DOWNTOWN WORCESTER BUSINESS IMPROVEMENT

EIN: 832860571 501(c)(3) Community Improvement

WORCESTER, MA

Total Revenue
$1,496,633
Total Expenses
$1,740,609
Total Assets
$1,034,255
Net Assets
$734,319
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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
2018
Legal Domicile
MA
Principal Officer
JULIAN WADE
Phone
5086223050
Tax Period
2024-07-01 to 2025-06-30

DOWNTOWN WORCESTER BUSINESS IMPROVEMENT, founded in 2018, is a community nonprofit in the Community Improvement sector that reported $1.5M in total revenue in fiscal year 2024. Revenue grew 14% year-over-year, indicating healthy expansion. Expenses of $1.7M exceeded revenue, resulting in a 16% operating deficit.

Mission

TO DEVELOP, IMPLEMENT, MANAGE, OPERATE, ENHANCE AND PROMOTE THE GENERAL WELFARE OF THE PEOPLE WITHIN THE DESIGNATED DOWNTOWN WORCESTER BUSINESS IMPROVEMENT DISTRICT (THE DISTRICT), THROUGH ACTIVITIES, PROGRAMS, AND SERVICES TO INCLUDE BUT NOT BE LIMITED TO MARKETING, MAINTENANCE, SECURITY, PLANNING, AND PHYSICAL IMPROVEMENTS TO THE DISTRICT ALL BEING SUPPLEMENTAL TO THOSE PROVIDED BY THE CITY OF WORCESTER.

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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 (2024)

Revenue Breakdown

Contributions & Grants $263,552
Program Service Revenue $1,215,742
Investment Income $10,508
Other Revenue $6,831
TOTAL REVENUE $1,496,633

Expense Breakdown

Grants Paid $0
Salaries & Benefits $383,340
Fundraising Expenses $18,599
Program Expenses $1,433,625
Other Expenses $1,357,269
TOTAL EXPENSES $1,740,609

Year-over-Year Comparison

2024 2023 Change
Revenue $1,496,633 $1,311,887 +0.1%
Expenses $1,740,609 $1,291,879 +0.3%
Net Income $-243,976 $20,008 -13.2%
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

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Governance

Voting Members
50
Independent Members
50
Employees
4
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
4
$0
Total Directors
11
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
TROY SIEBELS TREASURER 1.00
Officer Director
$0 $0 $0
MARY SIMONE CLERK 0.25
Officer Director
$0 $0 $0
JULIE HOLSTROM VICE CHAIR 2.00
Officer Director
$0 $0 $0
MARK BORENSTEIN DIRECTOR 0.50
Director
$0 $0 $0
JOFFREY SMITH DIRECTOR 0.75
Director
$0 $0 $0
JULIAN WADE CHAIR 2.00
Officer Director
$0 $0 $0
MARGARET WONG DIRECTOR 0.50
Director
$0 $0 $0
PAUL MORANO DIRECTOR 0.75
Director
$0 $0 $0
SEAN HARRIS DIRECTOR 0.50
Director
$0 $0 $0
EVELYN CABRERA DIRECTOR 0.50
Director
$0 $0 $0
SETH PITTS 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
2025 $1,496,633 $1,740,609 $1,034,255 $-243,976
2024 $1,311,887 $1,291,879 $1,165,355 $20,008
2023 $1,342,253 $1,097,014 $1,205,524 $245,239
2022 $1,217,597 $1,132,177 $854,907 $85,420
2021 $1,120,185 $1,077,858 $819,723 $42,327
2020 $1,025,228 $779,146 $718,882 $246,082
2019 $482,944 $108,072 $423,373 $374,872
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