Totals
- Total revenue
- $7,990,383
- Total expenses
- $6,489,795
- Contributions and grants received
- $640,549
- Grants paid
- $0
- Program service revenue
- $5,248,942
- Investment income
- $908,523
- Other revenue
- $1,192,369
- Total assets, end of year
- $48,673,301
- Total liabilities, end of year
- $20,990,009
- Net assets or fund balances, end of year
- $27,683,292
- Program services expenses (Part IX)
- $6,480,470
- Management and general expenses
- $9,325
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $6,480,470
Program services were 99.9% 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.
-
1f · All other contributions, gifts and grants
$640,549
-
2a · Program service revenue: PROGRAM SERVICE FEES
total $5,248,942 · related or exempt $5,248,942
-
3 · Investment income
total $908,523 · related or exempt $698,513 · excluded $210,010
-
6a · Gross rents
real property $410,331
-
6b · Less rental expenses
real property $317,929
-
6c · Rental income or loss
real property $92,402
-
6d · Net rental income or loss
total $92,402 · related or exempt $92,402
-
11a · Other revenue: GAIN ON INVESTMENT - PARCEL 5
total $1,099,967 · related or exempt $1,099,967
-
11e · Other revenue, total
$1,099,967
Functional expenses
Part IX, the statement of functional expenses.
-
11c · Fees: accounting
total $11,385 · program services $7,799 · management and general $3,586
-
11g · Fees: other
total $100,000 · program services $100,000
-
13 · Office expenses
total $990 · program services $683 · management and general $307
-
20 · Interest
total $159,607 · program services $159,607
-
23 · Insurance
total $11,097 · program services $5,665 · management and general $5,432
-
24a · Other expenses: PROJECT DEVELOPMENT COSTS
total $5,990,911 · program services $5,990,911
-
24b · Other expenses: LOSS ON INVESTMENT
total $213,805 · program services $213,805
-
24c · Other expenses: BAD DEBT
total $2,000 · program services $2,000
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $2,400,760 · end of year $3,187,256
-
2 · Savings and temporary cash investments
beginning of year $4,000,000 · end of year $4,000,000
-
4 · Accounts receivable
beginning of year $1,750,516 · end of year $2,449,758
-
7 · Other notes and loans receivable
beginning of year $24,558,522 · end of year $24,558,522
-
9 · Prepaid expenses and deferred charges
beginning of year $2,050 · end of year $2,187
-
12 · Investments: other securities
beginning of year $5,451,071 · end of year $6,337,233
-
15 · Other assets
beginning of year $4,070,266 · end of year $8,138,345
-
17 · Accounts payable and accrued expenses
beginning of year $648,772 · end of year $1,424,902
-
19 · Deferred revenue
beginning of year $5,029,902 · end of year $5,773,130
-
23 · Secured mortgages and notes payable
beginning of year $1,838,176 · end of year $3,108,832
-
25 · Other liabilities
beginning of year $8,535,816 · end of year $10,683,145
-
27 · Net assets without donor restrictions
beginning of year $26,180,519 · end of year $27,683,292
Mission and programs · 2024
Mission
TO CARRY OUT AND OPERATE FOR THE BENEFIT OF THE CHARITABLE PURPOSE OF THE WORCESTER BUSINESS DEVELOPMENT CORPORATION (WBDC) AND LESSEN THE BURDENS OF GOVERNMENT BY COMBATING COMMUNITY DETERIORATION AND ENABLING ECONOMIC DEVELOPMENT BY PROVIDING INFRASTRUCTURE IN DISTRESSED AREAS THROUGH THE ACQUISTION, HOLDING, OWNING, MAINTENANCE, IMPROVEMENT, LEASE, FINANCE, REFINANCE, SELLING, EXCHANGE OR OTHER DISPOSITION OF ALL OR PART OF ITS PROPERTIES.
-
TO LESSEN THE BURDENS OF GOVERNMENT BY COMBATING COMMUNITY DETERIORATION AND ENABLING ECONOMIC DEVELOPMENT BY PROVIDING INFRASTRUCTURE IN DISTRESSED AREAS.
Expenses $6,480,470 · Revenue $5,889,491
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
CRAIG L BLAIS
PRESIDENT &
- Total calculated
- $0
- Hours/week
- 20 + 20 related
-
ROBERT HENNIGAN
CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
KATHERINE BADGIS
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
KAREN DUFFY
INTERIM TREA
- Total calculated
- $0
- Hours/week
- 1
-
RICHARD MAZZOCCHI
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
EMMANUEL LARBI
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.
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.
-
WORCESTER BUSINESS DEVELOPMENT CORP
501C4 · DEVELOPMEN · MA
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 · RENTAL · MA · 100% owned · share of income $2,574,428 · share of assets $19,267,473
Directly controlled by NEW GARDEN PARK INC
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 10 June 2025
- IRS schema version
- 2024v5.0
- Source object
- 202511639349300821
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