Marlborough Economic Development Corporation
- Assets
- $1.5m
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 4
- Location
- Marlborough, MA
- Founding
- 12/2006
- Data as of
- 06/2023
- EIN
- 20-4407846
Organization Overview
Marlborough Economic Development Corporation is located in Marlborough, MA. The organization was established in 2006. 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 06/2023, Marlborough Economic Development Corporation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Marlborough Economic Development Corporation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2023, Marlborough Economic Development Corporation generated $1.0m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $903.5k during the year ending 06/2023. While expenses have increased by 8.5% per year over the past 6 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ENHANCE THE POSITION, IMAGE AND PERFECTION OF MARLBOROUGH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO ENHANCE THE POSITION, IMAGE AND PERCEPTION OF MARLBOROUGH AS A DESIRABLE PLACE TO LIVE, WORK, VISIT AND INVEST IN BY CULTURAL, HISTORICAL, ECONOMIC PROGRAMS IN THE CITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andrea Pion President | OfficerTrustee | 1 | $0 |
David Walton Vice President/secretary | OfficerTrustee | 1 | $0 |
Daniel Stanhope Treasurer | OfficerTrustee | 1 | $0 |
Arthur Vigeant Executive Committee/direct | OfficerTrustee | 1 | $0 |
Michael Ossing Executive Committee/direct | OfficerTrustee | 1 | $0 |
William Pezzoni Director Emeritus | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,066,773 |
| 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 | $1,066,773 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$58,579 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,008,194 |
| 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. | $120,324 |
| Compensation of current officers, directors, key employees. | $24,065 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $142,411 |
| Pension plan accruals and contributions | $7,452 |
| Other employee benefits | $8,896 |
| Payroll taxes | $21,440 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $319,811 |
| Advertising and promotion | $51,313 |
| Office expenses | $22,244 |
| Information technology | $13,142 |
| Royalties | $0 |
| Occupancy | $35,596 |
| Travel | $15,371 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $26,989 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,579 |
| Insurance | $6,629 |
| All other expenses | $666 |
| Total functional expenses | $903,545 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,292,590 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $10,000 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $38,573 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $40,455 |
| Intangible assets | $4,507 |
| Other assets | $87,531 |
| Total assets | $1,473,656 |
| Accounts payable and accrued expenses | $34,219 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $87,355 |
| Total liabilities | $121,574 |
| Net assets without donor restrictions | $458,138 |
| Net assets with donor restrictions | $893,944 |
| 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 | $1,473,656 |