Skip to content
Nonprofiteer
← QUABOAG VALLEY COMMUNITY DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by QUABOAG VALLEY COMMUNITY DEVELOPMENT CORPORATION.

Totals

Total revenue
$1,278,139
Total expenses
$1,089,997
Contributions and grants received
$1,174,891
Grants paid
$0
Program service revenue
$86,938
Investment income
$16,310
Other revenue
$0
Total assets, end of year
$2,354,270
Total liabilities, end of year
$451,932
Net assets or fund balances, end of year
$1,902,338
Program services expenses (Part IX)
$930,471
Management and general expenses
$110,355
Fundraising expenses
$49,171
Program service expenses (Part III)
$930,471

Program services were 85.4% 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

    $120

  • 1d · Related organizations

    $15,000

  • 1e · Government grants (contributions)

    $133,681

  • 1f · All other contributions, gifts and grants

    $1,026,090

  • 2a · Program service revenue: RENTAL INCOME

    total $46,585 · related or exempt $46,585

  • 2b · Program service revenue: PROGRAM FEES

    total $40,353 · related or exempt $40,353

  • 3 · Investment income

    total $16,310 · related or exempt $16,310

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $58,854 · program services $47,083 · management and general $5,886 · fundraising $5,885

  • 7 · Other salaries and wages

    total $451,396 · program services $399,996 · management and general $37,015 · fundraising $14,385

  • 9 · Other employee benefits

    total $9,534 · program services $9,534

  • 10 · Payroll taxes

    total $47,331 · program services $41,889 · management and general $4,087 · fundraising $1,355

  • 11c · Fees: accounting

    total $6,215 · program services $5,283 · management and general $932

  • 11g · Fees: other

    total $542 · program services $460 · management and general $82

  • 12 · Advertising and promotion

    total $3,189 · program services $3,189

  • 13 · Office expenses

    total $47,065 · program services $31,566 · management and general $13,807 · fundraising $1,692

  • 16 · Occupancy

    total $37,362 · program services $28,021 · management and general $9,341

  • 17 · Travel

    total $7,940 · program services $7,940

  • 20 · Interest

    total $16,325 · program services $3,051 · management and general $13,274

  • 22 · Depreciation, depletion and amortization

    total $34,760 · program services $27,054 · management and general $7,706

  • 23 · Insurance

    total $19,037 · program services $14,278 · management and general $4,759

  • 24a · Other expenses: MUNICIPAL PROJECTS

    total $239,243 · program services $239,243

  • 24b · Other expenses: WORKFORCE TRAINING

    total $28,037 · program services $21,146 · management and general $6,891

  • 24c · Other expenses: REPAIRS & MAINTENANCE

    total $26,300 · program services $19,725 · management and general $6,575

  • 24d · Other expenses: UNITED WAY ADMIN FEE

    total $25,854 · fundraising $25,854

  • 24e · All other expenses

    total $31,013 · program services $31,013

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $137,790 · end of year $82,496

  • 2 · Savings and temporary cash investments

    beginning of year $1,076,049 · end of year $1,329,357

  • 3 · Pledges and grants receivable

    beginning of year $19,800 · end of year $46,200

  • 4 · Accounts receivable

    beginning of year $91,389 · end of year $73,062

  • 8 · Inventories for sale or use

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

  • 9 · Prepaid expenses and deferred charges

    beginning of year $8,596 · end of year $14,688

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

    $1,185,187

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

    $380,303

  • 10c · Land, buildings and equipment, net

    beginning of year $839,644 · end of year $804,884

  • 17 · Accounts payable and accrued expenses

    beginning of year $158,512 · end of year $102,215

  • 19 · Deferred revenue

    beginning of year $10,000 · end of year $10,000

  • 23 · Secured mortgages and notes payable

    beginning of year $346,943 · end of year $339,717

  • 27 · Net assets without donor restrictions

    beginning of year $1,477,162 · end of year $1,709,020

  • 28 · Net assets with donor restrictions

    beginning of year $184,234 · end of year $193,318

Mission and programs · 2023

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 $930,471 · Revenue $86,938

As filed on the 2023 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

  • Melissa Fales

    EXECUTIVE DI

    Total calculated
    $58,854
    From this org
    $58,854
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • 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.

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
2023
Filed
9 May 2025
IRS schema version
2023v6.0
Source object
202541349349302144

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.