Pawtucket Business Development Corp
Nonprofit profile at a glance
- EIN
- 050388178
- IRS 990 coverage
- 2019–2024
- Forms available
- Form 990 2024
- Location
- Pawtucket, RI, USA
- Rating
- 80
- Verdict
- STRONG
- Rating confidence
- Moderate
Reported finances
- Revenue
- $17,266
- Expenses
- $74,625
- Assets
- $610,382
- Liabilities
- $6,451
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
10 people listed
Executive titles in this filing
- Scott Rotondo (President)
- Minnie Luong (Vice President)
People named in this filing
- Matthew Carvalho (Secretary)
- John Neary (Treasurer)
- Isaac Amponsah (Director)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The Corporation fosters economic growth in Pawtucket through gap loan financing to promote employment creation and retention.
What it reported doing in 2024
As of June 30, 2025 the Corporation managed 21 commercial "gap financing" loans which enabled the borrows to create low to moderate jobs.
Operating model
- Revenue model
- Earned-program. 98% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Hybrid. The nonprofit split its reported program spending across 73% for direct work, and 27% for grants.
The verdict
STRONG - 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 expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 89
- Transparency & Controls: 83
- Accountability: 82
- Sustainability: 32
- Growth: 40
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 98.6%; rating input score 99
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 92.3%; rating input score 92; 24th percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
- Governance controls: 4 of 7 controls in place; rating input score 57
- Conflict-of-interest policy: Pass
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: NotApplicable
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -332.2%; rating input score 10; 10th percentile among comparable filings
- Total-asset coverage ratio: 8.18; rating input score 59; 59th percentile among comparable filings
- Liabilities to assets ratio: 0.01; rating input score 28; 28th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings
Growth
- Program expense growth: 23% per year; rating input score 100; 87th percentile among comparable filings
- Revenue growth: -3.2% per year; rating input score 0; 48th percentile among comparable filings
- Asset growth: -1.3% per year; rating input score 0; 33rd percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 98.6% of spending went to programs
- Governance: 10 of 10 board members independent · 4 of 7 filing controls reported
- Programs: 2 filed program accomplishments · $74K in reported program spending
- Leadership: top reported pay $0 · 10 people listed
- Consistency: 21 of 21 current checks pass
- Schedules: 3 filed schedules
- Filing history: 6 filing years from 2019 to 2024
- Contacts: How to reach this organization
- 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 6 not reported.
- High — Sustainability: Operating margin scored 10/100.
- High — Growth: Revenue growth scored 0/100.
- High — Growth: Asset growth scored 0/100.
- Review — Sustainability: Total-asset coverage ratio scored 59/100.
- High — Sustainability: Liabilities to assets ratio scored 28/100.