New Bedford Economic Development Council Inc

Nonprofit profile at a glance

EIN
043244024
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
New Bedford, MA, USA
Phone
5089913122
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Government and Public Administration

Official website

Reported finances

Revenue
$2,686,841
Expenses
$2,446,944
Assets
$7,075,280
Liabilities
$1,980,505

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

Leadership & pay

13 people listed

Executive titles in this filing

  • ANTHONY R SAPIENZA (PRESIDENT)
  • ELIZABETH ISHERWOOD (VICE PRESIDENT)
  • DEREK SANTOS (EXECUTIVE DIRECTOR)

Highest reported compensation

  • DEREK SANTOS (EXECUTIVE DIRECTOR): $219,988 total reported compensation
  • RAMON D SILVA (SENIOR LENDING OFFICER): $177,217 total reported compensation
  • DEBORAH A TROMBLY (ACCOUNTANT): $138,455 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 cultivate and promote a transparent, credible, and business-friendly environment, the nbedc works collaboratively with local, state, and federal partners to support creativity, sustainable growth, and private sector investment benefiting the citizens of new bedford.

What it reported doing in 2024

The council is a nonprofit organization, organized to promote, create and strengthen economic development opportunities and a business-friendly environment in the city of new bedford, Massachusetts (the city). Programs and services that the council performs include: - lending programs originating from federal and private grants or loans. The council makes loans to eligible local businesses. - economic development activities that include assisting local companies with their expansion plans or other business concerns, and marketing the city worldwide, in order to pursue new business investment or other similar initiatives. - providing management and strategic development services as the citys operator of the new bedford quest center for innovation (quest center), an initiative to provide a focus for entrepreneurial training and a support environment for startup activity. - real estate development as a primary means to further the ongoing transformation of the city. The council provides a high level of technical assistance for real estate development projects including but not limited to, site selection, pre-planning, financing, permitting and incentive agreements.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Hybrid. The nonprofit split its reported program spending across 79% for direct work, and 21% for grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and reported officer compensation is a large share of total spending, which may reflect staffing concentration.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 72
  • Accountability: 95
  • Sustainability: 55
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 83.5%; rating input score 84
  • Program expense ratio: 91.6%; rating input score 92
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 17th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 98.5%; rating input score 99; 35th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 8.9%; rating input score 60; 60th percentile among comparable filings
  • Total-asset coverage ratio: 2.89; rating input score 73; 73rd percentile among comparable filings
  • Liabilities to assets ratio: 0.28; rating input score 36; 36th percentile among comparable filings
  • Officer compensation ratio: 21.9%; rating input score 10; 10th percentile among comparable filings

Growth

  • Program expense growth: 9.4% per year; rating input score 100; 62nd percentile among comparable filings
  • Revenue growth: 8.8% per year; rating input score 100; 64th percentile among comparable filings
  • Asset growth: 0.7% per year; rating input score 100; 15th percentile among comparable filings

Details

  • Where the money goes: 83.5% of revenue deployed · 91.6% of spending went to programs
  • Governance: 10 of 10 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $2.2M in reported program spending
  • Leadership: top reported pay $220K · 13 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 32 of 33 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 32 filed money-flow records
  • Related organizations: 29 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.

  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Officer compensation ratio scored 10/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Moderate — Sustainability: Liabilities to assets ratio scored 36/100.