Form 990 for tax year 2024
Filed by SOUTH SHORE ECONOMIC DEVELOPMENT CORPORATION.
Totals
- Total revenue
- $273,553
- Total expenses
- $223,825
- Contributions and grants received
- $244,500
- Grants paid
- $0
- Program service revenue
- $11,924
- Investment income
- $17,129
- Other revenue
- $0
- Total assets, end of year
- $240,535
- Total liabilities, end of year
- $27,000
- Net assets or fund balances, end of year
- $213,535
- Program services expenses (Part IX)
- $162,784
- Management and general expenses
- $20,976
- Fundraising expenses
- $40,065
- Program service expenses (Part III)
- $162,784
Program services were 72.7% 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.
-
1e · Government grants (contributions)
$130,000
-
1f · All other contributions, gifts and grants
$114,500
-
2a · Program service revenue: OTHER REVENUE
total $11,924 · related or exempt $11,924
-
3 · Investment income
total $2,653 · excluded $2,653
-
7a · Gross sales of assets other than inventory
securities $79,163
-
7b · Less cost or other basis and sales expenses
securities $64,687
-
7c · Gain or loss
securities $14,476
-
7d · Net gain or loss
total $14,476 · excluded $14,476
Functional expenses
Part IX, the statement of functional expenses.
-
11a · Fees: management
total $93,750 · program services $43,132 · management and general $10,553 · fundraising $40,065
-
11c · Fees: accounting
total $6,125 · management and general $6,125
-
11f · Fees: investment management
total $975 · management and general $975
-
13 · Office expenses
total $2,037 · management and general $2,037
-
24a · Other expenses: LOCAL & REGIONAL INITIA
total $119,652 · program services $119,652
-
24b · Other expenses: DUES AND SUBSCRIPTIONS
total $1,000 · management and general $1,000
-
24c · Other expenses: CREDIT CARD PROCESSING
total $286 · management and general $286
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $65,674 · end of year $129,623
-
2 · Savings and temporary cash investments
beginning of year $6,703 · end of year $56,418
-
3 · Pledges and grants receivable
beginning of year $12,500 · end of year $0
-
11 · Investments: publicly traded securities
beginning of year $91,425 · end of year $54,494
-
17 · Accounts payable and accrued expenses
beginning of year $9,125 · end of year $0
-
25 · Other liabilities
beginning of year $216,334 · end of year $27,000
-
27 · Net assets without donor restrictions
beginning of year -$49,157 · end of year $213,535
Mission and programs · 2024
Mission
THE ORGANIZATION WORKS CLOSELY WITH THE SOUTH SHORE CHAMBER OF COMMERCE, A RELATED PARTY TO PROMOTE A STRONGER REGIONAL ECONOMY AND TO PROMOTE COMMUNITY DEVELOPMENT FOR SUSTAINABLE GROWTH.
Activities or mission (Part I)
TO PROMOTE ECONOMIC DEVELOPMENT IN THE GREATER SOUTH SHORE OF MASSACHUSETTS.
-
TO PROMOTE ECONOMIC DEVELOPMENT AND SUSTAINABLE COMMUNITY GROWTH IN THE GREATER SOUTH SHORE OF MASSACHUSETTS.
Expenses $162,784
As filed on the 2024 return.
Listed in Part VII
-
PETER TEDESCHI
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
DAVID ELLIS
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
JACQUELINE COLLINS
CLERK/SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
VICTORIA MAGUIRE
VICE PRESIDENT
- Total calculated
- $0
- Hours/week
- 1
-
JUDY BARRETT
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
JILL BERESFORD
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
MICHAEL BOSCO
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
JOSEPH CARROLL
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
GABE CROCKER
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
BRYAN GREGORY
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
DENVER GIBBS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
DEAN HILDRETH
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
DARLENE HOLLYWOOD
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
JOHN IREDALE
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
TIMOTHY KELLEHER
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
NICHOLE LANGLEY
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
PATRICE MAY
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
BRIAN MURPHY
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
DAVID NICHOLS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
SUSAN O'DAY
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
MICHAEL RUH
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
WINTHROP SARGENT JR
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
ROBERT TERRAVECCHIA JR
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
JOSEPH YOTTS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
PETER FORMAN
PRESIDENT & TREASURER
- Total calculated
- $191,421
- From this org
- $0
- From related orgs
- $184,313
- Other
- $7,108
- Hours/week
- 15 + 25 related
Schedule J breakdown matched by us
- Base
- $0 + $184,313 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0 + $7,108 related
- Nontaxable benefits
- $0
- Filer's total
- $0 + $191,421 related
-
JULIE WILLIAMS
CHAMBER VICE PRESIDENT
- Total calculated
- $136,866
- From this org
- $0
- From related orgs
- $106,520
- Other
- $30,346
- Hours/week
- 0 + 40 related
-
JILL DONOVAN
CHAMBER DIRECTOR OF DEVELOPMENT
- Total calculated
- $131,308
- From this org
- $0
- From related orgs
- $100,983
- Other
- $30,325
- Hours/week
- 20 + 20 related
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
None.
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
The filer's explanations (Part III)
- SCHEDULE J, PART 1, QUESTION 3:
- PETER FORMAN'S COMPENSATION IS PAID BY A RELATED PARTY, THE SOUTH SHORE CHAMBER OF COMMERCE. HIS COMPENSATION IS APPROVED BY THE BOARD AND COMPENSATION COMMITTEE.
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.
-
SOUTH SHORE CHAMBER OF COMMERCE INC
501(C)6 · PROMOTE EXPANSION AND GROWTH OF BUSINESS IN SOUTH SHORE MASSACHUSETTS · MA
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 17 July 2025
- IRS schema version
- 2024v5.2
- Source object
- 202512029349300841
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