Form 990 for tax year 2022
Filed by QUABOAG VALLEY BUSINESS ASSISTANCE CORPORATION.
Totals
- Total revenue
- $218,931
- Total expenses
- $203,010
- Contributions and grants received
- $170,061
- Grants paid
- $0
- Program service revenue
- $41,279
- Investment income
- $1,244
- Other revenue
- $6,347
- Total assets, end of year
- $2,282,650
- Total liabilities, end of year
- $255,975
- Net assets or fund balances, end of year
- $2,026,675
- Program services expenses (Part IX)
- $186,555
- Management and general expenses
- $15,705
- Fundraising expenses
- $750
- Program service expenses (Part III)
- $186,555
Program services were 91.9% 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.
-
1e · Government grants (contributions)
$170,061
-
2a · Program service revenue: INTEREST INCOME
total $41,279 · related or exempt $41,279
-
3 · Investment income
total $1,244 · excluded $1,244
-
11a · Other revenue: FEE INCOME & LATE CHARGES
total $6,347 · related or exempt $6,347
-
11e · Other revenue, total
$6,347
Functional expenses
Part IX, the statement of functional expenses.
-
11c · Fees: accounting
total $5,500 · program services $4,675 · management and general $825
-
20 · Interest
total $1,317 · program services $1,317
-
22 · Depreciation, depletion and amortization
total $12,710 · management and general $12,710
-
24a · Other expenses: GRANT EXPENSE
total $139,996 · program services $139,996
-
24b · Other expenses: FORGIVENESS OF LOAN REC
total $25,000 · program services $25,000
-
24c · Other expenses: CONTRACT EXPENSE
total $15,000 · program services $12,750 · management and general $1,500 · fundraising $750
-
24d · Other expenses: LOAN ADMINISTRATIVE FEES
total $2,817 · program services $2,817
-
24e · All other expenses
total $670 · management and general $670
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $106,620 · end of year $173,860
-
2 · Savings and temporary cash investments
beginning of year $1,302,405 · end of year $995,819
-
3 · Pledges and grants receivable
beginning of year $2,371 · end of year $25,000
-
7 · Other notes and loans receivable
beginning of year $484,374 · end of year $740,051
-
10a · Land, buildings and equipment: cost or other basis
$528,143
-
10b · Land, buildings and equipment: accumulated depreciation
$198,243
-
10c · Land, buildings and equipment, net
beginning of year $333,614 · end of year $329,900
-
15 · Other assets
beginning of year $20,356 · end of year $18,020
-
17 · Accounts payable and accrued expenses
beginning of year $83,394 · end of year $11,716
-
19 · Deferred revenue
end of year $100,000
-
24 · Unsecured notes and loans payable
beginning of year $155,592 · end of year $144,259
-
27 · Net assets without donor restrictions
beginning of year $761,284 · end of year $857,981
-
28 · Net assets with donor restrictions
beginning of year $1,249,470 · end of year $1,168,694
Mission and programs · 2022
Mission
ECONOMIC ASSISTANCE AND DEVELOPMENT AND PROVIDING LOANS TO LOCAL BUSINESSES BY GRANTS AND BY LINE OF CREDIT FROM AREA BANKS.
Activities or mission (Part I)
ECONOMIC ASSISTANCE AND DEVELOPMENT AND PROVIDING LOANS TO LOCAL BUSINESSES
-
PROVIDE GRANTS, LOANS AND ADVISORY SUPPORT TO BUSINESSES OF THE QUABOAG REGION; TO INVEST CAPITAL IN BUSINESSES THAT ARE UNABLE TO PROCURE SUCH INVESTMENT THROUGH CONVENTIONAL SYSTEMS IN ORDER TO CREATE A CLIMATE OF ECONOMIC OPPORTUNITY IN THE REGION AND TO ENGAGE IN COMMUNITY ECONOMIC DEVELOPMENT ACTIVITIES THAT WILL SUBSTANTIALLY BENEFIT LOW INCOME, DISADVANTAGED RESIDENTS OF THE SERVICE AREA BY MEANS OF PROGRAMS WHICH HAVE A GOAL, DIRECTLY OR INDIRECTLY, AT LEAST ONE OF THE FOLLOWING: (1) THE REDUCTION OF UNEMPLOYMENT, (2) THE REDUCTION OF UNDEREMPLOYMENT, (3) EDUCATION OR JOB SKILLS TRAINING; FOR LOW INCOME RESIDENTS.
Expenses $186,555 · Revenue $48,870
As filed on the 2022 return.
Listed in Part VII
-
Vincent McCaugheyVINCENT MCCAUGHEY
PRESIDENT
- Total calculated
- $0
- Hours/week
- 1
-
Richard Egan IIRICHARD EGAN II
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Ronald ChristensenRONALD CHRISTENSEN
CLERK
- Total calculated
- $0
- Hours/week
- 1
-
Robert BottomleyROBERT BOTTOMLEY
VICE PRESIDE
- Total calculated
- $0
- Hours/week
- 1
-
Carolyn HaleyCAROLYN HALEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Charles LaskCHARLES LASK
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Daniel HeneyDANIEL HENEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Glenn MerkelGLENN MERKEL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
James MetcalfJAMES METCALF
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Melissa FalesMELISSA FALES
EXECUTIVE DI
- Total calculated
- $0
- Hours/week
- 1 + 36 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.
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.
-
QUABOAG VALLEY COMMUNITY DEVELOPMEN
501 C3 · ECON IMPRO · MA
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 13 May 2024
- IRS schema version
- 2022v5.0
- Source object
- 202411349349307901
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