Springfield Business Development Corporation

EIN: 431309497 501(c)(3)

SPRINGFIELD, MO

Total Revenue
$926,145
Total Expenses
$1,040,934
Total Assets
$1,308,821
Net Assets
$555,354
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1983
Legal Domicile
MO
Phone
4178625567
Tax Period
2023-01-01 to 2023-12-31

Springfield Business Development Corporation, founded in 1983, is a small nonprofit that reported $926K in total revenue in fiscal year 2023. Expenses of $1.0M exceeded revenue, resulting in a 12% operating deficit.

Mission

TO PROVIDE A CONTINUED REVENUE SOURCE FOR THE CHAMBER'S ECONOMIC DEVELOPMENT PROGRAM; ASSISTING BUSINESS AND INDUSTRY AND ATTRACTING NEW BUSINESS AND INDUSTRY TO THE SPRINGFIELD REGION.

Program Service Accomplishments

Program 1
Expenses: $354,685 Revenue: $83,280

ECONOMIC DEVELOPMENT PROJECTS - IN 2023, ECONOMIC DEVELOPMENT TEAM MANAGED SEVERAL NEW BUSINESS INVESTMENT OPPORTUNITIES/LEADS, RESULTING IN 20 COMPETITIVE PROJECTS. THE TEAM HOSTED 3 PROJECT...

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ECONOMIC DEVELOPMENT PROJECTS - IN 2023, ECONOMIC DEVELOPMENT TEAM MANAGED SEVERAL NEW BUSINESS INVESTMENT OPPORTUNITIES/LEADS, RESULTING IN 20 COMPETITIVE PROJECTS. THE TEAM HOSTED 3 PROJECT SPECIFIC SITE VISITS IN THE SPRINGFIELD REGION AND ANNOUNCED 4 PROJECT WINS, RESULTING IN AT LEAST $2.5M IN NEW PAYROLL AND $21.5M IN NEW CAPITAL INVESTMENT.

Program 2
Expenses: $354,685 Revenue: $83,280

WORKFORCE DEVELOPMENT - IN ORDER TO MEET THE MOST PRESSING NEED OF EXISTING BUSINESSES, NEWLY ATTRACTED BUSINESSES AND START-UP COMPANIES, THE SBDC HAS SIGNIFICANTLY INCREASED ITS FOCUS ON WORKFORCE...

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WORKFORCE DEVELOPMENT - IN ORDER TO MEET THE MOST PRESSING NEED OF EXISTING BUSINESSES, NEWLY ATTRACTED BUSINESSES AND START-UP COMPANIES, THE SBDC HAS SIGNIFICANTLY INCREASED ITS FOCUS ON WORKFORCE DEVELOPMENT. STAFF ADMINISTERS SIGNIFICANT PROGRAMS FOCUSED ON DEVELOPING TALENT WITHIN THE EXISTING EDUCATION SYSTEM, ATTRACTING TALENT TO THE REGION FROM OUTSIDE THE AREA AND RETAINING TALENT ALREADY IN THE REGION OR ATTENDING SCHOOL IN THE REGION. ALL OF THESE EFFORTS WILL GIVE SPRINGFIELD A COMPETITIVE ADVANTAGE NOW AND INTO THE FORESEEABLE FUTURE.

Program 3
Expenses: $304,015 Revenue: $71,382

BUSINESS DEVELOPMENT INITIATIVES - IN 2023, OUR AGGRESSIVE APPROACH TO ASSISTING EXISTING COMPANIES WITH GROWTH OPTIONS, CONTINUED ALONG WITH OUR OUTREACH TO BRING NEW PRIMARY INDUSTRY SECTOR...

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BUSINESS DEVELOPMENT INITIATIVES - IN 2023, OUR AGGRESSIVE APPROACH TO ASSISTING EXISTING COMPANIES WITH GROWTH OPTIONS, CONTINUED ALONG WITH OUR OUTREACH TO BRING NEW PRIMARY INDUSTRY SECTOR EMPLOYERS TO THE AREA. STAFF HELD NUMEROUS FACE-TO-FACE MEETINGS WITH LOCAL BUSINESS LEADERS TO IDENTIFY BARRIERS TO GROWTH AND INVESTMENTS THEY MAY NEED TO MAKE TO ENSURE THEIR PRESENCE IN THE REGION. SEE SCHEDULE O FOR ADDITIONAL INFORMATION.

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Trantor Score

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $672,875
Program Service Revenue $237,942
Investment Income $15,328
Other Revenue $0
TOTAL REVENUE $926,145

Expense Breakdown

Grants Paid $0
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $1,013,385
Other Expenses $1,040,934
TOTAL EXPENSES $1,040,934

Year-over-Year Comparison

2023 2022 Change
Revenue $926,145 $937,090 0.0%
Expenses $1,040,934 $893,663 +0.2%
Net Income $-114,789 $43,427 -3.6%
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
20
Independent Members
19
Employees
N/A
Volunteers
25

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
4
$337,018
Total Directors
20
$337,018
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
N/A Board Treasurer 1.0
Officer Director
$0 $0 $0
N/A Board Vice President 1.0
Officer Director
$0 $0 $0
N/A Board President 3.0
Officer Director
$0 $0 $0
N/A Board Secretary 1.0
Officer Director
$0 $62,401 $337,018
N/A Board Member 1.0
Director
$0 $0 $0
N/A Board Member 1.0
Director
$0 $0 $0
N/A Board Member 1.0
Director
$0 $0 $0
N/A Board Member 1.0
Director
$0 $0 $0
N/A BOARD MEMBER 1.0
Director
$0 $0 $0
N/A Board Member 1.0
Director
$0 $0 $0
N/A Board Member 1.0
Director
$0 $0 $0
N/A Board Member 1.0
Director
$0 $0 $0
N/A Board Member 1.0
Director
$0 $0 $0
N/A Board Member 1.0
Director
$0 $0 $0
N/A Board Member 1.0
Director
$0 $0 $0
N/A Board Member 1.0
Director
$0 $0 $0
N/A Board Member 1.0
Director
$0 $0 $0
N/A Board Member 1.0
Director
$0 $0 $0
N/A Board Member 1.0
Director
$0 $0 $0
N/A Board Member 1.0
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 No data No data No data No data
2023 $926,145 $1,040,934 $1,308,821 $-114,789
2022 $937,090 $893,663 $2,547,401 $43,427
2021 $977,439 $850,563 $1,433,822 $126,876
2020 $935,201 $880,428 $1,302,950 $54,773
2019 $1,031,426 $1,026,617 $1,238,841 $4,809
2018 $1,047,193 $981,678 $1,101,399 $65,515
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