Springfield Regional Development Corporation
- Assets
- $3.7m
- Revenue
- $510.7k
- Investments
- $0.0
- Employees
- 8
- Location
- Springfield, VT
- Founding
- 09/1993
- Data as of
- 06/2024
- 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 06/2024, Springfield Regional Development Corporation employed 8 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 06/2024, Springfield Regional Development Corporation generated $510.7k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.1%) each year. All expenses for the organization totaled $446.1k during the year ending 06/2024. As we would expect to see with falling revenues, expenses have declined by (4.1%) per year over the past 8 years. 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
2024
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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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Doug Gurney President | OfficerTrustee | 0 | $0 |
Patti Putnam Vice President | OfficerTrustee | 0 | $0 |
Dale Williamson Director | Trustee | 0 | $0 |
Robert Flint Executive Director | Officer | 40 | $100,769 |
Nathaniel Cobb Secretary/treasurer | OfficerTrustee | 0 | $0 |
Rick Bibens Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $28,649 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $343,050 |
| 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 | $371,699 |
| Total Program Service Revenue | $52,325 |
| Investment income | $43,296 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$60,401 |
| Net Gain/Loss on Asset Sales | $100,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $510,661 |
| 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. | $103,062 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $173,447 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $23,348 |
| Payroll taxes | $27,539 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $22,555 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $4,160 |
| Office expenses | $6,975 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $33,990 |
| Travel | $7,242 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,819 |
| All other expenses | $5,620 |
| Total functional expenses | $446,087 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $569,252 |
| Savings and temporary cash investments | $514,816 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $136,680 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $556,216 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $13,969 |
| Net Land, buildings, and equipment | $1,912,031 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,702,964 |
| Accounts payable and accrued expenses | $84,182 |
| 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 | $1,778,588 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $915,000 |
| Total liabilities | $2,777,770 |
| Net assets without donor restrictions | $435,351 |
| Net assets with donor restrictions | $489,843 |
| 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 | $3,702,964 |