WORCESTER REGIONAL CHAMBER OF COMM… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1875

Legal Domicile

Principal Officer

TIMOTHY P MURRAY

Phone

5087532924

Tax Period

2023-01-01 to 2023-12-31

WORCESTER REGIONAL CHAMBER OF COMMERCE, founded in 1875, is a community nonprofit that reported $3.5M in total revenue in fiscal year 2023. Revenue decreased 14% compared to the prior year.

Mission

THE ORGANIZATION IS DEDICATED TO BEING THE LEADING BUSINESS ORGANIZATION IN CENTRAL MASSACHUSETTS BY PROVIDING VALUABLE MEMBERSHIP SERVICES AND PROGRAMS AND EVENTS TO ITS MEMBERS AND IN ADVANCING AND ADVOCATING ON BEHALF OF ECONOMIC DEVELOPMENT INITIATIVES AND PUBLIC POLICY ISSUES IMPORTANT TO THE REGIONAL BUSINESS COMMUNITY.

Program Service Accomplishments

Program 1

Expenses: $844,270 Revenue: $1,131,559

THE ORGANIZATION PROVIDES VALUABLE MEMBERSHIP SERVICES, PROGRAMS AND EVENTS TO ITS MEMBERS AND IN ADVANCING AND ADVOCATING ON BEHALF OF ECONOMIC DEVELOPMENT INITIATIVES AND PUBLIC POLICY ISSUES...

THE ORGANIZATION PROVIDES VALUABLE MEMBERSHIP SERVICES, PROGRAMS AND EVENTS TO ITS MEMBERS AND IN ADVANCING AND ADVOCATING ON BEHALF OF ECONOMIC DEVELOPMENT INITIATIVES AND PUBLIC POLICY ISSUES IMPORTANT TO THE REGIONAL BUSINESS COMMUNITY.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $2,244,384

Program Service Revenue $1,232,984

Investment Income $5,558

Other Revenue $0

TOTAL REVENUE $3,482,926

Expense Breakdown

Grants Paid $250,000

Salaries & Benefits $2,205,540

Fundraising Expenses $0

Program Expenses $844,270

Other Expenses $1,255,807

TOTAL EXPENSES $3,711,347

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,482,926	$4,028,685	-0.1%
Expenses	$3,711,347	$3,886,032	0.0%
Net Income	$-228,421	$142,653	-2.6%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

150

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$330,499

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CHRISTINE CASSIDY	CHAIR/DIRECTOR	2.00	Officer Director	$0	$0	$0
SATYA MITRA	VICE CHAIR/DIRECTOR	2.00	Officer Director	$0	$0	$0
ERIC TORKORNOO	TREASURER/DIRECTOR	2.00	Officer Director	$0	$0	$0
ERIC A BUSENBURG	CLERK/DIRECTOR	2.00	Officer Director	$0	$0	$0
DON BOURQUE	DIRECTOR	0.00	Director	$0	$0	$0
RALPH CROWLEY III	DIRECTOR	0.00	Director	$0	$0	$0
LIBIS R BUENO	DIRECTOR	0.00	Director	$0	$0	$0
KOLA AKINDELE	DIRECTOR	0.00	Director	$0	$0	$0
CRAIG L BLAIS	DIRECTOR	0.00	Director	$0	$0	$0
HARRIS BERENSON	DIRECTOR	0.00	Director	$0	$0	$0
MIKE FLAHERTY	DIRECTOR	0.00	Director	$0	$0	$0
ROBERT COX	DIRECTOR	0.00	Director	$0	$0	$0
CHE ANDERSON	DIRECTOR	0.00	Director	$0	$0	$0
DAN BONNETTE	DIRECTOR	0.00	Director	$0	$0	$0
LOUIS BRADY	DIRECTOR	0.00	Director	$0	$0	$0
KERRI CUNNINGHAM	DIRECTOR	0.00	Director	$0	$0	$0
PATRICK BALIVA	DIRECTOR	0.00	Director	$0	$0	$0
LAUREN CROSSMAN-NANOF	DIRECTOR	0.00	Director	$0	$0	$0
GARETH CHARTER	DIRECTOR	0.00	Director	$0	$0	$0
JAMES GLICKMAN	DIRECTOR	0.00	Director	$0	$0	$0
ELIZABETH CRUZ	DIRECTOR	0.00	Director	$0	$0	$0
JESSICA MCGARRY	DIRECTOR	0.00	Director	$0	$0	$0
CHIZOMA NOSIKE	DIRECTOR	0.00	Director	$0	$0	$0
MICHAEL GARAND	DIRECTOR	0.00	Director	$0	$0	$0
CHARRAN FISHER	DIRECTOR	0.00	Director	$0	$0	$0
KATHLEEN GAGNE	DIRECTOR	0.00	Director	$0	$0	$0
JAMES B LEARY ESQ	DIRECTOR	0.00	Director	$0	$0	$0
PAUL KELLY	DIRECTOR	0.00	Director	$0	$0	$0
MEGHAN LIDDY	DIRECTOR	0.00	Director	$0	$0	$0
KEVIN HAYES	DIRECTOR	0.00	Director	$0	$0	$0
MICHAEL MCDONALD	DIRECTOR	0.00	Director	$0	$0	$0
ROBERT MORTON	DIRECTOR	0.00	Director	$0	$0	$0
DIANE GIAMPA	DIRECTOR	0.00	Director	$0	$0	$0
NADINE JAMES	DIRECTOR	0.00	Director	$0	$0	$0
EDWARD MANZI	DIRECTOR	0.00	Director	$0	$0	$0
DONALD F DOYLE	DIRECTOR	0.00	Director	$0	$0	$0
MARIE MOURADIAN	DIRECTOR	0.00	Director	$0	$0	$0
CAROLYN JACKSON	DIRECTOR	0.00	Director	$0	$0	$0
CHRISTINE TIERI	DIRECTOR	0.00	Director	$0	$0	$0
JAMIE SALOIS	DIRECTOR	0.00	Director	$0	$0	$0
GLORIA PARADISO	DIRECTOR	0.00	Director	$0	$0	$0
EURAYSHIA WILLIAMS REED	DIRECTOR	0.00	Director	$0	$0	$0
LUIS PEDRAJA	DIRECTOR	0.00	Director	$0	$0	$0
MICHAEL WELCH	DIRECTOR	0.00	Director	$0	$0	$0
HAMID MOHAGHEGH	DIRECTOR	0.00	Director	$0	$0	$0
BRUCE PLATZMAN	DIRECTOR	0.00	Director	$0	$0	$0
DAN REA	DIRECTOR	0.00	Director	$0	$0	$0
CYNTHIA SAUCIER	DIRECTOR	0.00	Director	$0	$0	$0
PETER STAITI	DIRECTOR	0.00	Director	$0	$0	$0
TIMOTHY P MURRAY	PRESIDENT/CEO	36.00	Officer	$328,598	$1,901	$330,499
KAREN PELLETIER	EXECUTIVE VICE PRESIDENT	40.00	Highest	$149,108	$13,398	$162,506
LINDA SALEM PERVIER	VP MEMBERSHIP DEVELOPMENT	40.00	Highest	$101,057	$10,843	$111,900
CAITLYN LUBELCZYK	VP MARKETING AND COMMUNICATIONS	40.00	Highest	$101,935	$0	$101,935

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$3,482,926	$3,711,347	$1,329,205	$-228,421
2022	$4,028,685	$3,886,032	$1,705,934	$142,653
2021	$3,231,295	$2,964,344	$985,381	$266,951
2020	$2,682,359	$2,446,972	$568,988	$235,387
2019	$2,835,119	$2,837,462	$573,438	$-2,343
2018	$2,746,595	$2,813,215	$477,337	$-66,620

WORCESTER REGIONAL CHAMBER OF COMMERCE