Bay Colony Development Corp
- Assets
- $4.4m
- Revenue
- $4.6m
- Investments
- $0.0
- Employees
- 17
- Location
- Waltham, MA
- Founding
- 02/1983
- Data as of
- 09/2023
- EIN
- 04-2738974
Organization Overview
Bay Colony Development Corp is located in Waltham, MA. The organization was established in 1983. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 09/2023, Bay Colony Development Corp employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bay Colony Development Corp 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 09/2023, Bay Colony Development Corp generated $4.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $4.0m during the year ending 09/2023. While expenses have increased by 3.6% 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 2015, Bay Colony Development Corp has awarded 39 individual grants totaling $217,200. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION PROVIDES SBA 504 FINANCING AND MICROLOANS TO SMALL BUSINESSES LOCATED IN NEW ENGLAND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO ASSIST SMALL BUSINESS CONCERNS TO FINANCE OWNER OCCUPIED COMMERCIAL REAL ESTATE, PURCHASES OF LAND, MACHINERY AND EQUIPMENT, AND TO ASSIST WITH THE GROWTH AND DEVELOPMENT OF BUSINESSES AND FOSTER INCREASED EMPLOYMENT OPPORTUNITIES. DURING THE YEAR, THE CORPORATION RECEIVED APPROVAL FROM THE SBA FOR 86 PROJECTS TOTALING $63.8 MILLION IN SECTION 504 LOANS. DURING THE YEAR, BAY COLONY DEVELOPMENT FUNDED 110 LOANS TOTALING $70.2 MILLION.
BCDC PROVIDES MICROLOANS ($25,000 MAXIMUM) TO BORROWERS WITHIN THE CORPORATION'S LENDING AREA. DURING THE YEAR, BCDC FUNDED 3 LOANS TOTALING $70,000.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
George Berbeco Director | Trustee | 2 | $4,500 |
James Healey Director | Trustee | 5 | $14,000 |
Michael Lanava Director | Trustee | 2 | $4,500 |
Nina Luchka Director | Trustee | 2 | $4,500 |
Rebecca Dewolfe Director | Trustee | 5 | $14,000 |
Richard Lefferts Director | Trustee | 4 | $6,500 |
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 | $4,496,761 |
| Investment income | $69,652 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $25,528 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,591,941 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $31,000 |
| 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. | $2,592,742 |
| Compensation of current officers, directors, key employees. | $611,969 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $330,693 |
| Pension plan accruals and contributions | $24,409 |
| Other employee benefits | $15,329 |
| Payroll taxes | $163,198 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $245,000 |
| Fees for services: Accounting | $21,570 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $67,913 |
| Advertising and promotion | $78,154 |
| Office expenses | $149,493 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $138,780 |
| Travel | $14,012 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $39,855 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,021 |
| Insurance | $25,223 |
| All other expenses | $706 |
| Total functional expenses | $3,962,002 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $539,879 |
| Savings and temporary cash investments | $2,406,184 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $51,882 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $157,983 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $9,465 |
| Net Land, buildings, and equipment | $11,582 |
| Investments—publicly traded securities | $746,588 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $490,462 |
| Total assets | $4,414,025 |
| Accounts payable and accrued expenses | $283,160 |
| 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 | $443,812 |
| Total liabilities | $726,972 |
| Net assets without donor restrictions | $3,687,053 |
| 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 | $4,414,025 |
Grants Awarded
Over the last fiscal year, Bay Colony Development Corp has awarded $30,000 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
NEW HAMPSHIRE COMMUNITY LOAN FUND PURPOSE: ECONOMIC DEVELOPMENT | $5,000 |
NEWVUE PURPOSE: ECONOMIC DEVELOPMENT | $10,000 |
CENTER FOR WOMEN & ENTERPRISES INC PURPOSE: ECONOMIC DEVELOPMENT | $5,000 |
VERMONT COMMUNITY LOAN FUND PURPOSE: ECONOMIC DEVELOPMENT | $5,000 |
IMMIGRANT'S ASSISTANCE CENTER PURPOSE: ECONOMIC DEVELOPMENT | $5,000 |