Form 990 for tax year 2025
Filed by WORCESTER BUSINESS DEVELOPMENT CORPORATION.
Totals
- Total revenue
- $1,756,667
- Total expenses
- $1,771,782
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $1,304,550
- Investment income
- $327,402
- Other revenue
- $124,715
- Total assets, end of year
- $19,742,873
- Total liabilities, end of year
- $933,216
- Net assets or fund balances, end of year
- $18,809,657
- Program services expenses (Part IX)
- $1,554,643
- Management and general expenses
- $217,139
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $1,554,643
Program services were 87.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
2a · Program service revenue: PROFESSIONAL SERVICE FEES
total $805,843 · related or exempt $805,843
-
2b · Program service revenue: SBA REVENUE
total $405,742 · related or exempt $405,742
-
2c · Program service revenue: ANNUAL MEETING
total $92,965 · related or exempt $92,965
-
3 · Investment income
total $327,402 · related or exempt $159,607 · excluded $167,795
-
6a · Gross rents
real property $124,615
-
6c · Rental income or loss
real property $124,615
-
6d · Net rental income or loss
total $124,615 · excluded $124,615
-
11a · Other revenue: OTHER INCOME
total $100 · excluded $100
-
11e · Other revenue, total
$100
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $366,019 · program services $333,369 · management and general $32,650
-
7 · Other salaries and wages
total $326,059 · program services $279,107 · management and general $46,952
-
8 · Pension plan contributions
total $76,615 · program services $65,582 · management and general $11,033
-
9 · Other employee benefits
total $65,198 · program services $55,809 · management and general $9,389
-
10 · Payroll taxes
total $50,005 · program services $42,804 · management and general $7,201
-
11b · Fees: legal
total $18,113 · program services $15,396 · management and general $2,717
-
11c · Fees: accounting
total $18,741 · program services $15,930 · management and general $2,811
-
11d · Fees: lobbying
total $48,000 · program services $48,000
-
11f · Fees: investment management
total $24,943 · program services $24,943
-
11g · Fees: other
total $19,475 · program services $16,554 · management and general $2,921
-
12 · Advertising and promotion
total $18,160 · management and general $18,160
-
13 · Office expenses
total $67,164 · program services $47,014 · management and general $20,150
-
14 · Information technology
total $27,203 · program services $21,762 · management and general $5,441
-
16 · Occupancy
total $164,049 · program services $131,239 · management and general $32,810
-
17 · Travel
total $15,883 · program services $11,912 · management and general $3,971
-
19 · Conferences, conventions and meetings
total $85,859 · program services $81,919 · management and general $3,940
-
22 · Depreciation, depletion and amortization
total $33,192 · program services $26,553 · management and general $6,639
-
23 · Insurance
total $14,429 · program services $7,214 · management and general $7,215
-
24a · Other expenses: SBA LOAN SERVICE FEES
total $239,115 · program services $239,115
-
24b · Other expenses: COMMUNITY SPONSORSHIPS
total $67,921 · program services $67,921
-
24c · Other expenses: BAD DEBT EXPENSE
total $22,500 · program services $22,500
-
24d · Other expenses: MISCELLANEOUS
total $3,139 · management and general $3,139
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $115,641 · end of year $52,816
-
2 · Savings and temporary cash investments
beginning of year $489,986 · end of year $85,243
-
4 · Accounts receivable
beginning of year $51,017 · end of year $61,870
-
7 · Other notes and loans receivable
beginning of year $10,629,606 · end of year $11,249,921
-
9 · Prepaid expenses and deferred charges
beginning of year $2,851 · end of year $2,485
-
10a · Land, buildings and equipment: cost or other basis
$858,037
-
10b · Land, buildings and equipment: accumulated depreciation
$459,797
-
10c · Land, buildings and equipment, net
beginning of year $402,969 · end of year $398,240
-
11 · Investments: publicly traded securities
beginning of year $497,559 · end of year $568,059
-
12 · Investments: other securities
beginning of year $6,430,443 · end of year $7,114,527
-
15 · Other assets
beginning of year $315,123 · end of year $209,712
-
17 · Accounts payable and accrued expenses
beginning of year $144,255 · end of year $143,831
-
25 · Other liabilities
beginning of year $822,609 · end of year $789,385
-
27 · Net assets without donor restrictions
beginning of year $17,968,331 · end of year $18,809,657
Mission and programs · 2025
Mission
THE WORCESTER BUSINESS DEVELOPMENT CORPORATION (WBDC) IS A PRIVATE, NON- PROFIT BUSINESS ORGANIZATION WITH A PUBLIC PURPOSE MISSION TO SERVE AS AN INNOVATION AND LEADING FORCE IN THE ECONOMIC DEVELOPMENT OF THE CITY OF WORCESTER AND THE REGION, RESULTING IN JOB CREATION AND TAX BASE EXPANSION.
Activities or mission (Part I)
TO SERVE AS AN INNOVATION AND LEADING FORCE IN THE ECONOMIC DEVELOPMENT OF THE CITY OF WORCESTER AND THE REGION, RESULTING IN JOB CREATION AND TAX BASED EXPANSION.
-
PROVIDE ASSISTANCE TO SMALL BUSINESSES THROUGH THE FEDERAL 504 LOAN PROGRAM.
Expenses $289,438 · Revenue $405,742
-
PROMOTION OF BUSINESS DEVELOPMENT IN THE GREATER WORCESTER REGION. WBDC ALSO ACQUIRES LAND FOR DEVELOPMENT TO BENEFIT THE COMMUNITY INCLUDING REDEVELOPMENT OF BROWNFIELD SITES.
Expenses $1,265,205 · Revenue $898,808
As filed on the 2025 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Craig L BlaisCRAIG L BLAIS
PRESIDENT &
- Total calculated
- $441,126
- From this org
- $391,887
- From related orgs
- $0
- Other
- $49,239
- Hours/week
- 20 + 20 related
Schedule J breakdown matched by us
- Base
- $361,294
- Bonus
- $25,000
- Other
- $5,593
- Deferred
- $47,529
- Nontaxable benefits
- $3,092
- Filer's total
- $441,126
-
Stephan M RodolakisSTEPHAN M RODOLAKIS
CHAIR
- Total calculated
- $0
- Hours/week
- 2
-
Jessica L RoyceJESSICA L ROYCE
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 2
-
Marina L TaylorMARINA L TAYLOR
TREASURER
- Total calculated
- $0
- Hours/week
- 2
-
Robert J MortonROBERT J MORTON
ASST. TREASU
- Total calculated
- $0
- Hours/week
- 2
-
David E SuprenantDAVID E SUPRENANT
CLERK
- Total calculated
- $0
- Hours/week
- 2
-
Michael J O'HaraMICHAEL J O'HARA
ASST CLERK
- Total calculated
- $0
- Hours/week
- 2
-
Monica AryiteyMONICA ARYITEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Todd M BaileyTODD M BAILEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Eric A BusenburgERIC A BUSENBURG
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Michael CovinoMICHAEL COVINO
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Mary T DeanMARY T DEAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Eric L GoodwineERIC L GOODWINE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Robert J HenniganROBERT J HENNIGAN
NGP/PROJECT
- Total calculated
- $0
- Hours/week
- 1
-
Dennis F KerriganDENNIS F KERRIGAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Corinne MaleskiCORINNE MALESKI
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Elizabeth M McTigueELIZABETH M MCTIGUE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Renee A Mikitarian-BradleyRENEE A MIKITARIAN-BRADLEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Timothy P MurrayTIMOTHY P MURRAY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Stephanie RameySTEPHANIE RAMEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Daniel Rea IIIDANIEL REA III
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Sean M RoseSEAN M ROSE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Emily M SricharoenchaikitEMILY M SRICHAROENCHAIKIT
INVESTMENT C
- Total calculated
- $0
- Hours/week
- 1
-
Morgan SteacyMORGAN STEACY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jill WhittredgeJILL WHITTREDGE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Roberta L BrienROBERTA L BRIEN
VP OF PROJEC
- Total calculated
- $352,216
- From this org
- $306,726
- From related orgs
- $0
- Other
- $45,490
- Hours/week
- 20 + 20 related
Schedule J breakdown matched by us
- Base
- $284,768
- Bonus
- $20,000
- Other
- $1,958
- Deferred
- $42,567
- Nontaxable benefits
- $4,305
- Filer's total
- $352,216
-
Kathleen Kelleher CPA MstKATHLEEN KELLEHER CPA MST
CFO
- Total calculated
- $254,436
- From this org
- $194,471
- From related orgs
- $0
- Other
- $59,965
- Hours/week
- 20 + 20 related
Schedule J breakdown matched by us
- Base
- $179,471
- Bonus
- $15,000
- Other
- not reported
- Deferred
- $35,480
- Nontaxable benefits
- $25,784
- Filer's total
- $254,436
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 3 · Compensation committee
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Related organizations on this return
Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.
-
501C3 · DEVELOP IN · MA · controlled entity
Directly controlled by WORCESTER
Taxable family on this return
Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
20 FRANKLIN QALICB CORPORATION
C CORP · REAL ESTAT
Provenance
- Return type
- form_990
- Tax year
- 2025
- Filed
- 19 June 2026
- IRS schema version
- 2025v4.0
- Source object
- 202622199349301212
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