NEW BEDFORD ECONOMIC DEVELOPMENT COUNCIL INC

EIN: 043244024 501(c)(3) Public & Societal Benefit

NEW BEDFORD, MA

Total Revenue
$3,626,061
Total Expenses
$3,547,853
Total Assets
$5,744,138
Net Assets
$4,854,878
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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
MA
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.

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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 $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

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Governance

Voting Members
9
Independent Members
9
Employees
8
Volunteers
28

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
5
$198,267
Total Directors
10
$0
Key Employees
0
$0
Highest Compensated
2
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
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