Worcester Area Business Education Foundation Inc
- Assets
- $2.9m
- Revenue
- $2.0m
- Investments
- $476.8k
- Employees
- 0
- Location
- Worcester, MA
- Founding
- 08/1995
- Data as of
- 12/2023
- EIN
- 04-3265642
Organization Overview
Worcester Area Business Education Foundation Inc is located in Worcester, MA. The organization was established in 1995. According to its NTEE Classification (A99) the organization is classified as: Arts, Culture & Humanities N.E.C., under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Worcester Area Business Education Foundation 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 12/2023, Worcester Area Business Education Foundation Inc generated $2.0m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 62.7% each year . All expenses for the organization totaled $1.1m during the year ending 12/2023. While expenses have increased by 28.2% per year over the past 9 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
SUPPORT THE CHARITABLE PURPOSES OF THE WORCESTER REGIONAL CHAMBER OF COMMERCE (THE CHAMBER) BY: 1) DEVELOPING AND DELIVERING RELEVANT PROGRAMS AND SERVICES TO THE CHAMBER, ITS AFFILIATES, LOCAL BUSINESS COMMUNITY AND GENERAL PUBLIC; AND 2) LESSENING THE BURDENS OF GOVERNMENT BY COMBATTING COMMUNITY DETERIORATION AND ENABLING ECONOMIC DEVELOPMENT BY SUPPORTING DISTRESSED AREAS WITHIN THE SERVICE AREAS OF THE CHAMBER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WORCESTER REGIONAL STRATEGIC OPPORTUNITIES FOUNDATION (THE FOUNDATION) PROVIDES EDUCATIONAL PROGRAMS TO THE MEMBERSHIP OF THE CHAMBER AND THE LOCAL BUSINESS COMMUNITY.
THE FOUNDATION PROVIDES ADMINISTRATIVE, FINANCIAL AND PERSONNEL SERVICES TO ORGANIZATIONS WHOSE PURPOSES ARE CONSISTENT WITH THE FOUNDATION'S UNDER FISCAL SPONSORSHIP AGREEMENTS.
THE FOUNDATION PAIRED WITH NATIONAL GRID TO MAKE ONE-TIME GRANTS AVAILABLE TO CHAMBER SMALL BUSINESS MEMBERS TO HELP WITH HIGH ENERGY COSTS AND THE FINANCIAL CHALLENGES FACING SMALL BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Demitrios M Moschos Chair/director | OfficerTrustee | 0 | $0 |
Satya Mitra Treasurer/director | OfficerTrustee | 0 | $0 |
Eric Torkornoo Clerk/director | OfficerTrustee | 0 | $0 |
Timothy P Murray President | OfficerTrustee | 4 | $0 |
Katherine Bagdis Vice Chair | OfficerTrustee | 0 | $0 |
Christine Cassidy Director | Trustee | 0 | $0 |
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 | $1,769,954 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,769,954 |
| Total Program Service Revenue | $142,793 |
| Investment income | $11,212 |
| 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 | $108,236 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,032,195 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $190,000 |
| Grants and other assistance to domestic individuals. | $52,000 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $263,247 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $108,184 |
| Advertising and promotion | $28,598 |
| Office expenses | $1,667 |
| Information technology | $5,098 |
| Royalties | $0 |
| Occupancy | $120,486 |
| Travel | $57,714 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $19,509 |
| Insurance | $6,081 |
| All other expenses | $12,695 |
| Total functional expenses | $1,129,250 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $323,482 |
| Savings and temporary cash investments | $25,004 |
| Pledges and grants receivable | $742,939 |
| Accounts receivable, net | $172,853 |
| 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 | $0 |
| Net Land, buildings, and equipment | $712,522 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $476,755 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $486,866 |
| Total assets | $2,940,421 |
| Accounts payable and accrued expenses | $217,960 |
| 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 | $496,117 |
| Other liabilities | $118,108 |
| Total liabilities | $832,185 |
| Net assets without donor restrictions | $23,310 |
| Net assets with donor restrictions | $2,084,926 |
| 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 | $2,940,421 |