Wentworth Economic Development Corporation Inc
- Assets
- $1.9m
- Revenue
- $581.7k
- Investments
- $0.0
- Employees
- 3
- Location
- Wolfeboro, NH
- Founding
- 03/1996
- Data as of
- 12/2023
- EIN
- 02-0474842
Organization Overview
Wentworth Economic Development Corporation Inc is located in Wolfeboro, NH. The organization was established in 1996. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Wentworth Economic Development Corporation Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wentworth Economic Development Corporation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Wentworth Economic Development Corporation Inc generated $581.7k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.8% each year . All expenses for the organization totaled $658.8k during the year ending 12/2023. While expenses have increased by 12.9% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
FOUNDED FOR THE SOLE PURPOSE OF PROMOTING ECONOMIC GROWTH IN THE EASTERN LAKES REGION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WENTWORTH ECONOMIC DEVELOPMENT CORPORATION (WEDCO) IS A 501(C)3 OPERATING IN SOUTHERN CARROLL AND NORTHERN STRAFFORD COUNTIES WITH A STATED MISSION TO ADVISE, FINANCE AND PROMOTE THE SMALL BUSINESS ECONOMY IN THE EASTERN LAKES REGION OF NEW HAMPSHIRE. WE FINANCE THOSE THAT MAY NOT MEET THE STANDARDS OF LARGER FINANCIAL INSTITUTIONS. FOCUSING ON CHARACTER, CAPACITY TO REPAY AND CLARITY OF THE BUSINESS PLAN, WEDCO STRIVES TO ESNURE SUSTAINABILITY OF OUR FUNDING SOURCES WHILE WORKING WITH THE OFTEN FINANCIALLY UNDERSERVED. WE CURRENTLY HAVE 24 ACTIVE LOANS IN OUR SERVICE AREA, AND OVER ONE MILLION DOLLARS INVESTED IN OUR COMMUNITIES.
WE ARE COMMITTED TO BUSINESS ADVISING FOR SMALL BUSINESS ENTREPRENEURS. TOO MANY GREAT IDEAS FAIL BECAUSE OF LACK OF BUSINESS ACUMEN. WE CONNECT OUR CLIENTS, AT NO EXPENSE, TO THE RESOURCES THEY NEED FOR LONG TERM SUCCESS. WE ALSO WORK WITH COMMUNITY PARTNERS TO HELP LOW TO MODERATE INCOME INDIVIDUALS ACHIEVE THEIR GOALS THROUGH TECHNICAL ASSISTANCE PROGRAMS DESIGNED TO BUILD MORE BUSINESS EDUCATED ENTREPRENEURS.
OUR PROMOTION OF THE SMALL BUSINESS ECONOMY OF THE EASTERN LAKES REGION HELPS BRING ECONOMIC STABILITY WHERE IT IS NEEDED MOST. WHEN ONE BUSINESS DOES WELL, A NEIGHBORING BUSINESS MAY DO WELL. AND WHEN ONE BUSINESS STRUGGLES, A NEIGHBORING BUSINESS MAY STRUGGLE. WORKING IN CONJUNCTION WITH REGIONAL ECONOMIC DEVELOPMENT COMMITTEES AND MUNCIPIALITIES WILL HELP BUILD A MORE BUSINESS FRIENDLY ENVIRONNMENT WHICH IN TURN WILL LEAD TO A HEALTHY SMALL BUSINESS ECONOMY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Terrill Jr Executive Director | Officer | 40 | $21,667 |
Denise Roy Palmer Former Executive Director | Officer | 40 | $3,456 |
Daniel Osetek President | OfficerTrustee | 2 | $0 |
Bruce Woodruff Vice President | OfficerTrustee | 2 | $0 |
John Libby Treasuer | OfficerTrustee | 2 | $0 |
Debra Golder Secretary | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $197,925 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $197,925 |
| Total Program Service Revenue | $79,424 |
| Investment income | $1,181 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $581,662 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $25,124 |
| Compensation of current officers, directors, key employees. | $2,763 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $27,678 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $43,629 |
| Payroll taxes | $5,404 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,289 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $20,421 |
| Advertising and promotion | $11,497 |
| Office expenses | $1,345 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,482 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $6,682 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,075 |
| Insurance | $3,210 |
| All other expenses | $33,123 |
| Total functional expenses | $658,803 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $390,452 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $14,402 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,238,770 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $863 |
| Net Land, buildings, and equipment | $1,445 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $211,779 |
| Total assets | $1,857,711 |
| Accounts payable and accrued expenses | $11,285 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $760,606 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $16,779 |
| Total liabilities | $788,670 |
| Net assets without donor restrictions | $128,303 |
| Net assets with donor restrictions | $940,738 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,857,711 |