BAY COLONY DEVELOPMENT CORP

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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

1981

Legal Domicile

Principal Officer

ERIK ADAMS

Phone

7818913594

Tax Period

2024-10-01 to 2025-09-30

BAY COLONY DEVELOPMENT CORP, founded in 1981, is a community nonprofit that reported $5.5M in total revenue in fiscal year 2024. Revenue grew 9% year-over-year, indicating healthy expansion. Expenses of $4.9M left a modest 11% surplus.

Mission

IT IS BCDC'S MISSION TO BE THE LENDER OF CHOICE FOR SMALL BUSINESSES, BY INVESTING RESOURCES; BOTH MONETARILY AND PROFESSIONALLY, THAT OFFER CREATIVE FINANCING SOLUTIONS TO PROVIDE POSITIVE ECONOMIC IMPACT WITHIN THE COMMUNITIES WE SERVE.

Program Service Accomplishments

Program 1

Expenses: $3,947,328 Revenue: $5,339,759

TO ASSIST SMALL BUSINESS CONCERNS TO FINANCE OWNER OCCUPIED COMMERCIAL REAL ESTATE, PURCHASES OF LAND, MACHINERY AND EQUIPMENT, AND TO ASSIST WITH THE GROWTH AND DEVELOPMENT OF BUSINESSES AND FOSTER INCREASED EMPLOYMENT OPPORTUNITIES. DURING THE YEAR, THE CORPORATION RECEIVED APPROVAL FROM THE SBA FOR 111 PROJECTS TOTALING $87.4 MILLION IN SECTION 504 LOANS. DURING THE YEAR, BAY COLONY DEVELOPMENT FUNDED 79 LOANS TOTALING $57.8 MILLION.

Program 2

Revenue: $22,697

BCDC PROVIDES MICROLOANS ($50,000 MAXIMUM) TO BORROWERS WITHIN THE CORPORATION'S LENDING AREA. DURING THE YEAR, BCDC FUNDED 6 LOANS TOTALING $145,900.

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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 $5,362,456

Investment Income $114,430

Other Revenue $0

TOTAL REVENUE $5,476,886

Expense Breakdown

Grants Paid $31,000

Salaries & Benefits $3,996,583

Fundraising Expenses $0

Program Expenses $3,947,328

Other Expenses $825,596

TOTAL EXPENSES $4,853,179

Year-over-Year Comparison

	2024	2023	Change
Revenue	$5,476,886	$5,023,750	+0.1%
Expenses	$4,853,179	$4,144,965	+0.2%
Net Income	$623,707	$878,785	-0.3%

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

$2,862,672

Total Directors

$1,008,697

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MARY KATHERINE MANSFIELD	PRESIDENT AND CEO (THRU 6/25)	40.00	Officer Director	$371,109	$78,896	$450,005
ERIK ADAMS	PRESIDENT AND CEO (AS OF 7/25)	40.00	Officer Director	$401,126	$77,316	$478,442
REBECCA DEWOLFE	CHAIRWOMAN	7.00	Officer Director	$18,000	$0	$18,000
SCOTT VANDERSALL	VICE CHAIRMAN	5.00	Officer Director	$14,000	$0	$14,000
WILLIAM CANTOR	DIRECTOR	2.00	Director	$5,000	$0	$5,000
TIMOTHY FAHEY	DIRECTOR	2.00	Director	$7,000	$0	$7,000
JUSTIN P GELINAS	DIRECTOR	2.00	Director	$0	$0	$0
JAMES HEALEY	DIRECTOR	5.00	Director	$14,000	$0	$14,000
RICHARD LEFFERTS	DIRECTOR	4.00	Director	$7,000	$0	$7,000
NINA LUCHKA	DIRECTOR	5.00	Director	$14,000	$0	$14,000
SEAN MORIARTY	DIRECTOR	2.00	Director	$1,250	$0	$1,250
BETTY ULE	CHIEF FINANCIAL OFFICER	40.00	Officer	$198,019	$65,893	$263,912
EBERTO RANERO	SVP MARKETING	40.00	Officer	$243,418	$38,817	$282,235
HEATHER STORME	VP MARKETING	40.00	Officer	$195,900	$19,048	$214,948
LAURA BROWN	VP MARKETING	40.00	Officer	$207,978	$22,048	$230,026
ROSEMARIE FINN	VP UNDERWRITING	40.00	Officer	$165,325	$21,100	$186,425
KIMBERLY LEGERE	VP SERVICING	40.00	Officer	$152,469	$47,711	$200,180
DANIELLE BOUTIN	VP UNDERWRITING	40.00	Officer	$138,286	$13,514	$151,800
COLLEEN MURPHY GUARNIERI	VP CLOSING	40.00	Officer	$123,344	$44,920	$168,264
MELINDA BATOR	VP UNDERWRITING	40.00	Officer	$134,533	$13,755	$148,288
MICHAEL HORRIGAN	VP MARKETING	40.00	Officer	$43,357	$12,790	$56,147
CAILEEN HORRIGAN	CLOSING SPECIALIST	40.00	Highest	$100,280	$10,160	$110,440

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
2025	$5,476,886	$4,853,179	$5,987,484	$623,707
2024	$5,023,750	$4,144,965	$5,320,645	$878,785
2023	$4,591,941	$3,962,002	$4,414,025	$629,939
2022	$4,128,330	$3,908,557	$3,401,192	$219,773
2021	$4,580,376	$3,604,803	$3,095,960	$975,573
2020	$3,834,582	$3,355,516	$2,070,794	$479,066
2019	$3,564,957	$3,386,306	$1,678,377	$178,651
2018	$3,291,149	$3,227,221	$1,537,209	$63,928