ECONOMIC DEVELOPMENT COUNCIL OF WE… - 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

1994

Legal Domicile

Principal Officer

RICHARD SULLIVAN

Phone

4137551369

Tax Period

2023-01-01 to 2023-12-31

ECONOMIC DEVELOPMENT COUNCIL OF WESTERN MASSACHUSETTS INC, founded in 1994, is a community nonprofit that reported $4.2M in total revenue in fiscal year 2023. Revenue fell 28% from the prior year — a significant decline worth monitoring.

Mission

TO STIMULATE AND FACILITATE A VIGOROUS REGIONAL ECONOMY, ENCOURAGING AND SUSTAINING CAPITAL INVESTMENT AND QUALITY JOB GROWTH.

Program Service Accomplishments

Program 1

COORDINATED ECONOMIC DEVELOPMENT ACTIVITIES WITH OTHER BUSINESS DEVELOPMENT GROUPS BY PROVIDING STAFFING AND OTHER SUPPORT SERVICES

Program 2

SUPPORTED REGIONAL ECONOMIC DEVELOPMENT BY RESEARCHING LOCAL BUSINESS NEEDS, PROVIDING RESOURCES TO BUSINESSES OPERATING IN OR ENTERING THE REGION, AND BY PROMOTING LOCAL TOURISM.

Program 3

SPRINGFIELD WORKS INITIATIVE IS A CATALYTIC, COLLECTIVE IMPACT INITIATIVE OF PARTNERS SUPPORTED BY THE ECONOMIC DEVELOPMENT COUNCIL. EACH PARTNER OF THIS INITIATIVE HAS COMMITTED HUMAN AND FINANCIAL RESOURCES TO GOVERN AND DRIVE STRATEGIES TO BUILD ECONOMIC PROSPERITY TO THE AREA THROUGH WORKFORCE DEVELOPMENT. THE GOAL IS TO FIGURE OUT WAYS TO ALIGN AREA-JOB SEEKERS WITH EMPLOYERS AND TO HELP EMPLOYERS RETAIN NEWLY HIRED WORKERS BY SETTING UP EMPLOYEE MENTORING PROGRAMS.

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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 $398,465

Program Service Revenue $3,782,062

Investment Income $4,520

Other Revenue $0

TOTAL REVENUE $4,185,047

Expense Breakdown

Grants Paid $0

Salaries & Benefits $3,809,569

Fundraising Expenses $0

Other Expenses $377,065

TOTAL EXPENSES $4,186,634

Year-over-Year Comparison

	2023	2022	Change
Revenue	$4,185,047	$5,832,128	-0.3%
Expenses	$4,186,634	$5,674,030	-0.3%
Net Income	$-1,587	$158,098	-1.0%

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

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

$510,982

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
TRICIA CANAVAN	CHAIR THRU 5/23	1.00	Officer Director	$0	$0	$0
CHRISTINA ROYAL	V.CHAIR; CHAIR AS OF 5/23	1.00	Officer Director	$0	$0	$0
LISA MCCARTHY	2ND VICE CHAIR THRU 5/23	1.00	Officer Director	$0	$0	$0
STEVEN LOWELL	TREASURER THRU 5/23	1.00	Officer Director	$0	$0	$0
KATIE ALLAN ZOBEL	CLERK THRU 5/23	1.00	Officer Director	$0	$0	$0
CESAR RUIZ	DIRECTOR/CLERK EFF 5/23	1.00	Officer Director	$0	$0	$0
GUS KIM	DIRECTOR/ V.P EFF 5/23	1.00	Officer Director	$0	$0	$0
SAM SKURA	2ND VICE CHAIR EFF 5/23	1.00	Officer Director	$0	$0	$0
JAIMYE KELLEY	TREASURER EFF 5/23	1.00	Officer Director	$0	$0	$0
GEORGE AWADY	DIRECTOR	1.00	Director	$0	$0	$0
ALICIA BARTON	DIRECTOR	1.00	Director	$0	$0	$0
PHILIP GONCALVES	DIRECTOR	1.00	Director	$0	$0	$0
KRISTIN CARLSON	DIRECTOR	1.00	Director	$0	$0	$0
ELLEN CUMMINGS	DIRECTOR	1.00	Director	$0	$0	$0
KEVIN DAY	DIRECTOR (END 11-23)	1.00	Director	$0	$0	$0
CHARLES D'AMOUR	DIRECTOR	1.00	Director	$0	$0	$0
DANIEL GLANVILLE	DIRECTOR	1.00	Director	$0	$0	$0
JIA BO	DIRECTOR	1.00	Director	$0	$0	$0
STEPHEN DAVIS	DIRECTOR THRU 9/23	1.00	Director	$0	$0	$0
MARK KEROACK	DIRECTOR	1.00	Director	$0	$0	$0
ROBERT BABCOCK	DIRECTOR	1.00	Director	$0	$0	$0
DAVID CHASE SR	DIRECTOR	1.00	Director	$0	$0	$0
RICHARD SWIFT	DIRECTOR	1.00	Director	$0	$0	$0
DR JOHN COOK	DIRECTOR	1.00	Director	$0	$0	$0
JAMES HUNT	DIRECTOR	1.00	Director	$0	$0	$0
ROBERT SIMONE	DIRECTOR	1.00	Director	$0	$0	$0
DANIEL BUTTERFIELD	DIRECTOR	1.00	Director	$0	$0	$0
PETER CARMICHAEL	DIRECTOR	1.00	Director	$0	$0	$0
SUE KRISTJANSSON	DIRECTOR	1.00	Director	$0	$0	$0
DENA HALL	DIRECTOR	1.00	Director	$0	$0	$0
DEBORAH BITSOLI	DIRECTOR	1.00	Director	$0	$0	$0
ERIC WEINSTEIN	DIRECTOR	1.00	Director	$0	$0	$0
SHAWN PACE	DIRECTOR	1.00	Director	$0	$0	$0
HARRY DUMAY	DIRECTOR	1.00	Director	$0	$0	$0
DANIEL MORIARTY	DIRECTOR (BEG 1-23)	1.00	Director	$0	$0	$0
DANIEL FINNEGAN	DIRECTOR	1.00	Director	$0	$0	$0
KUMBLE SUBBASWAMY	DIRECTOR	1.00	Director	$0	$0	$0
RICHARD SULLIVAN	PRESIDENT/CEO OF EDC	37.50	Officer	$389,429	$37,700	$427,129
ANNE DEWOLF	FINANCE DIRECTOR/EDC	37.50	Officer	$78,003	$5,850	$83,853
DIANA SZYNAL	PRESIDENT/SPFLD CHAMBER	37.50	Highest	$117,439	$8,808	$126,247
MICHAEL BOLTON	PRESIDENT/WMDC	37.50	Highest	$162,084	$29,559	$191,643
ANDRZEJ WIDOR	AIRPORT MGR/WMDC	37.50	Highest	$145,854	$34,652	$180,506
ANNE KANDILIS	INITIATIVE DIR/SPFLD WORKS	37.50	Highest	$151,238	$26,805	$178,043
MARY KAY WYDRA	PRESIDENT/C&VC	37.50	Highest	$153,138	$18,879	$172,017

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	$4,185,047	$4,186,634	$1,691,601	$-1,587
2022	$5,832,128	$5,674,030	$1,875,666	$158,098
2021	$5,047,431	$4,930,957	$1,229,213	$116,474
2020	$4,232,037	$4,224,905	$946,584	$7,132
2019	$4,940,540	$4,891,339	$1,306,209	$49,201
2018	$4,147,304	$4,113,151	$1,042,246	$34,153

ECONOMIC DEVELOPMENT COUNCIL OF WESTERN MASSACHUSETTS INC