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Nonprofiteer
← QUABOAG VALLEY COMMUNITY DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by QUABOAG VALLEY COMMUNITY DEVELOPMENT CORPORATION.

Totals

Total revenue
$1,164,424
Total expenses
$1,182,118
Contributions and grants received
$1,044,716
Grants paid
$0
Program service revenue
$112,635
Investment income
$7,032
Other revenue
$41
Total assets, end of year
$2,176,851
Total liabilities, end of year
$515,455
Net assets or fund balances, end of year
$1,661,396
Program services expenses (Part IX)
$1,057,909
Management and general expenses
$104,179
Fundraising expenses
$20,030
Program service expenses (Part III)
$1,057,909

Program services were 89.5% 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.

  • 1b · Membership dues

    $260

  • 1d · Related organizations

    $15,000

  • 1e · Government grants (contributions)

    $211,247

  • 1f · All other contributions, gifts and grants

    $818,209

  • 2a · Program service revenue: PROGRAM FEES

    total $62,495 · related or exempt $62,495

  • 2b · Program service revenue: RENTAL INCOME

    total $50,140 · related or exempt $50,140

  • 3 · Investment income

    total $7,032 · related or exempt $7,032

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $41 · related or exempt $41

  • 11e · Other revenue, total

    $41

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $63,323 · program services $55,724 · management and general $5,699 · fundraising $1,900

  • 6 · Compensation of disqualified persons

    total $90,826 · program services $79,928 · management and general $8,174 · fundraising $2,724

  • 7 · Other salaries and wages

    total $374,113 · program services $329,842 · management and general $33,411 · fundraising $10,860

  • 9 · Other employee benefits

    total $7,409 · program services $7,409

  • 10 · Payroll taxes

    total $50,424 · program services $44,086 · management and general $4,753 · fundraising $1,585

  • 11c · Fees: accounting

    total $5,400 · program services $4,590 · management and general $810

  • 11g · Fees: other

    total $530 · program services $451 · management and general $79

  • 12 · Advertising and promotion

    total $3,455 · program services $3,455

  • 13 · Office expenses

    total $33,908 · program services $24,044 · management and general $9,049 · fundraising $815

  • 16 · Occupancy

    total $38,304 · program services $28,728 · management and general $9,576

  • 17 · Travel

    total $8,023 · program services $8,023

  • 20 · Interest

    total $11,136 · program services $3,093 · management and general $8,043

  • 22 · Depreciation, depletion and amortization

    total $37,383 · program services $29,163 · management and general $8,220

  • 23 · Insurance

    total $22,032 · program services $16,523 · management and general $5,509

  • 24a · Other expenses: MUNICIPAL PROJECTS

    total $314,457 · program services $314,457

  • 24b · Other expenses: FINANCIAL FITNESS

    total $46,284 · program services $46,284

  • 24c · Other expenses: BUSINESS DEVELOPMENT SERV

    total $29,050 · program services $29,050

  • 24d · Other expenses: WORKFORCE TRAINING

    total $27,679 · program services $20,884 · management and general $6,795

  • 24e · All other expenses

    total $18,382 · program services $12,175 · management and general $4,061 · fundraising $2,146

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $65,914 · end of year $137,790

  • 2 · Savings and temporary cash investments

    beginning of year $1,049,017 · end of year $1,076,049

  • 3 · Pledges and grants receivable

    beginning of year $26,400 · end of year $19,800

  • 4 · Accounts receivable

    beginning of year $125,838 · end of year $91,389

  • 8 · Inventories for sale or use

    beginning of year $2,913 · end of year $3,583

  • 9 · Prepaid expenses and deferred charges

    beginning of year $8,699 · end of year $8,596

  • 10a · Land, buildings and equipment: cost or other basis

    $1,185,187

  • 10b · Land, buildings and equipment: accumulated depreciation

    $345,543

  • 10c · Land, buildings and equipment, net

    beginning of year $865,842 · end of year $839,644

  • 15 · Other assets

    beginning of year $19,800

  • 17 · Accounts payable and accrued expenses

    beginning of year $129,518 · end of year $158,512

  • 19 · Deferred revenue

    end of year $10,000

  • 23 · Secured mortgages and notes payable

    beginning of year $355,815 · end of year $346,943

  • 27 · Net assets without donor restrictions

    beginning of year $1,457,034 · end of year $1,477,162

  • 28 · Net assets with donor restrictions

    beginning of year $222,056 · end of year $184,234

Mission and programs · 2022

Mission

ECONOMIC IMPROVEMENT OF THE QUABOAG VALLEY IN MASSACHUSETTS

  • TO PROVIDE SUPPORT TO BUSINESSES LOCATED IN THE QUABOAG REGION AND SUPPORT FOR THE SMALL BUSINESS LOAN PROGRAM OF QUABOAG VALLEY BUSINESS ASSISTANCE PROGRAM BY INVESTING CAPITAL IN SMALL BUSINESSES THAT ARE UNABLE TO OBTAIN CAPITAL THROUGH CONVENTIONAL MEANS. IN ADDITION, WE ENGAGE IN COMMUNITY ECONOMIC DEVELOPMENT ACTIVITIES THAT BENEFIT LOW INCOME UNDERSERVED RESIDENTS WITH A GOAL OF REDUCING UNEMPLOYMENT, REDUCING UNDEREMPLOYMENT AND PROVIDING JOB TRAINING AND EDUCATION.

    Expenses $1,057,909 · Revenue $119,708

As filed on the 2022 return.

Listed in Part VII

  • Vincent McCaughey

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Robert Bottomley

    VICE PRESIDE

    Total calculated
    $0
    Hours/week
    1

  • Debra Christensen

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Ronald Christensen

    CLERK

    Total calculated
    $0
    Hours/week
    1

  • Sheila Cuddy

    EXECUTIVE DI

    Total calculated
    $90,827
    From this org
    $90,827
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $75,827
    Bonus
    $15,000
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $90,827

  • Melissa Fales

    EXECUTIVE DI

    Total calculated
    $61,014
    From this org
    $61,014
    From related orgs
    $0
    Other
    $0
    Hours/week
    36

  • Alice Davey

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Richard Egan II

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ernest Goudreau

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Carolyn Haley

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sharon Meli

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Glenn Merkel

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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

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.

Provenance

Return type
form_990
Tax year
2022
Filed
13 May 2024
IRS schema version
2022v5.0
Source object
202431349349307383

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