WESTMASS AREA DEVELOPMENT CORPORATION (EIN 046057343) - Form 990 Financial Analysis & Trantor Score

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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

1960

Legal Domicile

Principal Officer

JEFFREY DALEY

Phone

4135931386

Tax Period

2024-01-01 to 2024-12-31

WESTMASS AREA DEVELOPMENT CORPORATION, founded in 1960, is a community nonprofit that reported $4.0M in total revenue in fiscal year 2024. Revenue decreased 10% compared to the prior year. The organization ran a surplus of $2.9M, a strong 72% operating margin.

Mission

THE PURPOSES OF THE CORPORATION SHALL BE TO PROMOTE, STIMULATE, DEVELOP, AND ADVANCE THE BUSINESS PROSPERITY AND ECONOMIC WELFARE OF THE WESTERN MASSACHUSETTS REGION AND THE CITIZENS THEREOF, TO ENCOURAGE AND ASSIST, THROUGH LOANS, INVESTMENTS, OR OTHER BUSINESS TRANSACTIONS, THE LOCATION OF NEW BUSINESS AND INDUSTRY IN THE WESTERN MASSACHUSETTS REGION; TO REHABILITATE AND ASSIST EXISTING BUSINESS AND INDUSTRY; AND SO TO STIMULATE AND ASSIST IN THE EXPANSION OF ALL KINDS OF BUSINESS ACTIVITY WHICH WILL TEND TO PROMOTE THE BUSINESS DEVELOPMENT AND MAINTAIN THE ECONOMIC STABILITY OF THE WESTERN MASSACHUSETTS REGION, PROVIDE MAXIMUM OPPORTUNITIES FOR EMPLOYMENT, ENCOURAGE THRIFT, AND IMPROVE THE STANDARD OF LIVING OF ITS CITIZENS; AND SIMILARLY TO ENDEAVOR TO INCREASE AND DIVERSIFY INDUSTRY AND EMPLOYMENT.

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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 (2024)

Revenue Breakdown

Contributions & Grants $3,073,393

Program Service Revenue $301,928

Investment Income $78,622

Other Revenue $530,269

TOTAL REVENUE $3,984,212

Expense Breakdown

Grants Paid $0

Salaries & Benefits $689,232

Fundraising Expenses $0

Other Expenses $425,683

TOTAL EXPENSES $1,114,915

Year-over-Year Comparison

	2024	2023	Change
Revenue	$3,984,212	$4,440,011	-0.1%
Expenses	$1,114,915	$1,012,685	+0.1%
Net Income	$2,869,297	$3,427,326	-0.2%

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

$347,256

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Jeffrey Daley	President	37.50	Officer	$337,632	$9,624	$347,256
JEFFERY LESIEGE	VP CONSTRUCTION	37.50		$197,673	$6,113	$203,786
SARAH LACOUR	VP OPERATIONS	37.50		$178,017	$5,515	$183,532
JESSIE ALT	DIR FIN AND HR	37.50		$142,856	$25,590	$168,446
AJ Crane	Chairman	2.00	Officer Director	$0	$0	$0
Matt DAmour	Vice Chair	2.00	Officer Director	$0	$0	$0
Victoria Healy	Treasurer	2.00	Officer Director	$0	$0	$0
Dan Burack	Secretary	2.00	Officer Director	$0	$0	$0
John Maybury	Director	2.00	Director	$0	$0	$0
Ronald J Abdow	Director	0.50	Director	$0	$0	$0
Keith Nesbitt	Director	0.75	Director	$0	$0	$0
Steven M Roberts	Director	0.50	Director	$0	$0	$0
Julie Foley	Director	1.00	Director	$0	$0	$0
Andrew Drew Davis	Director	2.00	Director	$0	$0	$0
Jeffrey Hayden	Director	0.50	Director	$0	$0	$0
David Ference	Director	0.75	Director	$0	$0	$0
Ashley Sullivan	Director	1.00	Director	$0	$0	$0
Stanley Kowalski III	Director	1.00	Director	$0	$0	$0
George Flevotomos	Director	1.00	Director	$0	$0	$0
Christopher Myhrum	Director	0.75	Director	$0	$0	$0
Antonio Dos Santos	Director	1.50	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
2024	$3,984,212	$1,114,915	$16,471,106	$2,869,297
2023	$4,440,011	$1,012,685	$15,060,890	$3,427,326
2022	$2,003,494	$741,567	$12,974,810	$1,261,927
2021	$1,784,584	$527,415	$10,504,202	$1,257,169
2020	$247,063	$451,527	$9,490,647	$-204,464
2019	$132,536	$483,130	$9,669,038	$-350,594
2018	$-60,832	$420,475	$10,099,211	$-481,307

WESTMASS AREA DEVELOPMENT CORPORATION