Greater Fall River Development Corporation
- Assets
- $10.7m
- Revenue
- $716.9k
- Investments
- $503.4k
- Employees
- 0
- Location
- Fall River, MA
- Founding
- 05/1969
- Data as of
- 04/2022
- EIN
- 04-2171799
Organization Overview
Greater Fall River Development Corporation is located in Fall River, MA. The organization was established in 1969. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Fall River Development Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 04/2022, Greater Fall River Development Corporation generated $716.9k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 40.1% each year . All expenses for the organization totaled $315.5k during the year ending 04/2022. While expenses have increased by 6.9% per year over the past 7 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.
Since 2016, Greater Fall River Development Corporation has awarded 64 individual grants totaling $1,351,401. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
BUSINESS AND JOB DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
UPGRADING AND DEVELOPING LAND FOR SALE TO MAKE AVAILABLE TO NEW BUSINESSES TO START/EXPAND, THUS CREATING NEW JOBS FOR THE GREATER FALL RIVER COMMUNITY.
GRANTS TO LOCAL SCHOOL/ORGANIZATIONS TO SUPPORT PROGRAMS AND DEVELOPMENT
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Saulino ESQ Clerk | OfficerTrustee | 1 | $2,192 |
R Christian Lafrance Past President | OfficerTrustee | 1 | $0 |
Jason Rua President | OfficerTrustee | 1 | $0 |
Robert Bogan First Vice President | OfficerTrustee | 1 | $0 |
Philip Pelletier Second Vice President | OfficerTrustee | 1 | $0 |
Peter Cabral Asst Treasurer | OfficerTrustee | 1 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $179,492 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $526,462 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $716,852 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $162,830 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,496 |
| Fees for services: Accounting | $23,450 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $48,188 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $401 |
| Royalties | $0 |
| Occupancy | $35,059 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,875 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,009 |
| All other expenses | $33,152 |
| Total functional expenses | $315,460 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $393,739 |
| Savings and temporary cash investments | $526,151 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $623,316 |
| Prepaid expenses and deferred charges | $9,557 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $8,628,717 |
| Investments—other securities | $503,372 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,684,852 |
| Accounts payable and accrued expenses | $1,278 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,278 |
| Net assets without donor restrictions | $10,683,574 |
| Net assets with donor restrictions | $0 |
| 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 | $10,684,852 |
Grants Awarded
Over the last fiscal year, Greater Fall River Development Corporation has awarded $156,650 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
TOWN OF WESTPORT COMMUNITY SCHOOLS PURPOSE: SMART BOOKS GRANT | $50,000 |
New Bedford, MA PURPOSE: FINANCIAL LITERACY, CAREER READINESS AND ENTREPRENEURSHIP/GENERAL FUND | $35,000 |
Taunton, MA PURPOSE: EDUCATIONAL GRANT | $20,000 |
CITY OF SOMERSET SOMERSET BERKLEY REGIONAL SCHOOL DISTRICT PURPOSE: VEX EXP ROBOTIC & DJI EDU DRONE GRANT | $15,837 |
DIOCESE OF FALL RIVER - HOLY TRINITY SCHOOL PURPOSE: RENEWABLE, SUSTAINABLE, ACHIEVABLE STEAM PROGRAMMING | $15,000 |
Fall River, MA PURPOSE: GRANT FOR 2 CHROMEBOOKS, 2 SMARTBOARDS & 2 LAPTOPS | $10,813 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
43north Bpc Inc Buffalo, NY | $13,425,800 | $3,001,464 |
Grameen America Inc Jackson Heights, NY | $237,127,552 | $50,248,348 |
Provport Inc Providence, RI | $45,314,013 | $11,716,204 |
Homestart Inc Boston, MA | $5,713,584 | $14,864,192 |
The Community Action Agency Of Western Connecticut Inc Danbury, CT | $3,614,776 | $12,103,732 |
Massachusetts Manufacturing Extension Partnership Inc Auburn, MA | $5,456,400 | $10,807,956 |
Greater Jamaica Development Corp Jamaica, NY | $43,416,674 | $8,397,998 |
South Bronx Overall Economic Development Corporation Bronx, NY | $11,273,834 | $9,485,057 |
Dorchester Bay Economic Development Corporation Dorchester, MA | $50,118,730 | $16,286,134 |
National Basketball Association Foundation New York, NY | $26,984,536 | $31,000,000 |
Rdc Commercial Center Inc Brooklyn, NY | $15,313,985 | $4,091,889 |
Grow America Fund Inc Brooklyn, NY | $143,748,091 | $12,181,976 |