Ocean State Business Development Authority Inc is located in Warwick, RI. The organization was established in 1983. According to its NTEE Classification (W99) the organization is classified as: Public & Societal Benefit N.E.C., under the broad grouping of Public & Societal Benefit and related organizations. As of 09/2022, Ocean State Business Development Authority Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ocean State Business Development Authority Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 09/2022, Ocean State Business Development Authority Inc generated $1.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.4% each year. All expenses for the organization totaled $1.1m during the year ending 09/2022. While expenses have increased by 8.0% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO EFFICIENTLY PROVIDE UNIQUE CAPITAL AND SERVICES TO SMALL BUSINESSES LOCATED IN RHODE ISLAND, MASSACHUSETTS AND CONNECTICUT; HELPING THEM ACQUIRE EQUIPMENT AND COMMERCIAL REAL ESTATE TO GROW THEIR BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAKING SECTION 504 SBA LOANS TO BUSINESSES IN ACCORDANCE WITH THE RULES AND REGULATIONS PROMULGATED BY THE US SMALL BUSINESS ASSOCIATION
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Russell Gaston President | OfficerTrustee | 50 | $335,788 |
Russell W Hahn Chairman | Trustee | 1 | $800 |
Cristina Feden Director | Trustee | 1 | $800 |
Robert E Nickerson Director | Trustee | 1 | $800 |
Ali Hasan Director | Trustee | 1 | $800 |
Kevin Casey Director | Trustee | 1 | $800 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $94,481 |
All other contributions, gifts, grants, and similar amounts not included above | $0 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $94,481 |
Total Program Service Revenue | $1,149,386 |
Investment income | $0 |
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 | $1,243,867 |
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. | $341,788 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $360,058 |
Pension plan accruals and contributions | $33,240 |
Other employee benefits | $64,957 |
Payroll taxes | $41,942 |
Fees for services: Management | $4,055 |
Fees for services: Legal | $1,375 |
Fees for services: Accounting | $23,264 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $7,974 |
Office expenses | $25,073 |
Information technology | $29,793 |
Royalties | $0 |
Occupancy | $52,451 |
Travel | $9,856 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $10,056 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $22,673 |
Insurance | $14,937 |
All other expenses | $23,616 |
Total functional expenses | $1,141,950 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $10,809 |
Savings and temporary cash investments | $163 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $387,740 |
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 | $49,013 |
Net Land, buildings, and equipment | $73,113 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $300 |
Total assets | $521,138 |
Accounts payable and accrued expenses | $2,586 |
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 | $74,061 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $97,705 |
Total liabilities | $174,352 |
Net assets without donor restrictions | $346,786 |
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 | $521,138 |
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