Springfield Regional Development Corporation
- Assets
- $3.6m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 9
- Location
- Springfield, VT
- Founding
- 09/1993
- Data as of
- 06/2022
- EIN
- 03-0333399
Organization Overview
Springfield Regional Development Corporation is located in Springfield, VT. The organization was established in 1993. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Springfield Regional Development Corporation employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Springfield Regional Development Corporation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2022, Springfield Regional Development Corporation generated $1.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 12.3% each year . All expenses for the organization totaled $957.9k during the year ending 06/2022. While expenses have increased by 6.3% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
REGIONAL DEVELOPMENT CENTER TO COORDINATE PUBLIC AND PRIVATE EFFORTS TO BRING NEW JOBS AND INDUSTRY TO THE REGION; TO REHABILITATE FORMER MANUFACTURING FACILITIES AND PUT
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO COORDINATE PUBLIC AND PRIVATE EFFORTS TO BRING NEW JOBS AND INDUSTRY TO THE REGION; TO REHABILITATE FORMER MANUFACTURING FACILITIES AND PUT THEM BACK INTO SERVICE.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Flint Executive Director | Officer | 40 | $94,040 |
Doug Gurney President | OfficerTrustee | 0 | $0 |
Patti Putnam Vice President | OfficerTrustee | 0 | $0 |
Nathan Cobb Secretary/treasurer | OfficerTrustee | 0 | $0 |
Dale Williamson Member At Large | Trustee | 0 | $0 |
Bob Kendall Member At Large | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $30,649 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $673,074 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $703,723 |
| Total Program Service Revenue | $510,334 |
| Investment income | $21,815 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$143,625 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,257,207 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $94,040 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $196,513 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $16,434 |
| Payroll taxes | $19,609 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,800 |
| Fees for services: Accounting | $14,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $50,000 |
| Advertising and promotion | $3,970 |
| Office expenses | $6,495 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $172,289 |
| Travel | $3,356 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $59,728 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $72,136 |
| Insurance | $33,553 |
| All other expenses | $24,609 |
| Total functional expenses | $957,948 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $636,520 |
| Savings and temporary cash investments | $398,217 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $73,724 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $538,032 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $18,768 |
| Net Land, buildings, and equipment | $1,906,491 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,571,752 |
| Accounts payable and accrued expenses | $60,200 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,747,887 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $915,000 |
| Total liabilities | $2,723,087 |
| Net assets without donor restrictions | $463,332 |
| Net assets with donor restrictions | $385,333 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $3,571,752 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Springfield Regional Development Corporation has recieved totaling $25,115.
| Awarding Organization | Amount |
|---|---|
Brattleboro Development Credit Corporation Brattleboro, VT PURPOSE: GRANT ASSISTANCE | $25,115 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Greater Boston Convention And Tourist Bureau Inc Boston, MA | $3,175,283 | $8,778,402 |
Granite State Economic Development Corp Portsmouth, NH | $20,832,618 | $9,324,758 |
Structured Employment Economic Development Corporation New York, NY | $3,440,081 | $6,983,803 |
Nybdc Local Development Corporation Albany, NY | $39,799,179 | $11,401,541 |
Venture For America Inc New York, NY | $3,605,973 | $6,866,605 |
Trufund Financial Services Inc New York, NY | $14,181,328 | $2,317,905 |
Griffiss Local Development Corporation Rome, NY | $28,823,478 | $3,861,279 |
Metrotech Area District Management Association Inc Brooklyn, NY | $3,270,355 | $4,991,826 |
Kiryas Joel Municipal Local Development Corporation Monroe, NY | $2,561,042 | $4,665,324 |
Greater New Bedford Workforce Investment Board Inc New Bedford, MA | $1,194,439 | $3,887,016 |
West Harlem Development Corporation New York, NY | $61,321,755 | $1,156,663 |