Westmass Area Development Corp
- Assets
- $10.5m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Springfield, MA
- Founding
- 11/1961
- Data as of
- 12/2021
- EIN
- 04-6057343
Organization Overview
Westmass Area Development Corp is located in Springfield, MA. The organization was established in 1961. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, 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. Westmass Area Development Corp is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
SEE STATEMENT OTHE PURPOSES OF THE CORPORATION SHALL BE TO PROMOTE, STIMULATE, DEVELOP, AND ADVANCE THE BUSINESS PROSPERITY AND ECONOMIC WELFARE OF THE WESTERN MASSACHUSETTS REGION AND THE CITIZENS THEREOF; TO ENCOURAGE AND ASSIST, THROUGH LOANS, INVESTMENTS, OR OTHER BUSINESS TRANSACTIONS, THE LOCATION OF NEW BUSINESS AND INDUSTRY IN THE WESTERN MASSACHUSETTS REGION; TO REHABILITATE AND ASSIST EXISTING BUSINESS AND INDUSTRY; AND SO TO STIMULATE AND ASSIST IN THE EXPANSION OF ALL KINDS OF BUSINESS ACTIVITY WHICH WILL TEND TO PROMOTE THE BUSINESS DEVELOPMENT AND MAINTAIN THE ECONOMIC STABILITY OF THE WESTERN MASSACHUSETTS REGION, PROVIDE MAXIMUM OPPORTUNITIES FOR EMPLOYMENT, ENCOURAGE THRIFT, AND IMPROVE THE STANDARD OF LIVING OF ITS CITIZENS; AND SIMILARLY TO ENDEAVOR TO INCREASE AND DIVERSIFY INDUSTRY AND EMPLOYMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WESTMASS AREA DEVELOPMENT CORPORATION ADVANCES BUSINESS AND ECONOMIC PROSPERITY IN WESTERN MASSACHUSETTS THROUGH THE ACQUISITION, PERMITTING, AND DEVELOPMENT OF INDUSTRIAL AND BUSINESS RESOURCES. THESE RESOURCES INCLUDE INDUSTRIAL/BUSINESS PARKS AND COMPLEX AND COMPLICATED MILL/BROWNFIELD REDEVELOPMENT PROJECTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tripp Peake Treasurer | OfficerTrustee | 1 | $0 |
Daniel Burack Secretary | OfficerTrustee | 1 | $0 |
Antonio Dos Santos Chair | OfficerTrustee | 1 | $0 |
Aj Crane Vice Chair | OfficerTrustee | 1 | $0 |
Jeffrey Daley President | Officer | 40 | $0 |
Sister Mary Caritas Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
American Environmental Inc Environmental Remediation | 12/30/16 | $453,500 |
Economic Development Council Of Western Management Services | 12/30/16 | $444,743 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $624,800 |
| All other contributions, gifts, grants, and similar amounts not included above | $15,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $639,800 |
| Total Program Service Revenue | $178,825 |
| Investment income | $33 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$473,602 |
| 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 | $1,433,896 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,784,584 |
| 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 | $238,703 |
| Fees for services: Legal | $3,045 |
| Fees for services: Accounting | $8,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,967 |
| Office expenses | $67,863 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $78,552 |
| Travel | $3,959 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $77,975 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $14,393 |
| Insurance | $8,527 |
| All other expenses | $21,531 |
| Total functional expenses | $527,415 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $833,305 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $561,704 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $5,989,634 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $3,021,010 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $98,549 |
| Total assets | $10,504,202 |
| Accounts payable and accrued expenses | $593,772 |
| Grants payable | $0 |
| Deferred revenue | $78,891 |
| 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 | $4,753,014 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $106,657 |
| Total liabilities | $5,532,334 |
| Net assets without donor restrictions | $4,971,868 |
| 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 | $10,504,202 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Westmass Area Development Corp has recieved totaling $83,833.
| Awarding Organization | Amount |
|---|---|
Economic Development Council Of Western Massachusetts Inc Springfield, MA PURPOSE: TO PROVIDE ECONOMIC SUPPORT. | $83,833 |
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|---|---|---|
International Swaps And Derivatives Association Inc New York, NY | $118,665,756 | $65,806,525 |
Association Of National Advertisers Inc New York, NY | $38,717,598 | $50,547,394 |
Ll Global Inc Of Connecticut Windsor, CT | $82,107,687 | $49,999,799 |
Natural Diamond Council Usa Inc New York, NY | $2,361,726 | $45,450,043 |
Better Health For Northeast New York Inc Albany, NY | $1,699,036 | $0 |
Hamaspik Of Orange County Inc Monroe, NY | $56,250,916 | $69,931,985 |
International Association Of Privacy Professionals Portsmouth, NH | $95,531,598 | $42,238,853 |
International Council Of Shopping Centers Inc New York, NY | $167,282,013 | $15,292,706 |
Housing Works Inc Brooklyn, NY | $30,231,683 | $31,989,444 |
Key Human Services Inc Wethersfield, CT | $14,644,434 | $25,649,507 |
Network Inc Andover, CT | $11,161,726 | $23,443,256 |
Broadway Cares-Equity Fights Aids Inc New York, NY | $15,399,806 | $32,018,599 |