Worcester Educational Development Foundation Inc
- Assets
- $620.8k
- Revenue
- $797.2k
- Investments
- $97.5k
- Employees
- 1
- Location
- Worcester, MA
- Founding
- 12/2005
- Data as of
- 06/2022
- EIN
- 56-2522670
Organization Overview
Worcester Educational Development Foundation Inc is located in Worcester, MA. The organization was established in 2005. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Worcester Educational Development Foundation Inc 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, Worcester Educational Development Foundation Inc generated $797.2k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.3% each year . All expenses for the organization totaled $577.6k during the year ending 06/2022. While expenses have increased by 4.3% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT THE WORCESTER PUBLIC SCHOOLS, CONNECTING STUDENTS AND TEACHERS WITH NEEDED RESOURCES, ENRICHING THE STUDENT EXPERIENCE, AND ADVANCING EQUITY THROUGH COLLABORATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CULTURE AND ARTS PROGRAMS INCLUDING STUDENT CONCERTS AND OTHER SUPPORTS OF ARTS AND MUSIC PROGRAMS.
SCIENCE AND TECHNOLOGY PROGRAMS INCLUDES MIDDLES SCHOOL LABORTORIES HAVE BEEN OUTFITTED WITH NEW EQUIPMENT TO STUDY MICROSOPY AND DENSITY.
COLLEGE/CAREER READINESS PROGRAMS INCLUDING EDUCATIONAL PROGRAMS, MATERIALS & SUPPLIES AND SCHOLARSHIPS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Louise Clarke Executive Director And VP | OfficerTrustee | 25 | $17,700 |
Tony Economou Trustee | OfficerTrustee | 2.5 | $0 |
Stephen Mills President | OfficerTrustee | 5 | $0 |
Frances Arena Treasurer | OfficerTrustee | 2.5 | $0 |
Thomas Murray Clerk | OfficerTrustee | 0.5 | $0 |
Susan Popinchalk Trustee | Trustee | 2.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $793,013 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $793,013 |
| Total Program Service Revenue | $0 |
| Investment income | $1,291 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $2,932 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $797,236 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $20,843 |
| 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 | $37,845 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,267 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,290 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $24,333 |
| Advertising and promotion | $0 |
| Office expenses | $4,607 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,493 |
| Travel | $110,085 |
| 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 | $0 |
| Insurance | $3,580 |
| All other expenses | $2,808 |
| Total functional expenses | $577,595 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $516,371 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $4,370 |
| 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 | $2,508 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $97,511 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $620,760 |
| Accounts payable and accrued expenses | $21,728 |
| 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 | $0 |
| Total liabilities | $21,728 |
| Net assets without donor restrictions | $25,629 |
| Net assets with donor restrictions | $573,403 |
| 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 | $620,760 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Worcester Educational Development Foundation Inc has recieved totaling $1,000.
| Awarding Organization | Amount |
|---|---|
Hometown Bank Community Foundation Inc Oxford, MA PURPOSE: EXEMPT PURPOSE | $1,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Alfred P Sloan Foundation New York, NY | $2,105,880,634 | $192,527,982 |
Massachusetts Higher Education Assistance Corporation Boston, MA | $1,090,709,677 | $124,087,298 |
Mastercard Impact Fund Purchase, NY | $207,268,769 | $96,050,288 |
N H Higher Education Loan Corporation Concord, NH | $928,313,847 | $60,034,018 |
Arcus Foundation New York, NY | $264,733,626 | $35,703,685 |
Edward P Evans Andover, MA | $242,161,195 | $13,916,833 |
The Childrens Scholarship Fund New York, NY | $36,136,002 | $24,710,520 |
Math For America Inc New York, NY | $15,709,494 | $20,036,646 |
Ja Worldwide Inc Boston, MA | $14,229,210 | $21,801,943 |
The Posse Foundation Inc New York, NY | $120,660,725 | $44,739,225 |
Inner-City Scholarship Fund Inc New York, NY | $115,829,957 | $24,751,034 |
Joan And Irwin Jacobs Technion-Cornell Innovation Instit New York, NY | $205,040,861 | $18,316,542 |