Dorchester Bay Economic Development Corporation
- Assets
- $62.8m
- Revenue
- $10.2m
- Investments
- $0.0
- Employees
- 37
- Location
- Dorchester, MA
- Founding
- 11/1980
- Data as of
- 12/2022
- EIN
- 04-2681632
Organization Overview
Dorchester Bay Economic Development Corporation is located in Dorchester, 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. As of 12/2022, Dorchester Bay Economic Development Corporation employed 37 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Dorchester Bay Economic Development Corporation 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 12/2022, Dorchester Bay Economic Development Corporation generated $10.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.9% each year. All expenses for the organization totaled $8.1m during the year ending 12/2022. While expenses have increased by 6.7% 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.
Since 2014, Dorchester Bay Economic Development Corporation has awarded 31 individual grants totaling $1,380,971. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
DORCHESTER BAY ECONOMIC DEVELOPMENT CORPORATION ACTS TO BUILD A STRONG, THRIVING, AND DIVERSE COMMUNITY IN BOSTON'S DORCHESTER NEIGHBORHOODS. WORKING CLOSELY WITH NEIGHBORHOODS, RESIDENTS, BUSINESSES AND PARTNERS, WE ACCESS RESOURCES TO:-DEVELOP AND PRESERVE HOME OWNERSHIP AND RENTAL HOUSING ACROSS INCOME LEVELS-CREATE AND SUSTAIN ECONOMIC DEVELOPMENT OPPORTUNITIES FOR BUSINESSES AND INDIVIDUALS-BUILD COMMUNITY THROUGH ORGANIZING, CIVIC ENGAGEMENTS, AND LEADERSHIP DEVELOPMENT.
Describe the Organization's Program Activity:
COMMUNITY SERVICES:OUR COMMUNITY SERVICES INCLUDE TENANT ORGANIZING WHICH BRINGS TOGETHER ACTIVE TENANTS TO PROMOTE LEADERSHIP AND TACKLE CRITICAL ISSUES. WITHIN OUR ORGANIZING EFFORTS, PROGRAMS ENGAGE YOUTH IN EDUCATION, RECREATION, ORGANIZING, LEADERSHIP, AND COMMUNITY SERVICES. "YOUTH FORCE ORGANIZING TRAINING AND LEADERSHIP DEVELOPMENT, IS RECOGNIZED AS ONE OF THE STRONGEST YOUTH ORGANIZING PROGRAMS IN THE STATE. OUR REENTRY PROGRAM IS THE FIRST CDC-BASED RE-ENTRY PROGRAM IN NEW ENGLAND FOR EX-OFFENDERS RETURNING TO THEIR COMMUNITY. USING OUR ORGANIZING EXPERTISE, WE HAVE PULLED TOGETHER THE A.G.'S OFFICE, POLICE, CORRECTIONS, AND OTHER NON-PROFIT SERVICE PARTNERS IN THIS IMPORTANT COLLABORATIVE. OUR COMPUTER TRAINING PROGRAMS HAVE HELPED TRAIN ADULTS AND YOUTHS IN COMPUTER SKILLS. BY PLACING RESIDENTS IN JOBS CREATED BY OUR EFFORTS, AND HELPING BUILD SKILLS FOR EMPLOYMENT, OUR EFFORTS INCREASE WEALTH AND OPPORTUNITIES.
ASSET MANAGEMENT:ASSET MANAGEMENT FOCUSES ON THE LONG TERM STEWARDSHIP OF THE DBEDC PROPERTIES BY SEEKING OUT PHYSICAL, SOCIAL, FINANCIAL, ENVIRONMENTAL AND POLICY OPPORTUNITIES THAT WOULD MAXIMIZE THE VALUE OF THE PORTFOLIO AS WELL AS IMPROVE THE LIVES OF THE RESIDENTS IN THE PROPERTIES. AT LEAST 1.1 MILLION DOLLARS WAS SPENT IN CAPITAL IMPROVEMENTS IN THE PORTFOLIO TO MAKE SURE THE PROPERTIES REMAIN IN GOOD PHYSICAL SHAPE. 100% OF THE PROPERTIES ARE BEING TRACKED ON ENERGY EFFICIENCY SOFTWARE AND ON AVERAGE THE PORTFOLIO HAD A 99% OCCUPANCY RATE. ALL PROPERTIES MET THE DEBT SERVICE REQUIREMENTS.
PROJECT DEVELOPMENT:PROJECT DEVELOPMENT ACQUIRES CONSTRUCTS AND REDEVELOPS REAL ESTATE IN OUR SERVICE AREA WITH THE GOAL OF REDUCING BLIGHT, IMPROVING THE NEIGHBORHOOD, CREATING AND PRESERVING AFFORDABLE HOUSING, AS WELL AS COMMERCIAL SPACE THAT PROVIDES JOBS, SERVICES AND PLACES FOR BUSINESSES TO GROW AND THRIVE. IN 2021 WE COMPLETED CONSTRUCTION ON A 90-UNIT RESIDENTIAL PROJECT (INDIGO BLOCK) AND A $12,000,000 COMMERCIAL PROJECT. IN 2021 WE STARTED CONSTRUCTION ON A HISTORIC PROJECT (PIERCE) AND COMPLETED CONSTRUCTION IN 2022 FOR A TOTAL COST OF $13,700,000. IN 2022, CONSTRUCTION CONTINUED FOR LEYLAND STREET WHICH IS CONVERTING A 13,000 SQUARE FOOT PROPERTY INTO A 42,000 SQUARE FOOT, 42-UNIT AFFORDABLE HOUSING SENIOR HOUSING BUILDING.
LOAN PROGRAMS:LOAN PROGRAMS PROVIDE ONE-ON-ONE PRE-LOAN AND POST-LOAN TECHNICAL ASSISTANCE TO SMALL BUSINESS ENTREPRENEURS AND BORROWERS. THE BUSINESS LOAN FUND OFFERS DIRECT LOANS FROM $500 TO $250,000 (BOTH DB CAPITAL AND SBA LOANS). DBEDC IS THE ONLY BOSTON AREA CDC TO MAKE DIRECT LOANS TO SMALL BUSINESSES. DBEDC'S TWO-PRONGED STRATEGIES OF DEVELOPING COMMERCIAL REAL ESTATE AND LENDING TO BUSINESSES REINFORCE EACH OTHER BY CREATING PHYSICAL SPACES FOR BUSINESS AND ALSO STRENGTHENING INTERNAL BUSINESS CAPACITY. COMMERCIAL REVITALIZATION IS GIVING NEW LIFE TO THE COMMERCIAL DISTRICTS IN OUR AREA. WE HAVE COMPLETED LOANS TO A WIDE ARRAY OF DIFFERENT TYPES OF BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Mcvea Director Of Finance & Admin | Officer | 9.35 | $207,692 |
Beth O'donnell Director Of Real Estate | 9.35 | $180,000 | |
Kimberly Lyle Chief Executive Officer (as Of 5/22) | Officer | 9.35 | $177,500 |
Perry Newman Chief Executive Officer (until 5/22) | Officer | 9.35 | $168,024 |
Timothy Caplice Ass. Director Of Asset Management | 9.35 | $125,000 | |
William Riordan Accounting Manager | 9.35 | $125,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Eos Transition Partners Executive Placement Services | 12/30/22 | $126,667 |
Aafcpas Inc Audit And Accounting | 12/30/22 | $208,786 |
Stull & Lee Architects | 12/30/22 | $109,604 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $484,157 |
| Government grants | $891,529 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,111,437 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,487,123 |
| Total Program Service Revenue | $6,760,060 |
| Investment income | $2,810 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$86,708 |
| 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 | $10,163,285 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $288,777 |
| 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. | $754,519 |
| Compensation of current officers, directors, key employees. | $409,547 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,035,309 |
| Pension plan accruals and contributions | $112,641 |
| Other employee benefits | $93,935 |
| Payroll taxes | $118,702 |
| Fees for services: Management | $247,738 |
| Fees for services: Legal | $31,146 |
| Fees for services: Accounting | $207,686 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $711,878 |
| Advertising and promotion | $0 |
| Office expenses | $268,668 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,396,391 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,485 |
| Interest | $451 |
| Payments to affiliates | $1,590,287 |
| Depreciation, depletion, and amortization | $45,692 |
| Insurance | $0 |
| All other expenses | -$534,407 |
| Total functional expenses | $8,063,463 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,464,298 |
| Savings and temporary cash investments | $574,369 |
| Pledges and grants receivable | $1,601,834 |
| Accounts receivable, net | $542,031 |
| 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 | $26,837 |
| Net Land, buildings, and equipment | $13,286,510 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $9,225,083 |
| Intangible assets | $0 |
| Other assets | $23,052,221 |
| Total assets | $62,773,183 |
| Accounts payable and accrued expenses | $2,816,001 |
| Grants payable | $0 |
| Deferred revenue | $245,882 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $22,397 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $25,030,359 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $11,476,021 |
| Total liabilities | $39,590,660 |
| Net assets without donor restrictions | $19,236,383 |
| Net assets with donor restrictions | $3,946,140 |
| 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 | $62,773,183 |
Grants Awarded
Over the last fiscal year, Dorchester Bay Economic Development Corporation has awarded $282,778 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
CODMAN SQUARE NEIGHBORHOOD DEVELOPMENT CORPORATION PURPOSE: FAIRMONT COLLABORATIVE SUBCONTRACTOR, WORKFORCE DEVELOPMENT | $6,500 |
INTERSEMINARIAN-PROJECT PLACE INC PURPOSE: BOSTON WORKFORCE SUBCONTRACTOR | $105,000 |
JEWISH VOCATIONAL SERVICE INC PURPOSE: BOSTON WORKFORCE SUBCONTRACTOR | $81,850 |
BOSTON PUBLIC HOUSING CORPORATION PURPOSE: BOSTON WORKFORCE SUBCONTRACTOR | $59,432 |
TUFTS UNIVERSITY PURPOSE: BOSTON WORKFORCE SUBCONTRACTOR | $29,996 |