHAIR 5.00 X X 0 0 0 REBECCA EPPERSON DIRECTOR 5.00 X 0 0 0 DAVID FORWARD DIRECTOR 5.00 X 0 0 0 KARL FRANZEN DIRECTOR 5.00 X 0 0 0 GEORGE GAULRAPP DIRECTOR 5.00 X 0 0 0 DAN GIOVANETTI DIRECTOR 5.00 X 0 0 0 ALAN GOLDEN DIRECTOR 5.00 X 0 0 0 THOMAS GREEN DIRECTOR 5.00 X 0 0 0 JOHN GROH DIRECTOR 5.00 X 0 0 0 MICHAEL GRONEWOLD DIRECTOR 5.00 X 0 0 0 CAITLIN PUSATERI DIRECTOR 5.00 X 0 0 0 JAMES RICHTER II DIRECTOR 5.00 X 0 0 0 JAMES ROZINSKY VICE CHAIR 5.00 X X 0 0 0 GRANT SJOSTROM DIRECTOR 5.00 X 0 0 0 THERESE THILL PRESIDENT/CE 40.00 X 149833 0 12958 DON DANIELS PRESIDENT/CE 40.00 X 103465 0 514 253298 13472 2 false true false 437221 100863 538084 MIDWEST AEROSPACE CONFERENCE 900099 45500 45500 45500 581 581 MISCELLANEOUS 4496 4496 4496 588661 45500 5077 266770 432474 14339 38577 44280 6381 24370 105449 5500 17298 105838 17413 48482 1438 1385 BAD DEBT EXPENSE 41849 8801 1180644 0 0 0 236777 186510 11783 11784 150677 95750 11006 2778 203540 200214 3326 112660 93775 522903 393923 61877 138419 93675 385604 94531 155552 618554 X 367351 -224631 367351 -224631 522903 393923 X -591983 1 X false true X true false RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED true true false 138088 134762 3326 65452 65452 3326 LEASE LIABILITY 94531 94531 X 588661 588661 588661 1180644 1180644 1180644 SCHEDULE D, PAGE 3, PART X RAEDC IS A NONPROFIT ORGANIZATION EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER INTERNAL REVENUE CODE SECTION 501(C)(6). AS A RESULT, THERE IS NO PROVISION FOR INCOME TAXES IN THE FINANCIAL STATEMENTS. MANAGEMENT OF RAEDC HAS EVALUATED FOR AND DETERMINED THERE ARE NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2022. RAEDC IS SUBJECT TO INFORMATIONAL REPORTING REQUIREMENTS IN THE UNITED STATES FEDERAL JURISDICTION AND THE STATE OF ILLINOIS. TAX REGULATIONS WITHIN EACH JURISDICTION ARE SUBJECT TO THE INTERPRETATION OF THE RELATED TAX LAWS AND REGULATIONS AND REQUIRE SIGNIFICANT JUDGEMENT TO APPLY. TAX RETURNS REMAIN OPEN FOR FEDERAL AND STATE EXAMINATION FOR THE PAST THREE YEARS. RAEDC LOST CHARITABLE STATUS WITH THE STATE OF ILLINOIS DUE TO THE LATE FILING OF RETURNS FOR 2017, 2018, AND 2019. AT DECEMBER 31, 2022, THERE ARE NO ONGOING INCOME TAX AUDITS OR UNRESOLVED DISPUTES WITH THE VARIOUS TAXING AUTHORITIES RAEDC CURRENTLY FILES, OR HAS FILED, WITH. false false false THERESE THILL PRESIDENT/CEO 149833 4938 8020 162791 FORM 990, PAGE 6, PART VI, LINE 4 JOINT VENTURE : IN MAY OF 2019, THE LEADERSHIP OF THE COUNCIL AND THE ROCKFORD CHAMBER OF COMMERCE (CHAMBER) CREATED A UNIFICATION TASK FORCE. THE TASK FORCE WAS CHARGED WITH EVALUATING HOW THE COUNCIL AND THE CHAMBER MIGHT ENHANCE ENGAGEMENT AMONG BUSINESS LEADERS AND HAVE A STRONGER LONG TERM IMPACT ON THE COMMUNITY. THE RESULTS OF EVALUATING LEADING ORGANIZATIONAL PRACTICES WAS THE APPROVAL FOR FURTHER EXPLORING UNIFICATION OF THE COUNCIL AND THE CHAMBER UNDER AN UMBRELLA PARTNERSHIP. THE COUNCIL APPROVED ALLOCATING UP TO 75,000 FOR THE COST OF A CONSULTANT TO PROVIDE GUIDANCE ON THE UNIFICATION PROCESS. IN NOVEMBER OF 2019, EY ECONOMIC DEVELOPMENT ADVISORY SERVICES (EY) WAS ENGAGED TO FACILITATE CONSIDERATIONS RELATED TO GOVERNANCE, ORGANIZATIONAL SETUP, FUNDING MODEL, PRIORITIES, AND PERFORMANCE METRICS UNDER A UNIFIED MODEL. IN JUNE OF 2020, EY PRESENTED THE RESULTS OF THE UNIFICATION RESEARCH AND PLAN TO THE TASK FORCE AND RECEIVED APPROVAL FROM THE BOARD OF DIRECTORS OF BOTH THE COUNCIL AND THE CHAMBER. UNDER THE PLAN, THE COUNCIL AND THE CHAMBER WILL FORMALLY ESTABLISH THE GREATER ROCKFORD GROWTH PARTNERSHIP (GRGP) AS A 501C(6) NON- PROFIT AND BEGIN THE INITIAL IMPLEMENTATION STEPS IN THE FIRST QUARTER OF 2021, PROGRESSING THROUGHOUT 2021 SO THAT EVERYTHING IS IN PLACE AND OPERATIONAL FOR 2022. FORM 990, PAGE 6, PART VI, LINE 6 THE ORGANIZATION IS COMPRISED OF INVESTORS/STOCKHOLDERS. FORM 990, PAGE 6, PART VI, LINE 7A THE INVESTORS/STOCKHOLDERS ARE ABLE TO REVIEW THE CANDIDATES FOR THE BOARD AND VOTE ON THE SELECTION AS EACH BOARD MEMBER TERM COMES TO A CLOSE. FORM 990, PAGE 6, PART VI, LINE 7B EACH YEAR, THE INVESTORS/STOCKHOLDERS ARE ABLE TO VOTE ON HOW A PORTION OF THE GENERAL BUDGET IS SPENT TO FUND RAEDC PROGRAMS. FORM 990, PAGE 6, PART VI, LINE 11B REVIEW AND APPROVAL OF THE 990 WILL BE DONE BY SENIOR STAFF AND BOARD OFFICERS PRIOR TO FILING. FORM 990, PAGE 6, PART VI, LINE 12C CONFLICT OF INTEREST FORMS ARE COMPLETED BY STAFF AND THE BOARD OF DIRECTORS WHEN THEIR RESPECTIVE TERM BEGINS. CONFLICTS ARE NOTED ON SAID FORM AND BOARD OF DIRECTORS ABSTAIN FROM VOTING ON ANY ISSUE IN WHICH CONFLICTS MAY OCCUR. FORM 990, PAGE 6, PART VI, LINE 15A THE PRESIDENT'S ANNUAL COMPENSATION PLAN, INCLUDING BASE SALARY AND ANY BONUS PAYMENT, IS REVIEWED AND APPROVED BY THE EXECUTIVE COMMITTEE. FORM 990, PAGE 6, PART VI, LINE 15B THE PRESIDENT RECOMMENDS ALL OFFICER SALARY AND BONUS ADJUSTMENTS USING COMPARABLE SALARIES AND NATIONAL PEERS PUBLISHED BY NATIONAL ECONOMIC DEVELOPMENT ORGANIZATIONS SUCH AS IEDC, COST OF LIVING STATISTICS, AND EXTRAORDINARY PERFORMANCE. THOSE RECOMMENDATIONS ARE THEN REVIEWED AND APPROVED BY THE EXECUTIVE COMMITTEE. ALL NON-OFFICER STAFF COMPENSATION CHANGES ARE RECOMMENDED BY THE PRESIDENT AND REVIEWED AND APPROVED BY THE BOARD CHAIR. FORM 990, PAGE 6, PART VI, LINE 19 ROCKFORD AREA ECONOMIC DEVELOPEMENT COUNCIL HAS MADE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9 F/S ROUNDING 1