North Central Massachusetts Development Corporation

Nonprofit profile at a glance

EIN
042966372
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Fitchburg, MA, USA
Phone
9783537600
Rating
68
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$675,962
Expenses
$681,228
Assets
$6,620,194
Liabilities
$498,606

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

Leadership & pay

9 people listed

Executive titles in this filing

  • ROY NASCIMENTO (PRESIDENT, TREASURER)

Highest reported compensation

  • ROY NASCIMENTO (PRESIDENT, TREASURER): $228,848 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 expand economic development in north central Massachusetts by providing a variety of marketing and lending opportunities to small businesses in cooperation with various federal and state agencies.

What it reported doing in 2024

To expand economic development for businesses in north central Massachusetts through marketing, newsletters, websites and mailing lists.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% 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 - The filed numbers largely add up and most voting board members are independent. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 58
  • Transparency & Controls: 70
  • Accountability: 83
  • Sustainability: 48
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 68.1%; rating input score 68
  • Program expense ratio: 62.4%; rating input score 62
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 16th 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: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 88.9%; rating input score 89; 22nd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -0.8%; rating input score 33; 33rd percentile among comparable filings
  • Total-asset coverage ratio: 9.72; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0.08; rating input score 46; 46th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: 6.7% per year; rating input score 100; 50th percentile among comparable filings
  • Revenue growth: 14.8% per year; rating input score 100; 78th percentile among comparable filings
  • Asset growth: 14% per year; rating input score 100; 70th percentile among comparable filings

Details

  • Where the money goes: 68.1% of revenue deployed · 62.4% of spending went to programs
  • Governance: 8 of 9 board members independent · 6 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $425K in reported program spending
  • Leadership: top reported pay $229K · 9 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 27 of 28 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 15 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 3 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: 2 of 8 not reported.
  • Moderate — Sustainability: Operating margin scored 33/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Moderate — Sustainability: Liabilities to assets ratio scored 46/100.