Downtown Worcester Business Improvement District Inc
- Assets
- $819.7k
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Worcester, MA
- Founding
- 10/2019
- Data as of
- 06/2021
- EIN
- 83-2860571
Organization Overview
Downtown Worcester Business Improvement District Inc is located in Worcester, MA. The organization was established in 2019. 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. Downtown Worcester Business Improvement District 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 06/2021, Downtown Worcester Business Improvement District Inc generated $1.1m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 32.4% each year . All expenses for the organization totaled $1.1m during the year ending 06/2021. 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
TO DEVELOP, IMPLEMENT, MANAGE, OPERATE, ENHANCE AND PROMOTE THE GENERAL WELFARE OF THE PEOPLE WITHIN THE DESIGNATED DOWNTOWN WORCESTER BUSINESS IMPROVEMENT DISTRICT (THE DISTRICT), THROUGH ACTIVITIES, PROGRAMS, AND SERVICES TO INCLUDE BUT NOT BE LIMITED TO MARKETING, MAINTENANCE, SECURITY, PLANNING, AND PHYSICAL IMPROVEMENTS TO THE DISTRICT ALL BEING SUPPLEMENTAL TO THOSE PROVIDED BY THE CITY OF WORCESTER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO IMPROVE THE DOWNTOWN WORCESTER BUSINESS IMPROVEMENT DISTRICT
TO IMPROVE THE DOWNTOWN WORCESTER BUSINESS IMPROVEMENT DISTRICT
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Alden Treasurer | OfficerTrustee | 2 | $0 |
Julie Holstrom President/director | OfficerTrustee | 3.5 | $0 |
Margaret Coffin Vice Chair/ Director | OfficerTrustee | 2 | $0 |
Charles F Norton Clerk | Officer | 2 | $0 |
Troy Siebels Director | Trustee | 1 | $0 |
Kathie Manning Director | Trustee | 0.25 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Streetplus Cleaning, Hospitality And Equipment Fee | 6/29/21 | $360,358 |
Perrone Landscaping Inc Snow Removal | 6/29/21 | $132,129 |
Perrone Landscaping Inc Snow Removal | 6/29/21 | $132,129 |
Streetplus Cleaning, Hospitality And Equipment Fee | 6/29/21 | $360,358 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $80,168 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,009,835 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,090,003 |
| Total Program Service Revenue | $0 |
| Investment income | $1,282 |
| 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 | $1,120,185 |
| 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. | $154,940 |
| Compensation of current officers, directors, key employees. | $15,368 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $28,857 |
| Payroll taxes | $13,121 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,868 |
| Fees for services: Accounting | $8,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $9,633 |
| Advertising and promotion | $121,682 |
| Office expenses | $1,641 |
| Information technology | $7,985 |
| Royalties | $0 |
| Occupancy | $8,280 |
| Travel | $512 |
| 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 | $8,913 |
| Insurance | $1,719 |
| All other expenses | $40,427 |
| Total functional expenses | $1,077,858 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $638,421 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $129,168 |
| 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 | $15,422 |
| Net Land, buildings, and equipment | $36,712 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $819,723 |
| Accounts payable and accrued expenses | $180,633 |
| 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 | $11,832 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $192,465 |
| Net assets without donor restrictions | $0 |
| 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 | $627,258 |
| Total liabilities and net assets/fund balances | $819,723 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Downtown Worcester Business Improvement District Inc has recieved totaling $15,000.
| Awarding Organization | Amount |
|---|---|
Worcester Railers Hc Charitable Foundation Inc Beverly, MA PURPOSE: SPONSOR FOR COMMON OVAL | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Greater New Bedford Workforce Investment Board Inc New Bedford, MA | $1,194,439 | $3,887,016 |