WORCESTER REGIONAL STRATEGIC OPPORTUNITIES FOUNDATION

EIN: 043265642 501(c)(3) Arts, Culture & Humanities

WORCESTER, MA

Total Revenue
$2,032,195
Total Expenses
$1,129,250
Total Assets
$2,940,421
Net Assets
$2,108,236
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1995
Legal Domicile
MA
Principal Officer
TIMOTHY P MURRAY
Phone
5087532924
Tax Period
2023-01-01 to 2023-12-31

WORCESTER REGIONAL STRATEGIC OPPORTUNITIES FOUNDATION, founded in 1995, is a community nonprofit in the Arts, Culture & Humanities sector that reported $2.0M in total revenue in fiscal year 2023. Revenue surged 37% from the prior year, signaling strong growth momentum. The organization ran a surplus of $903K, a strong 44% operating margin.

Mission

SUPPORT THE CHARITABLE PURPOSES OF THE WORCESTER REGIONAL CHAMBER OF COMMERCE (THE CHAMBER) BY: 1) DEVELOPING AND DELIVERING RELEVANT PROGRAMS AND SERVICES TO THE CHAMBER, ITS AFFILIATES, LOCAL BUSINESS COMMUNITY AND GENERAL PUBLIC; AND 2) LESSENING THE BURDENS OF GOVERNMENT BY COMBATTING COMMUNITY DETERIORATION AND ENABLING ECONOMIC DEVELOPMENT BY SUPPORTING DISTRESSED AREAS WITHIN THE SERVICE AREAS OF THE CHAMBER.

Program Service Accomplishments

Program 1
Expenses: $80,021

WORCESTER REGIONAL STRATEGIC OPPORTUNITIES FOUNDATION (THE FOUNDATION) PROVIDES EDUCATIONAL PROGRAMS TO THE MEMBERSHIP OF THE CHAMBER AND THE LOCAL BUSINESS COMMUNITY.

Program 2
Expenses: $812,209 Revenue: $251,029

THE FOUNDATION PROVIDES ADMINISTRATIVE, FINANCIAL AND PERSONNEL SERVICES TO ORGANIZATIONS WHOSE PURPOSES ARE CONSISTENT WITH THE FOUNDATION'S UNDER FISCAL SPONSORSHIP AGREEMENTS.

Program 3
Expenses: $237,000

THE FOUNDATION PAIRED WITH NATIONAL GRID TO MAKE ONE-TIME GRANTS AVAILABLE TO CHAMBER SMALL BUSINESS MEMBERS TO HELP WITH HIGH ENERGY COSTS AND THE FINANCIAL CHALLENGES FACING SMALL BUSINESSES.

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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 $1,769,954
Program Service Revenue $142,793
Investment Income $11,212
Other Revenue $108,236
TOTAL REVENUE $2,032,195

Expense Breakdown

Grants Paid $242,000
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $1,129,230
Other Expenses $887,250
TOTAL EXPENSES $1,129,250

Year-over-Year Comparison

2023 2022 Change
Revenue $2,032,195 $1,488,064 +0.4%
Expenses $1,129,250 $1,029,910 +0.1%
Net Income $902,945 $458,154 +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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Governance

Voting Members
18
Independent Members
16
Employees
N/A
Volunteers
10

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
6
$493,005
Total Directors
18
$493,005
Key Employees
0
$0
Highest Compensated
1
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
DEMITRIOS M MOSCHOS CHAIR/DIRECTOR 0.00
Officer Director
$0 $0 $0
SATYA MITRA TREASURER/DIRECTOR 0.00
Officer Director
$0 $0 $0
ERIC TORKORNOO CLERK/DIRECTOR 0.00
Officer Director
$0 $0 $0
TIMOTHY P MURRAY PRESIDENT 4.00
Officer Director
$0 $1,901 $330,499
KATHERINE BAGDIS VICE CHAIR 0.00
Officer Director
$0 $0 $0
CHRISTINE CASSIDY DIRECTOR 0.00
Director
$0 $0 $0
JAMIE SALOIS DIRECTOR 0.00
Director
$0 $0 $0
CRAIG BLAIS DIRECTOR 0.00
Director
$0 $0 $0
KOLA AKINDELE DIRECTOR 0.00
Director
$0 $0 $0
ROBERT D COX JR DIRECTOR 0.00
Director
$0 $0 $0
ERIC A BUSENBURG DIRECTOR 0.00
Director
$0 $0 $0
DIANE M GIAMPA DIRECTOR 0.00
Director
$0 $0 $0
CAROLYN JACKSON DIRECTOR 0.00
Director
$0 $0 $0
SHEILA KING-GOODWIN DIRECTOR 0.00
Director
$0 $0 $0
MICHAEL CRAWFORD DIRECTOR 0.00
Director
$0 $0 $0
JACKSON RESTREPO DIRECTOR 0.00
Director
$0 $0 $0
KAREN PELLETIER VICE PRESIDENT 4.00
Officer Director
$0 $13,398 $162,506
ERIC GOODWINE DIRECTOR 0.00
Director
$0 $0 $0
LINDA SALEM PERVIER HIGHLY COMPENSATED EMPLOYEE 4.00
Highest
$0 $10,843 $111,900
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 $2,032,195 $1,129,250 $2,940,421 $902,945
2022 $1,488,064 $1,029,910 $1,425,378 $458,154
2021 $761,774 $413,425 $871,835 $348,349
2020 $723,643 $366,551 $427,574 $357,092
2019 $20,254 $15,163 $36,730 $5,091
2018 $27,500 $39,550 $31,639 $-12,050
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