Developspringfield Corporation
- Assets
- $7.1m
- Revenue
- $373.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Springfield, MA
- Founding
- 03/2010
- Data as of
- 06/2021
- EIN
- 26-3862976
Organization Overview
Developspringfield Corporation is located in Springfield, MA. The organization was established in 2010. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Developspringfield 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 06/2021, Developspringfield Corporation generated $373.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (24.1%) each year. All expenses for the organization totaled $202.4k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (22.7%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Developspringfield Corporation has awarded 18 individual grants totaling $910,009. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO AID DEVELOPMENT OR REDEVELOPMENT IN THE CITY OF SPRINGFIELD, MASSACHUSETTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ADVANCE DEVELOPMENT AND REDEVELOPMENT PROJECTS, TO STIMULATE AND SUPPORT ECONOMIC GROWTH, AND TO EXPEDITE THE REVITALIZATION PROCESS WITHIN THE CITY OF SPRINGFIELD.
STATE STREET REDEVELOPMENT PROGRAMS AND PROJECTS TO REVITALIZE AND CREATE JOBS THROUGH REDEVELOPMENT OF SUBSTANDARD, DETERIORATED, OR BLIGHTED PROPERTIES ALONG THE COMMERCIAL DISTRICT OF STATE STREET IN SPRINGFIELD, MASSACHUSETTS.MISCELLANEOUS PROGRAMS AND INITIATIVES TO ADVANCE ECONOMIC DEVELOPMENT AND REVITALIZATION WITHIN THE CITY OF SPRINGFIELD, MASSACHUSETTS THROUGH STRATEGIC INVESTMENTS DESIGNED TO STIMULATE JOB GROWTH AND THE REDEVELOPMENT OF SUBSTANDARD, DETERIORATED, OR BLIGHTED PROPERTIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
J Jeffrey Sullivan Treasurer | OfficerTrustee | 2 | $0 |
Nicholas Frytrilakis Chair | OfficerTrustee | 2 | $0 |
Melinda Phelps Vice-Chair | OfficerTrustee | 1 | $0 |
Jose Claudio Clerk | OfficerTrustee | 2 | $0 |
Chris Russell Executive Director | Officer | 40 | $0 |
Brian Connors Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Historic Preservation Associates Renovation | 6/29/16 | $330,359 |
Studio One Incorporated Architectural Services | 6/29/16 | $170,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $1,000 |
| Related organizations | $0 |
| Government grants | $160,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $49,590 |
| Noncash contributions included in lines 1a–1f | $30,515 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $210,590 |
| Total Program Service Revenue | $75,050 |
| Investment income | $10,705 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $70,150 |
| Net Gain/Loss on Asset Sales | -$3,384 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $373,622 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $8,200 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $52,416 |
| Fees for services: Legal | $9,527 |
| Fees for services: Accounting | $10,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,327 |
| Advertising and promotion | $281 |
| Office expenses | $3,368 |
| Information technology | $621 |
| Royalties | $0 |
| Occupancy | $28,126 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $20,035 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $46,510 |
| Insurance | $15,393 |
| All other expenses | $0 |
| Total functional expenses | $202,432 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $453,806 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,355 |
| 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 | $1,366,230 |
| Investments—publicly traded securities | $601,699 |
| Investments—other securities | $0 |
| Investments—program-related | $4,567,219 |
| Intangible assets | $0 |
| Other assets | $111,926 |
| Total assets | $7,109,235 |
| Accounts payable and accrued expenses | $33,089 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,100 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,013,918 |
| Unsecured mortgages and notes payable | $109,887 |
| Other liabilities | $0 |
| Total liabilities | $1,157,994 |
| Net assets without donor restrictions | $4,943,331 |
| Net assets with donor restrictions | $1,007,910 |
| 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 | $7,109,235 |
Grants Awarded
Over the last fiscal year, Developspringfield Corporation has awarded $40,000 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
276 BRIDGE LLC - SPRINGFIELD INNOVATION CENTER PURPOSE: STATE GRANT EARMARKED FOR SPRINGFIELD INNOVATION CENTER | $10,000 |
276 BRIDGE LLC - SPRINGFIELD INNOVATION CENTER PURPOSE: STATE GRANT EARMARKED FOR SPRINGFIELD INNOVATION CENTER | $10,000 |
276 BRIDGE LLC - SPRINGFIELD INNOVATION CENTER PURPOSE: STATE GRANT EARMARKED FOR SPRINGFIELD INNOVATION CENTER | $10,000 |
276 BRIDGE LLC - SPRINGFIELD INNOVATION CENTER PURPOSE: STATE GRANT EARMARKED FOR SPRINGFIELD INNOVATION CENTER | $10,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Developspringfield Corporation has recieved totaling $27,000.
| Awarding Organization | Amount |
|---|---|
Massmutual Foundation Inc Springfield, MA PURPOSE: EXEMPT PURPOSE | $27,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Connecticut Institute For Communities Inc Danbury, CT | $23,773,882 | $36,794,150 |
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 |
Granite State Economic Development Corp Portsmouth, NH | $20,832,618 | $9,324,758 |
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 |