NORTH CENTRAL MASSACHUSETTS DEVELOPMENT CORPORATION

EIN: 042966372 501(c)(3)

FITCHBURG, MA

Total Revenue
$1,183,997
Total Expenses
$1,085,539
Total Assets
$6,778,854
Net Assets
$6,126,854
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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
1986
Legal Domicile
MA
Principal Officer
ROY NASCIMENTO
Phone
9783537600
Tax Period
2023-10-01 to 2024-09-30

NORTH CENTRAL MASSACHUSETTS DEVELOPMENT CORPORATION, founded in 1986, is a community nonprofit that reported $1.2M in total revenue in fiscal year 2023. Revenue fell 27% from the prior year — a significant decline worth monitoring. Expenses of $1.1M left a modest 8% surplus.

Mission

TO EXPAND ECONOMIC DEVELOPMENT IN NORTH CENTRAL MASSACHUSETTS BY PROVIDING A VARIETY OF MARKETING AND LENDING OPPORTUNITIES TO SMALL BUSINESSES IN COOPERATION WITH VARIOUS FEDERAL AND STATE AGENCIES.

Program Service Accomplishments

Program 1
Expenses: $541,499 Revenue: $194,837

TO EXPAND ECONOMIC DEVELOPMENT IN NORTH CENTRAL MASSACHUSETTS BY PROVIDING ALTERNATIVE LENDING OPPORTUNITIES TO SMALL BUSINESSES.

Program 2
Expenses: $325,445

TO EXPAND ECONOMIC DEVELOPMENT FOR BUSINESSES IN NORTH CENTRAL MASSACHUSETTS THROUGH MARKETING, NEWSLETTERS, WEBSITES AND MAILING LISTS.

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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 (2023)

Revenue Breakdown

Contributions & Grants $925,262
Program Service Revenue $194,837
Investment Income $63,898
Other Revenue $0
TOTAL REVENUE $1,183,997

Expense Breakdown

Grants Paid $0
Salaries & Benefits $469,854
Fundraising Expenses $0
Program Expenses $866,944
Other Expenses $615,685
TOTAL EXPENSES $1,085,539

Year-over-Year Comparison

2023 2022 Change
Revenue $1,183,997 $1,614,235 -0.3%
Expenses $1,085,539 $1,247,983 -0.1%
Net Income $98,458 $366,252 -0.7%
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
9
Independent Members
8
Employees
N/A
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
4
$218,226
Total Directors
9
$218,226
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
RAYMOND MARTINO CHAIRMAN 1.00
Officer Director
$0 $0 $0
KAREN THORNE DIRECTOR 1.00
Director
$0 $0 $0
DAVID DUVAL VICE CHAIR 1.00
Officer Director
$0 $0 $0
ANTHONY MERCADANTE DIRECTOR 1.00
Director
$0 $0 $0
RAYMOND LAFOND CLERK 1.00
Officer Director
$0 $0 $0
TREVOR BEAUREGARD DIRECTOR 1.00
Director
$0 $0 $0
MARK FREEMAN DIRECTOR 1.00
Director
$0 $0 $0
ROY NASCIMENTO PRESIDENT, TREASURER 18.00
Officer Director
$0 $0 $218,226
CHRISTINA DIRUSSO DIRECTOR 1.00
Director
$0 $0 $0
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 No data No data No data No data
2024 $1,183,997 $1,085,539 $6,778,854 $98,458
2023 $1,614,235 $1,247,983 $6,873,771 $366,252
2022 $2,376,134 $1,292,443 $7,059,159 $1,083,691
2021 $3,602,305 $2,555,056 $6,248,244 $1,047,249
2020 $1,040,476 $1,771,410 $3,393,831 $-730,934
2019 $659,999 $1,004,364 $2,541,485 $-344,365
2018 $358,062 $521,508 $2,170,554 $-163,446
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