Bay Colony Development Corp

Nonprofit profile at a glance

EIN
042738974
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Waltham, MA, USA
Phone
7818913594
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$5,476,886
Expenses
$4,853,179
Assets
$5,987,484
Liabilities
$740,681

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

22 people listed

Executive titles in this filing

  • MARY KATHERINE MANSFIELD (PRESIDENT AND CEO (THRU 6/25))
  • ERIK ADAMS (PRESIDENT AND CEO (AS OF 7/25))

Highest reported compensation

  • ERIK ADAMS (PRESIDENT AND CEO (AS OF 7/25)): $478,442 total reported compensation
  • MARY KATHERINE MANSFIELD (PRESIDENT AND CEO (THRU 6/25)): $450,005 total reported compensation
  • EBERTO RANERO (SVP MARKETING): $282,235 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

It is bcdc's mission to be the lender of choice for small businesses, by investing resources; both monetarily and professionally, that offer creative financing solutions to provide positive economic impact within the communities we serve.

What it reported doing in 2024

To assist small business concerns to finance owner occupied commercial real estate, purchases of land, machinery and equipment, and to assist with the growth and development of businesses and foster increased employment opportunities. During the year, the corporation received approval from the sba for 111 projects totaling $87.4 million in section 504 loans. During the year, bay colony development funded 79 loans totaling $57.8 million.

Operating model

Revenue model
Earned-program. 98% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 99% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Total assets are small relative to annual expenses; liquid coverage is unknown and reported officer compensation is a large share of total spending, which may reflect staffing concentration.

Rating breakdown

  • Financial Efficiency: 66
  • Transparency & Controls: 76
  • Accountability: 94
  • Sustainability: 50
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 70.5%; rating input score 71
  • Program expense ratio: 81.3%; rating input score 81
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 96.8%; rating input score 97; 32nd percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 88.9%; rating input score 89; 20th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 11.4%; rating input score 65; 65th percentile among comparable filings
  • Total-asset coverage ratio: 1.23; rating input score 44; 44th percentile among comparable filings
  • Liabilities to assets ratio: 0.12; rating input score 54; 54th percentile among comparable filings
  • Officer compensation ratio: 62.3%; rating input score 1; 1st percentile among comparable filings

Growth

  • Program expense growth: 3% per year; rating input score 100; 28th percentile among comparable filings
  • Revenue growth: 5.6% per year; rating input score 100; 45th percentile among comparable filings
  • Asset growth: 11.9% per year; rating input score 100; 65th percentile among comparable filings

Details

  • Where the money goes: 70.5% of revenue deployed · 81.3% of spending went to programs
  • Governance: 8 of 9 board members independent · 9 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $3.9M in reported program spending
  • Leadership: top reported pay $478K · 22 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 32 of 32 current checks pass
  • Schedules: 5 filed schedules · includes grants and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 26 filed money-flow records
  • Related organizations: 5 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Sustainability: Total-asset coverage ratio scored 44/100.
  • High — Sustainability: Officer compensation ratio scored 1/100.
  • Review — Sustainability: Liabilities to assets ratio scored 54/100.