Economic Development Council of Western Massachusetts Inc

Nonprofit profile at a glance

EIN
043237124
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Springfield, MA, USA
Phone
4137551369
Rating confidence
Limited

Official website

Reported finances

Revenue
$4,751,310
Expenses
$4,718,850
Assets
$1,800,175
Liabilities
$1,248,870

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

Leadership & pay

54 people listed

Executive titles in this filing

  • RICHARD SULLIVAN (PRESIDENT/CEO OF EDC)
  • DIANA SZYNAL (PRESIDENT/SPFLD CHAMBER)
  • MARY KAY WYDRA (PRESIDENT/C&VC)
  • STEPHEN CARY (EXECUTIVE DIRECTOR/FOCUS SPRINGFIELD)

Highest reported compensation

  • RICHARD SULLIVAN (PRESIDENT/CEO OF EDC): $448,635 total reported compensation
  • ANDRZEJ WIDOR (AIRPORT MGR/WMDC): $217,365 total reported compensation
  • ANNE KANDILIS (INITIATIVE DIR/SPFLD WORKS): $198,043 total reported compensation

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

Overview

Mission

To stimulate and facilitate a vigorous regional economy, encouraging and sustaining capital investment and quality job growth.

What it reported doing in 2024

Springfield works initiative is a catalytic, collective impact initiative of partners supported by the economic development council. Each partner of this initiative has committed human and financial resources to govern and drive strategies to build economic prosperity to the area through workforce development. The goal is to figure out ways to align area-job seekers with employers and to help employers retain newly hired workers by setting up employee mentoring programs.

Operating model

Revenue model
Earned-program. 79% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 82
  • Accountability: 85
  • Sustainability: 22
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90.9%; rating input score 91; 5th percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 93.7%; rating input score 94; 28th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 97.6%; rating input score 98; 27th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 0.7%; rating input score 36; 36th percentile among comparable filings
  • Total-asset coverage ratio: 0.38; rating input score 12; 12th percentile among comparable filings
  • Liabilities to assets ratio: 0.69; rating input score 13; 13th percentile among comparable filings
  • Officer compensation ratio: 32.8%; rating input score 4; 4th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 3.4% per year; rating input score 100; 29th percentile among comparable filings
  • Asset growth: 8.1% per year; rating input score 100; 50th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 40 of 41 board members independent · 6 of 9 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $449K · 54 people listed · 3 of 6 pay-setting controls reported
  • Consistency: 13 of 14 current checks pass · 1 finding to review
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 9 filed money-flow records
  • Related organizations: 2 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • Review — Accountability: Governance controls: 3 of 9 not reported.
  • Moderate — Sustainability: Operating margin scored 36/100.
  • High — Sustainability: Total-asset coverage ratio scored 12/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 4/100.
  • High — Sustainability: Liabilities to assets ratio scored 13/100.