Springfield Business Development Corporation
- Assets
- $1.4m
- Revenue
- $977.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Springfield, MO
- Founding
- 07/1984
- Data as of
- 12/2021
- EIN
- 43-1309497
Organization Overview
Springfield Business Development Corporation is located in Springfield, MO. The organization was established in 1984. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, 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. Springfield Business 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 12/2021, Springfield Business Development Corporation generated $977.4k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $850.6k during the year ending 12/2021. While expenses have increased by 0.1% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE CONTINUED REVENUE SOURCE FOR THE CHAMBER'S ECONOMIC DEV. PROGRAM; ASSISTING BUSINESS AND INDUSTRY AND ATTRACTING NEW BUSINESS AND INDUSTRY TO THE REGION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT PROJECTS - IN 2022, ECONOMIC DEVELOPMENT TEAM MANAGED SEVERAL NEW BUSINESS INVESTMENT OPPORTUNITIES/LEADS, RESULTING IN 10 COMPETITIVE PROJECTS. THE TEAM HOSTED 5 PROJECT SPECIFIC SITE VISITS IN THE SPRINGFIELD REGION AND ANNOUNCED 2 PROJECT WINS, RESULTING IN $13M IN NEW PAYROLL AND $43M IN NEW CAPITAL INVESTMENT.
BUSINESS DEVELOPMENT INITIATIVES - IN 2022, OUR AGGRESSIVE APPROACH TO ASSISTING EXISTING COMPANIES WITH GROWTH OPTIONS, CONTINUED ALONG WITH OUR OUTREACH TO BRING NEW PRIMARY INDUSTRY SECTOR EMPLOYERS TO THE AREA. STAFF HELD NUMEROUS FACE-TO-FACE MEETINGS WITH LOCAL BUSINESS LEADERS TO IDENTIFY BARRIERS TO GROWTH AND INVESTMENTS THEY MAY NEED TO MAKE TO ENSURE THEIR PRESENCE IN THE REGION. SEE SCHEDULE O FOR ADDITIONAL INFORMATION.
WORKFORCE DEVELOPMENT - IN ORDER TO MEET THE MOST PRESSING NEED OF EXISTING BUSINESSES, NEWLY ATTRACTED BUSINESSES AND START-UP COMPANIES, THE SBDC HAS SIGNIFICANTLY INCREASED ITS FOCUS ON WORKFORCE DEVELOPMENT. STAFF ADMINISTERS SIGNIFICANT PROGRAMS FOCUSED ON DEVELOPING TALENT WITHIN THE EXISTING EDUCATION SYSTEM, ATTRACTING TALENT TO THE REGION FROM OUTSIDE THE AREA AND RETAINING TALENT ALREADY IN THE REGION OR ATTENDING SCHOOL IN THE REGION. ALL OF THESE EFFORTS WILL GIVE SPRINGFIELD A COMPETITIVE ADVANTAGE NOW AND INTO THE FORESEEABLE FUTURE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matt Morrow Board Secretary | OfficerTrustee | 3 | $0 |
Jason Gage Board Member | Trustee | 1 | $0 |
Jennifer Wilson Board Member | Trustee | 1 | $0 |
Bill Hammitt Board Member | Trustee | 1 | $0 |
Bob Dixon Board Member | Trustee | 1 | $0 |
Brad Erwin Board Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $650,500 |
| Investment income | $1,500 |
| 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 | $977,439 |
| Statement of Expenses | |
|---|---|
| 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 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 | $655,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,671 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $7,922 |
| Advertising and promotion | $12,327 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $12,417 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $25,486 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,019 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $850,563 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $816,288 |
| Pledges and grants receivable | $0 |
| 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 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $616,426 |
| Total assets | $1,433,822 |
| Accounts payable and accrued expenses | $30 |
| Grants payable | $0 |
| Deferred revenue | $100,650 |
| 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 | $60,000 |
| Other liabilities | $646,426 |
| Total liabilities | $807,106 |
| Net assets without donor restrictions | $624,532 |
| Net assets with donor restrictions | $2,184 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $626,716 |