Waterbury Development Corporation
- Assets
- $8.6m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 13
- Location
- Waterbury, CT
- Founding
- 04/2000
- Data as of
- 06/2022
- 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 06/2022, 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 06/2022, Waterbury Development Corporation generated $2.4m 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 (16.5%) each year. All expenses for the organization totaled $2.7m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (14.6%) 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
2022
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jim Nealon Chief Financial Officer | Officer | 37.5 | $55,354 |
William Rybczyk Treasurer | OfficerTrustee | 0.5 | $0 |
Lynn G Ward Secretary | OfficerTrustee | 0.5 | $0 |
Catherine Awwad Chairman | OfficerTrustee | 0.5 | $0 |
Joseph R Mcgrath Vice Chairman | OfficerTrustee | 0.5 | $0 |
Paul K Pernerewski Jr 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 | $1,956,512 |
| All other contributions, gifts, grants, and similar amounts not included above | $147,090 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,103,602 |
| Total Program Service Revenue | $95,007 |
| Investment income | $3,244 |
| 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 | $2,421,027 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,357 |
| 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 | $782,479 |
| Pension plan accruals and contributions | $34,216 |
| Other employee benefits | $87,712 |
| Payroll taxes | $72,382 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $26,700 |
| Fees for services: Accounting | $30,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $62,764 |
| Advertising and promotion | $31,644 |
| Office expenses | $11,319 |
| Information technology | $4,521 |
| Royalties | $0 |
| Occupancy | $251,204 |
| Travel | $2,040 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,929 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,413 |
| Insurance | $36,233 |
| All other expenses | $0 |
| Total functional expenses | $2,694,678 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,292,570 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $759,209 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,558,457 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $10,076 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,983,757 |
| Total assets | $8,604,069 |
| Accounts payable and accrued expenses | $972,637 |
| Grants payable | $0 |
| Deferred revenue | $2,595 |
| 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 | $6,337,836 |
| Total liabilities | $7,313,068 |
| Net assets without donor restrictions | $1,291,001 |
| 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 | $8,604,069 |
Grants Awarded
Over the last fiscal year, Waterbury Development Corporation has awarded $88,057 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
Waterbury, CT PURPOSE: FORCLOSURE PREVENTION COUNSELING | $27,414 |
Waterbury, CT PURPOSE: HOMELESS SHELTER AND OTHER SUPPORT SERVICES (ESG & HPRP) | $23,234 |
WOWNRZ YOUTH COUNCIL PURPOSE: AFTER SCHOOL PROGRAM | $10,163 |
West Nyack, NY PURPOSE: A SHELTER FOR CITY-WIDE FAMILIES/HOMELESSNESS PREVENTION (ESG & HPRP) | $9,137 |
Springfield, MA PURPOSE: PROVIDE BASIC NEEDS TO CITY'S HOMELESS POPULATION | $7,041 |
Waterbury, CT PURPOSE: TRUANCY PREVENTION PROGRAM | $6,008 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Waterbury Development Corporation has recieved totaling $28,458.
| Awarding Organization | Amount |
|---|---|
Western Connecticut Area Agency On Aging Inc Waterbury, CT PURPOSE: SENIOR TRANSPORT | $28,458 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Greater Boston Convention And Tourist Bureau Inc Boston, MA | $3,175,283 | $8,778,402 |
Structured Employment Economic Development Corporation New York, NY | $3,440,081 | $6,983,803 |
Nybdc Local Development Corporation Albany, NY | $39,799,179 | $11,401,541 |
Venture For America Inc New York, NY | $3,605,973 | $6,866,605 |
Trufund Financial Services Inc New York, NY | $14,181,328 | $2,317,905 |
Griffiss Local Development Corporation Rome, NY | $28,823,478 | $3,861,279 |
Metrotech Area District Management Association Inc Brooklyn, NY | $3,270,355 | $4,991,826 |
Kiryas Joel Municipal Local Development Corporation Monroe, NY | $2,561,042 | $4,665,324 |
Connecticut Economic Resource New Haven, CT | $3,997,158 | $4,805,353 |
Greater New Bedford Workforce Investment Board Inc New Bedford, MA | $1,194,439 | $3,887,016 |
West Harlem Development Corporation New York, NY | $61,321,755 | $1,156,663 |