North Shore Alliance For Economic Development Inc
- Assets
- $216.4k
- Revenue
- $315.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Salem, MA
- Founding
- 09/2013
- Data as of
- 06/2022
- EIN
- 26-4232076
Organization Overview
North Shore Alliance For Economic Development Inc is located in Salem, MA. The organization was established in 2013. 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. North Shore Alliance For Economic Development Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2022, North Shore Alliance For Economic Development Inc generated $315.5k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 26.9% each year . All expenses for the organization totaled $129.3k during the year ending 06/2022. While expenses have increased by 6.8% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
NORTH SHORE ALLIANCE FOR ECONOMIC DEVELOPMENT, INC. WAS FORMED BY BUSINESS, INSTITUTIONAL AND GOVERNMENT OFFICIALS TO CREATE INCREASED ECONOMIC OPPORTUNITY IN THE THIRTY COMMUNITIES THAT COMPRISE BOSTON'S NORTH SHORE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ALLIANCE'S SMALL BUSINESS TECHNICAL ASSISTANCE AND EDUCATIONAL PROGRAMS INCLUDE: ALLIANCE POLICYMAKERS SERIES, BUSINESS CLINICS PARTNERING THE MASSACHUSETTS OFFICE OF BUSINESS DEVELOPMENT AND THE ENTERPRISE CENTER.THE NORTH SHORE ALLIANCE FOR ECONOMIC DEVELOPMENT PRODUCES AND HOSTS A NEW WEEKLY RADIO SHOW CALLED NORTH SHORE CONVERSATIONS. THIS NEW INITIATIVE FEATURES REGIONAL LEADERS DISCUSSING ISSUES FACING AND IMPACTING THE NORTH SHORE. LISTENERS ARE PROVIDED WITH INFORMATION AND INSIGHT TO LEARN MORE ABOUT THE REGION.
THE ALLIANCE COMMISSIONED THE CENTER FOR ECONOMIC DEVELOPMENT & SUSTAINABILITY (CEDS) AT SALEM STATE UNIVERSITY TO PRODUCE THE NORTH SHORE REGION BUSINESS SNAPSHOT REPORT. THE ALLIANCE WILL USE AND SHARE THIS CLEAR AND COMPELLING DATA TO ADVANCE ITS ECONOMIC DEVELOPMENT EFFORTS THAT PROMOTE ECONOMIC SUSTAINABILITY AND GROWTH.
THE ALLIANCE ALSO PARTICIPATES IN THE GOVERNOR'S WORKFORCE SKILLS CABINET AS A A MEMBER OF THE NORTH EAST REGIONAL PLANNING TEAM AND REGIONAL LABOR MARKET BLUEPRINT PRESENTATION TEAM. THE MASSACHUSETTS WORKFORCE SKILLS CABINET ALIGNS THE EXECUTIVE OFFICES OF EDUCATION, LABOR AND WORKFORCE DEVELOPMENT, AND HOUSING AND ECONOMIC DEVELOPMENT TOWARD A COMREHENSIVE ECONOMIC GROWTH AGENDA.
THE ALLIANCE SUPPORTS REGIONAL BUSINESS RECRUITMENT, RETENTION, GROWTH AND COORDINATION WITH THE FOLLOWING ACTIVITIES: CONVENING QUARTERLY MEETING OF CITY/TOWN PLANNERS AND ECONOMIC/COMMUNITY DEVELOPMENT DIRECTORS; OFFERING 5 PARTNERSHIP INITIATIVES WITH MOBD; PARTNERING ON THE 2020 NORTH OF BOSTON BUSINESS PLAN PROGRAM & COMPETITION TO IDENTIFY AND SUPPORT NEW BUSINESS CREATION; UPDATING REGIONAL PRIORITY DEVELOPMENTS & DOWNTOWN DISTRICTS SITE LISTING FOR NORTH SHORE CITIES AND TOWNS; PROMOTING REGIONAL ACTIVITIES THROUGH ALLIANCE WEEKLY NEWSLETTER, WEBSITE, CALENDAR OF REGIONAL EVENTS & FORUMS AND SOCIAL MEDIA; AND DEVELOPING AND FOSTERING REGIONAL PARTNERSHIPS.THE ALLIANCE BUSINESS SUPPORT IN FY22 INCLUDED SMALL BUSINESS WORKSHOPS OFFERED RANGING FROM TOPICS INCLUDING: CAPITAL, CASHFLOW, E-COMMERCE, LOANS, BUSINESS PLANS, STATE CERTIFICATION, MARKETING, ANDINTRODUCTIONS TO STATE AND FEDERAL RESOURCES INCLUDING COVID-19 RESOURCES INFORMATION THROUGH WORKSHOPS.THE NORTH SHORE ALLIANCE FOR ECONOMIC DEVELOPMENT FOCUSED ITS FY22 EFFORTS ON THE FUTURE OF WORK THROUGH REGIONAL READINESS, REVITALIZATION AND SMALL BUSINESS SUPPORT TO THE 30 COMMUNITIES (INCLUDING FOUR GATEWAY CITIES) IT SERVES THROUGH ITS EXISTING/EXPANDED OFFERINGS, NEW PROGRAM INITIATIVES AND STRATEGIC REGIONAL PARTNERSHIPS.THE ALLIANCE'S FY22 REDO GRANT ALIGNED ITS WORK TO SUPPORT AND COMPLIMENT THE COMMONWEALTH'S PARTNERSHIP FOR GROWTH AND PARTNERSHIP FOR RECOVERY PRIORITIES.OUT FY22 REDO GRANT WORK FOCUSED ON FIVE(5) AREAS: REGIONAL ECONOMIC DATA, SMALL BUSINESS SUPPORT/EQUITY/COMPETITIVENESS, WORKFOCE DEVELOPMENT & TRAINING, REGIONAL REVITALIZATION AND REGIONAL COMMUNICATION.PROGRAMS TO SUPPORT THESE FIVE ARES INCLUDED: COVID-19 BUSINESS IMPACT & FOCUS GROUP, ONLINE REGIONAL DIVERSITY DIRECTORY, SMALL BUSINESS RESOURCE WEBINARS, SMALL BUSINESS CLINICS, MOBD PARTNERSHIP INITIATIVES, REGIONAL WORKFORCE HEAT MAPPING & FACILITATED ANALYSIS, JOB FAIRS, ONLINE PRIORITY DEVELOPMENT SITE LISTING IMPROVEMENT, QUARTERLY ECONOMIC DEVELOPMENT DIRECTORS & COMMUNITY PLANNERS MEETINGS AND STRATEGIC PARTNERSHIP ECONOMIC DEVELOPMENT PROJECTS.THE ALLIANCE'S REDO GRANT FUNDING FOR FY22 TOTALLED $360,000 ($60,000 ALLIANCE AND $300,000 FOR FOR REGIONAL PARTNERSHIP PROJECTS) TO CONTINUE ITS IMPACTFUL WORK ON THE NORTH SHORE AND LOWER MERRIMACK VALLEY THAT HAS BENEFITTED THE REGION DURING THIS STABILIZATION AND REVOVERY PERIOD IN PROCESS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Cahill Director | Trustee | 0 | $0 |
Ted Bettencourt Director | Trustee | 0 | $0 |
Michael Harrington Director | Trustee | 0 | $0 |
David Morales Director | Trustee | 0 | $0 |
Jared Nicholson Director | Trustee | 0 | $0 |
Mary Sarris Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $41,022 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $274,500 |
| 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 | $315,522 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $315,522 |
| 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 | $0 |
| Fees for services: Legal | $1,300 |
| Fees for services: Accounting | $4,950 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $35,373 |
| Advertising and promotion | $18,485 |
| Office expenses | $513 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $18,000 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $1,582 |
| All other expenses | $0 |
| Total functional expenses | $129,263 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $215,634 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $761 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $216,395 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $216,395 |
| 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 | $216,395 |
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