New Bedford Development Corporation
- Assets
- $2.4m
- Revenue
- $648.0
- Investments
- $0.0
- Employees
- 0
- Location
- New Bedford, MA
- Founding
- 10/2019
- Data as of
- 12/2021
- EIN
- 83-1553317
Organization Overview
New Bedford Development Corporation is located in New Bedford, MA. The organization was established in 2019. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Bedford 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, New Bedford Development Corporation generated $648.0 in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 5.7% each year. All expenses for the organization totaled $86.2k during the year ending 12/2021. While expenses have increased by 13.2% per year over the past 4 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 DEVELOP,REDEVELOP,OWN AND MANAGE AFFORDABLE WORKFORCE HOUSING AND RELATED SERVICES TO LOW AND MODERATE INCOME HOUSEHOLDS,AND TO PROVIDE RELATED RESIDENT SERVICES.TO DEVELOP AND OPERATE COMMUNITY PROJECTS WHICH COMBAT COMMUNITY DETERIORATION AND ASSIST IN NEIGHBORHOOD REVITALIZATION, STABILIZATION,AND SUPPORT ENERGY EFFICIENCY INITIATIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEVELOPING AFFORDABLE AND LOW-INCOME HOUSING.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Abeauregard President | OfficerTrustee | 10 | $0 |
Revleona Jfisher Treasurer | OfficerTrustee | 10 | $0 |
Wendy Amendoza-Rivera Clerk | OfficerTrustee | 5 | $0 |
Joseph Ecarvalho Director | OfficerTrustee | 1 | $0 |
William Hking Director | OfficerTrustee | 1 | $0 |
John Whalen Director | OfficerTrustee | 1 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $313 |
| 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 | $648 |
| 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. | $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 | $42 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,692 |
| Fees for services: Accounting | $13,320 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $61,680 |
| Advertising and promotion | $0 |
| Office expenses | $83 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $5,666 |
| All other expenses | $0 |
| Total functional expenses | $86,246 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $32,640 |
| Savings and temporary cash investments | $93,171 |
| 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 |
| Net Land, buildings, and equipment | $2,255,299 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,381,110 |
| Accounts payable and accrued expenses | $129,900 |
| 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 | $2,600,000 |
| Other liabilities | $0 |
| Total liabilities | $2,729,900 |
| Net assets without donor restrictions | -$348,790 |
| 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 | $2,381,110 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ndc Housing And Economic Development Corporation Brooklyn, NY | $24,571,760 | $10,401,743 |
Crotona Park West Housing Development Fund Corporation New York, NY | $24,353,081 | $7,261,955 |
Evergreen Estates Housing Development Fund Company Inc New York, NY | $7,286,125 | $3,876,768 |
Bushwick United Housing Development Fund Corporation Brooklyn, NY | $1,708,540 | $8,681,801 |
Settlement Housing Fund Inc New York, NY | $50,728,547 | $11,765,294 |
Associated Blind Housing Development Fund Inc Suffern, NY | $60,912,247 | $8,378,742 |
Housing Plus Solutions Inc Brooklyn, NY | $3,042,973 | $8,488,252 |
Owl Tallahassee Housing Inc Boston, MA | $28,680,052 | $6,023,225 |
Hearth Inc Boston, MA | $12,790,165 | $7,949,326 |
Neighbors Of Watertown Inc Watertown, NY | $21,338,681 | $8,351,713 |
Hope Community Inc New York, NY | $47,085,503 | $9,079,771 |
Mercy Haven Inc islip terrace, NY | $17,804,719 | $7,418,367 |