Developspringfield Corporation
- Assets
- $6.1m
- Revenue
- $166.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Springfield, MA
- Founding
- 03/2010
- Data as of
- 06/2022
- EIN
- 26-3862976
Organization Overview
Developspringfield Corporation is located in Springfield, MA. The organization was established in 2010. 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. Developspringfield 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, Developspringfield Corporation generated $166.7k 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 (29.7%) each year. All expenses for the organization totaled $196.3k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (20.2%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Developspringfield Corporation has awarded 14 individual grants totaling $890,009. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO AID DEVELOPMENT OR REDEVELOPMENT IN THE CITY OF SPRINGFIELD, MASSACHUSETTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ADVANCE DEVELOPMENT AND REDEVELOPMENT PROJECTS, TO STIMULATE AND SUPPORT ECONOMIC GROWTH, AND TO EXPEDITE THE REVITALIZATION PROCESS WITHIN THE CITY OF SPRINGFIELD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nicholas Frytrilakis Chair | OfficerTrustee | 2 | $0 |
J Jeffrey Sullivan Treasurer | OfficerTrustee | 2 | $0 |
Melinda Phelps Vice-Chair | OfficerTrustee | 1 | $0 |
Jose Claudio Clerk | OfficerTrustee | 2 | $0 |
Daniel Keenan Member | Trustee | 1 | $0 |
Brian Connors Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Historic Preservation Associates Renovation | 6/29/16 | $330,359 |
Studio One Incorporated Architectural Services | 6/29/16 | $170,000 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $159,940 |
| Investment income | -$16,978 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $23,690 |
| 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 | $166,652 |
| 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 | $24,000 |
| Fees for services: Legal | $24,367 |
| Fees for services: Accounting | $32,513 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $92 |
| Advertising and promotion | $0 |
| Office expenses | $891 |
| Information technology | $1,219 |
| Royalties | $0 |
| Occupancy | $31,146 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,387 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $45,013 |
| Insurance | $21,216 |
| All other expenses | $0 |
| Total functional expenses | $196,268 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $215,722 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $25,215 |
| 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 | $1,321,217 |
| Investments—publicly traded securities | $584,721 |
| Investments—other securities | $0 |
| Investments—program-related | $3,638,869 |
| Intangible assets | $0 |
| Other assets | $330,486 |
| Total assets | $6,116,230 |
| Accounts payable and accrued expenses | $65,772 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,600 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $667,204 |
| Unsecured mortgages and notes payable | $109,887 |
| Other liabilities | $0 |
| Total liabilities | $844,463 |
| Net assets without donor restrictions | $4,383,360 |
| Net assets with donor restrictions | $888,407 |
| 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 | $6,116,230 |
Grants Awarded
Over the last fiscal year, Developspringfield Corporation has awarded $20,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
276 BRIDGE LLC - SPRINGFIELD INNOVATION CENTER PURPOSE: STATE GRANT EARMARKED FOR SPRINGFIELD INNOVATION CENTER | $10,000 |
276 BRIDGE LLC - SPRINGFIELD INNOVATION CENTER PURPOSE: STATE GRANT EARMARKED FOR SPRINGFIELD INNOVATION CENTER | $10,000 |