Form 990 for tax year 2025
Filed by STRAFFORD ECONOMIC DEVELOPMENT CORPORATION.
Totals
- Total revenue
- $1,127,078
- Total expenses
- $893,442
- Contributions and grants received
- $41,222
- Grants paid
- $0
- Program service revenue
- $1,044,749
- Investment income
- $41,107
- Other revenue
- $0
- Total assets, end of year
- $17,454,468
- Total liabilities, end of year
- $4,667,693
- Net assets or fund balances, end of year
- $12,786,775
- Program services expenses (Part IX)
- $766,977
- Management and general expenses
- $126,465
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $766,977
Program services were 85.8% 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)
$41,222
-
2a · Program service revenue: LOAN INTEREST INCOME
total $994,438 · related or exempt $994,438
-
2b · Program service revenue: FEES AND COMMISSIONS ON LOANS
total $35,475 · related or exempt $35,475
-
2c · Program service revenue: OTHER INCOME
total $14,836 · related or exempt $14,836
-
3 · Investment income
total $41,107 · related or exempt $41,107
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $193,500 · program services $154,800 · management and general $38,700
-
7 · Other salaries and wages
total $292,813 · program services $234,250 · management and general $58,563
-
9 · Other employee benefits
total $20,062 · program services $16,050 · management and general $4,012
-
10 · Payroll taxes
total $36,391 · program services $29,113 · management and general $7,278
-
11b · Fees: legal
total $1,550 · program services $1,240 · management and general $310
-
11c · Fees: accounting
total $32,610 · program services $26,088 · management and general $6,522
-
11g · Fees: other
total $19,329 · program services $19,155 · management and general $174
-
13 · Office expenses
total $7,670 · program services $7,670
-
14 · Information technology
total $22,232 · program services $17,786 · management and general $4,446
-
16 · Occupancy
total $17,587 · program services $14,070 · management and general $3,517
-
17 · Travel
total $2,883 · program services $2,883
-
20 · Interest
total $137,918 · program services $137,918
-
22 · Depreciation, depletion and amortization
total $902 · program services $902
-
23 · Insurance
total $5,886 · program services $4,709 · management and general $1,177
-
24a · Other expenses: PROVISION FOR NON-PERFORM
total $50,000 · program services $50,000
-
24b · Other expenses: PROGRAM EXPENSE
total $36,920 · program services $36,920
-
24c · Other expenses: MISCELLANEOUS
total $8,830 · program services $7,064 · management and general $1,766
-
24d · Other expenses: TRAINING
total $3,596 · program services $3,596
-
24e · All other expenses
total $2,763 · program services $2,763
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $3,004,979 · end of year $2,992,424
-
4 · Accounts receivable
beginning of year $17,104 · end of year $10,637
-
7 · Other notes and loans receivable
beginning of year $15,129,088 · end of year $14,438,468
-
9 · Prepaid expenses and deferred charges
beginning of year $9,506 · end of year $9,490
-
10a · Land, buildings and equipment: cost or other basis
$73,991
-
10b · Land, buildings and equipment: accumulated depreciation
$70,542
-
10c · Land, buildings and equipment, net
beginning of year $4,351 · end of year $3,449
-
17 · Accounts payable and accrued expenses
beginning of year $56,607 · end of year $53,269
-
23 · Secured mortgages and notes payable
beginning of year $5,555,282 · end of year $4,614,424
-
27 · Net assets without donor restrictions
beginning of year $11,416,680 · end of year $12,183,467
-
28 · Net assets with donor restrictions
beginning of year $1,136,459 · end of year $603,308
Mission and programs · 2025
Mission
THE ORGANIZATION WAS ESTABLISHED FOR THE PURPOSE OF MAINTAINING, IMPROVING, AND REVITALIZING THE LOCAL ECONOMIC AND INDUSTRIAL BASE AND TO ENSURE THE RETENTION AND CREATION OF HIGH QUALITY EMPLOYMENT OPPORTUNITIES FOR THE RESIDENTS OF THE COMMUNITY.
-
THE ORGANIZATION ORIGINATED NINE ADDITIONAL ECONOMIC DEVELOPMENT LOANS FOR AREA BUSINESSES DURING THE FISCAL YEAR ENDED DECEMBER 31, 2025, ADDING 2,840,290 IN NEW LENDING TO ITS LOAN PORTFOLIO.
Expenses $766,977 · Revenue $1,127,078
As filed on the 2025 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Dennis McCannDENNIS MCCANN
EXECUTIVE DI
- Total calculated
- $199,305
- From this org
- $193,500
- From related orgs
- $0
- Other
- $5,805
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $193,500
- Bonus
- not reported
- Other
- not reported
- Deferred
- $5,805
- Nontaxable benefits
- not reported
- Filer's total
- $199,305
-
Susannah ChanceSUSANNAH CHANCE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Timothy DarganTIMOTHY DARGAN
PRESIDENT
- Total calculated
- $0
- Hours/week
- 10
-
Thomas DumaisTHOMAS DUMAIS
SECRETARY/TR
- Total calculated
- $0
- Hours/week
- 10
-
Dana LynchDANA LYNCH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Michael NyeMICHAEL NYE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Marcella PerryMARCELLA PERRY
FORMER DIREC
- Total calculated
- $0
- Hours/week
- 5
-
Samuel ReidSAMUEL REID
VICE PRESIDE
- Total calculated
- $0
- Hours/week
- 10
-
Lisa StanleyLISA STANLEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Heather WardHEATHER WARD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Mark WentworthMARK WENTWORTH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
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.
Provenance
- Return type
- form_990
- Tax year
- 2025
- Filed
- 20 March 2026
- IRS schema version
- 2025v4.0
- Source object
- 202601329349305930
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