Boston Local Development Corp
- Assets
- $6.6m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Boston, MA
- Founding
- 02/1980
- Data as of
- 06/2022
- EIN
- 04-2681311
Organization Overview
Boston Local Development Corp is located in Boston, MA. The organization was established in 1980. 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. Boston Local 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 06/2022, Boston Local Development Corp generated $1.4m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 8.6% each year. All expenses for the organization totaled $1.0m during the year ending 06/2022. While expenses have increased by 2.6% per year over the past 5 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 2018, Boston Local Development Corp has awarded 15 individual grants totaling $3,242,294. 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
TO BENEFIT THE COMMUNITY BY FOSTERING INCREASED EMPLOYMENT OPPORTUNITIES AND EXPANSION OF BUSINESS AND INDUSTRY FOR THE CITIZENS OF THE CITY OF BOSTON
Describe the Organization's Program Activity:
Part 3 - Line 4a
BLDC SUBCONTRACTS WITH ITS AFFILIATE, EDIC, TO ADMINISTER A REVOLVING LOAN FUND TO PROMOTE INDUSTRIAL AND ECONOMIC DEVELOPMENT AND JOB GROWTH. 34 REVOLVING LOANS WERE SERVICED IN FISCAL YEAR 2022.
ALL OTHER PROGRAMS
EARNED INCOME TAX CREDIT PROGRAM - VOLUNTEER INCOME TAX ASSISTANCE (VITA) COMMUNITY-BASED PROGRAM THAT HAS LED THE TAX EQUITY FIELD IN BOSTON FOR 20 YEARS. THE PROGRAM PROVIDES FREE, HIGH-QUALITY TAX PREPARATION AND ASSET BUILDING SERVICES IN EIGHT LANGUAGES TO APPROXIMATELY 10,710 LOW AND MODERATE-INCOME TAXPAYERS IN BOSTON ANNUALLY.
FINANCIAL OPPORTUNITY CENTER - PROGRAM WHICH IS PROVIDED TO LOW-TO MODERATE-INCOME RESIDENTS BY PROVIDING CAREER SERVICES, TO HELP RESIDENTS START ON A PATHWAY THAT LEADS TO EMPLOYMENT OPPORTUNITIES THAT PAY LIVING WAGES, AND INDIVIDUALIZED FINANCIAL COACHING, WHICH BEGINS WITH A BUDGET AND GOAL FOR THE FUTURE, INCORPORATING SAVINGS AND ASSET BUILDING. THIS FREE COACHING TAKES PLACE IN ONE-ON-ONE MEETINGS OVER 18-24 MONTHS. THIS PROGRAM SUPPORTED APPROXIMATELY 360 RESIDENTS IN FISCAL YEAR 2022. CREDIT BUILDING PROGRAMMING. EARLY CHILDHOOD LITERACY, AND CHILDREN'S SAVINGS ACCOUNTS ARE ALSO KEY COMPONENTS OF THE SERVICES PROVIDED BY THE CENTER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John E Marston President | OfficerTrustee | 2 | $0 |
E Renee Lefevre Vice President | OfficerTrustee | 2 | $0 |
Michael F Burke ESQ Trustee | Trustee | 1 | $0 |
Frank L Davis III Trustee | Trustee | 1 | $0 |
Marvin E Gilmore Trustee | Trustee | 1 | $0 |
Reginald A Nunnally Trustee | Trustee | 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 | $1,263,109 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,263,109 |
| Total Program Service Revenue | $115,030 |
| Investment income | $333 |
| 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 | $1,383,525 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $559,710 |
| 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. | $117,878 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $27,039 |
| Other employee benefits | $8,771 |
| Payroll taxes | $0 |
| Fees for services: Management | $440 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $34,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,013,356 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,505,958 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $495,443 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,567,127 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,928 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,574,456 |
| Accounts payable and accrued expenses | $142,797 |
| Grants payable | $271,000 |
| Deferred revenue | $30,000 |
| 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 | $443,797 |
| Net assets without donor restrictions | $5,159,496 |
| Net assets with donor restrictions | $971,163 |
| 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 | $6,574,456 |
Grants Awarded
Over the last fiscal year, Boston Local Development Corp has awarded $557,555 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ECONOMIC DEVELOPMENT AND INDUSTRIAL CORPORATIONBOSTON PURPOSE: FINANCIAL OPPORTUNITY CENTER | $545,000 |
ECONOMIC DEVELOPMENT AND INDUSTRIAL CORPORATIONBOSTON PURPOSE: READ BOSTON PROGRAM | $12,555 |