Worcester Business Development Corporation
- Assets
- $18.4m
- Revenue
- $2.0m
- Investments
- $6.6m
- Employees
- 12
- Location
- Worcester, MA
- Founding
- 09/1966
- Data as of
- 12/2021
- EIN
- 04-2381829
Organization Overview
Worcester Business Development Corporation is located in Worcester, MA. The organization was established in 1966. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Worcester Business Development Corporation employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Worcester Business Development Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2021, Worcester Business Development Corporation generated $2.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (4.0%) each year. All expenses for the organization totaled $2.9m during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO SERVE AS AN INNOVATION AND LEADING FORCE IN THE ECONOMIC DEVELOPMENT OF THE CITY OF WORCESTER AND THE REGION, RESULTING IN JOB CREATION AND TAX BASED EXPANSION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ASSISTANCE TO SMALL BUSINESSES THROUGH THE FEDERAL 504 LOAN PROGRAM.
PROMOTION OF BUSINESS DEVELOPMENT IN THE GREATER WORCESTER REGION. WBDC ALSO ACQUIRES LAND FOR DEVELOPMENT TO BENEFIT THE COMMUNITY INCLUDING REDEVELOPMENT OF BROWNFIELD SITES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Craig L Blais President & | OfficerTrustee | 20 | $332,041 |
Roberta L Brien VP Of Projec | Officer | 20 | $211,570 |
Marina L Taylor Treasurer | OfficerTrustee | 1 | $0 |
Cheryl M Lapiore Chair | OfficerTrustee | 1 | $0 |
Christopher Mccarthy Assistant Tr | OfficerTrustee | 1 | $0 |
Robert J Hennigan Asst. Clerk | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $218,530 |
| 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 | $218,530 |
| Total Program Service Revenue | $1,158,993 |
| Investment income | $233,690 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $118,767 |
| Net Gain/Loss on Asset Sales | $186,059 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,969,639 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $67,000 |
| 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. | $272,292 |
| Compensation of current officers, directors, key employees. | $55,880 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $507,743 |
| Pension plan accruals and contributions | $130,199 |
| Other employee benefits | $49,077 |
| Payroll taxes | $51,980 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,072 |
| Fees for services: Accounting | $28,495 |
| Fees for services: Lobbying | $48,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $23,094 |
| Fees for services: Other | $6,624 |
| Advertising and promotion | $16,495 |
| Office expenses | $64,536 |
| Information technology | $18,410 |
| Royalties | $0 |
| Occupancy | $183,193 |
| Travel | $4,455 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,794 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $23,453 |
| Insurance | $24,852 |
| All other expenses | $19,496 |
| Total functional expenses | $2,914,958 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $173,238 |
| Savings and temporary cash investments | $444,327 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $56,596 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $9,030,799 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,721 |
| Net Land, buildings, and equipment | $419,301 |
| Investments—publicly traded securities | $299,559 |
| Investments—other securities | $6,622,133 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,317,437 |
| Total assets | $18,366,111 |
| Accounts payable and accrued expenses | $173,313 |
| Grants payable | $0 |
| Deferred revenue | $88,793 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $905,702 |
| Total liabilities | $1,167,808 |
| Net assets without donor restrictions | $17,198,303 |
| Net assets with donor restrictions | $0 |
| 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 | $18,366,111 |
Grants Awarded
Over the last fiscal year, Worcester Business Development Corporation has awarded $63,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Worcester, MA PURPOSE: CHALLENGE GRANT | $25,000 |
Worcester, MA PURPOSE: CAPITAL CAMPAIGN | $25,000 |
Beverly, MA PURPOSE: HOCKEY SCHOLARSHIP | $13,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Worcester Business Development Corporation has recieved totaling $1,250.
| Awarding Organization | Amount |
|---|---|
Pawtucket Red Sox James J Skeffington Charitable Foundation Pawtucket, RI PURPOSE: OPERATING SUPPORT | $1,250 |
Endowment Analysis
| Beg. Balance | $5,701,497 |
| Earnings | $920,636 |
| Ending Balance | $6,622,133 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Provport Inc Providence, RI | $45,314,013 | $11,716,204 |
Homestart Inc Boston, MA | $5,713,584 | $14,864,192 |
The Community Action Agency Of Western Connecticut Inc Danbury, CT | $3,614,776 | $12,103,732 |
Massachusetts Manufacturing Extension Partnership Inc Auburn, MA | $5,456,400 | $10,807,956 |
Greater Jamaica Development Corp Jamaica, NY | $43,416,674 | $8,397,998 |
South Bronx Overall Economic Development Corporation Bronx, NY | $11,273,834 | $9,485,057 |
Dorchester Bay Economic Development Corporation Dorchester, MA | $50,118,730 | $16,286,134 |
National Basketball Association Foundation New York, NY | $26,984,536 | $31,000,000 |
Rdc Commercial Center Inc Brooklyn, NY | $15,313,985 | $4,091,889 |
Grow America Fund Inc Brooklyn, NY | $143,748,091 | $12,181,976 |
Upper Manhattan Empowerment Zone Development Corporation New York, NY | $90,632,786 | $3,433,188 |
Hester Street Collaborative Inc New York, NY | $3,142,438 | $5,168,829 |