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Nonprofiteer
← NORTH CENTRAL MASSACHUSETTS DEVELOPMENT CORP

Form 990 for tax year 2022

Filed by NORTH CENTRAL MASSACHUSETTS DEVELOPMENT CORP.

Totals

Total revenue
$1,614,235
Total expenses
$1,247,983
Contributions and grants received
$1,457,694
Grants paid
$0
Program service revenue
$137,608
Investment income
$18,933
Other revenue
$0
Total assets, end of year
$6,873,771
Total liabilities, end of year
$845,375
Net assets or fund balances, end of year
$6,028,396
Program services expenses (Part IX)
$1,000,106
Management and general expenses
$247,877
Fundraising expenses
$0
Program service expenses (Part III)
$1,000,106

Program services were 80.1% 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)

    $1,433,840

  • 1f · All other contributions, gifts and grants

    $23,854

  • 2a · Program service revenue: LOAN INTEREST INCOME

    total $115,537 · related or exempt $115,537

  • 2b · Program service revenue: LOAN PROCESSING FEES

    total $22,071 · related or exempt $22,071

  • 3 · Investment income

    total $18,933 · excluded $18,933

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $472,173 · program services $311,634 · management and general $160,539

  • 8 · Pension plan contributions

    total $19,842 · program services $13,096 · management and general $6,746

  • 9 · Other employee benefits

    total $33,637 · program services $22,200 · management and general $11,437

  • 10 · Payroll taxes

    total $36,770 · program services $24,268 · management and general $12,502

  • 11b · Fees: legal

    total $2,317 · program services $2,317

  • 11c · Fees: accounting

    total $33,093 · management and general $33,093

  • 11g · Fees: other

    total $55,757 · program services $46,060 · management and general $9,697

  • 12 · Advertising and promotion

    total $37,932 · program services $37,932

  • 13 · Office expenses

    total $39,066 · program services $38,162 · management and general $904

  • 14 · Information technology

    total $12,904 · program services $12,904

  • 16 · Occupancy

    total $42,000 · program services $33,600 · management and general $8,400

  • 17 · Travel

    total $9,280 · program services $8,892 · management and general $388

  • 20 · Interest

    total $5,081 · program services $5,081

  • 22 · Depreciation, depletion and amortization

    total $1,480 · management and general $1,480

  • 23 · Insurance

    total $10,355 · program services $8,284 · management and general $2,071

  • 24a · Other expenses: ECONOMIC DEVELOPMENT

    total $182,252 · program services $182,252

  • 24b · Other expenses: GRANT EXPENSE

    total $125,000 · program services $125,000

  • 24c · Other expenses: PROVISIONS FOR LOAN LOS

    total $86,229 · program services $86,229

  • 24d · Other expenses: DUES & SUBSCRIPTIONS

    total $42,695 · program services $42,195 · management and general $500

  • 24e · All other expenses

    total $120 · management and general $120

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $57,865 · end of year $95,225

  • 2 · Savings and temporary cash investments

    beginning of year $3,922,655 · end of year $3,487,190

  • 4 · Accounts receivable

    beginning of year $384,012 · end of year $112,534

  • 7 · Other notes and loans receivable

    beginning of year $2,690,678 · end of year $3,159,009

  • 9 · Prepaid expenses and deferred charges

    end of year $17,344

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

    $18,502

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

    $16,033

  • 10c · Land, buildings and equipment, net

    beginning of year $3,949 · end of year $2,469

  • 17 · Accounts payable and accrued expenses

    beginning of year $110,612 · end of year $122,309

  • 19 · Deferred revenue

    beginning of year $408,750

  • 23 · Secured mortgages and notes payable

    beginning of year $877,653 · end of year $723,066

  • 27 · Net assets without donor restrictions

    beginning of year $3,680,890 · end of year $4,869,896

  • 28 · Net assets with donor restrictions

    beginning of year $1,981,254 · end of year $1,158,500

Mission and programs · 2022

Mission

TO EXPAND ECONOMIC DEVELOPMENT IN NORTH CENTRAL MASSACHUSETTS BY PROVIDING A VARIETY OF MARKETING AND LENDING OPPORTUNITIES TO SMALL BUSINESSES IN COOPERATION WITH VARIOUS FEDERAL AND STATE AGENCIES.

Activities or mission (Part I)

EXPANDING ECONOMIC OPPORTUNITY IN CENTRAL MASSACHUSETTS

  • TO EXPAND ECONOMIC DEVELOPMENT IN NORTH CENTRAL MASSACHUSETTS BY PROVIDING ALTERNATIVE LENDING OPPORTUNITIES TO SMALL BUSINESSES.

    Expenses $659,661 · Revenue $137,608

  • TO EXPAND ECONOMIC DEVELOPMENT FOR BUSINESSES IN NORTH CENTRAL MASSACHUSETTS THROUGH MARKETING, NEWSLETTERS, WEBSITES AND MAILING LISTS.

    Expenses $340,445

As filed on the 2022 return.

Listed in Part VII

  • Raymond Martino

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Karen Thorne

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • David Duval

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Anthony Mercadante

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Raymond Lafond

    CLERK

    Total calculated
    $0
    Hours/week
    1

  • Trevor Beauregard

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mark Freeman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Roy Nascimento

    PRESIDENT, TREASURER

    Total calculated
    $206,999
    From this org
    $0
    From related orgs
    $206,999
    Other
    $0
    Hours/week
    18 + 22 related

    Schedule J breakdown matched by us

    Base
    $0 + $206,999 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $206,999 related

  • Christina Dirusso

    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

  • 3 · Compensation survey or study
  • 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.

Provenance

Return type
form_990
Tax year
2022
Filed
15 July 2024
IRS schema version
2022v5.0
Source object
202402119349300720

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