2025-05-30T11:24:27-04:00 2024-12-31 352072184 DWC CPAS LLC 3454 DOUGLAS RD SOUTH BEND IN 46635 990 2024-01-01 351548607 BUSINESS DEVELOPMENT CORPORATION BUSI 5742885758 218 W WASHINGTON STREET 10TH FL SOUTH BEND IN 46601 CARRIE KOSAC PRESIDENT 5742885758 2025-05-27 true true BRADLEY J FETHEROLF CPA P01766977 5742339366 2025-05-29 2024 2025-03-06 01:10:19Z BDC CARRIE KOSAC 218 W WASHINGTON STREET 10TH FL SOUTH BEND IN 46601 1383767 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. 13 13 4 16 0 0 715963 655870 171667 345849 0 887630 1001719 6500 7500 0 399379 450016 0 0 214488 214579 620367 672095 267263 329624 6012715 6491579 675216 697210 5337499 5794369 TO FURTHER ECONOMIC DEVELOPMENT,PRINCIPALLY WITHIN ANY AND ALL COUNTIES LOCATED IN NORTH CENTRAL INDIANA AND SOUTHWEST MICHIGAN. false false 452532 7500 655870 ECONOMIC DEVELOPMENT. CLOSED AND FUNDED 9 LOANS TOTALING 9,552,320 AS OF FISCAL YEAR ENDING 9/30/2024 AND ALSO APPROVED 11 LOANS TOTALING 7,087,000. IN ADDITION, ALSO PROVIDED 7,500 IN GRANTS TO SEVERAL SMALL LOCAL NONPROFIT ORGANIZATIONS. 452532 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 true false true false false false false false false false false false false false false false false false false true 0 0 4 true false false false false false false false false X 13 13 false false false false false false false true true false false true true true true true true true true false X CARRIE KOSAC 5742885758 218 W WASHINGTON FL 10 SOUTH BEND IN 46601 CARRIE KOSAC PRESIDENT 40.00 X 31635 0 0 ELIZABETH J WITTLING PRESIDENT/CO 40.00 X 169880 0 34758 KALIN MILLER ACCOUNTANT/C 40.00 X 82600 0 19082 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 JILL SCICCHITANO DIRECTOR 1.00 X 0 0 0 ALAN STEELE DIRECTOR 1.00 X 0 0 0 BRYAN OLUND DIRECTOR 1.00 X 0 0 0 PATTY MCNARNEY 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 284115 53840 1 false true false LOAN SERVICE FEES 522220 455165 455165 LOAN ORIGINATION FEES 522200 147380 147380 INTEREST ON LOANS 522200 31919 31919 CUSTOMER REIMBURSEMENTS 522200 21406 21406 655870 271910 271910 455987 382048 73939 73939 71652 2287 1001719 727522 274197 7500 7500 337955 280532 57423 69800 25434 44366 2833 1366 1467 14048 5804 8244 25380 18711 6669 17641 17186 455 18100 18100 20626 20626 3925 3925 2360 2360 35448 35448 49893 36792 13101 4114 4114 DIRECT LOAN COSTS 46847 46847 PROVISION FOR LOAN LOSSES 10000 10000 BOARD AND COMMITTEE EXPEN 5625 5625 672095 452532 219563 0 145816 689442 1020789 697927 582767 516586 18991 19463 47846 38369 7106 9477 3555266 3895648 681980 663036 6012715 6491579 2478 54262 500000 500000 172738 142948 675216 697210 X 5337499 5794369 5337499 5794369 6012715 6491579 X 329624 172246 -45000 X false true X true false 47846 38369 9477 9477 CASH HELD FOR CREDIT ENHANCEMENT PRO 500000 OPERATING RIGHT-OF-USE ASSET 145604 ACCRUED INCOME ON INVESTMENTS 17432 663036 OPERATING LEASE LIABILITY 142948 142948 X 1153339 172246 172246 981093 20626 20626 1001719 696469 45000 45000 651469 20626 20626 672095 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 OUR TAX-EXEMPT STATUS AND 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, 2024 OR 2023 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 PRIOR TO 2021. SCHEDULE D, PAGE 4, PART XII, LINE 2D 2025 GRANTS 45,000 true OTHERS 501C3 7500 9 SCHEDULE I, PAGE 1, PART I, LINE 2 THE ORGANIZATION SELECTS LOCAL NONPROFITS THAT ARE WELL KNOWN BY THE BOARD OF DIRECTORS FOR GRANTS AND RECEIVES WRITTEN REPORTS FROM GRANTEES ABOUT THE USE OF GRANT FUNDS. X false false false true false false false false false ELIZABETH J WITTLING PRESIDENT/COO 137000 32880 34758 204638 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 JUNE 2025 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 AUGUST 2024. 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. FORM 990, PART XI, LINE 9 2025 GRANTS -45,000