Springfield Business Improvement District Inc
- Assets
- $2.3m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Springfield, MA
- Founding
- 08/2000
- Data as of
- 06/2021
- EIN
- 04-3428312
Organization Overview
Springfield Business Improvement District Inc is located in Springfield, MA. The organization was established in 2000. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Springfield Business Improvement District 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 06/2021, Springfield Business Improvement District Inc generated $1.4m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.8%) each year. All expenses for the organization totaled $1.3m during the year ending 06/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTES THE DEVELOPMENT OF BUSINESS AND ECONOMIC ACTIVITY WITHIN THE BUSINESS IMPROVEMENT DISTRICT IN SPRINGFIELD, MASSACHUSETTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTE THE DEVELOPMENT OF BUSINESS AND ECONOMIC ACTIVITY WITHIN THE BUSINESS IMPROVEMENT DISTRICT IN SPRINGFIELD, MASSACHUSETTS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul Lessard Chair | OfficerTrustee | 5 | $0 |
Keith Weppler Vice Chair | OfficerTrustee | 1 | $0 |
James Hickson Treasurer | OfficerTrustee | 2 | $0 |
Jeffrey Fialky Clerk | OfficerTrustee | 1 | $0 |
Christopher Russell Executive Director | Officer | 40 | $0 |
Evan Plotkin Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Good Diggin Landscape Services | 6/29/21 | $447,859 |
Springfield Electric Architectural Lighting | 6/29/21 | $144,637 |
Economic Development Corporation Operation Chargebacks | 6/29/21 | $419,442 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $309,460 |
| All other contributions, gifts, grants, and similar amounts not included above | $94,650 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $404,110 |
| Total Program Service Revenue | $971,424 |
| Investment income | $4,918 |
| 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 | $1,395,180 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $48,570 |
| 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 | $0 |
| Fees for services: Legal | $659 |
| Fees for services: Accounting | $21,766 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $9,536 |
| Advertising and promotion | $0 |
| Office expenses | $10,643 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $68,367 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,022 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $43,083 |
| Insurance | $22,948 |
| All other expenses | $8,261 |
| Total functional expenses | $1,310,690 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $440,526 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $614,742 |
| 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 | $9,680 |
| Net Land, buildings, and equipment | $991,624 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $271,924 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,328,496 |
| Accounts payable and accrued expenses | $96,402 |
| Grants payable | $0 |
| Deferred revenue | $38,225 |
| 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 | $996 |
| Total liabilities | $135,623 |
| Net assets without donor restrictions | $2,162,873 |
| Net assets with donor restrictions | $30,000 |
| 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 | $2,328,496 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Springfield Business Improvement District Inc has recieved totaling $68,010.
| Awarding Organization | Amount |
|---|---|
Economic Development Council Of Western Massachusetts Inc Springfield, MA PURPOSE: TO PROVIDE ECONOMIC SUPPORT. | $68,010 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Greater Boston Convention And Tourist Bureau Inc Boston, MA | $3,175,283 | $8,778,402 |
Granite State Economic Development Corp Portsmouth, NH | $20,832,618 | $9,324,758 |
Structured Employment Economic Development Corporation New York, NY | $3,440,081 | $6,983,803 |
Nybdc Local Development Corporation Albany, NY | $39,799,179 | $11,401,541 |
Venture For America Inc New York, NY | $3,605,973 | $6,866,605 |
Trufund Financial Services Inc New York, NY | $14,181,328 | $2,317,905 |
Griffiss Local Development Corporation Rome, NY | $28,823,478 | $3,861,279 |
Metrotech Area District Management Association Inc Brooklyn, NY | $3,270,355 | $4,991,826 |
Kiryas Joel Municipal Local Development Corporation Monroe, NY | $2,561,042 | $4,665,324 |
Connecticut Economic Resource New Haven, CT | $3,997,158 | $4,805,353 |
Greater New Bedford Workforce Investment Board Inc New Bedford, MA | $1,194,439 | $3,887,016 |