2024-06-21T11:18:28-04:00 2023-12-31 352072184 DWC CPAS LLC 3454 DOUGLAS RD SOUTH BEND IN 46635 990 2023-01-01 351548607 BUSINESS DEVELOPMENT CORPORATION BUSI 5742885758 218 W WASHINGTON STREET 10TH FL SOUTH BEND IN 46601 ELIZABETH J WITTLING PRESIDENT/COO 5742885758 2024-06-20 true ELIZABETH WITTLING XXX-XX-XXXX true RICHARD J CULLAR CPA P00967641 5742339366 2024-05-28 2023 2023-04-26 12:10:37Z BDC ELIZABETH J WITTLING 218 W WASHINGTON ST 10TH FLOOR SOUTH BEND IN 46601 2233690 false X WWW.BDCLOAN.COM X 1983 IN TO FURTHER ECONOMIC DEVELOPMENT,PRINCIPALLY WITHIN ANY AND ALL COUNTIES LOCATED IN NORTH CENTRAL INDIANA AND SOUTHWEST MICHIGAN. 15 15 3 17 0 0 671563 715963 144909 171667 0 816472 887630 105623 6500 0 394865 399379 0 0 198748 214488 699236 620367 117236 267263 4829222 6012715 67052 675216 4762170 5337499 TO FURTHER ECONOMIC DEVELOPMENT,PRINCIPALLY WITHIN ANY AND ALL COUNTIES LOCATED IN NORTH CENTRAL INDIANA AND SOUTHWEST MICHIGAN. false false 484981 6500 715963 ECONOMIC DEVELOPMENT. GENERATED 11 LOAN TOTALING 8,353,000 AS OF FISCAL YEAR ENDING 9/30/2023 AND CLOSED 14 LOANS TOTALING 14,942,000 AS OF YEAR- END 2023, AND ALSO GENERATED 1 DIRECT LOAN FOR 171,830. IN ADDITION, ALSO PROVIDED 6,500 IN GRANTS TO SEVERAL SMALL LOCAL NONPROFIT ORGANIZATIONS. 484981 false false false false false false false false false true false false true 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 false false true 0 0 3 true false false false false false false false false X 15 15 false false false false false false false true true false false true true true true true true true true false X ELIZABETH WITTLING 5742885758 218 W WASHINGTON FL 10 SOUTH BEND IN 46601 ELIZABETH J WITTLING PRESIDENT/CO 40.00 X 171600 0 29592 KALIN MILLER ACCOUNTANT/C 40.00 X 81250 0 16872 PETER GILLIN DIRECTOR 1.00 X 0 0 0 RYAN HOFFMAN DIRECTOR 1.00 X 0 0 0 NICK MATTHEWS DIRECTOR 1.00 X 0 0 0 BRUCE PIEKARSKI DIRECTOR 1.00 X 0 0 0 JILL SCICCHITANO DIRECTOR 1.00 X 0 0 0 ALAN STEELE DIRECTOR 1.00 X 0 0 0 DANA TROWBRIDGE DIRECTOR 1.00 X 0 0 0 AMY VARGA DIRECTOR 1.00 X 0 0 0 GARY WETZEL DIRECTOR 1.00 X 0 0 0 PATTY MCNARNEY DIRECTOR 1.00 X 0 0 0 MICHAEL WARGO DIRECTOR 1.00 X 0 0 0 HEATHER OBERMEYER DIRECTOR 1.00 X 0 0 0 MATT WETZEL DIRECTOR 1.00 X 0 0 0 PATTY WHEELER DIRECTOR 1.00 X 0 0 0 WILLIAM HEFFELFINGER CPA TREASURER 2.00 X X 0 0 0 RYAN BELL SECRETARY 2.00 X X 0 0 0 TOM ROSS CHAIRMAN 2.00 X X 0 0 0 252850 46464 1 false true false LOAN SERVICE FEES 522220 440154 440154 LOAN ORIGINATION FEES 522200 215779 215779 CUSTOMER REIMBURSEMENTS 522200 37695 37695 INTEREST ON LOANS 522200 22335 22335 715963 212002 212002 1305725 1346060 -40335 -40335 -40335 887630 715963 171667 6500 6500 299314 259068 40246 62400 53998 8402 1873 1634 239 12946 11203 1743 22846 19931 2915 31128 30725 403 14150 14150 19096 19096 4613 4613 7997 7997 29949 29949 55179 48138 7041 3724 3724 DIRECT LOAN COSTS 37787 37787 PROVISION FOR LOAN LOSSES 8000 8000 BOARD AND COMMITTEE EXPEN 2865 2865 620367 484981 135386 0 293926 145816 684774 1020789 542233 582767 21596 18991 41361 34255 10830 7106 3205339 3555266 70524 681980 4829222 6012715 6368 2478 500000 60684 172738 67052 675216 X 4762170 5337499 4762170 5337499 4829222 6012715 267263 308066 X false true X true false 41361 34255 7106 7106 CASH HELD FOR CREDIT ENHANCEMENT PRO 500000 OPERATING RIGHT-OF-USE ASSET 175869 ACCRUED INCOME ON INVESTMENTS 6111 681980 OPERATING LEASE LIABILITY 172738 172738 X 1176600 308066 308066 868534 19096 19096 887630 601271 601271 19096 19096 620367 SCHEDULE D, PAGE 3, PART X WE RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES BASED ON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. EXAMPLES OF TAX POSITIONS INCLUDE THE TAX-EXEMPT STATUS OF OUR POSITIONS RELATED TO THE POTENTIAL SOURCES OF UNRELATED BUSINESS TAXABLE INCOME. WE HAVE NOT IDENTIFIED ANY UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, AND THERE ARE NO UNRECOGNIZED TAX BENEFITS RECORDED AS LIABILITIES IN THE ACCOMPANYING FINANCIAL STATEMENTS. WE CLASSIFY INTEREST AND PENALTIES, IF ANY, ASSOCIATED WITH UNCERTAIN TAX POSITIONS AS A COMPONENT OF INCOME TAX EXPENSE. THERE WAS NO ACCRUED INTEREST OR ANY PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS AT EITHER DECEMBER 31, 2023 OR 2022, OR ANY INTEREST OR PENALTIES EXPENSE RELATED TO UNRECOGNIZED TAX BENEFITS FOR THE YEARS THEN ENDED. WE ARE NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE OR THE STATE OF INDIANA FOR YEARS ENDED PRIOR TO DECEMBER 31, 2020. X false false false true false false false false false ELIZABETH J WITTLING PRESIDENT/COO 132000 39600 5148 24444 201192 SCHEDULE J, PAGE 1, PART I, LINE 5A THE ORGANIZATION'S BOARD OF DIRECTORS ESTABLISHED A BONUS PLAN IN 2010 FOR ITS TOP MANAGEMENT THAT PROVIDES BONUSES IF TOTAL STAFFING COSTS ARE LESS THAN 50% OF "PRODUCTION INCOME" (AS DEFINED IN THE PLAN). THE BONUSES ARE LIMITED IF NET EARNINGS (AS DEFINED IN THE PLAN) DO NOT REACH 30,000, AND ARE FURTHER LIMITED TO SPECIFIED PERCENTAGES OF BASE PAY BY EMPLOYEE. FORM 990, PAGE 6, PART VI, LINE 11B A COMPLETE COPY OF FORM 990 WAS PROVIDED TO ALL BOARD MEMBERS FOR REVIEW AND APPROVAL IN MAY 2024 PRIOR TO FILING. FORM 990, PAGE 6, PART VI, LINE 12C THE CONFLICT OF INTEREST POLICY IS MONITORED AND ENFORCED BY DISSEMINATION OF THE POLICY TO ALL BOARD MEMBERS, BY THE ANNUAL SIGNING OF A STATEMENT BY BOARD MEMBERS LISTING ANY CONFLICTS, AND BY THE RECUSAL OF A MEMBER ON ANY MATTER IN WHICH THE MEMBER HAS A CONFLICT OF INTEREST. FORM 990, PAGE 6, PART VI, LINE 15A THE ORGANIZATION'S INDEPENDENT COMPENSATION COMMITTEE REVIEWS THE COMPENSATION OF THE PRESIDENT AND ALL OTHER KEY EMPLOYEES, ALONG WITH SUITABLE COMPARABILITY DATA, AND RECOMMENDS COMPENSATION PACKAGES TO THE BOARD OF DIRECTORS. THEIR DELIBERATIONS ARE DOCUMENTED BY CONTEMPORANEOUS MINUTES. THIS WAS LAST DONE IN DECEMBER 2023. FORM 990, PAGE 6, PART VI, LINE 15B SEE ABOVE ANSWER TO LINE 15A. FORM 990, PAGE 6, PART VI, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.