Main South Community Development Corporation
- Assets
- $15.0m
- Revenue
- $3.4m
- Investments
- $0.0
- Employees
- 16
- Location
- Worcester, MA
- Founding
- 02/2011
- Data as of
- 06/2022
- EIN
- 04-2921465
Organization Overview
Main South Community Development Corporation is located in Worcester, MA. The organization was established in 2011. 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, Main South Community Development Corporation employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Main South Community Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Main South Community Development Corporation generated $3.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $2.9m during the year ending 06/2022. 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
TO PARTICIPATE IN THE PROMOTION AND DEVELOPMENT OF AFFORDABLE HOUSING AND ECONOMIC DEVELOPMENT IN THE MAIN SOUTH AREA OF WORCESTER, MASSACHUSETTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MANAGEMENT OF AFFORDABLE HOUSING PREVIOUSLY ACQUIRED AND DEVELOPED.
ECONOMIC DEVELOPMENT AND REHABILITATION OF AFFORDABLE HOUSING IN THE MAIN SOUTH AREA OF WORCESTER, MA.
NEIGHBORHOOD REVITILIZATION AREA OF WORCESTER, MA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
J Stephen Teasdale Executive Director | Officer | 37.5 | $131,537 |
Hilda Ramirez President | OfficerTrustee | 0.5 | $0 |
Jennifer Plante Clerk | OfficerTrustee | 0.5 | $0 |
Ike Mcbride Director | Trustee | 0.5 | $0 |
Lynnel Reed Director | Trustee | 0.5 | $0 |
Deborah Sanchez Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $455,258 |
| All other contributions, gifts, grants, and similar amounts not included above | $356,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $811,758 |
| Total Program Service Revenue | $2,297,304 |
| Investment income | $295 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $269,452 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,407,145 |
| 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. | $137,823 |
| Compensation of current officers, directors, key employees. | $27,325 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $571,201 |
| Pension plan accruals and contributions | $21,232 |
| Other employee benefits | $73,576 |
| Payroll taxes | $57,660 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $47,593 |
| 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 | $108,491 |
| Advertising and promotion | $0 |
| Office expenses | $76,011 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $15,261 |
| Interest | $462,796 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $412,731 |
| Insurance | $101,879 |
| All other expenses | $73,918 |
| Total functional expenses | $2,936,022 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $706,409 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $90,003 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,241,672 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $975 |
| Net Land, buildings, and equipment | $9,656,862 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,314,201 |
| Total assets | $15,010,122 |
| Accounts payable and accrued expenses | $320,569 |
| 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 | $9,174,004 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $342,348 |
| Total liabilities | $9,836,921 |
| Net assets without donor restrictions | $3,808,217 |
| Net assets with donor restrictions | $1,364,984 |
| 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 | $15,010,122 |
Grants Recieved
Over the last fiscal year, we have identified 10 grants that Main South Community Development Corporation has recieved totaling $311,763.
| Awarding Organization | Amount |
|---|---|
Worcester County Food Bank Inc Shrewsbury, MA PURPOSE: EMERGENCY GRANT/COVID 19 GRANT | $75,000 |
Local Initiatives Support Corporation New York, NY PURPOSE: SEE PART IV | $66,763 |
Greater Worcester Community Foundation Inc Worcester, MA PURPOSE: OPERATING SUPPORT | $50,000 |
Stoddard Charitable Trust Worcester, MA PURPOSE: GENERAL OPERATING SUPPORT FOR FY 202 | $40,000 |
Fletcher Foundation Worcester, MA PURPOSE: GENERAL OPERATING SUPPORT FOR FY 202 | $30,000 |
George I Alden Trust Worcester, MA PURPOSE: TO FURTHER EDUCATION | $15,000 |
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 |
Connecticut Economic Resource New Haven, CT | $3,997,158 | $4,805,353 |
Greater New Bedford Workforce Investment Board Inc New Bedford, MA | $1,194,439 | $3,887,016 |