South Eastern Economic Dev Corp
- Assets
- $24.7m
- Revenue
- $4.8m
- Investments
- $0.0
- Employees
- 14
- Location
- Taunton, MA
- Founding
- 04/1983
- Data as of
- 09/2023
- EIN
- 04-2772952
Organization Overview
South Eastern Economic Dev Corp is located in Taunton, MA. The organization was established in 1983. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2023, South Eastern Economic Dev Corp employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. South Eastern Economic Dev 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, South Eastern Economic Dev Corp generated $4.8m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 25.1% each year . All expenses for the organization totaled $2.5m during the year ending 09/2023. While expenses have increased by 8.0% per year over the past 4 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
SEED'S MISSION IS TO ASSIST SMALL BUSINESSES TO START-UP, EXPAND AND CREATE NEW JOBS. SEED WAS CERTIFIED IN 1982 BY THE U.S. SBA TO PACKAGE SBA 504 LOANS. SEED ALSO MAKES LOANS AS A CDFI UNDER THE U.S. DEPARTMENT OF TREASURY, & EDA U.S. DEPARTMENT OF COMMERCE, AND A SBA MICRO LENDER AND PROVIDES TECHNICAL ASSISTANCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
5SBA 504 PROGRAM: PACKAGING, CLOSING AND SERVICING OF SBA 504 LOANS TO SMALL BUSINESS IN MASSACHUSETTS AND RHODE ISLAND.
OTHER PROGRAM SERVICES
MICRO LOAN PROGRAM INCLUDING SBA MICRO LOANS AND TECHNICAL ASSISTANCE AND MA TECHNICAL ASSISTANCE. UNDERWRITING, CLOSING AND SERVICING OF LOANS UP TO 50,000 TO SMALL BUSINESSES FOR WORKING CAPITAL FURNITURE AND FIXTURES AND EQUIPMENT. ADMINISTRATION OF TECHNICAL ASSISTANCE PROGRAM FOR START-UP AND EXISTING SMALL BUSINESSES IN CONJUNCTION WITH THE SBA MICRO LOAN PROGRAM. THE PROGRAM INCLUDES EIGHT COUNTIES FROM BOSTON TO THE CAPE AND ISLANDS IN MASSACHUSETTS, AND ALL OF RHODE ISLAND.
REVOLVING LOAN FUND PROGRAM: UNDERWRITING, CLOSING AND SERVICING OF LOANS UP TO 200,000 UNDER THE U.S. ECONOMIC DEVELOPMENT ADMINISTRATION (EDA) REVOLVING LOAN FUND PROGRAM AND THE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION FUND (CDFI) UNDER THE U.S. DEPARTMENT OF TREASURY, AND SEED FUND AND RI FUND. THESE LOANS ARE MADE IN CONJUNCTION WITH BANK AND OTHER FINANCING TO SMALL BUSINESSES IN SOUTHEASTERN MASSACHUSETTS AND RHODE ISLAND.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Dwyer Chairman | OfficerTrustee | 2 | $0 |
Carl W Taber Vice Chair | OfficerTrustee | 2 | $0 |
Catherine Feerick Vice Chair | OfficerTrustee | 2 | $0 |
Lorraine Travers Treasurer | OfficerTrustee | 2 | $0 |
Edward F Sousa Asst Treasur | OfficerTrustee | 2 | $0 |
Richard Shafer Clerk | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,901,368 |
| All other contributions, gifts, grants, and similar amounts not included above | $42,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,943,368 |
| Total Program Service Revenue | $1,780,045 |
| Investment income | $73,243 |
| 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 | $4,796,656 |
| 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 | $1,744,406 |
| Pension plan accruals and contributions | $58,287 |
| Other employee benefits | $144,469 |
| Payroll taxes | $129,487 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $31,280 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $73,221 |
| Advertising and promotion | $15,323 |
| Office expenses | $23,609 |
| Information technology | $28,600 |
| Royalties | $0 |
| Occupancy | $50,206 |
| Travel | $29,819 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $20,660 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $30,465 |
| Insurance | $15,041 |
| All other expenses | $5,394 |
| Total functional expenses | $2,466,355 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $669,949 |
| Savings and temporary cash investments | $7,544,961 |
| Pledges and grants receivable | $113,262 |
| Accounts receivable, net | $430,470 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $15,173,040 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,997 |
| Net Land, buildings, and equipment | $783,527 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $24,718,206 |
| Accounts payable and accrued expenses | $289,598 |
| Grants payable | $0 |
| Deferred revenue | $8,935 |
| 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 | $2,571,693 |
| Unsecured mortgages and notes payable | $2,230,550 |
| Other liabilities | $0 |
| Total liabilities | $5,100,776 |
| Net assets without donor restrictions | $5,108,885 |
| Net assets with donor restrictions | $14,508,545 |
| 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 | $24,718,206 |