Worcester Area Business Education Foundation Inc
- Assets
- $871.8k
- Revenue
- $761.8k
- Investments
- $213.0k
- Employees
- 0
- Location
- Worcester, MA
- Founding
- 08/1995
- Data as of
- 12/2021
- EIN
- 04-3265642
Organization Overview
Worcester Area Business Education Foundation Inc is located in Worcester, MA. The organization was established in 1995. According to its NTEE Classification (A99) the organization is classified as: Arts, Culture & Humanities N.E.C., under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Worcester Area Business Education Foundation Inc 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 12/2021, Worcester Area Business Education Foundation Inc generated $761.8k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 62.5% each year . All expenses for the organization totaled $413.4k during the year ending 12/2021. While expenses have increased by 19.2% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SUPPORT THE CHARITABLE PURPOSES OF THE WORCESTER REGIONAL CHAMBER OF COMMERCE (THE CHAMBER) BY: 1) DEVELOPING AND DELIVERING EDUCATIONAL PROGRAMS AND SERVICES TO THE CHAMBER, ITS AFFILIATES, LOCAL BUSINESS COMMUNITY AND GENERAL PUBLIC; AND 2) LESSENING THE BURDENS OF GOVERNMENT BY COMBATTING COMMUNITY DETERIORATION AND ENABLING ECONOMIC DEVELOPMENT BY SUPPORTING DISTRESSED AREAS WITHIN THE SERVICE AREAS OF THE CHAMBER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WORCESTER REGIONAL STRATEGIC OPPORTUNITIES FOUNDATION (THE FOUNDATION) PROVIDES EDUCATIONAL PROGRAMS TO THE MEMBERSHIP OF THE CHAMBER AND THE LOCAL BUSINESS COMMUNITY.
THE FOUNDATION PROVIDES ADMINISTRATIVE, FINANCIAL AND PERSONNEL SERVICES TO ORGANIZATIONS WHOSE PURPOSES ARE CONSISTENT WITH THE FOUNDATION'S UNDER FISCAL SPONSORSHIP AGREEMENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Satya Mitra Treasurer/director | OfficerTrustee | 2 | $0 |
Demitrios M Moschos Chair/director | OfficerTrustee | 2 | $0 |
Katherine Bagdis Vice Chair | OfficerTrustee | 2 | $0 |
Eric Torkornoo Clerk/director | OfficerTrustee | 2 | $0 |
Timothy P Murray President | Officer | 4 | $0 |
Kola Akindele Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $655,770 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $655,770 |
| Total Program Service Revenue | $106,873 |
| Investment income | $1,697 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$2,566 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $761,774 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $219,039 |
| Fees for services: Legal | $0 |
| 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 | $37,011 |
| Advertising and promotion | $28,552 |
| Office expenses | $2,117 |
| Information technology | $3,109 |
| Royalties | $0 |
| Occupancy | $29,843 |
| Travel | $13,608 |
| 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 | $7,990 |
| Insurance | $4,901 |
| All other expenses | $1,808 |
| Total functional expenses | $413,425 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $433,288 |
| Savings and temporary cash investments | $44,373 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $51,806 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $123,969 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $213,044 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,355 |
| Total assets | $871,835 |
| Accounts payable and accrued expenses | $24,765 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $107,929 |
| Total liabilities | $132,694 |
| Net assets without donor restrictions | $1,447 |
| Net assets with donor restrictions | $737,694 |
| 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 | $871,835 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Worcester Area Business Education Foundation Inc has recieved totaling $250,000.
| Awarding Organization | Amount |
|---|---|
Health Foundation Of Central Massachusetts Inc Worcester, MA PURPOSE: WORCESTER REGIONAL FOOD HUB, YEAR 5 | $250,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Minority Supplier Development Council Inc New York, NY | $14,151,024 | $19,123,388 |
All Stars Project Inc New York, NY | $22,721,562 | $11,310,796 |
The Hyams Foundation Inc Boston, MA | $163,844,341 | $20,347,329 |
Neighborhood Trust Financial Partners Inc New York, NY | $10,875,094 | $7,150,796 |
African Services Committee Inc New York, NY | $2,169,110 | $5,702,295 |
Urban Arts Partnership New York, NY | $4,790,105 | $5,921,037 |
Artpark & Company Inc Lewiston, NY | $3,327,523 | $5,321,157 |
Education Through Music Inc New York, NY | $3,082,173 | $4,504,496 |
Ridgefield Playhouse For Movies And The Performing Arts Inc Ridgefield, CT | $15,840,106 | $10,052,125 |
City Access New York Staten Island, NY | $3,686,366 | $4,897,308 |
Partnership Inc Boston, MA | $5,653,072 | $4,577,511 |
Multicultural Aids Coalition Inc Roxbury, MA | $1,116,469 | $3,034,089 |