WORCESTER BUSINESS DEVELOPMENT CORP

EIN: 042381829

WORCESTER, MA

Total Revenue
$1,979,674
Total Expenses
$1,697,908
Total Assets
$18,935,195
Net Assets
$17,968,331
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1965
Legal Domicile
MA
Principal Officer
CRAIG L BLAIS
Phone
5087557883
Tax Period
2024-01-01 to 2024-12-31

WORCESTER BUSINESS DEVELOPMENT CORP, founded in 1965, is a community nonprofit that reported $2.0M in total revenue in fiscal year 2024. Revenue grew 13% year-over-year, indicating healthy expansion. Expenses of $1.7M left a modest 14% surplus.

Mission

THE WORCESTER BUSINESS DEVELOPMENT CORPORATION (WBDC) IS A PRIVATE, NON- PROFIT BUSINESS ORGANIZATION WITH A PUBLIC PURPOSE MISSION TO SERVE AS AN INNOVATION AND LEADING FORCE IN THE ECONOMIC DEVELOPMENT OF THE CITY OF WORCESTER AND THE REGION, RESULTING IN JOB CREATION AND TAX BASE EXPANSION.

Program Service Accomplishments

Program 1
Expenses: $212,119 Revenue: $392,151

PROVIDE ASSISTANCE TO SMALL BUSINESSES THROUGH THE FEDERAL 504 LOAN PROGRAM.

Program 2
Expenses: $1,205,266 Revenue: $1,078,580

PROMOTION OF BUSINESS DEVELOPMENT IN THE GREATER WORCESTER REGION. WBDC ALSO ACQUIRES LAND FOR DEVELOPMENT TO BENEFIT THE COMMUNITY INCLUDING REDEVELOPMENT OF BROWNFIELD SITES.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $1,470,731
Investment Income $387,654
Other Revenue $121,289
TOTAL REVENUE $1,979,674

Expense Breakdown

Grants Paid $26,200
Salaries & Benefits $952,121
Fundraising Expenses $0
Program Expenses $1,417,385
Other Expenses $719,587
TOTAL EXPENSES $1,697,908

Year-over-Year Comparison

2024 2023 Change
Revenue $1,979,674 $1,753,233 +0.1%
Expenses $1,697,908 $1,799,293 -0.1%
Net Income $281,766 $-46,060 -7.1%
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

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Governance

Voting Members
25
Independent Members
24
Employees
12
Volunteers
N/A

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
7
$450,250
Total Directors
25
$450,250
Key Employees
2
$518,353
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
CRAIG L BLAIS PRESIDENT & 20.00
Officer Director
$407,357 $42,893 $450,250
ROBERT J MORTON CHAIR 1.00
Officer Director
$0 $0 $0
STEPHAN M RODOLAKIS VICE CHAIR 1.00
Officer Director
$0 $0 $0
MARINA L TAYLOR TREASURER 1.00
Officer Director
$0 $0 $0
JESSICA L ROYCE ASST TREASUR 1.00
Officer Director
$0 $0 $0
DAVID E SUPRENANT CLERK 1.00
Officer Director
$0 $0 $0
MICHAEL J O'HARA ASST CLERK 1.00
Officer Director
$0 $0 $0
MONICA ARYITEY DIRECTOR 1.00
Director
$0 $0 $0
TODD M BAILEY DIRECTOR 1.00
Director
$0 $0 $0
ADRIAN A BERTHIAUME DIRECTOR 1.00
Director
$0 $0 $0
ERIC A BUSENBURG DIRECTOR 1.00
Director
$0 $0 $0
MICHAEL COVINO DIRECTOR 1.00
Director
$0 $0 $0
ERIC L GOODWINE DIRECTOR 1.00
Director
$0 $0 $0
ROBERT J HENNIGAN NGP/PROJECT 1.00
Director
$0 $0 $0
DENNIS F KERRIGAN DIRECTOR 1.00
Director
$0 $0 $0
CORINNE MALESKI DIRECTOR 1.00
Director
$0 $0 $0
ELIZABETH M MCTIGUE DIRECTOR 1.00
Director
$0 $0 $0
RENEE A MIKITARIAN-BRADLEY DIRECTOR 1.00
Director
$0 $0 $0
TIMOTHY P MURRAY DIRECTOR 1.00
Director
$0 $0 $0
STEPHANIE RAMEY DIRECTOR 1.00
Director
$0 $0 $0
DANIEL REA III DIRECTOR 1.00
Director
$0 $0 $0
SEAN M ROSE DIRECTOR 1.00
Director
$0 $0 $0
EMILY M SRICHAROENCHAIKIT DIRECTOR 1.00
Director
$0 $0 $0
RANDAL D WEBBER DIRECTOR 1.00
Director
$0 $0 $0
JILL WHITTREDGE DIRECTOR 1.00
Director
$0 $0 $0
ROBERTA L BRIEN VP OF PROJEC 20.00
Key Emp
$278,467 $44,296 $322,763
KATHLEEN KELLEHER CPA MST CFO 20.00
Key Emp
$164,761 $30,829 $195,590
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 $1,979,674 $1,697,908 $18,935,195 $281,766
2023 $1,753,233 $1,799,293 $17,978,831 $-46,060
2022 $1,869,155 $1,699,843 $17,242,895 $169,312
2021 $1,969,639 $2,914,958 $18,366,111 $-945,319
2020 $1,152,681 $2,105,828 $17,907,259 $-953,147
2019 $1,237,702 $1,700,434 $18,286,932 $-462,732
2018 $2,147,872 $1,638,800 $17,824,976 $509,072
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