Ocean State Business Development Authority Inc

Organization Overview

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.

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


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Board, Officers & Key Employees

Name (title)Compensation
Russell Gaston
President
$335,788
Russell W Hahn
Chairman
$800
Cristina Feden
Director
$800
Robert E Nickerson
Director
$800
Ali Hasan
Director
$800
Kevin Casey
Director
$800

Financial Statements

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

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