Brightwood Development Corp
- Assets
- $2.0m
- Revenue
- $196.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Springfield, MA
- Founding
- 07/1979
- Data as of
- 12/2021
- EIN
- 04-2622178
Organization Overview
Brightwood Development Corp is located in Springfield, MA. The organization was established in 1979. 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. Brightwood Development Corp 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 12/2021, Brightwood Development Corp generated $196.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (24.9%) each year. All expenses for the organization totaled $701.7k during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE ECONOMIC AND COMMUNITY DEVELOPMENT IN THE SPRINGFIELD, MA AREA AND MAYAGUEZ PUERTO RICO THROUGH ON-GOING ASSISTANCE AND SUPPORT IN THE AREAS OF JOB PLACEMENT, NEW AND EXISTING BUSINESS DEVELOPMENT, ENTREPRENEURIAL ACTIVITIES, AND HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VILLA TAINO APARTMENTS - 30 UNIT USDA RD RURAL HOUSING MULTIPLE FAMILY HOUSING PROPERTY TO PROVIDE SUBSIDIZED HOUSING TO AREA FARM WORKERS AND THEIR FAMILIES.
LA PLAZA - 12 COMMERCIAL RENTAL UNITS TO PROVIDE ECONOMIC DEVELOPMENT IN THE NORTH END OF SPRINGFIELD, MA.
BRIGHTWOOD DEVELOPMENT CORPORATION - TO PROMOTE ECONOMIC DEVELOPMENT IN THE SPRINGFIELD, MA AREA THROUGH ON-GOING ASSISTANCE AND SUPPORT IN THE AREAS OF JOB PLACEMENT, NEW AND EXISTING BUSINESS DEVELOPMENT, ENTREPRENEURSHIP, AND HOUSING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Heriberto Flores President | OfficerTrustee | 10 | $0 |
Sueleiza K Acevedo Clerk | OfficerTrustee | 1 | $0 |
Cecilio Rivera 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 | $536,053 |
| Investment income | $157 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$340,510 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $196,076 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $58,188 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $7,285 |
| Payroll taxes | $5,268 |
| Fees for services: Management | $48,840 |
| Fees for services: Legal | $11,285 |
| Fees for services: Accounting | $21,167 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,146 |
| Office expenses | $9,961 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $196,488 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $28,891 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $147,888 |
| Insurance | $418 |
| All other expenses | $3,372 |
| Total functional expenses | $701,697 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $83,241 |
| Savings and temporary cash investments | $6,038 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $185,912 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,260 |
| Net Land, buildings, and equipment | $1,447,469 |
| Investments—publicly traded securities | $16,708 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $249,216 |
| Total assets | $1,990,844 |
| Accounts payable and accrued expenses | $97,458 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $20,194 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $230,165 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $347,817 |
| Net assets without donor restrictions | $1,643,027 |
| 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 | $1,990,844 |
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