Springfield Business Improvement District Inc
- Assets
- $2.2m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Springfield, MA
- Founding
- 08/2000
- Data as of
- 06/2022
- 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 06/2022, Springfield Business Improvement District Inc generated $1.4m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.0%) each year. All expenses for the organization totaled $1.5m during the year ending 06/2022. 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
2022
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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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 |
Evan Plotkin Director | Trustee | 1 | $0 |
Peter Marks Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Good Diggin Landscape Services | 6/29/22 | $364,287 |
Springfield Electric Architectural Lighting | 6/29/22 | $217,817 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $202,291 |
| All other contributions, gifts, grants, and similar amounts not included above | $95,949 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $298,240 |
| Total Program Service Revenue | $944,715 |
| Investment income | $19,896 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $5,650 |
| Net Gain/Loss on Asset Sales | $17,227 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,356,557 |
| 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 | $12,724 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,528 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | -$81,540 |
| Fees for services: Other | $45,725 |
| Advertising and promotion | $0 |
| Office expenses | $18,707 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $41,848 |
| Travel | $1,843 |
| 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 | $46,348 |
| Insurance | $39,102 |
| All other expenses | $102,396 |
| Total functional expenses | $1,513,322 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $504,098 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $315,230 |
| 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 | $41,003 |
| Net Land, buildings, and equipment | $996,840 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $375,834 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,233,005 |
| Accounts payable and accrued expenses | $123,752 |
| Grants payable | $0 |
| Deferred revenue | $70,560 |
| 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 | $2,585 |
| Total liabilities | $196,897 |
| Net assets without donor restrictions | $2,006,108 |
| 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 | $2,233,005 |