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Nonprofiteer
← STRAFFORD ECONOMIC DEVELOPMENT CORPORATION

Form 990 for tax year 2024

Filed by STRAFFORD ECONOMIC DEVELOPMENT CORPORATION.

Totals

Total revenue
$1,104,639
Total expenses
$939,762
Contributions and grants received
$42,222
Grants paid
$0
Program service revenue
$1,019,764
Investment income
$42,653
Other revenue
$0
Total assets, end of year
$18,165,028
Total liabilities, end of year
$5,611,889
Net assets or fund balances, end of year
$12,553,139
Program services expenses (Part IX)
$813,592
Management and general expenses
$126,170
Fundraising expenses
$0
Program service expenses (Part III)
$813,592

Program services were 86.6% 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)

    $42,222

  • 2a · Program service revenue: LOAN INTEREST INCOME

    total $978,832 · related or exempt $978,832

  • 2b · Program service revenue: OTHER INCOME

    total $28,425 · related or exempt $28,425

  • 2c · Program service revenue: FEES AND COMMISSIONS ON LOANS

    total $12,507 · related or exempt $12,507

  • 3 · Investment income

    total $42,653 · related or exempt $42,653

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $192,000 · program services $153,600 · management and general $38,400

  • 7 · Other salaries and wages

    total $301,437 · program services $241,150 · management and general $60,287

  • 9 · Other employee benefits

    total $19,664 · program services $15,731 · management and general $3,933

  • 10 · Payroll taxes

    total $35,743 · program services $28,594 · management and general $7,149

  • 11c · Fees: accounting

    total $26,544 · program services $21,235 · management and general $5,309

  • 11g · Fees: other

    total $30,783 · program services $30,600 · management and general $183

  • 13 · Office expenses

    total $3,250 · program services $3,250

  • 14 · Information technology

    total $22,282 · program services $17,826 · management and general $4,456

  • 16 · Occupancy

    total $17,587 · program services $14,070 · management and general $3,517

  • 17 · Travel

    total $4,947 · program services $4,947

  • 20 · Interest

    total $146,470 · program services $146,470

  • 22 · Depreciation, depletion and amortization

    total $1,390 · program services $1,390

  • 23 · Insurance

    total $6,165 · program services $4,932 · management and general $1,233

  • 24a · Other expenses: PROGRAM EXPENSE

    total $66,974 · program services $66,974

  • 24b · Other expenses: PROVISION FOR NON-PERFORM

    total $50,000 · program services $50,000

  • 24c · Other expenses: MISCELLANEOUS

    total $8,515 · program services $6,812 · management and general $1,703

  • 24d · Other expenses: SBA GUARANTEE FEE

    total $2,771 · program services $2,771

  • 24e · All other expenses

    total $3,240 · program services $3,240

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,215,374 · end of year $3,004,979

  • 4 · Accounts receivable

    beginning of year $14,588 · end of year $17,104

  • 7 · Other notes and loans receivable

    beginning of year $14,311,023 · end of year $15,129,088

  • 9 · Prepaid expenses and deferred charges

    beginning of year $9,373 · end of year $9,506

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

    $73,991

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

    $69,640

  • 10c · Land, buildings and equipment, net

    beginning of year $5,741 · end of year $4,351

  • 17 · Accounts payable and accrued expenses

    beginning of year $53,665 · end of year $56,607

  • 19 · Deferred revenue

    beginning of year $2,087

  • 23 · Secured mortgages and notes payable

    beginning of year $5,112,085 · end of year $5,555,282

  • 27 · Net assets without donor restrictions

    beginning of year $10,776,146 · end of year $11,416,680

  • 28 · Net assets with donor restrictions

    beginning of year $1,612,116 · end of year $1,136,459

Mission and programs · 2024

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 EIGHT ADDITIONAL ECONOMIC DEVELOPMENT LOANS FOR AREA BUSINESSES DURING THE FISCAL YEAR ENDED DECEMBER 31, 2024, ADDING 2,118,706 IN NEW LENDING TO ITS LOAN PORTFOLIO.

    Expenses $813,592 · Revenue $1,104,639

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Dennis McCann

    EXECUTIVE DI

    Total calculated
    $197,760
    From this org
    $192,000
    From related orgs
    $0
    Other
    $5,760
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $192,000
    Bonus
    not reported
    Other
    not reported
    Deferred
    $5,760
    Nontaxable benefits
    not reported
    Filer's total
    $197,760

  • Timothy Dargan

    PRESIDENT

    Total calculated
    $0
    Hours/week
    10

  • Thomas Dumais

    SECRETARY/TR

    Total calculated
    $0
    Hours/week
    10

  • Dana Lynch

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Michael Nye

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Marcella Perry

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Samuel Reid

    VICE PRESIDE

    Total calculated
    $0
    Hours/week
    10

  • Lisa Stanley

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Heather Ward

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Mark 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
2024
Filed
19 March 2025
IRS schema version
2024v5.0
Source object
202511299349304256

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