Overview
What is Legacy Redevelopment Corporation?
Legacy Redevelopment Corporation (LRC) is a nonprofit community development financial institution (CDFI) based in Milwaukee, Wisconsin. Their mission is to enhance neighborhood vitality, foster a sustainable and economically diverse community, and build wealth by designing and implementing innovative finance programs in the city. LRC achieves this by providing loan capital and technical assistance to small businesses and non-profit organizations. In 2021, they issued 45 loans exceeding $1.88 million, including direct lending to businesses affected by the pandemic, expansion into the Racine market, and partnerships with foundations. These efforts led to job retention and creation, with over 95% of the loans serving the low to moderate income community. LRC offers one-on-one technical assistance tailored to borrowers' needs, ranging from financial education to succession planning. Their work focuses on minority-owned businesses, contributing to the city's economic growth and development.
Official website here: www.lrcmke.com/
Is Legacy Redevelopment Corporation legitimate?
Legacy Redevelopment Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Legacy Redevelopment Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Here are some key statistics you may want to consider:
Executive Compensation: $123,867
Professional Fundraising Fees: $0
Other Salaries and Wages: $205,019
For more financial information, click here
Official website here: www.lrcmke.com/
What is the mission statement of Legacy Redevelopment Corporation?
Legacy Redevelopment Corporation, a non-profit Community Development Financial Institution (CDFI), is dedicated to enhancing neighborhood vitality and fostering a sustainable and economically diverse community. Their mission is achieved through the design and implementation of innovative finance programs. The organization aims to build wealth by providing loan capital and technical assistance to small businesses and non-profit organizations, with a focus on those in need, primarily the low to moderate income community. In 2021, Legacy Redevelopment Corporation offered 45 loans exceeding $1.88 million, which helped retain and create jobs. They also expanded into new markets, collaborated with other organizations, and offered customized technical assistance to business startups and expansions.
Official website here: www.lrcmke.com/
Who is the CEO of Legacy Redevelopment Corporation?
Terese Caro is the Director of Legacy Redevelopment Corporation. The CEO's salary of Legacy Redevelopment Corporation is $104,067 and their total compensation is $123,867.
Official website here: www.lrcmke.com/
What is the revenue of Legacy Redevelopment Corporation?
Legacy Redevelopment Corporation's revenue in 2022 was $1,699,010.
Official website here: www.lrcmke.com/
Who are the executives of Legacy Redevelopment Corporation and what are their salaries?
The average compensation at Legacy Redevelopment Corporation during 2022 was $46,984. There are 7 employees and 15 volunteers at Legacy Redevelopment Corporation.
Here are 9 key members and their salaries (Legacy Redevelopment Corporation's CEO's salary is $104,067 and their total compensation is $123,867):
- Terese Caro (Ceo)
- Sally R Peltz (Director)
- John A Erich Esq (Vice Chair) [Trustee/Director]
- Troy L Reese (Director)
- Richard W Lincoln (Chair) [Trustee/Director]
- Mike Katz (Treasurer) [Trustee/Director]
- Marjorie Rucker (Secretary) [Trustee/Director]
- Dr George Hinton (Director)
- Nicole L Robbins (Director)
Official website here: www.lrcmke.com/
Where can I find the form 990 for Legacy Redevelopment Corporation?
The Legacy Redevelopment Corporation’s most recent form 990 was submitted in 2022 and can be accessed here
Official website here: www.lrcmke.com/
Learn more at the official website: www.lrcmke.com/
Mission Statement of Legacy Redevelopment Corporation
Legacy Redevelopment Corporation, a non-profit community development financial institution (CDFI), is dedicated to enhancing neighborhood vitality and fostering a sustainable and economically diverse community. Their mission is to accomplish this by designing and implementing innovative finance programs within the city of Milwaukee. The organization's goal is to build wealth by providing loan capital and technical assistance to businesses and non-profit organizations, aiming to strengthen these entities in areas identified for improvement. In 2021, Legacy Redevelopment Corporation issued 45 loans to small businesses and non-profits, exceeding $1.88 million. Their portfolio included direct lending to businesses impacted by the pandemic, an expansion into the Racine market, a partnership with the Greater Milwaukee Foundation, and new loan deals resulting from the economic recovery post-pandemic. Legacy Redevelopment Corporation also focused on job retention and creation, as well as working with minority-owned businesses as part of their mission. Over 95% of the loans served the low to moderate income community. Additionally, the organization provided one-on-one technical assistance tailored to the needs of business startups and expansions, offering services ranging from financial education to succession planning.
Impact
This information is meant to be a general summary of Legacy Redevelopment Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Thursday, August 15, 2024
Legacy Redevelopment Corporation has a significant impact on the communities it serves. By providing loan capital and technical assistance to small businesses and non-profit organizations in Milwaukee, the organization is fueling economic growth and job creation. In 2021 alone, Legacy Redevelopment Corporation issued 45 loans totaling over $1.88 million, benefiting businesses affected by the pandemic and expanding into new markets. Additionally, the organization's focus on working with minority-owned businesses highlights its commitment to promoting diversity and economic inclusion. With over 95% of its loans serving low to moderate-income communities, Legacy Redevelopment Corporation is playing a crucial role in fostering neighborhood vitality and building wealth in Milwaukee.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Assets and Liabilities:
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN SERVICE FEES
Revenue
$49,155
Organization Details
Founding Year
2000
Phone
(414) 343-0163
Principal Officer
Terese Caro
Main Address
1536 W NORTH AVENUE, MILWAUKEE, WI, 53205
Website
www.lrcmke.com/
NTEE Category
Code: L25 - Housing
If you are a representative of Legacy Redevelopment Corporation and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.