Waterbury Development Corporation
- Assets
- $8.1m
- Revenue
- $3.7m
- Investments
- $0.0
- Employees
- 13
- Location
- Waterbury, CT
- Founding
- 04/2000
- Data as of
- 06/2023
- EIN
- 06-1549006
Organization Overview
Waterbury Development Corporation is located in Waterbury, CT. 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. As of 06/2023, Waterbury Development Corporation employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Waterbury Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Waterbury Development Corporation generated $3.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (11.2%) each year. All expenses for the organization totaled $3.8m during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (10.3%) per year over the past 7 years. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
LONG RANGE PLANNING FOR ECONOMIC DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO STIMULATE AND SUPPORT ECONOMIC AND HOUSING DEVELOPMENT WITHIN THE COMMUNITIES OF THE CITY OF WATERBURY.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Catherine Awwad Chairman | OfficerTrustee | 0.5 | $0 |
Joseph R Mcgrath Vice Chairman | OfficerTrustee | 0.5 | $0 |
William Rybczyk Treasurer | OfficerTrustee | 0.5 | $0 |
Lynn G Ward Secretary | OfficerTrustee | 0.5 | $0 |
Robert Burns Board Member | Trustee | 0.5 | $0 |
Arthur Denze Board Member | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ja Rosa Construction Llc Construction | 6/29/21 | $282,471 |
Montagno Construction Inc Construction | 6/29/21 | $1,090,109 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,102,548 |
| All other contributions, gifts, grants, and similar amounts not included above | $17,874 |
| Noncash contributions included in lines 1a–1f | $17,874 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,120,422 |
| Total Program Service Revenue | $334,592 |
| Investment income | $57,678 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $219,174 |
| 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 | $3,731,866 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,400 |
| 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 | $1,072,459 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $151,199 |
| Payroll taxes | $87,796 |
| Fees for services: Management | $10,084 |
| Fees for services: Legal | $28,133 |
| Fees for services: Accounting | $26,714 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $24,985 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $317,920 |
| Travel | $0 |
| 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 | $10,595 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $3,808,209 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,252,278 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $818,246 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,069,955 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $46,254 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,957,515 |
| Total assets | $8,144,248 |
| Accounts payable and accrued expenses | $1,094,146 |
| Grants payable | $0 |
| Deferred revenue | $19,859 |
| 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 | $5,815,588 |
| Total liabilities | $6,929,593 |
| Net assets without donor restrictions | $1,214,655 |
| 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 | $8,144,248 |
Grants Awarded
Over the last fiscal year, Waterbury Development Corporation has awarded $88,057 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
NEIGHBORHOOD HOUSING SERVICES OF WATERBURY INC PURPOSE: FORCLOSURE PREVENTION COUNSELING | $27,414 |
CONNECTICUT LEGAL SERVICES INC PURPOSE: LEGAL SERVICES TO LOW/MOD RESIDENTS OF WATERBURY (CDBG & HPRP) | $5,060 |
CENTER FOR HUMAN DEVELOPMENT PURPOSE: PROVIDE BASIC NEEDS TO CITY'S HOMELESS POPULATION | $7,041 |
WATERBURY YOUTH SERVICE SYSTEM INC PURPOSE: TRUANCY PREVENTION PROGRAM | $6,008 |
ST VINCENT DEPAUL PURPOSE: HOMELESS SHELTER AND OTHER SUPPORT SERVICES (ESG & HPRP) | $23,234 |
SALVATION ARMY PURPOSE: A SHELTER FOR CITY-WIDE FAMILIES/HOMELESSNESS PREVENTION (ESG & HPRP) | $9,137 |