Economic Development Council Of Western Massachusetts Inc
- Assets
- $1.9m
- Revenue
- $5.8m
- Investments
- $0.0
- Employees
- 75
- Location
- Springfield, MA
- Founding
- 08/1996
- Data as of
- 12/2022
- EIN
- 04-3237124
Organization Overview
Economic Development Council Of Western Massachusetts Inc is located in Springfield, MA. The organization was established in 1996. According to its NTEE Classification (S01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Economic Development Council Of Western Massachusetts Inc employed 75 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Economic Development Council Of Western Massachusetts Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, Economic Development Council Of Western Massachusetts Inc generated $5.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.9% each year. All expenses for the organization totaled $5.7m during the year ending 12/2022. While expenses have increased by 6.6% 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 2021, Economic Development Council Of Western Massachusetts Inc has awarded 16 individual grants totaling $746,653. 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
REGIONAL ECONOMIC DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
COORDINATED ECONOMIC DEVELOPMENT ACTIVITIES WITH OTHER BUSINESS DEVELOPMENT GROUPS BY PROVIDING STAFFING AND OTHER SUPPORT SERVICES
SUPPORTED REGIONAL ECONOMIC DEVELOPMENT BY RESEARCHING LOCAL BUSINESS NEEDS, PROVIDING RESOURCES TO BUSINESSES OPERATING IN OR ENTERING THE REGION, AND BY PROMOTING LOCAL TOURISM.
SPRINGFIELD WORKS INITIATIVE IS A CATALYTIC, COLLECTIVE IMPACT INITIATIVE OF PARTNERS SUPPORTED BY THE ECONOMIC DEVELOPMENT COUNCIL. EACH PARTNER OF THIS INITIATIVE HAS COMMITTED HUMAN AND FINANCIAL RESOURCES TO GOVERN AND DRIVE STRATEGIES TO BUILD ECONOMIC PROSPERITY TO THE AREA THROUGH WORKFORCE DEVELOPMENT. THE GOAL IS TO FIGURE OUT WAYS TO ALIGN AREA-JOB SEEKERS WITH EMPLOYERS AND TO HELP EMPLOYERS RETAIN NEWLY HIRED WORKERS BY SETTING UP EMPLOYEE MENTORING PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Sullivan President/ceo Of Edc | Officer | 37.5 | $363,287 |
Jeffrey Daley President/wadc | 37.5 | $297,650 | |
Christopher Russell Executive Dir/sbd | 37.5 | $253,453 | |
Michael Bolton President/wmdc | 37.5 | $216,134 | |
Sarah Lacour Vice Pres/wadc | Officer | 37.5 | $163,518 |
Anne Kandilis Initiative Dir/spfld Works | 37.5 | $151,238 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,092,784 |
| 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 | $1,092,784 |
| Total Program Service Revenue | $4,737,765 |
| Investment income | $579 |
| 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 | $5,832,128 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $159,650 |
| 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. | $474,357 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,440,249 |
| Pension plan accruals and contributions | $220,840 |
| Other employee benefits | $261,159 |
| Payroll taxes | $296,154 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,094 |
| Advertising and promotion | $57,256 |
| Office expenses | $16,820 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $40,326 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,981 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,254 |
| Insurance | $3,874 |
| All other expenses | $3,922 |
| Total functional expenses | $5,674,030 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $558,963 |
| Savings and temporary cash investments | $619,765 |
| Pledges and grants receivable | $40,415 |
| Accounts receivable, net | $141,794 |
| 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 | $4,073 |
| Net Land, buildings, and equipment | $626 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $510,030 |
| Total assets | $1,875,666 |
| Accounts payable and accrued expenses | $199,861 |
| Grants payable | $0 |
| Deferred revenue | $316,330 |
| 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 | $839,043 |
| Total liabilities | $1,355,234 |
| Net assets without donor restrictions | $520,432 |
| 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 | $1,875,666 |
Grants Awarded
Over the last fiscal year, Economic Development Council Of Western Massachusetts Inc has awarded $159,650 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
HOLYOKE CHICOPEE SPRINGFIELD HEADSTART PURPOSE: EDUCATIONAL PROGRAMS | $25,000 |
FUTUREWORKS DBA MASSHIRE SPRINGFIELD CAREER CENTER PURPOSE: EDUCATIONAL PROGRAMS | $25,000 |
HOME CITY DEVELOPMENT INC PURPOSE: EDUCATIONAL PROGRAMS | $34,650 |
SPRINGFIELD DAY NURSERY DBA SQUARE ONE PURPOSE: EDUCATIONAL PROGRAMS | $25,000 |
CHILDREN'S STUDY HOME INC PURPOSE: EDUCATIONAL PROGRAMS | $25,000 |
SPRINGFIELD SCHOOL VOLUNTEERS INC PURPOSE: EDUCATIONAL PROGRAMS | $25,000 |