New Bedford Economic Development Council Inc
- Assets
- $6.3m
- Revenue
- $2.9m
- Investments
- $0.0
- Employees
- 5
- Location
- New Bedford, MA
- Founding
- 01/1999
- Data as of
- 06/2022
- EIN
- 04-3244024
Organization Overview
New Bedford Economic Development Council Inc is located in New Bedford, MA. The organization was established in 1999. According to its NTEE Classification (W20) the organization is classified as: Government & Public Administration, under the broad grouping of Public & Societal Benefit and related organizations. As of 06/2022, New Bedford Economic Development Council Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Bedford Economic Development Council Inc 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, New Bedford Economic Development Council Inc generated $2.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.7% each year. All expenses for the organization totaled $2.0m during the year ending 06/2022. While expenses have increased by 4.4% 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, New Bedford Economic Development Council Inc has awarded 77 individual grants totaling $866,435. 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 FOSTER BUSINESS GROWTH, GREATER EMPLOYMENT AND ECONOMIC DEVELOPMENT IN THE GREATER NEW BEDFORD AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COUNCIL IS A NONPROFIT ORGANIZATION, ORGANIZED TO PROMOTE, CREATE AND STRENGTHEN ECONOMIC DEVELOPMENT OPPORTUNITIES AND A BUSINESS-FRIENDLY ENVIRONMENT IN THE CITY OF NEW BEDFORD, MASSACHUSETTS (THE CITY). PROGRAMS AND SERVICES THAT THE COUNCIL PERFORMS INCLUDE: - LENDING PROGRAMS ORIGINATING FROM FEDERAL AND PRIVATE GRANTS OR LOANS. THE COUNCIL MAKES LOANS TO ELIGIBLE LOCAL BUSINESSES. - ECONOMIC DEVELOPMENT ACTIVITIES THAT INCLUDE ASSISTING LOCAL COMPANIES WITH THEIR EXPANSION PLANS OR OTHER BUSINESS CONCERNS, AND MARKETING THE CITY WORLDWIDE, IN ORDER TO PURSUE NEW BUSINESS INVESTMENT OR OTHER SIMILAR INITIATIVES. - PROVIDING MANAGEMENT AND STRATEGIC DEVELOPMENT SERVICES AS THE CITYS OPERATOR OF THE NEW BEDFORD QUEST CENTER FOR INNOVATION (QUEST CENTER), AN INITIATIVE TO PROVIDE A FOCUS FOR ENTREPRENEURIAL TRAINING AND A SUPPORT ENVIRONMENT FOR STARTUP ACTIVITY. - REAL ESTATE DEVELOPMENT AS A PRIMARY MEANS TO FURTHER THE ONGOING TRANSFORMATION OF THE CITY. THE COUNCIL PROVIDES A HIGH LEVEL OF TECHNICAL ASSISTANCE FOR REAL ESTATE DEVELOPMENT PROJECTS INCLUDING BUT NOT LIMITED TO, SITE SELECTION, PRE-PLANNING, FINANCING, PERMITTING AND INCENTIVE AGREEMENTS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anthony R Sapienza President | OfficerTrustee | 3 | $0 |
Elizabeth Isherwood Vice President | OfficerTrustee | 1.5 | $0 |
David Slutz Treasurer | OfficerTrustee | 2.5 | $0 |
Carol Pimental Clerk | OfficerTrustee | 1 | $0 |
Jonathan F Mitchell Mayor Ex-Officio | Trustee | 1 | $0 |
Helena Dasilva Hughes Director | Trustee | 1.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,482,941 |
| All other contributions, gifts, grants, and similar amounts not included above | $137,738 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,620,679 |
| Total Program Service Revenue | $268,117 |
| Investment income | $1,263 |
| 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 | $2,890,059 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $237,000 |
| Grants and other assistance to domestic individuals. | $30,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $196,773 |
| Compensation of current officers, directors, key employees. | $21,645 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $400,089 |
| Pension plan accruals and contributions | $10,845 |
| Other employee benefits | $48,094 |
| Payroll taxes | $41,240 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $28,150 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $46,586 |
| Advertising and promotion | $41,013 |
| Office expenses | $36,050 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $21,131 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,952 |
| Interest | $4,971 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,245 |
| Insurance | $15,056 |
| All other expenses | $0 |
| Total functional expenses | $2,008,196 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $61,164 |
| Savings and temporary cash investments | $3,778,378 |
| Pledges and grants receivable | $320,008 |
| Accounts receivable, net | $5,487 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,056,607 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $33,833 |
| Net Land, buildings, and equipment | $16,332 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,271,809 |
| Accounts payable and accrued expenses | $699,125 |
| 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 | $532,383 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,231,508 |
| Net assets without donor restrictions | $1,849,208 |
| Net assets with donor restrictions | $3,191,093 |
| 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 | $6,271,809 |
Grants Awarded
Over the last fiscal year, New Bedford Economic Development Council Inc has awarded $225,000 in support to 19 organizations.
| Grant Recipient | Amount |
|---|---|
COMMUNITY ECONOMIC DEVELOPMENT CENTER PURPOSE: ECONOMIC DEVELOPMENT SUPPORT | $7,000 |
DOWNTOWN NEW BEDFORD INC PURPOSE: ECONOMIC DEVELOPMENT SUPPORT | $18,000 |
BEATRIZ AND COMPANY PURPOSE: ECONOMIC DEVELOPMENT SUPPORT | $25,000 |
DUENDE GLASS - S CORP PURPOSE: ECONOMIC DEVELOPMENT SUPPORT | $10,000 |
F RAHAMAN CORP PURPOSE: ECONOMIC DEVELOPMENT SUPPORT | $10,000 |
FREEDOM RESTORATION S CORP PURPOSE: ECONOMIC DEVELOPMENT SUPPORT | $10,000 |