www.greaterbeloitworks.com

ANNUAL REPORT 2013

The Greater Beloit Economic Development Corporation500 Public AvenueBeloit, WI 53511ph: (608) 364-6748fx: (608) 364-6756www.greaterbeloitworks.com

THE GREATER BELOIT ECONOMIC DEVELOPMENT CORPORATION

www.greaterbeloitworks.com

We are all feeling the optimism of a renewed economy that is showing signs of recovery. Signs of this can be seen all around the Greater Beloit Region. The planning and strong partnerships created by the GBEDC and the Vision partners have positioned the entire region to grow out of a bad economy faster than many other areas. We continue to strengthen our partnerships with the City of Beloit, South Beloit, and Town of Beloit and with the Greater Beloit Chamber of Commerce, Visit Beloit, and Downtown Beloit Association through shared vision and plan-ning for the future of the region. One partnership that is specifically noteworthy is our shared work with Rock County 5.0 in promoting the region and all the benefits we of-fer to a growing company looking to expand or locate in this central and vital location of the Midwest.

Investment in support of our organization continued to be strong and active in 2013. We have accomplished a great deal through the efforts of our seven very active com-mittees that oversee our initiatives. We continue to promote the economic goals of the Beloit Area and our investors through:

Improved web presence, offering corporate links to our investor’s organizations.

Continued collaboration with the school districts in the area, supporting the opportunities and diverse education our students need to succeed in the 21st century.

Support of the concept of the confluence of the Rock River and Turtle Creek as a destination for the region offering financial and intellectual resources.

Working with the vision partners to create a new marketing vision and position that will enhance each of our organizations efforts and roles in the community.

It has been a pleasure to chair the GBEDC Board for the past two years. Our shared vision can be seen in all of the economic growth, business development, and compa-nies that are choosing to reinvest in Beloit or call this their new home. Personally, it has

been very rewarding to work closely with so many people and organizations that all share one vision for the betterment of the region we all call home. Thank you to each of you for your continued efforts and support of the Beloit region.

BUSINESS INDUSTRY Tom Finley, President Finley Dencker Buick GMC

Kent Eymann, Publisher Beloit Daily News

James Egan, Director of Employee Communications and Engagement Kerry Ingredients & Flavours-Americas

John Patch, President McBain Enterprises, Inc.

Joe Stadelman, Vice President Angus-Young Associates, Inc.

Pete Underwood, V.P./General Counsel/Secretary Regal Beloit

Jim Zisser, Project Manager Frito-Lay

Rob Gerbitz, Managing Director Hendricks Development Group

Curt Lansbery, President North American Tool Corporation

Keith Kruse, V.P., Director of Operations Tricor Inc.

REAL ESTATE/DEVELOPERS/ CONTRACTORS Jerry Klobucar, Vice President Klobucar Construction Co., Inc.

Joel Patch, Partner Commercial Property Group, LLC

Frank McKearn, President R. H. Batterman & Co., Inc.

FINANCIAL INSTITUTIONS Arlyn Erdmann, Vice President of Commercial Loans First National Bank

Brian Anderson, V.P. of Business Banking BMO Harris Bank

Rick Bastian, President and CEO Blackhawk Bank

Ed Hansen, V.P. of Business Banking Gateway Community Bank

SCHOOL DISTRICT OF BELOIT Steve McNeal, Superintendent School District of Beloit

EDUCATION AT-LARGE Brian Morello, Director of CELEB Beloit College

AT-LARGE Mike Bua, Finance Director Beloit Health System

Dr. Thomas Eckert, President Blackhawk Technical College

Fred Buggs, Chief Professional Officer Stateline Boys & Girls Club

Jeff Klett, Vice President of Benefits Tricor Inc.

LOCAL GOVERNMENT Larry Arft, City Manager City of Beloit

Roger Anclam, Chairperson Town of Turtle

Mike Duffy, Mayor City of South Beloit

Brian Wilson, Administrator Town of Beloit

EX-OFFICIO Aimee Thurner, Director of Operations Greater Beloit Chamber of Commerce

Monica Krysztopa, Executive Director Visit Beloit

Shauna El-Amin, Executive Director Downtown Beloit Association

Stephanie Jacobs, Representative Community Development Authority

Bruce Kepner, Economic Development Specialist Alliant Energy

Mardell Jacobsen, Representative Plan Commission

Tara Tinder, Executive Director Stateline Community Foundation

‘13 OFFICERS & EXECUTIVE COMMITTEEChair Joe Stadelman

Vice Chair Keith Kruse

Secretary/Treasurer Ed Hansen

Local Government Jurisdiction Larry Arft

Designated Loan & Finance Committee Member Arlyn Erdmann

Investment/Recruitment Committee Chair Jeff Klett

Strategic Planning Committee Chair Joel Patch

Business Development Committee Chair Rick Bastian

Business/Education Partnership Committee Co-Chair Rick Barder

At Large Representative Mike Duffy

FELLOW INVESTORS LEADERSHIP TEAM‘13 Board & Committee Members

Joe Stadelman, ‘13 Board Chair

Andrew Janke Executive Director GBEDC

Stephanie Bailey Administrative Assistant GBEDC

STAFF MEMBERS

‘13 Executive Committee Members, pictured from left to right: Mike Duffy (At Large Rep-resentative), Ed Hansen (Secretary/Treasurer), Larry Arft (Local Government Jurisdiction Representative), Joe Stadelman (Chair), and Rick Barder (Business/Education Partnership Committee Chair). Not pictured: Keith Kruse (Vice Chair), Rick Bastian (Business Development Committee Chair), Jeff Klett (Investment/Recruit-ment Committee Chair), and Joel Patch (Strate-gic Planning Committee Chair).

ORGANIZATIONAL MISSION & VISION STATEMENTSMISSION STATEMENT The mission of the Greater Beloit Economic Development Corporation (GBEDC) is to act as the primary organization coordinating, facilitating and implementing economic development activities in the Greater Beloit area.

VISION STATEMENT We will be a broad-based, public/private partnership that creates a common focus for economic development activities in Greater Beloit.

GUIDING PRINCIPLES GBEDC seeks to fulfill its mission by:

Promoting a positive image of the area including our industries, workforce, educational institutions and quality of life.

Developing regional cooperative and collabora-tive partnerships with public and private bodies to support the local workforce and existing businesses.

Developing a diverse group of leaders to actively build on our community’s successes and continue to enhance our local economy.

Promoting the growth of existing and new business to build an economic environment that will enhance our local economy.

Working together to develop and recruit a skilled workforce to fill the knowledge-based needs of today’s businesses and create tomorrow’s jobs.

www.greaterbeloitworks.com

As the economy continues to see improvement the Greater Beloit area was fortunate to see ma-jor industrial and commercial activity across the entire region. Projects of significance included:

BELOIT PRECISION: Beloit Precision purchased 3.4 acres from the City of Be-loit. The site is immediately adjacent to their I-90 Industrial Park location. The com-pany intends to build a new 18,000 square foot facility on the site with construction beginning in the spring of 2014. The expansion project will create 3-4 new jobs.

IRONwORkS: The Beloit Ironworks is going through a $38,100,000 renovation to make it a state-of-the-art manu-facturing facility. The complex will get new windows, flooring, lighting, electrical and other amenities as part of its renova-tion.

BELOIT INN: The Beloit Inn (now the Ironworks Hotel) is undergoing a complete renovation that includes: totally remodeled rooms, a new covered entry way, new registration desk, remodeled conference rooms and common areas. A total of $3,800,000 is being invested into the project.

wOODMAN’S FOODS: Woodman’s Foods announced in May that they will be adding a 22,546 square foot addition to their warehouse located on Madison Road. Total investment will be $3,500,000 and construction is expected to be com-pleted in 2014.

UNIVERSAL AET: Universal AET is a manufacturer of acoustic silencers, emis-sions, and filtration technologies. The company recently announced that they were expanding their foot print in the Beloit Ironworks by 106,000 square feet and have an option to add an additional 67,000 square feet. The company currently em-ploys 17 individuals and plans to add 50 new positions. The company is investing $3,000,000 into the project.

Two new major development projects announced in 2013 included:

CCI/BLACkHAwk TRANS-PORT H.Q. PROjECT: CCI and Blackhawk Transport are looking to relocate from their present facilities into a new consolidated office build-ing to be constructed on Townhall Road. The two story building will be 16,000 square feet and construction cost is estimated at $1,700,000. Con-

‘13 INVESTORSABC Supply

Alliant Energy

Amcraft Building Products

American Aluminum Extrusion Company

American Construction Metals

American Industrial Steel Supply

Angus Young Associates

Avid Pallet

Axium Foods/McCleary, Inc.

Beloit Box Board

Beloit College

Beloit Daily News

Beloit Health System

Beloit Snappers Baseball

Beloit Special Machining Co.

Blackhawk Bank

Blackhawk Logistics

Blackhawk Technical College

Blackhawk Transport

BMO Harris Bank

Brabazon Title

Brian Mark Funeral Homes

Budweiser Motors

Business Outreach Services — UWWhitewater

City of Beloit

City of South Beloit

Coldwell Banker Commercial/McGuire Mears

Commercial Property Group

Corporate Contractors Inc.

Cotta Transmission

Culvers, The Rock, Papa Murphys

Diamond Foods, Kettle Brands

Electrol Specialties Company

Fairbanks Morse Engine

Finley Dencker Buick GMC

First National Bank & Trust

Frito Lay

G. G. Grabowski CPA, SC

Gateway Community Bank

Genencor International

Gilbank Construction

Greater Beloit Chamber of Commerce

Harris Ace Hardware

Hendricks Commercial Properties LLC

Hendricks Holding Company LLC

Henry Technologies

Hormel Foods Corporation

J.P. Cullen & Sons

Kerry Americas

Klobucar Construction, Inc.

McBain Enterprises, Inc., Allied Games

Merrill & Houston’s Steak Joint

Mid States Concrete

MLG Development

Morse Group

Mule-Hide Products

Neighborhood Housing Services

North American Tool

PRIDE Associates

R. H. Batterman & Co., Inc.

Regal-Beloit, Durst

River’s Edge Foundry LLC

Rock County Electric Cooperative Assoc.

Seven Waters LLC

School District of Beloit

School District of Beloit Turner

Shorewest Realtors

Siepert & Co. LLP

Sikich LLP

Stainless Tank & Equipment LLC

Stateline Boys & Girls Club, Inc.

Stateline Community Foundation

Summit Machine Works, Inc.

The Beloit Inn

Town of Beloit

TRICOR Insurance

Visit Beloit

Welders Supply Company

Dale Hjerpe

Rick Barder

THE YEAR IN REVIEWGreater Beloit’s Economy is Still Moving Forward struction is expected to begin

by the end of the year.

BELOIT HEALTH SYSTEM: Beloit Health Sys-tem, in partnership with UW Health System, broke ground in April on a new-state-of-the-art Cancer Treatment Center. The new 18,000 square foot facility is located on a 5-acre site at the corner of Lee Lane and Milwaukee Road. Total investment in the project will be $11,600,000. Construction is expected to be completed by the end of the year.

GBEDC staff and volunteers spent a great deal of time and effort in 2013 working on a number of Strategic Collaborations including:

EFFORTS TO EXPLORE THE DEVELOPMENT OF AN URBAN ECOLOGY CENTER

UPPER FLOOR HOUSING GRANT PROGRAM

DOwNTOwN FAçADE GRANT PROGRAM

DOwNTOwN RENTAL ASSISTANCE PROGRAM

EDUCATIONAL INITIATIVES

DESIGN AND PUBLICATION OF A NEw GATEwAY BUSINESS PARk BROCHURE

PRODUCTION AND INSTALLATION OF NEw GATEwAY BUSINESS PARk REAL ESTATE SIGNS

The GBEDC continued its collaboration with Rock County 5.0, an organization that has raised more than $1 million to help economic development organizations implement a va-riety of strategies to better position Rock County moving forward. A number of initiatives were completed in 2013 included the “Rock Ready Phase II” marketing campaign that was launched this fall, the continuation of the quarterly Rock Ready Index and a compre-hensive marketing campaign targeting the Chicago area market. A video promoting Rock County Real Estate opportunities was also completed in 2013.

Beloit Health System Cancer Treatment Center

CCI/Blackhawk Transport

Beloit Ironworks

Developer & Real Estate Broker Open House

‘13 RECAPProjects .................................. 21New Jobs ............................. 365Total Investment ...... $213,217,658Square Footage ...............339,660

500 Public Avenue | Beloit, WI 53511Direct: 608 364.6748JankeA@ci.beloit.wi.us

FOR MORE INFORMATION, CONTACT:Andrew Janke, CPMExecutive Director

The Gateway Business Park offers a central Midwest location with direct interstate access to Chicago, Minneapolis, and Milwaukee. Beloit is a community with a large and diverse workforce, as well as a rich industrial heritage.

A Joint Development BetweenThe City of Beloit & The Greater Beloit Economic Development Corporation

www.greaterbeloitworks.com

ASSOCIATED BANk

wOODMAN’S EXPANSION

CASEY’S GENERAL STORE

BELOIT HEALTH SYSTEMS CANCER CENTER

BELOIT INN RENOVATION (IRONwORkS HOTEL)

QDOBA MEXICAN GRILL AND RETAIL SPACE

2850 MILwAUkEE ROAD STRIP CENTER

IRONwORkS RENOVATION

BELOIT PRECISION EXPANSION

SOUTH BELOIT INN

CLARk STATION

U.S. CELLULAR

NORTHSTAR MEDICAL RADIOISOTOPES

DUPONT

Between completed and announced projects, the region can anticipate the creation of 365 new jobs, the addi-tion of 339,660 square feet, and pri-vate investment contributions totaling $213,217,000.

INDUSTRIAL LAND DEVELOPMENT SITE SELECTION

GBEDC’S FOCUS & INVESTORSOUR FOCUS The GBEDC organizes economic activities in the Greater Beloit area focusing on: Industrial and Commercial Development, Package Incentives, Marketing, and Job Training. The GBEDC acts as a liaison to resources that provide for business retention and expansion as well as new businesses, creating and retain-ing jobs while increasing the tax base. Acting as a voice for the business community, we facilitate professional partnerships with local government agencies, utility companies, realtors, and public and private entities. We also provide value-added services tailored to meet the needs of members and the community, including financial assistance.

OUR INVESTORS Our investors are community- focused organizations and individuals that support the organization’s mission to foster economic growth in the Greater Beloit area. As a public/private partnership, the GBEDC strives to be comprised of small and large employers, professional service and retail businesses, community organizations, and private individuals in the Greater Beloit area.

INVESTOR BENEFITS Recognition as a strong corporate citizen who supports professional economic develop-ment and a higher standard of living and quality of life for the Greater Beloit area. Networking opportunities with other busi-nesses to create, retain, and expand business opportunities and markets within the Greater Beloit area. Involvement in implementing new strategies that will strengthen and grow our community. Opportunity to serve on the Board of Directors. Investors may actively volunteer on one or more of the standing committees including: Loan and Finance, Recruitment/Investment, Strategic Planning, Business Development, and Business/ Education Partnership.

In September, the Rock County 5.0 Partners collaborated on hosting a Real Estate and Broker open house event that was held at the Ironworks Hotel in Beloit. Over 70 devel-opment professionals gathered to be introduced to the Rock County Development Team, learn about the trends and opportunities in the market place, sign MOU’s to become qualified to receive commissions on sales of qualified industrial sites in Rock County, and to view the premiere of our newest promotional video of Rock County Real Estate oppor-tunities.

Infrastructure development projects of note that were announced, began or were com-pleted in 2013 included:

THE wIDENING OF I-39/90 from 2 to 3 lanes from the Stateline to Madison is well into its design phase. The project will include the reconfiguration and reconstruction of the I-39/90 and I-43 interchange. Public meetings on the project will occur in late 2013. Construction is anticipated to begin in 2015 and is expected to be completed by 2021.

SHORELINE STABILIzATION along Riverside Park.

THE SCHOOL DISTRICT OF BELOIT CONTINUED wORk on several school renovation projects as part of their 2012-2013 $70 million facilities referendum.

One major development project completed in 2013 represented the creation of 9 new jobs, a total private investment of over $750,000, and added 8,000 square feet. That is:

METSO CORPORATION

Other development projects that are under construction, or have been announced in 2013 will add an additional 356 new jobs, result in the private investment of $212,467,000 and add an ad-ditional 331,660 square feet. These projects include:

THE PHOENIX PROjECT

CCI/BLACkHAwk TRANSPORT H.Q. PROjECT

PIGGLY wIGGLY

CHERRY TREE ASSISTED LIVING

FIRST NATIONAL BANk AND TRUST ANNEX BUILDING

UNIVERSAL AET

(THE YEAR IN REVIEW CONT.)

Phot

o So

urce

: Bel

oit D

aily

New

s

The Phoenix Project

Casey’s General Store

Piggly Wiggly

Associated Bank

2850 Milwaukee Road Strip Center

Clark StationwILLOwBROOk BUSINESS PARk: Willowbrook Business Park is located at the intersection of Willowbrook Rd. and E. State Line Rd. in Beloit, Wisconsin. We currently have a 31 acre parcel available for you to view at your convenience. For more information about this develop-ment, visit our website at www.greaterbeloitworks.com.

GATEwAY BUSINESS PARk: Gateway Business Park is a mixed-use park located to the east of I-90 and just south of I-43 in Beloit, Wisconsin. We currently have 229.5 acres available for development and for you to view at your conve-nience. This site is now desig-nated as Certified Shovel Ready. For more information about this designation and this develop-ment, visit our website at www.greaterbeloitworks.com.

www.greaterbeloitworks.com

‘13 COMMITTEES

EXECUTIVE COMMITTEE The Executive Committee shall be comprised of not more than eleven (11) members.

Joe Stadelman – Chair Keith Kruse – Vice Chair Ed Hansen – Secretary/Treasurer Larry Arft Jeff Klett Joel Patch Rick Bastian Rick Barder Mike Duffy

BUSINESS DEVELOPMENT COMMITTEE The Business Development Committee shall be comprised of not more than nine (9). Three (3) of whom shall be members of the Board of Directors.

Rick Bastian – Chair Kent Eymann John Franks Jeff Hazekamp Bill Lock Frank McKearn Mark Membrino Jerry Klobucar Alice Schoonover

INVESTMENT/RECRUIT-MENT COMMITTEE The Investment/Recruitment Committee shall be comprised of not more than seven (7) mem-bers. One (1) being designated the Chair of the Committee.

Jeff Klett – Chair Fred Buggs Keith Kruse Bill Lock Brian Mark Bill Mears Gene Ziemba

BUSINESS/EDUCATION PARTNERSHIP COMMITTEE The Business/Education Partnership Committee shall be comprised of a co-chairperson representing GBEDC and a co-chairperson representing the GBCC and no set maximum number of members.

Jim Agate – Co-Chair Rick Barder – Co-Chair

LOAN AND FINANCE COMMITTEE The Loan and Finance Committee shall be comprised of seven (7) members, at least three (3) of whom shall be Board members. No more than four (4) of these members shall be members of the financial services business sector.

Ed Hansen — Chair Rick Bastian Arlyn Erdmann Rob Gerbitz Tom Finley

NOMINATING COMMITTEE The Nominating Committee shall be comprised of the immediate past chair (Committee Chair) of the Board of Directors, and at least two (2) additional members.

John Nicholas – Chair Tom Barnes Rob Gerbitz

STRATEGIC PLANNING COMMITTEE The Strategic Planning Committee shall be comprised of the Chair of the Board, Vice Chair of the Board and six (6) additional members who shall be investors of the Corporation.

Joel Patch – Chair Keith Kruse Joe Stadelman Brian Wilson Gary Meier Shauna El-Amin

COMMITTEE REPORTS

INVESTMENT/RECRUITMENT COMMITTEE: We continue to add new members/investors in the Greater Beloit Economic Development Corporation (GBEDC). Our membership is vibrant and committed to the future develop-ment of the Greater Beloit Area. Members/Investors want to be part of the future and are actively involved in developing not only new business in the area but also the retention and expansion of existing businesses.

In addition to being part of the solution in expanding on the economic opportunities of the Greater Beloit community, members also realize the following:

Recognition as a supporter of economic development in the Greater Beloit Area.

Networking opportunities within the business community.

Involvement in developing and implementing new strategies that will strengthen and grow our community.

Opportunities to serve on the Board of Directors or committees.

Register your business on our website, a great way for new companies in the area to find out who you are. Also a great place to advertise.

Monthly E-Newsletters.

Participation in the annual meeting.

The stability and growth of our Members/Investors are the lifeblood of our organization and as we continue to grow, will bring us more new business and job opportunities in this wonderful place we call home.

—Jeffrey W. Klett, Committee Chair

LOAN AND FINANCE COMMITTEE: There currently are five (5) traditional loans outstanding, which total more than $171,000, as part of the City of Beloit’s Revolving Loan Fund (RLF) program. The original balances of these loans were $286,000, and all but one has been handled according to the terms of the loan agreement.

We approved one new loan of $30,000 to a downtown business. There are no current or pending applications and there remains over $271,000 available to be distributed to qualified City of Beloit businesses. Our loan applications, as well as other program details, are outlined on our web site page at www.greaterbeloitworks.com, making this information available to all potential loan applicants.

—Ed Hansen, Committee Chair

BUSINESS/EDUCATION PARTNERSHIP COMMITTEE: Our committee remains very active in supporting the local School Districts in their quest to give our future workers the tools needed to compete in the workforce. The 7th annual Business/Education Summit was held in August with the theme being “Workforce Devel-opment—Are You Ready.” The Lunch & Learn programs at Beloit Memorial High School, as well as Aldrich and McNeel Middle Schools, are being replaced by the new “Inspire Rock County” online Career Cruising Initiative. There will be more than 350 students at Beloit Memorial who will participate in this year’s Mock Interview Program. Plans for the 6th annual Reality Store are underway where students are given real-life scenarios and have to manage a household budget.

Our committee also will be partnering with the Greater Beloit Chamber of Commerce and The School District of Beloit on the Annual Career Fair. We will continue to support “Chal-lenge Day,” which is an anti-bullying and self-esteem program.

—Rick Barder & Jim Agate, Committee Co-Chairs

BUSINESS DEVELOPMENT COMMITTEE:As the economy continues to improve, the Greater Beloit area has benefitted from a number of commercial and industrial projects that have broadened its industrial base, enhanced employment opportunities for area residents, and supported transformational improvements in the urban gateways and city center.DuPont is nearing the end of its $30 million expansion project. Metso Paper has completed and Beloit Precision has started expansion plans in the I-90 Industrial Park. New projects involving the Beloit Health System, Cherry Tree Assisted Living, Piggly Wiggly and Casey’s General Store, among several, have provided millions of dollars of investment in the Beloit are.The transformation of downtown Beloit has received an enormous boost from the Phoenix Project which is nearing completion. The GBEDC’s partnership with Beloit 2020 and the Cities of Beloit and South Beloit on the Turtle Creek Corridor Redevelopment Plan should complement and enhance this and other develop-ment opportunities in the downtowns of both cities.

In the very competitive world of economic development, our committee has valued the importance of marketing. To enhance the look, feel and utility of our website and optimize our web presence, we have committed to a complete redesign of our website incorporating the latest technologies in website design, optimization and utilization measurement. New signs, brochures and advertise-ments tout the convenience and cost-effectiveness of the Gateway Business Park.With the help and commitment of a small, but dedicated staff, much has been accomplished. There is still much to do.

—Rick Bastian, Committee Chair

www.greaterbeloitworks.com

FINANCIAL REPORT‘13 Budget vs. Actual

FUTURE PROJECTIONS‘14 Proposed Budget

WISCONSIN ECONOMIC DEVELOPMENT & GROWTHWithin 500 miles of Beloit:

31 percent of the nation’s population

30 percent of all U.S. business operations

30 percent of the nation’s manufacturing companies

38 percent of all U.S. manufacturing volume

50 percent of the nation’s top 20 metro manufacturing centers

Businesses benefit from Greater Beloit’s strategic location. Our geographical location on the Illinois-Wisconsin border — midway between Lake Michigan and the Mississippi River — puts us in the center of the U.S.A.’s biggest market — the Midwest. Speedy access to these markets is provided by the area’s diversified transportation systems. Interstate Highways 39, 90, and 43 link the area with other Wisconsin and Illinois communities, as well as the rest of the nation.

We are in close proximity to two major cities; Chicago and Milwaukee both are within a two-hour drive. Greater Beloit offers ease of access to markets and suppliers. This is a highly significant factor in terms of freight costs and the increased emphasis on "Just-In-Time" production.

With its strategic location and access to markets, Greater Beloit continually plays a big role in Wisconsin public economic development. In short, Greater Beloit offers firms the right location to expand or establish a business.

INCOME Billboard Lease (Lamar) 4,500.00 4,500.00 4,500.00 4,500.00 4,500.00 4,500.00 Business Education Summit 5,500.00 5,000.00 2,500.00 2,167.44 5,471.29 0.00 Crop Lease 35,000.00 60,702.00 60,702.00 30,349.65 60,702.00 60,702.00 Interest Income 900.00 600.00 600.00 254.31 302.31 400.00 Investor Dues 66,000.00 63,000.00 66,000.00 61,050.00 64,050.00 65,000.00 Other Income 0.00 0.00 0.00 735.68 735.68 0.00 Rental Income—520 E. Grand 0.00 3,200.00 3,200.00 1,200.00 1,200.00 0.00 Total Income $111,900.00 $137,002.00 $137,502.00 $100,257.08 $136,961.28 $130,602.00

EXPENSE Accounting/Audit 4,000.00 4,500.00 4,700.00 5,094.20 5,094.20 5,000.00 Advertising & Marketing 5,000.00 5,000.00 7,500.00 9,318.83 10,000.00 12,000.00 Bus/ Educ Initiatives 0.00 0.00 0.00 0.00 0.00 0.00 • Financial Literacy 0.00 1,000.00 1,000.00 0.00 0.00 0.00 • Connections 1,200.00 1,000.00 1,000.00 780.30 780.30 0.00 • Summit 6,000.00 5,000.00 5,000.00 3,117.83 3,117.83 1,000.00 • ACT Funding 500.00 500.00 500.00 0.00 0.00 0.00 • BTC Funding 0.00 200.00 200.00 0.00 0.00 0.00 • Challenge Day 2,000.00 1,500.00 1,500.00 0.00 0.00 1,000.00 • Discretionary Fund 1,000.00 1,000.00 1,000.00 0.00 1,000.00 1,000.00 Contingency 0.00 0.00 0.00 0.00 0.00 0.00 Insurance—D&O 800.00 800.00 800.00 0.00 750.00 750.00 Insurance—Liability 2,600.00 2,600.00 2,600.00 2,859.00 2,859.00 2,900.00 Legal Fees, Filing Fee, Etc. 250.00 250.00 250.00 89.00 89.00 250.00 Loan Payment—FNB 11,980.00 11,980.00 11,980.00 9,369.14 11,238.94 11,220.00 Loan Payment—CDBG 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 Meals & Entertainment 500.00 500.00 500.00 212.05 350.00 500.00 Meeting Expense 500.00 500.00 500.00 0.00 200.00 500.00 Office Supplies/Printing/Mailing 5,500.00 5,500.00 5,500.00 283.05 2,300.00 5,500.00 Professional Services 12,620.00 12,620.00 12,000.00 10,812.00 11,380.00 10,000.00 Project Signs 1,000.00 1,000.00 1,000.00 0.00 0.00 1,000.00 Rent/Utilities 20,000.00 20,000.00 20,000.00 14,336.70 16,936.00 17,000.00 Repairs—520 E. Grand 2,000.00 2,000.00 2,000.00 657.28 857.28 2,000.00 Special Projects 0.00 15,000.00 20,000.00 7,250.00 9,450.00 20,000.00 Staff 22,000.00 24,000.00 26,400.00 19,800.00 26,400.00 26,400.00 Strategic Planning 0.00 0.00 1,000.00 0.00 0.00 2,000.00 Subscriptions & Reports 500.00 500.00 500.00 1,169.79 1,169.79 2,000.00 Training/Conference 4,000.00 4,000.00 4,000.00 2,195.00 2,700.00 4,000.00 Travel 3,000.00 3,000.00 3,000.00 888.23 1,500.00 3,000.00 Utilities—Signs 450.00 620.00 620.00 422.49 522.49 600.00 Marketing Professional 0.00 0.00 0.00 0.00 0.00 10,000.00 Website Design/SEO 0.00 0.00 0.00 0.00 0.00 14,500.00 Total Expense $108,900.00 $126,070.00 $136,550.00 $90,154.89 $110,194.83 $155,620.00

Net Income/(Loss) $3,000.00 $10,932.00 $952.00 $10,102.19 $26,766.45 ($25,018.00)

Balance Carried Forward $233,208.56 $268,931.70 $289,663.83 $306,328.09 $306,328.09

Total Available $244,140.56 $269,883.70 $299,766.02 $333,094.54 $281,310.09

Approved 2012

Annual Budget

Approved 2013

Annual Budget

Proposed 2014

Annual Budget

Projected Through Year-End

2013

Approved 2011

Annual Budget

BALANCE SHEET (As of October 31, 2013)

ASSETSCurrent Assets Checking/Savings CD #1 50,452.04 CD #2 50,375.69 CD #3 50,565.22 Checking #2—BMO 23,677.03 Money Market—BMO 114,593.85 Total Checking & Savings $289,663.83

Other Current Assets Prepaid Insurance 960.37 Total Other Current Assets 960.37

Total Current Assets $290,624.20

Fixed Assets 520 E. Grand—Equipment 6,612.74 Accumulated Depreciation (99,751.74) Building Improvements— 520 E. Grand (at cost) 190,873.00 Building— 520 E. Grand (at cost) 140,000.00 Computers & Related Items 5,175.00 Land— 520 E. Grand (at cost) 25,000.00 Software 3,200.00 Vision Beloit—Furniture 7,175.48 Total Fixed Assets $278,284.48

TOTAL ASSETS $568,908.68

LIABILITIES & EQUITYLong-Term Liabilities Contra Current Mat—FNB (1,869.80) Current Mat—FNB 1,869.80 N/P—City of Beloit 12,075.00 N/P—FNB 120,836.99 Total Long-Term Liabilities $132,911.99

TOTAL LIABILITIES $132,911.99

Equity Retained Earnings 421,695.21 Net Income 14,301.48 Total Equity $435,996.69

TOTAL LIABILITIES & EqUITY $ 568,908.68

INCOME Billboard Lease (Lamar) 0.00 4,500.00 4,500.00 Business Education Summit 65.00 2,500.00 2,167.44 Crop Lease 0.00 60,702.00 30,349.65 Interest Income 24.33 600.00 254.31 Investor Dues 0.00 66,000.00 61,050.00 Other Income 0.00 0.00 735.68 Rental Income—520 E. Grand 0.00 3,200.00 1,200.00 Total Income $89.33 $137,502.00 $100,257.08

EXPENSE Accounting/Audit 0.00 4,700.00 5,094.20 Advertising & Marketing 0.00 7,500.00 9,318.83 • Food Cluster Mktg* 0.00 0.00 0.00 Bus/Educ Initiatives 0.00 0.00 0.00 • Financial Literacy 0.00 1,000.00 0.00 • Connections 0.00 1,000.00 780.30 • Summit 0.00 5,000.00 3,117.83 • ACT Funding 0.00 500.00 0.00 • BTC Funding 0.00 200.00 0.00 • Challenge Day 0.00 1,500.00 0.00 • Discretionary Fund 0.00 1,000.00 0.00 Contingency 0.00 0.00 0.00 EDA Grant Match 0.00 0.00 0.00 Insurance—D&O 0.00 800.00 0.00 Insurance—Liability 0.00 2,600.00 2,859.00 Legal Fees, Filing Fee, Etc. 15.00 250.00 89.00 Loan Interest—FNB 385.16 11,980.00 6,669.85 Loan Payment #2—CDBG 0.00 1,500.00 0.00 Meals & Entertainment 0.00 500.00 212.05 Meeting Expense 0.00 500.00 0.00 Office Supplies 0.00 5,500.00 283.05 Professional Services 7,000.00 12,000.00 10,812.00 • Sub Area Plan* 0.00 0.00 0.00 Project Signs 0.00 1,000.00 0.00 Rent/Utilities 1,347.45 20,000.00 14,336.70 Repairs—520 E. Grand 0.00 2,000.00 657.28 • Furnace* 0.00 0.00 0.00 Special Projects 0.00 20,000.00 7,250.00 Staff 6,600.00 26,400.00 19,800.00 Strategic Plan 0.00 1,000.00 0.00 Subscriptions & Reports 0.00 500.00 1,169.79 Training/Conference 785.00 4,000.00 2,195.00 Travel 0.00 3,000.00 888.23 Utilities—Signs 49.80 620.00 422.49 UW Engineering Program 0.00 0.00 0.00 Total Expense $16,182.41 $136,550.00 $85,955.60

Net Income/(Loss) ($16,093.08) $952.00 $14,301.48

Net Cash Provided by Financing Activities $0.00 ($4,148.00)

Adjusted Net Income ($16,093.08) $10,153.48

2013 YTD

Actual

2013 Annual Budget

October 2013 Actual

2013YTD

Actual