Business Development Corporation
To further economic development,principally within any and All counties located in north central Indiana and southwest Michigan.
Key facts about Business Development Corporation
In short: Business Development Corporation gave $52K across 4 grants in 2025 (avg $13K), mostly in Indiana. Source: 2025 IRS Form 990.
- EIN
- 35-1548607
- Latest 990 filing
- Form 990, 2025
- Annual giving (2025)
- $51,500
- Grants made (2025)
- 4
- Average grant
- $12,875
- Median grant
- $15,000
- Total assets
- $6,671,192
- Primary geography
- Indiana (87% of itemized 2025 grant dollars)
Data from IRS Form 990, 2025; updated September 2026.
Financial Overview
From 2025 IRS Form 990 · View filing
Total Assets
$6.7M
+2.8% YoY
Annual Giving
$52K
+586.7% YoY
Grant Count
4
+300.0% YoY
Avg Grant Size
$13K
+71.7% YoY
How Business Development Corporation gives
- Giving fell 51% from 2022 to 2025. Method
From the foundation's IRS Form 990 filings. Methodology.
About Business Development Corporation
Based on IRS filings
Business Development Corporation is a public charity, based in South Bend, IN. IRS filing data is available from 2019 through 2025. As of 2025, the organization holds $6.7M in total assets. In 2025, it awarded 4 grants totaling $52K. Net investment income was $563K.
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Geographic Focus
Where this funder awards grants
Grant Distribution by State
Share of 2025 grant dollars across all 4 itemized grants.
Cities
Giving Over Time
Total grant dollars and number of grants per year
From 2022 to 2025, annual grant giving ranged from $7K (2023) to $104K (2022). In 2025 it made 4 grants totaling $52K.
Hatched bars: grants paid as reported on the IRS filing, which lists no individual grants for that year.
Grant Insights
How this funder distributes its grants
Top Recipients
Top 4 recipients in 2025
The largest 2025 recipient was CDFI Friendly South Bend ($15K). Together the top 4 received $52K.
Grant Size Distribution
16 grants across all recorded years
The most common grant size was under $50K: 16 grants of 16 (100%).
Giving History
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| CDFI Friendly South Bend South Bend, IN | Capital Coaching | $15,000 |
| North Central Indiana SBDC South Bend, IN | Education Programs | $15,000 |
| South Bend Elkhart Regional Partner South Bend, IN | Support Program | $15,000 |
| Others | — | $6,500 |
Financial History
Multi-year comparison from IRS filings
| Metric | 2025 | 2024 | 2023 |
|---|---|---|---|
| Total Assets | $6,671,192 | $6,491,579 | $6,012,715 |
| Revenue | $1,100,442 | $1,001,719 | $887,630 |
| Expenses | $783,320 | $672,095 | $620,367 |
| Net Investment Income | $563,170 | $345,849 | $171,667 |
Data update history
When this profile's IRS filing data changed on Grantable
- Updated Form 990 for fiscal year 2023 (received by the IRS June 21, 2024)
- Added Form 990 for fiscal year 2025 (received by the IRS May 15, 2026)
- IRS filings on file for fiscal years 2019–2024
Leadership & Key People
Officers and directors from IRS filings
Business Development Corporation is led by Elizabeth J. Wittling, President since 2021 (on filings since 2019); 3 of 16 officers listed in 2025 are compensated.
Officers on the 2025 filing
Elizabeth J. Wittling
President
President → President & COO, 2020
President & COO → President, 2021
On filings since 2019
40 hrs/week
$131K (2019) → $46K (2025)
Carrie Kosac
President
On filings since 2024
40 hrs/week
$32K (2024) → $160K (2025)
Tom Ross
Chairman
Director → Chairman, 2023
On filings since 2019
2 hrs/week
No compensation reported
Jill Scicchitano
Director
On filings since 2019
1 hr/week
No compensation reported
Alan Steele
Director
On filings since 2020
1 hr/week
No compensation reported
Peter Gillin
Director
On filings since 2020
1 hr/week
No compensation reported
Heather Obermeyer
Director
On filings since 2021
1 hr/week
No compensation reported
Patty Wheeler
Director
On filings since 2021
1 hr/week
No compensation reported
Ryan Hoffman
Director
On filings since 2021
1 hr/week
No compensation reported
Matt Wetzel
Director
On filings since 2023
1 hr/week
No compensation reported
Patty McNarney
Director
On filings since 2023
1 hr/week
No compensation reported
Bryan Olund
Director
On filings since 2024
1 hr/week
No compensation reported
Tedd Schaffer
Director
New on the 2025 filing
1 hr/week
No compensation reported
Kalin Miller
Accountant & C
Closing Officer & Accountant → Accountant, 2021
Accountant → Accountant & C, 2022
On filings since 2019
40 hrs/week
$55K (2019) → $84K (2025)
Ryan Bell
Secretary
Secretary P → Director, 2022
Director → Secretary, 2023
On filings since 2021
2 hrs/week
No compensation reported
William Heffelfinger CPA
Treasurer
Treasurer P → Treasurer, 2022
On filings since 2021
2 hrs/week
No compensation reported
Former officers (24)
- Former: Nick Matthews (2023–2024) — Director
- Former: Amy Varga (2019–2023) — Director
- Former: Dana Trowbridge (2019–2023) — Director
- Former: Gary Wetzel (2019–2023) — Director
- Former: Michael Wargo (2019–2023) — Director
- Former: Bruce Piekarski (2021–2023) — Director
- Former: Coley Pesce (2019–2021) — Director
- Former: Donald Fischesser (2019–2021) — Director
- Former: Donald Fozo (2019–2021) — Secretary P
- Former: John Seidl (2019–2021) — Director
- Former: Kevin Kruggel CPA (2019–2021) — Treasurer P
- Former: Terry Ploetz (2019–2021) — Director
- Former: Todd Bruce (2019–2021) — Director
- Former: Angelina Billo (2020–2021) — Director
- Former: Sam Cressy (2020–2021) — Director
- Former: Christine Cotter (2019–2020) — Director
- Former: Dan Carroll (2019–2020) — Director
- Former: David B Behr (2019–2020) — Director
- Former: Kenneth Byrd (2019–2020) — Director
- Former: Robert Jamieson (2019–2020) — Director
- Former: Shawn Todd (2019–2020) — Director
- Former: Stephen Henry (2019–2020) — Director
- Former: Garey Kaser (2019) — Director
- Former: Todd Obren (2019) — Director
Data from IRS Form 990 filings, 2019–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2025 IRS filing
The highest reported compensation on the 2025 filing was $160K, to Carrie Kosac (President). 3 officers or directors reported compensation on that filing.
Frequently asked questions about Business Development Corporation
How much does Business Development Corporation give each year?
Business Development Corporation gave $52K across 4 grants in 2025, according to its 2025 IRS Form 990. In 2024 it gave $8K across 1 grant.
What is Business Development Corporation's typical grant size?
Business Development Corporation's median grant in 2025 was $15,000, and its average grant was $12,875, across 4 grants on its 2025 IRS Form 990.
Where does Business Development Corporation give grants?
Business Development Corporation gives mostly in Indiana: 87% of the grant dollars itemized on its 2025 IRS Form 990 went to recipients there. The most frequent recipient cities were South Bend, IN (3 grants).
Does Business Development Corporation give general operating support?
Not in 2025: none of the 3 grants with a stated purpose on Business Development Corporation's 2025 IRS Form 990 were described as general or operating support.
How large is Business Development Corporation?
Business Development Corporation reported $6.7M in total assets on its 2025 IRS Form 990. Its revenue that year was $1.1M.
What is Business Development Corporation's EIN?
Business Development Corporation's EIN (Employer Identification Number) is 35-1548607. IRS Form 990 filing data is available on this page for 2019–2025.
Data last updated September 2026. Sourced from IRS Form 990 filings.
Here's the math on researching Business Development Corporation by hand.
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