NEW BEDFORD ECONOMIC DEVELOPMENT C… - 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

1998

Legal Domicile

Principal Officer

ANTHONY R SAPIENZA

Phone

5089913122

Tax Period

2023-07-01 to 2024-06-30

NEW BEDFORD ECONOMIC DEVELOPMENT COUNCIL INC, founded in 1998, is a community nonprofit in the Public & Societal Benefit sector that reported $3.6M in total revenue in fiscal year 2023.

Mission

TO CULTIVATE AND PROMOTE A TRANSPARENT, CREDIBLE, AND BUSINESS-FRIENDLY ENVIRONMENT, THE NBEDC WORKS COLLABORATIVELY WITH LOCAL, STATE, AND FEDERAL PARTNERS TO SUPPORT CREATIVITY, SUSTAINABLE GROWTH, AND PRIVATE SECTOR INVESTMENT BENEFITING THE CITIZENS OF NEW BEDFORD.

Program Service Accomplishments

Program 1

Expenses: $3,348,148 Revenue: $250,380

THE COUNCIL IS A NONPROFIT ORGANIZATION, ORGANIZED TO PROMOTE, CREATE AND STRENGTHEN ECONOMIC DEVELOPMENT OPPORTUNITIES AND A BUSINESS-FRIENDLY ENVIRONMENT IN THE CITY OF NEW BEDFORD, MASSACHUSETTS (THE CITY). PROGRAMS AND SERVICES THAT THE COUNCIL PERFORMS INCLUDE: - LENDING PROGRAMS ORIGINATING FROM FEDERAL AND PRIVATE GRANTS OR LOANS. THE COUNCIL MAKES LOANS TO ELIGIBLE LOCAL BUSINESSES. - ECONOMIC DEVELOPMENT ACTIVITIES THAT INCLUDE ASSISTING LOCAL COMPANIES WITH THEIR EXPANSION PLANS OR OTHER BUSINESS CONCERNS, AND MARKETING THE CITY WORLDWIDE, IN ORDER TO PURSUE NEW BUSINESS INVESTMENT OR OTHER SIMILAR INITIATIVES. - PROVIDING MANAGEMENT AND STRATEGIC DEVELOPMENT SERVICES AS THE CITYS OPERATOR OF THE NEW BEDFORD QUEST CENTER FOR INNOVATION (QUEST CENTER), AN INITIATIVE TO PROVIDE A FOCUS FOR ENTREPRENEURIAL TRAINING AND A SUPPORT ENVIRONMENT FOR STARTUP ACTIVITY. - REAL ESTATE DEVELOPMENT AS A PRIMARY MEANS TO FURTHER THE ONGOING TRANSFORMATION OF THE CITY. THE COUNCIL PROVIDES A HIGH LEVEL OF TECHNICAL ASSISTANCE FOR REAL ESTATE DEVELOPMENT PROJECTS INCLUDING BUT NOT LIMITED TO, SITE SELECTION, PRE-PLANNING, FINANCING, PERMITTING AND INCENTIVE AGREEMENTS.

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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 $3,365,602

Program Service Revenue $250,380

Investment Income $10,079

Other Revenue $0

TOTAL REVENUE $3,626,061

Expense Breakdown

Grants Paid $1,450,840

Salaries & Benefits $985,464

Fundraising Expenses $0

Program Expenses $3,348,148

Other Expenses $1,111,549

TOTAL EXPENSES $3,547,853

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,626,061	$3,383,460	+0.1%
Expenses	$3,547,853	$4,299,183	-0.2%
Net Income	$78,208	$-915,723	-1.1%

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

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

$198,267

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ANTHONY R SAPIENZA	PRESIDENT	3.00	Officer Director	$0	$0	$0
ELIZABETH ISHERWOOD	VICE PRESIDENT	1.50	Officer Director	$0	$0	$0
DAVID SLUTZ	TREASURER	2.50	Officer Director	$0	$0	$0
CAROL PIMENTEL	CLERK	1.00	Officer Director	$0	$0	$0
HELENA DASILVA HUGHES	DIRECTOR	1.50	Director	$0	$0	$0
LAURA DOUGLAS	DIRECTOR	1.50	Director	$0	$0	$0
DAVID MCCREADY	DIRECTOR	1.50	Director	$0	$0	$0
MELANIE EDWARDS-TAVARES	DIRECTOR	1.50	Director	$0	$0	$0
ROLAND GIROUX	DIRECTOR	1.50	Director	$0	$0	$0
DR RAYFORD KRUGER	DIRECTOR (UNTIL 10/2023)	1.50	Director	$0	$0	$0
DEREK SANTOS	EXECUTIVE DIRECTOR	40.00	Officer	$170,141	$28,126	$198,267
RAMON D SILVA	SENIOR LENDING OFFICER	40.00	Highest	$144,388	$25,082	$169,470
DEBORAH A TROMBLY	ACCOUNTANT	40.00	Highest	$120,886	$5,679	$126,565

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	$3,626,061	$3,547,853	$5,744,138	$78,208
2023	$3,383,460	$4,299,183	$5,597,517	$-915,723
2022	$2,890,059	$2,008,196	$6,271,809	$881,863
2021	$2,421,458	$1,771,112	$5,015,436	$650,346
2020	$1,273,044	$1,267,294	$4,424,515	$5,750
2019	$1,215,666	$1,203,724	$4,374,786	$11,942

NEW BEDFORD ECONOMIC DEVELOPMENT COUNCIL INC