Chelsea Business Foundation Inc
- Assets
- $254.5k
- Revenue
- $438.2k
- Investments
- $0.0
- Employees
- 1
- Location
- Chelsea, MA
- Founding
- 02/2018
- Data as of
- 12/2021
- EIN
- 82-3962027
Organization Overview
Chelsea Business Foundation Inc is located in Chelsea, MA. The organization was established in 2018. According to its NTEE Classification (B03) the organization is classified as: Professional Societies & Associations, 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. Chelsea Business 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 12/2021, Chelsea Business Foundation Inc generated $438.2k in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 30.2% each year . All expenses for the organization totaled $463.2k during the year ending 12/2021. 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
SUPPROT ECONOMIC DEVELOMENT BY ASSISTING ENTREPRENEURS AND SMALL BUSINESS OWNERS WITH TOOLS AND RESOURCES TO BE SUCCESSFUL. FOR EXAMPLE, THROUGH ONE-ON-ONE TECHNICAL ASSISTANCE, BILINGUAL WORKSHOPS AND TRADING PROGRAMS, AS WELL AS NETWORKING OPPORTUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SAMLL BUSINESS WORKSHOPS AND ASSISTANCE, TRAINING AND EDUCATIONAL PROGRAMS AND ONE-ON-ONE BUSINESS OWNERS AND REFERRAL SUPPORT.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carlos Matos CEO | Officer | 40 | $88,120 |
Deise Paraguay Foundation Mgr. | Officer | 40 | $59,800 |
Guillermo Fernandez President | Trustee | 2 | $0 |
Johanna Mateo Treasurer | Trustee | 2 | $0 |
Irene F Torres Director | Trustee | 2 | $0 |
Phyllis Barajas Director | Trustee | 2 | $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 | $65,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $65,000 |
| Total Program Service Revenue | $373,222 |
| Investment income | $7 |
| 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 | $438,229 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $52,500 |
| 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. | $147,920 |
| Compensation of current officers, directors, key employees. | $88,120 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,440 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $15,398 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $13,259 |
| 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 | $0 |
| Advertising and promotion | $787 |
| Office expenses | $11,107 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $24,913 |
| Travel | $15,229 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $5,344 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $922 |
| All other expenses | $0 |
| Total functional expenses | $463,207 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $165,215 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $89,249 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $254,464 |
| Accounts payable and accrued expenses | $6,583 |
| 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 | $103,046 |
| Total liabilities | $109,629 |
| Net assets without donor restrictions | $144,835 |
| 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 | $254,464 |