WORCESTER BUSINESS DEVELOPMENT CORP (EIN 042381829) - Form 990 Financial Analysis & Trantor Score

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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

1965

Legal Domicile

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

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 BASED EXPANSION.

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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 (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

Governance

Voting Members

Independent Members

Employees

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

$450,250

Total Directors

$450,250

Key Employees

$518,353

Highest Compensated

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

WORCESTER BUSINESS DEVELOPMENT CORP