Springfield Regional Development Corporation FY2023 filing

Not tax-deductible

Springfield, VT501(c)(6)Community DevelopmentEIN 03-0333399Revenue $442K in FY2023

On file with the IRSspringfielddevelopment.org14 Clinton St Ste 7, 05156-3302 · Springfield, VTTax-exempt since Sep 1993

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Regional Development Center To coordinate public and private efforts to bring new jobs and industry to the region; to rehabilitate former manufacturing facilities and put

90¢ of each $1 spent went to programs.
$96K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 6
filings with a surplus
Average surplus $62K a year · 6% of revenue · last 6 filings
Fine: a surplus in 5 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
90%
of spending
Looks good: 90% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$96K
to officers and key staff · 25% of spending
Worth a look: pay to officers and key staff is 25% of spending; over 20%.
Pt VII · Sec A
Cash reserves
37 mo
of spending, in cash
Looks good: 36.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $25K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$2.7M
76% of total assets
Worth a look: liabilities are 76% of assets; over 65%.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$442K
-65% vs prior year
Spent
$385K
To programs
90%
Net assets
$861K
By yearFY2020–FY2025
Revenue
$442K
FY2023▼ -65%
Tap a bar for its year
Revenue by fiscal year
FY2020$422K
FY2021$449K
FY2022$1.3M
FY2023$442K
FY2024$511K
FY2025$3.3M
Expenses
$385K
FY2023▼ -60%
Tap a bar for its year
Expenses by fiscal year
FY2020$503K
FY2021$445K
FY2022$958K
FY2023$385K
FY2024$446K
FY2025$3.2M
Net assets
$861K
FY2023▲ +1%
Tap a bar for its year
Net assets by fiscal year
FY2020$570K
FY2021$574K
FY2022$849K
FY2023$861K
FY2024$925K
FY2025$955K

From the FY2023 Form 990 (year ending June 2023) · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Sep 1993.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

90 cents of each dollar spent went to programs.

Program services 90% · $345K Management & general 10% · $40K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

8 people listed on the 990; $96K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Executive Director
$96,242Pt VII · Sec A
Vice President
$0Pt VII · Sec A
Member at Large
$0Pt VII · Sec A
Member at Large
$0Pt VII · Sec A
Secretary/Treasurer
$0Pt VII · Sec A
Member at Large
$0Pt VII · Sec A
President
$0Pt VII · Sec A
Member at Large
$0Pt VII · Sec A

Robert Flint’s $98K as Executive Director is at the 18th percentile of top reported officer pay among 2832 $1–10M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Robert Flint$98,074$100,769$96,242$94,040$91,138$85,013

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Attracts new jobs and industry, revitalizing old factories.

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Provided by the organization

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1 program · in their own filed words · FY2022
01

To coordinate public and private efforts to bring new jobs and industry to the region; to rehabilitate former manufacturing facilities and put them back into service.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2020
Total grants receivedfrom 1 funder$25K

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$442K
Ln 12
Gifts and grantsLn 1h$382K
Other incomeLn 4–11$32K
Investment incomeLn 3$27K
Money outPt IX
$385K
Ln 25
Programscol B$345K
Managementcol C$40K
Owns and owesPt X
$861K
net assets · Ln 32
Cash and savingsLn 1–2$1.2M
Total assetsLn 16$3.5M
LiabilitiesLn 26$2.7M
PeoplePt VI, VII
8
listed · VII A
PaidVII A1
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$382K
Government grantsLn 1e$352K
Fees for servicesLn 2g$310
Investment incomeLn 3$27K
Other incomeLn 4–11$32K
Total revenueLn 12$442K
Assets in detailPt X, end of year
CashLn 1$783K
SavingsLn 2$399K
Cash and savings togetherLn 1–2$1.2M
Land, buildings, equipmentLn 10c$1.8M
Total assetsLn 16$3.5M
LiabilitiesLn 26$2.7M
Net assetsLn 32$861K
OperationsPt I, VI
EmployeesI 56
VolunteersI 68
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$1.0M$1.2M
Land, buildings, equipmentLn 10c$1.9M$1.8M
Total assetsLn 16$3.6M$3.5M
LiabilitiesLn 26$2.7M$2.7M
Net assetsLn 32$849K$861K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$193K$193K$0$0
Other salaries and wagesLn 7$90K$90K$0$0
Other employee benefitsLn 9$19K$19K$0$0
Legal feesLn 11b$15K$15K$0$0
Advertising and promotionLn 12$1K$0$1K$0
Office expensesLn 13$7K$0$7K$0
OccupancyLn 16$29K$12K$17K$0
TravelLn 17$4K$4K$0$0
InsuranceLn 23$4K$2K$2K$0
Other expenses (24a–d)Ln 24$19K$9K$9K$0
All other expensesLn 24e$5K$1K$3K$0
Total functional expensesLn 25$385K$345K$40K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $3.3M$3.2M$30K$955K 990 PDF
FY2024 $511K$446K$65K$925K 990 PDF
FY2023 Viewing $442K$385K$57K$861K 990 PDF
FY2022 $1.3M$958K$299K$849K 990 PDF
FY2021 $449K$445K$4K$574K 990 PDF
FY2020 $422K$503K−$81K$570K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2023 990 (6 parts)
Part I · Summary $441,877 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $703,723$381,655
I-9 Program service revenuePrior year $510,334$310
I-10 Investment incomePrior year −$121,810$27,464
I-11 Other revenuePrior year $164,960$32,448
I-12 Total revenuePrior year $1,257,207$441,877
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $326,596$301,410
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $631,352$83,768
I-18 Total expensesPrior year $957,948$385,178
I-19 Revenue less expensesPrior year $299,259$56,699
Part VI · Governance 7 of 7 board members independent, 3 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $441,877 across 7 lines filed
VIII-1b Membership dues$30,149
VIII-1e Government grants$351,506
VIII-1h Total contributions, gifts and grants$381,655
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Unrelated business $0 · Excluded from tax $0$310
VIII-3 Investment incomeUnrelated business $0 · Excluded from tax $27,464$27,464
VIII-6 Net rental income or lossRelated to mission $32,448$32,448
VIII-12 Total revenueRelated to mission $32,758 · Unrelated business $0 · Excluded from tax $27,464$441,877
Part IX · Statement of functional expenses $385,178 across 11 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $192,518 · Management $0 · Fundraising $0$192,518
IX-7 Other salaries and wagesPrograms $89,793 · Management $0 · Fundraising $0$89,793
IX-9 Other employee benefitsPrograms $19,099 · Management $0 · Fundraising $0$19,099
IX-11b Legal feesPrograms $15,049 · Management $0 · Fundraising $0$15,049
IX-12 Advertising and promotionPrograms $0 · Management $1,338 · Fundraising $0$1,338
IX-13 Office expensesPrograms $0 · Management $7,165 · Fundraising $0$7,165
IX-16 OccupancyPrograms $12,040 · Management $16,800 · Fundraising $0$28,840
IX-17 TravelPrograms $4,378 · Management $0 · Fundraising $0$4,378
IX-23 InsurancePrograms $2,013 · Management $1,758 · Fundraising $0$3,771
IX-24 Other expenses (24a–d)Programs $9,311 · Management $9,391 · Fundraising $0$18,702
IX-24e All other expensesPrograms $1,065 · Management $3,460 · Fundraising $0$4,525
IX-25 Total functional expensesPrograms $345,266 · Management $39,912 · Fundraising $0$385,178
Part X · Balance sheet $3,543,377 assets, 13 lines filed
Asset lines not itemized here account for $480,033; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $636,520$782,505
X-2 Savings and temporary cash investmentsStart of year $398,217$398,964
X-4 Accounts receivableStart of year $73,724$77,566
X-9 Prepaid expenses and deferred chargesStart of year $18,768$16,295
X-10c Land, buildings and equipment, netStart of year $1,906,491$1,788,014
X-16 Total assetsStart of year $3,571,752$3,543,377
X-17 Accounts payable and accrued expensesStart of year $60,200$37,054
X-25 Other liabilitiesStart of year $915,000$915,000
X-26 Total liabilitiesStart of year $2,723,087$2,682,757
X-27 Net assets without donor restrictionsStart of year $463,332$377,135
X-28 Net assets with donor restrictionsStart of year $385,333$483,485
X-32 Total net assets or fund balancesStart of year $848,665$860,620
X-33 Total liabilities and net assetsStart of year $3,571,752$3,543,377
Part XI · Reconciliation of net assets $860,620 net assets at year end
XI-1 Total revenue$441,877
XI-2 Total expenses$385,178
XI-3 Revenue less expenses$56,699
XI-4 Net assets at start of year$848,665
XI-8 Prior period adjustments−$44,744
XI-10 Net assets at end of year$860,620

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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