MERRIMACK VALLEY WORKFORCE INVESTMENT BOARD INC

EIN: 800611253 501(c)(3) Employment

LAWRENCE, MA

Total Revenue
$211,204
Total Expenses
$207,782
Total Assets
$22,151
Net Assets
$22,151
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2004
Legal Domicile
MA
Principal Officer
JUAN YEPEZ
Phone
9786827099
Tax Period
2021-07-01 to 2022-06-30

MERRIMACK VALLEY WORKFORCE INVESTMENT BOARD INC, founded in 2004, is a small nonprofit in the Employment sector that reported $211K in total revenue in fiscal year 2021. Revenue surged 51% from the prior year, signaling strong growth momentum.

Mission

TO EXPLORE AND INITIATE ACTIONS THAT WILL ENHANCE PRIVATE SECTOR INVOLVEMENT IN EMPLOYMENT AND TRAINING FOR THE BENEFIT OF THE ECONOMICALLY DISADVANTAGED AND OTHER ELIGIBLE INDIVIDUALS.

Program Service Accomplishments

Program 1
Expenses: $206,115 Revenue: $211,204

NAMC CONTINUED ITS SUCCESSFUL EXPANSION OF APPRENTICESHIP PROGRAMS THROUGHOUT THE COMMONWEALTH. FOUR GRANTS, TOTALING $619,366.53 ARE MANAGED BY THREE WORKFORCE BOARDS IN THE NORTHEAST. MERRIMACK...

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NAMC CONTINUED ITS SUCCESSFUL EXPANSION OF APPRENTICESHIP PROGRAMS THROUGHOUT THE COMMONWEALTH. FOUR GRANTS, TOTALING $619,366.53 ARE MANAGED BY THREE WORKFORCE BOARDS IN THE NORTHEAST. MERRIMACK VALLEY MANAGES TWO GRANTS FOR CAREER CENTER APPRENTICESHIP LIAISON WORK AND APPRENTICESHIP EXPANSION IN BOTH THE MANUFACTURING AND HEALTHCARE SECTORS FOR THE NAMC REGION. NAMC, NSWB AND MVWB ARE MAKING HEADWAY INTO THE HEALTHCARE SECTOR WITH TWO APPRENTICES OF THE TEN-GOAL EXPECTED TO BE REGISTERED IN JANUARY 2023 UNDER THE OCCUPATION COMMUNITY HEALTHCARE WORKER. IN 2022, 63 NEW MANUFACTURING APPRENTICES (23%) WERE REGISTERED, TOTALING 277 REGISTERED APPRENTICES SINCE 2016. NAMC CONTINUED ITS SUCCESSFUL WORK MANAGING ADVANCED MANUFACTURING TRAINING PROGRAMS FOR UNDER- AND UNEMPLOYED ADULTS IN THE REGION. NAMC IS IN YEAR TWO OF THE ADVANCED MANUFACTURING TRAINING PROGRAMS FUNDED BY EHOED THROUGH THE MASSTECH COLLABORATIVE WITH YEAR ONE FUNDING $575,000 FOR 72 SEATS WITH SIX TRAINING PROGRAMS. THE OVERALL FUNDING IS UNDER THE FISCAL MANAGEMENT OF THE MASSHIRE METRONORTH WORKFORCE BOARD. THE RFP FOR FISCAL YEAR 2023 WAS GRANTED APPROVAL FOR FIVE PROGRAMS IN THE NEXT COMING YEAR. WE ANTICIPATE AN 88% PLACEMENT RATE WITH BOTH THE MINUTEMAN AND SHAWSHEEN STUDENTS SECURING EMPLOYMENT. THE AVERAGE HOURLY RATE OF OUR GRADUATES IS $22. A PORTION OF THE GENERAL ELECTRIC FUNDS, THROUGH ADVANCED MANUFACTURING TRAINING PROGRAM (AMTE)P), MANAGED OUT OF THE MMVWB, WERE USED TO FUND THE CNC MACHINE OPERATOR INSTRUCTORS "TRAIN THE TRAINER" PROGRAM IN, HOSTED AT ESSEX TECH. TRAINING INSTRUCTOR AND INSTRUCTOR TRAINEE WILL ACCESS THE NEWLY CREATED NAMC STANDARDIZED ADVANCE MANUFACTURING CURRICULUM. THE GOAL OF THE PROGRAM IS TO BUILD A PIPELINE OF TRAINED CNC MACHINE OPERATOR INSTRUCTORS IN THE NORTHEAST REGION. THE 4TH COHORT BEGAN NOVEMBER 2022. THIS PROGRAM HAS COMPLETED THREE COHORT'S; TRAINING SEVEN TEACHERS SINCE THE FALL 2020. FOUR GRADUATES WHO COMPLETED TRAINING ARE CURRENTLY EMPLOYED BY ESSEX TECH, LYNN TECH, AND LAWRENCE TECH. THE CURRENT TRAINEE IS EXPECTED TO COMPLETE TRAINING AND CERTIFICATION BY FEBRUARY 2023 AND WILL BE HIRED BY ESSEX TECH UPON COMPLETION OF THE PROGRAM. FUNDING SUPPORTS BOTH THE TEACHER FOR PREPARATION, DELIVERY, POST INSTRUCTION FOLLOW-UP, AND OVERSEEING TRAINEE, AS WELL AS THE TRAINEE'S TIME.

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Trantor Score

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

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Financial Overview (2021)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $211,204
Investment Income $0
Other Revenue $0
TOTAL REVENUE $211,204

Expense Breakdown

Grants Paid $0
Salaries & Benefits $206,115
Fundraising Expenses $0
Program Expenses $206,115
Other Expenses $1,667
TOTAL EXPENSES $207,782

Year-over-Year Comparison

2021 2020 Change
Revenue $211,204 $139,826 +0.5%
Expenses $207,782 $135,201 +0.5%
Net Income $3,422 $4,625 -0.3%
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
24
Independent Members
24
Employees
1
Volunteers
N/A

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
$0
Total Directors
24
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JUAN YEPEZ CHAIR 0.50
Officer Director
$0 $0 $0
ANN MARIE BORGESI VICE CHAIR 1.00
Officer Director
$0 $0 $0
ROBERT WESTCOTT TREASURER 0.50
Officer Director
$0 $0 $0
JEFF LINEHAN CLERK 0.50
Officer Director
$0 $0 $0
EDWARD BARTKIEWICZ DIRECTOR 0.50
Director
$0 $0 $0
JOSEPH J BEVILACQUA DIRECTOR 0.50
Director
$0 $0 $0
CHRISTIAN BRENNAN DIRECTOR 0.50
Director
$0 $0 $0
JOHN BRUNO DIRECTOR 0.50
Director
$0 $0 $0
RON CONTRADO DIRECTOR 1.00
Director
$0 $0 $0
MARKO DUFFY DIRECTOR 0.50
Director
$0 $0 $0
EVELYN FRIEDMAN DIRECTOR 0.50
Director
$0 $0 $0
DR LANE GLENN DIRECTOR 0.50
Director
$0 $0 $0
KEMELIN DOMENECH DIRECTOR 0.50
Director
$0 $0 $0
ANDREW HERLIHY DIRECTOR 1.00
Director
$0 $0 $0
MS ROBIN HYNDS DIRECTOR 0.50
Director
$0 $0 $0
SUPT JOHN LAVOIE DIRECTOR 0.50
Director
$0 $0 $0
SUPT MAUREEN LYNCH DIRECTOR 0.50
Director
$0 $0 $0
JOSELYN MARTE DIRECTOR 0.50
Director
$0 $0 $0
ROSA MUNOZ DIRECTOR 0.50
Director
$0 $0 $0
CAROL REIMER DIRECTOR 1.00
Director
$0 $0 $0
FRED SHAHEEN DIRECTOR 0.50
Director
$0 $0 $0
ELLEN WEINHOLD DIRECTOR 0.50
Director
$0 $0 $0
CALVIN WILLIAMS YOUTH COMMITTEE CHAIR 0.50
Officer Director
$0 $0 $0
MARK FORMAN DIRECTOR 0.50
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
2022 $211,204 $207,782 $22,151 $3,422
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