Valley Venture Mentoring Service Inc
- Assets
- $190.8k
- Revenue
- $278.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Springfield, MA
- Founding
- 04/1997
- Data as of
- 12/2021
- EIN
- 04-3268603
Organization Overview
Valley Venture Mentoring Service Inc is located in Springfield, MA. The organization was established in 1997. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Valley Venture Mentoring Service 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, Valley Venture Mentoring Service Inc generated $278.0k 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 (20.1%) each year. All expenses for the organization totaled $304.0k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (14.6%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
VVM EMPOWERS STARTUPS, CONNECTING THEM WITH THE RESOURCES THEY NEED TO SUCCEED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION ACCEPTED 70 STARTUP BUSINESS TEAMS AND PROVIDED A FORUM WHERE TEAMS DEVELOPED PRESENTATIONS AND RECEIVED ADVICE FROM A WIDE RANGE OF EXPERIENCED BUSINESS PEOPLE TO FURTHER THE DEVELOPMENT AND VIABILITY OF THEIR BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott W Foster Chairmain/clerk | OfficerTrustee | 2 | $0 |
Chris Bignell Treasurer/ceo | OfficerTrustee | 2 | $0 |
Hope Rose Gibaldi Executive Director | Officer | 40 | $0 |
Ruth Constantine Director | Trustee | 2 | $0 |
Jill Hambley Director | Trustee | 2 | $0 |
Dianne Fuller Doherty Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $132,771 |
| All other contributions, gifts, grants, and similar amounts not included above | $74,021 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $206,792 |
| Total Program Service Revenue | $0 |
| Investment income | $122 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $25,747 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $278,032 |
| 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 | $62,421 |
| Pension plan accruals and contributions | $3,469 |
| Other employee benefits | $17,217 |
| Payroll taxes | $5,383 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,315 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $33,228 |
| Advertising and promotion | $1,201 |
| Office expenses | $8,303 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $22,318 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,447 |
| Interest | $1,986 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $55,385 |
| Insurance | $4,342 |
| All other expenses | $6,815 |
| Total functional expenses | $304,011 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $200 |
| Savings and temporary cash investments | $11,657 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $45,535 |
| 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 | $396 |
| Net Land, buildings, and equipment | $132,977 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $190,765 |
| Accounts payable and accrued expenses | $45,959 |
| 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 | $50,000 |
| Total liabilities | $95,959 |
| Net assets without donor restrictions | $94,806 |
| 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 | $190,765 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Valley Venture Mentoring Service Inc has recieved totaling $70,350.
| Awarding Organization | Amount |
|---|---|
Economic Development Council Of Western Massachusetts Inc Springfield, MA PURPOSE: TO PROVIDE ECONOMIC SUPPORT. | $70,350 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Connecticut Institute For Communities Inc Danbury, CT | $23,773,882 | $36,794,150 |
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 |