Westmass Area Development Corp
- Assets
- $15.1m
- Revenue
- $4.4m
- Investments
- $0.0
- Employees
- 8
- Location
- Springfield, MA
- Founding
- 11/1961
- Data as of
- 12/2023
- EIN
- 04-6057343
Organization Overview
Westmass Area Development Corp is located in Springfield, MA. The organization was established in 1961. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Westmass Area Development Corp employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Westmass Area Development Corp is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSES OF THE CORPORATION SHALL BE TO PROMOTE, STIMULATE, DEVELOP, AND ADVANCE THE BUSINESS PROSPERITY AND ECONOMIC WELFARE OF THE WESTERN MASSACHUSETTS REGION AND THE CITIZENS THEREOF, TO ENCOURAGE AND ASSIST, THROUGH LOANS, INVESTMENTS, OR OTHER BUSINESS TRANSACTIONS, THE LOCATION OF NEW BUSINESS AND INDUSTRY IN THE WESTERN MASSACHUSETTS REGION; TO REHABILITATE AND ASSIST EXISTING BUSINESS AND INDUSTRY; AND SO TO STIMULATE AND ASSIST IN THE EXPANSION OF ALL KINDS OF BUSINESS ACTIVITY WHICH WILL TEND TO PROMOTE THE BUSINESS DEVELOPMENT AND MAINTAIN THE ECONOMIC STABILITY OF THE WESTERN MASSACHUSETTS REGION, PROVIDE MAXIMUM OPPORTUNITIES FOR EMPLOYMENT, ENCOURAGE THRIFT, AND IMPROVE THE STANDARD OF LIVING OF ITS CITIZENS; AND SIMILARLY TO ENDEAVOR TO INCREASE AND DIVERSIFY INDUSTRY AND EMPLOYMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WESTMASS AREA DEVELOPMENT CORPORATION ADVANCES BUSINESS AND ECONOMIC PROSPERITY IN WESTERN MASSACHUSETTS THROUGH THE ACQUISITION, PERMITTING, AND DEVELOPMENT OF INDUSTRIAL AND BUSINESS RESOURCES. THESE RESOURCES INCLUDE INDUSTRIAL/BUSINESS PARKS AND COMPLEX AND COMPLICATED MILL/BROWNFIELD REDEVELOPMENT PROJECTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffrey Daley President | Officer | 37.5 | $296,215 |
Jeffery Lesiege VP Construction | 37.5 | $181,636 | |
Sarah Lacour VP Operations | 37.5 | $180,985 | |
Jessie Alt Dir Fin And Hr | 37.5 | $104,988 | |
John Maybury Director | Trustee | 2 | $0 |
Keith Nesbitt Director | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Elm Electrical Inc Electrical | 12/30/23 | $256,531 |
Geeleher Enterprises Inc Construction | 12/30/23 | $1,743,942 |
Mmc Specialty Roofing Inc Roofing | 12/30/23 | $546,198 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,240,926 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,631,369 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,872,295 |
| Total Program Service Revenue | $255,846 |
| Investment income | $65,651 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$920,385 |
| 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 | $1,154,115 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,440,011 |
| 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. | $296,215 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $156,150 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $66,473 |
| Payroll taxes | $71,347 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $30,753 |
| Fees for services: Accounting | $13,560 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $17,379 |
| Office expenses | $138,232 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $59,266 |
| Travel | $5,475 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $87,341 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $19,062 |
| Insurance | $11,695 |
| All other expenses | $0 |
| Total functional expenses | $1,012,685 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $253,547 |
| Savings and temporary cash investments | $88,483 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $562,612 |
| 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 | $76,533 |
| Net Land, buildings, and equipment | $7,001,820 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,077,895 |
| Total assets | $15,060,890 |
| Accounts payable and accrued expenses | $637,198 |
| Grants payable | $0 |
| Deferred revenue | $30,970 |
| 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 | $4,547,463 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $184,138 |
| Total liabilities | $5,399,769 |
| Net assets without donor restrictions | $9,661,121 |
| 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 | $15,060,890 |